Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The rapeseed meal RM2601 is expected to fluctuate within the range of 2520 - 2580. It is currently in a short - term oscillating and strengthening pattern, affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term demand for rapeseed meal remains in the peak season, and low inventory supports the market, but the demand will gradually enter the off - season after the National Day, and there are still variables in the China - Canada trade negotiations [9]. Summary by Directory 1. Daily Prompt - The rapeseed meal futures have returned to oscillation, the spot price is relatively stable, and the spot premium fluctuates slightly. The spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2601 contract shows a weak oscillation. The import volume of imported rapeseed remains stable in September, and the import cost is affected by tariffs. The rapeseed inventory in oil mills remains low, and the rapeseed meal inventory has a slight rebound. The rapeseed crushing volume in oil mills fluctuates slightly. The price of aquatic fish has a slight rebound, and the price of shrimp and shellfish remains stable [17][19][22]. 2. Recent News - The domestic aquatic aquaculture has entered the peak season, and the listing of domestic rapeseed has improved the tight supply expectation in the spot market, with good demand expectations. China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and a 75.8% import deposit has been imposed. The final ruling result is still uncertain. The global rapeseed production has increased this year, especially the production in Canada is higher than expected. The Russia - Ukraine conflict continues, and the decrease in Ukrainian rapeseed production and the increase in Russian rapeseed production offset each other. There is still a possibility of an increase in global geopolitical conflicts, which still supports bulk commodities [11]. 3. Bullish and Bearish Factors - Bullish factors: The preliminary anti - dumping determination of Canadian rapeseed imports and the addition of import deposits; the inventory pressure of rapeseed meal in oil mills is not large. Bearish factors: The concentrated listing of domestic rapeseed; there is still a small probability of reconciliation in the final result of the anti - dumping investigation on Canadian rapeseed imports. The current main logic is that the market focuses on the domestic aquatic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 4. Fundamental Data - From September 3rd to 11th, the trading average price of soybean meal fluctuated between 3049 - 3065 yuan/ton, and the trading volume ranged from 7.84 - 39.05 million tons. The trading average price of rapeseed meal was mainly 2600 yuan/ton, and the trading volume was relatively small. The spot price of rapeseed meal (in Fujian) increased from 2580 yuan/ton on September 3rd to 2620 yuan/ton on September 11th. The rapeseed meal inventory was 1.8 million tons, a week - on - week decrease of 28% compared with last week's 2.5 million tons and a year - on - year decrease of 25% compared with 2.4 million tons in the same period last year [13][15][9]. 5. Position Data - The number of rapeseed meal warehouse receipts fluctuated from September 1st to 11th. For example, on September 1st, it was 6041 (-369 compared with the previous day), and on September 11th, it was 10383 (0 compared with the previous day) [16].

Report Summary Investment Rating No investment rating information is provided in the report. Core View - The rapeseed meal RM2601 is expected to oscillate in the range of 2480 - 2540. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. In the short term, the rapeseed meal is in a slightly stronger oscillating pattern, but there are still variables in the final anti - dumping ruling from Canada, which may cause it to rise and then fall [9]. Summary by Directory 1. Daily Tips - Rapeseed meal futures oscillate and decline, while the spot price is relatively stable, with a slight increase in the spot premium. The spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2601 contract between soybean meal and rapeseed meal oscillates weakly. The import volume of rapeseed in August is lower than expected, and the import cost fluctuates slightly. The rapeseed inventory in oil mills rebounds from a low level, the rapeseed meal inventory decreases slightly, and the rapeseed crushing volume in oil mills decreases slightly [17][19][22]. 2. Recent News - Domestic aquaculture has entered the peak season. The listing of domestic rapeseed has improved the expectation of tight supply in the spot market, and the demand side maintains a good expectation. China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and an import deposit of 75.8% has been imposed. The global rapeseed output has decreased slightly this year, mainly affected by the reduction in EU rapeseed output and the lower - than - expected output in Canada. The Russia - Ukraine conflict is still ongoing, and there is still a possibility of an increase in global geopolitical conflicts, which still supports commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: The preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of rapeseed meal in oil mills. Bearish factors: The concentrated listing of domestic rapeseed in June and the uncertainty of the final anti - dumping result on Canadian rapeseed imports [12]. 4. Fundamental Data - **Supply and Demand**: The demand for rapeseed meal spot is in the peak season in the short term, and the low inventory supports the market. However, after the National Day, the demand for rapeseed meal will gradually enter the off - season, and there are still variables in the China - Canada trade negotiation [9]. - **Price**: The spot price of rapeseed meal is 2580, with a basis of 61, indicating a premium over the futures. The price difference between soybean meal and rapeseed meal fluctuates slightly, and the 2601 contract price difference oscillates weakly [9][19]. - **Inventory**: The rapeseed meal inventory is 21,000 tons, a week - on - week decrease of 17.65% from 25,500 tons last week and a year - on - year decrease of 25% compared with 28,000 tons in the same period last year. The rapeseed inventory in oil mills rebounds from a low level, and the rapeseed meal inventory decreases slightly [9][24]. 5. Position Data - The short positions of the main players increase, and the funds flow in, showing a bearish signal [9].

Group 1: Report's Industry Investment Rating - No information provided Group 2: Report's Core View - Rapeseed meal RM2601 fluctuates in the range of 2500 - 2560. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term demand for rapeseed meal remains in the peak season, and low inventory supports the market. However, after the National Day, demand will enter the off - season, and there are still variables in Sino - Canadian trade consultations. The market is expected to be in a volatile and slightly stronger pattern in the short term [9]. Group 3: Summary by Directory 1. Daily Prompt - No specific content provided 2. Recent News - Domestic aquaculture has entered the peak season. The listing of domestic rapeseed has improved the expected tight supply in the spot market, and the demand side maintains good expectations. China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and a 75.8% import deposit is levied. The global rapeseed production has decreased slightly this year due to the reduction in EU output and lower - than - expected Canadian output. The ongoing Russia - Ukraine conflict has uncertain impacts on global rapeseed production, and geopolitical conflicts may support commodity prices [11]. 3. Bullish and Bearish Concerns - Bullish factors include the preliminary anti - dumping determination and low inventory pressure on rapeseed meal in oil mills. Bearish factors are the concentrated listing of domestic rapeseed in June and the uncertainty of the final anti - dumping result on Canadian rapeseed. The current main logic is the focus on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 4. Fundamental Data - From August 21 to September 1, the average transaction price of rapeseed meal fluctuated around 2560 yuan/ton, and the trading volume was relatively low. The spot price of rapeseed meal in Fujian was relatively stable. The rapeseed meal futures price fluctuated and declined, and the spot premium slightly expanded. The spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference of the 2601 contract showed a weak oscillation. The import volume of rapeseed in August was lower than expected, and the import cost fluctuated slightly. The inventory of rapeseed in oil mills rebounded from a low level, and the inventory of rapeseed meal decreased slightly. The amount of rapeseed crushed in oil mills decreased slightly. Aquatic fish prices fluctuated slightly, and shrimp and shellfish prices remained stable [13][15][17]. 5. Position Data - No specific content provided 6. Rapeseed Meal Views and Strategies - Based on multiple factors such as fundamentals, basis, inventory, market trends, and main positions, the short - term trend of rapeseed meal is judged to be in a volatile and slightly stronger pattern, and follow - up developments need to be monitored [9].