Report Industry Investment Rating No relevant information provided. Core View of the Report - Rapeseed meal RM2509 is expected to fluctuate within the range of 2540 - 2600. The market is influenced by factors such as the low - level operation of rapeseed meal oil mills, low inventory, short - term recovery of spot demand, and the impact of China's tariff policy on Canadian oil residue cakes. In the short term, it will return to a range - bound pattern [9][10]. Summary by Directory 1. Daily Prompt No relevant information provided. 2. Recent News - Domestic aquaculture is recovering from the off - season, with tight supply and rising demand in the spot market. - Canada's annual rapeseed production has slightly decreased, and China has imposed additional tariffs on Canadian rapeseed oil and oil residue cakes. The anti - dumping investigation on Canadian rapeseed imports is still ongoing. - Global rapeseed production has slightly decreased this year, mainly due to the reduction in EU rapeseed production and lower - than - expected production in Canada. - The Russia - Ukraine conflict continues, and the future geopolitical conflict still has the possibility of escalation, which provides support for commodities [12]. 3. Bullish and Bearish Factors - **Bullish Factors**: China's additional tariffs on Canadian rapeseed oil and oil residue cakes, and the low inventory pressure of rapeseed meal in oil mills [13]. - **Bearish Factors**: The increase in the arrival volume of imported rapeseed after March, and the uncertainty of the anti - dumping investigation on Canadian rapeseed imports, along with the seasonal off - season demand for rapeseed meal [13]. - **Current Main Logic**: The market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [13]. 4. Fundamental Data - **Supply and Demand Balance Sheets**: The report provides the domestic rapeseed supply - demand balance sheet from 2014 - 2023 and the domestic rapeseed meal supply - demand balance sheet from 2014 - 2023, including data on harvest area, inventory, production, consumption, etc. [25][26]. - **Price and Transaction Data**: It includes the trading data of rapeseed meal and soybean meal from April 25 to May 9, showing the changes in transaction prices and volumes. Also, the report provides the summary of rapeseed meal futures and spot prices from April 25 to May 9, as well as the statistics of rapeseed meal warehouse receipts from April 24 to May 9 [14][15][17]. - **Other Fundamental Information**: The arrival volume of imported rapeseed in May was lower than expected, and the import cost bottomed out and rebounded. The rapeseed inventory of oil mills decreased slightly, and the rapeseed meal inventory dropped to a low level. The rapeseed crushing volume of oil mills decreased slightly. Aquatic fish prices rebounded slightly, while shrimp and shellfish prices remained stable [27][30][32][40]. 5. Position Data - The main long positions decreased, but the capital inflow was positive [8]. 6. Rapeseed Meal Views and Strategies - **Fundamentals**: Rapeseed meal fluctuated and closed higher, influenced by soybean meal and technical adjustments. The low - level operation of oil mills and low inventory supported the market. Spot demand is gradually recovering, and the increase in the arrival volume of imported rapeseed has not put short - term pressure on oil mill inventories. The market has returned to a fluctuating pattern. China's additional tariffs on Canadian oil residue cakes are short - term positive, but the positive effect may be limited [10]. - **Basis**: The spot price is 2480, and the basis is - 71, indicating a discount to the futures price, which is bearish [10]. - **Inventory**: Rapeseed meal inventory is 1.45 million tons, an increase of 49.48% week - on - week and a decrease of 44.23% year - on - year, which is bullish [10]. - **Market**: The price is below the 20 - day moving average and moving downward, which is bearish [10]. - **Main Position**: The main long positions decreased, but the capital inflow was positive, which is bullish [10]. - **Expectation**: In the short term, rapeseed meal is affected by the low inventory of imported rapeseed and China's additional tariffs on Canadian oil residue cakes, leading to a rise and then a fall. Driven by soybean meal, the price will return to a range - bound pattern [10].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The rapeseed meal RM2509 is expected to fluctuate within the range of 2530 - 2590. The short - term price is affected by factors such as low inventory of imported rapeseed, the tariff on Canadian oil residue cakes, and the influence of soybean meal, and will return to range - bound trading [9][10]. Summary by Directory 1. Daily Prompt - Rapeseed meal is affected by soybean meal trends and technical consolidation. Low oil - mill开机 rates and low inventory support the market. Spot demand is gradually picking up, and although the arrival of imported rapeseed is increasing, the short - term inventory pressure at oil mills is not significant. The tariff on Canadian oil residue cakes is a short - term positive, but the positive effect may be limited as there is no tariff on rapeseed imports [10]. 