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]