2. Recent News - Domestic aquaculture is recovering from the off - season, with supply in the spot market being tight and demand rising. - The annual production of Canadian rapeseed has slightly decreased, supporting the foreign futures market. China has imposed tariffs on Canadian rapeseed oil and oil residue cakes, and the anti - dumping investigation on Canadian rapeseed imports is still ongoing. - Global rapeseed production has slightly decreased this year, mainly due to reduced production in the EU and lower - than - expected production in Canada. - The Russia - Ukraine conflict is ongoing, and the decrease in Ukrainian rapeseed production and the increase in Russian rapeseed production offset each other. There is a possibility of an increase in global geopolitical conflicts, which still supports commodities [12]. 3. Bullish and Bearish Factors - Bullish factors: China's tariff on Canadian rapeseed oil and oil residue cakes; low inventory pressure on rapeseed meal at oil mills. - Bearish factors: The arrival of imported rapeseed has increased after March; the outcome of the anti - dumping investigation on Canadian rapeseed imports is uncertain, and rapeseed meal demand is in the seasonal off - season. - The current main logic: The market focuses on domestic aquaculture demand and the expected tariff war on Canadian rapeseed [13]. 4. Fundamental Data - **Supply and Demand Balance Sheets**: The supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 - 2023 are provided, including data on harvest area, inventory, production, consumption, etc. [25][26] - **Inventory**: Rapeseed meal inventory is 1.45 tons, up 49.48% week - on - week and down 44.23% year - on - year. The inventory of imported rapeseed in April was lower than expected, and the import cost has rebounded. Oil - mill rapeseed inventory has slightly decreased, and rapeseed meal inventory has fallen to a low level. Oil - mill rapeseed crushing volume has rebounded from a low level [8][27][29]. - **Price**: The spot price of rapeseed meal is 2500, with a basis of - 63, indicating a discount to the futures. The price of aquaculture fish has slightly rebounded, while the price of shrimp and shellfish has remained stable [8][39]. 5. Position Data - The main long positions have decreased, and funds have flowed out [8]. 6. Rapeseed Meal Views and Strategies - **Fundamentals**: The low oil - mill开机 rate and low inventory support the market. Spot demand is gradually picking up, and the tariff on Canadian oil residue cakes is a short - term positive, but the positive effect may be limited. Overall, it is neutral. - **Basis**: The spot price is 2500, with a basis of - 63, indicating a discount to the futures, which is bearish. - **Inventory**: The inventory is 1.45 tons, up 49.48% week - on - week and down 44.23% year - on - year, which is bullish. - **Market**: The price is below the 20 - day moving average and the direction is downward, which is bearish. - **Main Position**: The main long positions have decreased, and funds have flowed out, which is bullish. - **Expectation**: Rapeseed meal is expected to fluctuate within the range of 2530 - 2590 in the short term [8][9][10].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Rapeseed meal RM2509 is expected to fluctuate within the range of 2520 - 2580. The market is influenced by factors such as soybean meal trends, low rapeseed meal inventory, and the impact of China's tariff policies on Canadian rapeseed products. In the short - term, the price will return to range - bound trading [9][10]. Summary by Directory 1. Daily Prompt - Not provided in the report 2. Recent News - Domestic aquaculture is recovering from the off - season, with tight supply and rising demand in the spot market. - Canada's annual rapeseed production has slightly decreased, supporting the foreign futures market. China has imposed additional tariffs on Canadian rapeseed oil and oil residue cakes, and the anti - dumping investigation on Canadian rapeseed imports is still ongoing. - Global rapeseed production has slightly decreased this year, mainly due to reduced production in the EU and lower - than - expected production in Canada. - The Russia - Ukraine conflict continues. The decrease in Ukraine's rapeseed production and the increase in Russia's rapeseed production offset each other. There is still a possibility of an escalation in global geopolitical conflicts, which supports commodity prices [12]. 3. Bullish and Bearish Factors - **Bullish factors**: China's additional tariffs on Canadian rapeseed oil and oil residue cakes; low inventory pressure on rapeseed meal in oil mills. - **Bearish factors**: An increase in the arrival volume of imported rapeseed after March; uncertainties in China's anti - dumping investigation on Canadian rapeseed imports and the seasonal off - season for rapeseed meal demand. - **Current main logic**: The market focuses on domestic aquaculture demand and the expected tariff war on Canadian rapeseed [13]. 4. Fundamental Data - **Supply - demand balance**: The report provides the supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 - 2023, including data on harvest area, inventory, production, consumption, etc. - **Price and trading volume**: The trading volume and average price data of soybean meal and rapeseed meal from April 22 to May 6 are presented, as well as the price data of rapeseed meal futures and spot from April 22 to April 30. - **Warehouse receipts**: The statistics of rapeseed meal warehouse receipts from April 21 to May 6 show an overall upward trend. - **Import situation**: The arrival volume of imported rapeseed in April was lower than expected, and the import cost fluctuated upwards. - **Inventory and processing**: The rapeseed inventory of oil mills decreased slightly, and the rapeseed meal inventory dropped to a low level. The rapeseed crushing volume of oil mills rebounded from a low level [14][15][16][24][25][26][28][30]. 5. Position Data - Not provided in the report 6. Rapeseed Meal Views and Strategies - **Fundamentals**: Rapeseed meal closed up in a fluctuating manner, driven by soybean meal trends and technical consolidation. The low - level operation of oil mills and low rapeseed meal inventory support the market. The short - term demand for rapeseed meal spot is gradually recovering. Although the arrival volume of imported rapeseed has increased, the short - term inventory of oil mills is not under pressure, and the market has returned to a fluctuating pattern. China's additional tariffs on Canadian oil residue cakes are short - term bullish for rapeseed meal, but the bullish effect may be limited as no additional tariffs are imposed on rapeseed imports. - **Basis**: The spot price is 2480, and the basis is - 68, indicating a discount to the futures price. - **Inventory**: Rapeseed meal inventory is 1.45 million tons, up 49.48% week - on - week from 0.97 million tons last week and down 44.23% year - on - year from 2.6 million tons in the same period last year. - **Market trend**: The price is below the 20 - day moving average and moving downwards. - **Main positions**: The main long positions decreased, but capital flowed in. - **Expectation**: In the short - term, rapeseed meal prices rose and then fell due to the low inventory of imported rapeseed and China's additional tariffs on Canadian oil residue cakes. Driven by soybean meal, the rapeseed meal price will return to range - bound trading [10].

Report Industry Investment Rating - Not provided Core Viewpoints - Rapeseed meal RM2509 is expected to oscillate between 2590 and 2650 [9]. - In the short term, rapeseed meal is affected by the low inventory of imported rapeseed and the additional tariff on Canadian oil residue cakes imposed by China, leading to an upward oscillation. Coupled with the influence of soybean meal, the price of rapeseed meal will maintain a slightly bullish oscillating pattern [8][10]. Summary by Directory 1. Daily Prompt - Rapeseed meal RM2509 is expected to oscillate between 2590 and 2650 [9]. - The fundamental factors show a mixed picture. The low开机 rate of rapeseed meal oil mills and low inventory support the market, while the import of rapeseed and the outcome of the anti - dumping investigation on Canadian rapeseed import bring uncertainties [10]. 2. Recent News - The domestic aquaculture market is emerging from the off - season, with supply in the spot market being tight and demand rising [12]. - The annual production of Canadian rapeseed has slightly decreased, supporting the foreign futures market. China has imposed additional tariffs on Canadian oil residue cakes, and the anti - dumping investigation on Canadian rapeseed import is still ongoing [12]. - Global rapeseed production has slightly decreased this year, mainly due to the decline in EU production and lower - than - expected production in Canada [12]. - The Russia - Ukraine conflict continues, and the geopolitical conflict may still rise, providing support for commodities [12]. 3. Bullish and Bearish Factors - Bullish factors: China's additional tariff on Canadian oil residue cakes, low rapeseed meal inventory (0.97 million tons, a 2.02% week - on - week decrease and a 64.07% year - on - year decrease), and the decrease in主力 long positions and capital outflow [10]. - Bearish factors: The increase in the arrival of imported rapeseed after March, the basis being at a discount (spot 2560, basis - 81), and the price being below the 20 - day moving average and moving downward [10]. 4. Fundamental Data - The basis of rapeseed meal is - 81, indicating a discount to the futures [10]. - Rapeseed meal inventory is 0.97 million tons, a 2.02% week - on - week decrease and a 64.07% year - on - year decrease [10]. - The import of rapeseed in April was lower than expected, and the import cost has oscillated upwards [27]. - The rapeseed inventory of oil mills has slightly decreased, and the rapeseed meal inventory has dropped to a low level [29]. - The rapeseed crushing volume of oil mills has rebounded from a low level [31]. - Aquatic fish prices have slightly rebounded, while shrimp and shellfish prices have remained stable [39]. 5. Position Data - The主力 long positions of rapeseed meal have decreased, and capital has flowed out [10]. 6. Rapeseed Meal Price and Related Data - The spot price of rapeseed meal has followed the futures price rebound, and the basis discount has remained at a relatively high level [20]. - The spot price difference between soybean meal and rapeseed meal has fluctuated slightly, and the price difference of the 2509 contract has risen and then fallen [22]. - The rapeseed meal warehouse receipts increased from 1000 to 2000 on April 28 [17].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The rapeseed meal RM2509 should be traded within the range of 2640 - 2700 [9]. - Rapeseed meal is expected to fluctuate upward in the short - term due to the low inventory of imported rapeseed and the additional tariffs on Canadian oil residue cakes, and maintain a volatile and slightly stronger pattern driven by soybean meal [8][10]. 3. Summary According to the Table of Contents 3.1 Daily Tips - Rapeseed meal is affected by multiple factors. The low - level operation of rapeseed oil mills and low inventory support the market. The short - term demand for rapeseed meal is gradually recovering. The increase in the arrival of imported rapeseed does not pose an immediate inventory pressure on oil mills. The market is volatile and slightly stronger. The additional tariffs on Canadian oil residue cakes are a short - term positive, but the positive effect may be limited as no tariffs are imposed on rapeseed imports [10]. 3.2 Recent News - Domestic aquaculture is in the off - season, with a weak supply - demand situation in the spot market. - The annual production of Canadian rapeseed has slightly decreased, supporting the foreign futures market. China has imposed additional tariffs on Canadian oil residue cakes, and the anti - dumping investigation on Canadian rapeseed imports is still ongoing, with the result yet to be determined. - The global rapeseed production has slightly decreased this year, mainly due to the reduction in EU production and lower - than - expected production in Canada. - The Russia - Ukraine conflict continues, and the potential increase in global geopolitical conflicts may support commodity prices [12]. 3.3 Multi - and Short - Position Concerns - Positive factors: The additional tariffs on Canadian rapeseed oil and oil residue cakes, and the low inventory pressure of rapeseed meal in oil mills. - Negative factors: The increase in the arrival of imported rapeseed after March, and the uncertain outcome of the anti - dumping investigation on Canadian rapeseed imports, along with the seasonal off - season for rapeseed meal demand. - The current main logic is the focus on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [13]. 3.4 Fundamental Data - **Supply - demand balance**: The report provides the supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 - 2023, including data on harvest area, inventory, production, consumption, etc. [25][26] - **Price data**: The report presents the trading data of soybean meal and rapeseed meal from April 11 - 22, including transaction prices, volumes, and the price difference between soybean meal and rapeseed meal. It also shows the futures and spot prices of rapeseed meal during the same period [14][15]. - **Inventory data**: Rapeseed meal inventory is 0.99 tons, a week - on - week decrease of 52.17% and a year - on - year decrease of 64.64%. The import of rapeseed in April was lower than expected, the import cost fluctuated upward, the oil mill's rapeseed inventory increased, and the rapeseed meal inventory dropped to a low level. The oil mill's rapeseed crushing volume remained low [10][27][29]. 3.5 Position Data - The main long positions of rapeseed meal decreased, and the funds flowed out [10].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The rapeseed meal RM2505 contract is recommended to operate within the range of 2530 - 2590 in the intraday session [9] - Rapeseed meal is expected to fluctuate upwards in the short - term due to low imported rapeseed inventory and the tariff increase on Canadian oil residue cakes, but the supply - demand fundamentals will keep the price in a range - bound oscillation [10] Group 3: Summary by Directory 1. Daily Hints - Rapeseed meal RM2505: Intraday operation range is from 2530 to 2590 [9] 2. Recent News - Domestic aquatic aquaculture is in the off - season, with a supply - demand stalemate in the spot market [12] - Canada's rapeseed annual output decreased slightly, China imposed additional tariffs on Canadian rapeseed oil and oil residue cakes, and the anti - dumping investigation on Canadian rapeseed imports is ongoing [12] - Global rapeseed production decreased slightly this year, affected by reduced EU output and lower - than - expected Canadian output [12] - The Russia - Ukraine conflict continues, and global geopolitical conflicts may rise, supporting commodity prices [12] 3. Bullish and Bearish Factors - Bullish factors: China's additional tariffs on Canadian rapeseed oil and oil residue cakes; low inventory pressure on oil mills' rapeseed meal [13] - Bearish factors: Increased imported rapeseed arrivals after March; uncertainty in the anti - dumping investigation on Canadian rapeseed imports and seasonal off - season demand for rapeseed meal [13] - Current main logic: Market focuses on domestic aquatic aquaculture demand and expectations of the Canadian rapeseed tariff war [13] 4. Fundamental Data - **Price and Spread**: From March 24 to April 2, the average price difference between soybean meal and rapeseed meal fluctuated, and the 2505 contract's soybean - rapeseed meal spread oscillated. Rapeseed meal futures and spot prices fluctuated, and the basis remained near par [14][15][22] - **Inventory**: Rapeseed meal inventory was 30,500 tons, a week - on - week decrease of 6.15% and a year - on - year decrease of 4.69%. Imported rapeseed arrivals in March were lower than expected, and oil mills' rapeseed and rapeseed meal inventories continued to decline [10][27][29] - **Supply - Demand Balance**: Domestic rapeseed and rapeseed meal supply - demand balance tables show historical data on harvest area, output, consumption, and inventory [25][26] 5. Position Data - The main short positions increased, and funds flowed out [10]