1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The rapeseed meal is experiencing a volatile decline, influenced by the soybean meal's trend and technical oscillations. The short - term negative impact of China's cancellation of export restrictions on Canadian agricultural products has been digested, while the escalation of the Middle East conflict provides short - term positive factors. The spot demand for rapeseed meal is in the off - season, but the low inventory supports the market. With good post - Spring Festival demand expectations, the market is expected to return to a volatile pattern. The RM2605 contract of rapeseed meal is expected to oscillate between 2270 and 2330 [8]. 3. Summary by Directory 3.1 Daily Hints - The rapeseed meal futures are oscillating downwards, the spot is relatively weak, and the spot premium remains at a low level. The spot - to - futures basis is 10, indicating a premium. The inventory of rapeseed meal in China is 40.58 tons, up 1.86% week - on - week and down 12.92% year - on - year. The price is below the 20 - day moving average and trending downwards. The main positions have shifted from short to long, with capital inflows [8][21]. 3.2 Recent News - The domestic aquaculture industry has entered the seasonal off - season. The spot market supply is expected to remain tight in the short term, and the weak demand suppresses the market. Canadian rapeseed exports to China have returned to normal, and the import volume is gradually increasing. The relationship between China and Canada in trade has improved in the short term, and the tariffs imposed by both sides are being gradually removed. Global rapeseed production is increasing this year, especially in Canada. The Russia - Ukraine conflict continues, with the decrease in Ukrainian rapeseed production offset by the increase in Russian production. The Middle East situation is escalating, and global geopolitical conflicts may further intensify, providing support for commodities [10]. 3.3 Bullish and Bearish Factors - **Bullish**: Good post - Spring Festival demand expectations for Chinese rapeseed meal and no pressure on oil mills' rapeseed meal inventory [11]. - **Bearish**: The short - term off - season of domestic rapeseed meal demand and the resumption of Chinese imports of Canadian rapeseed due to improved China - Canada trade relations [11]. - **Main Logic**: The market focuses on domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [11]. 3.4 Fundamental Data - **Trading Data**: From March 20th to March 30th, the average trading price and trading volume of soybean meal and rapeseed meal fluctuated. The average price difference between soybean meal and rapeseed meal also showed small fluctuations [12]. - **Price Data**: From March 24th to March 30th, the prices of rapeseed meal futures (2605 and 2609 contracts) and spot prices in Fujian showed certain changes [14]. - **Warehouse Receipt Data**: From March 23rd to March 30th, the rapeseed meal warehouse receipts remained at 0 [16]. - **Supply - Demand Balance Sheets**: The supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2016 to 2025 show the changes in harvest area, output, consumption, inventory, etc. [18][20]. 3.5 Position Data - The main positions of rapeseed meal have shifted from short to long, with capital inflows [8]. Other Market Conditions - The price difference between soybean meal and rapeseed meal in the 2605 contract is at a relatively high level. The import of rapeseed has increased since March, and the import cost has fluctuated slightly. The inventory of rapeseed in oil mills has decreased slightly, while the rapeseed meal inventory has increased from a low level. The oil mills' rapeseed crushing volume and startup rate have increased slightly but remain at a low level in the short term. The prices of aquatic fish have fluctuated slightly, and the prices of shrimp and shellfish have remained stable [23][26][28][30][38].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The rapeseed meal market is affected by factors such as the relationship between China and Canada, the demand season, and the trend of soybean meal. It is expected to maintain a volatile pattern. The RM2605 contract is expected to fluctuate in the range of 2280 - 2340 [8]. Summary by Directory 1. Daily Prompt - Not provided in the given content 2. Recent News - The domestic aquaculture industry has entered the seasonal off - season, with short - term supply expected to be tight and demand suppressing the market. The export of Canadian rapeseed to China has returned to normal, and the import volume is gradually increasing [10]. - The visit of the Canadian Prime Minister to China has improved Sino - Canadian trade relations in the short term, and the tariffs imposed by both sides are being gradually cancelled. The import of Canadian rapeseed by China has resumed [10]. - Global rapeseed production has increased this year, especially in Canada where the production is higher than expected [10]. - The Russia - Ukraine conflict is ongoing, with the reduction in Ukrainian rapeseed production offset by the increase in Russian production. The Middle East situation has further escalated, and global geopolitical conflicts may rise, which supports commodities [10]. 3. Bullish and Bearish Concerns - Bullish factors: Good demand for rapeseed meal in China after the Spring Festival and no pressure on oil mills' rapeseed meal inventory [11]. - Bearish factors: Short - term off - season for domestic rapeseed meal demand and the improvement of Sino - Canadian trade relations leading to the resumption of Canadian rapeseed imports [11]. - Current main logic: The market focuses on domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [11]. 4. Fundamental Data - **Trading data**: From March 19th to March 27th, the average transaction price of soybean meal decreased from 3406 to 3292, and the trading volume fluctuated. The average transaction price of rapeseed meal decreased from 2460 to 2340, and the trading volume was relatively small [12]. - **Price data**: From March 20th to March 27th, the price of rapeseed meal futures (main contract 2605) decreased from 2423 to 2315, and the spot price decreased from 2440 to 2340 [14]. - **Warehouse receipt data**: The rapeseed meal warehouse receipts decreased from 286 on March 19th to 0 on March 20th and remained at 0 thereafter [15]. - **Supply - demand balance sheet**: In the domestic rapeseed supply - demand balance sheet, the harvest area, production, and inventory have changed over the years from 2016 - 2025. In the domestic rapeseed meal supply - demand balance sheet, the production, demand, and inventory also show different trends during the same period [17][19]. 5. Position Data - Not provided in the given content

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The rapeseed meal RM2605 contract is expected to oscillate in the range of 2340 - 2400. The market is influenced by factors such as the trend of soybean meal, the improvement of China - Canada trade relations, and the supply - demand situation of rapeseed meal. After the overall negative factors are digested, it will maintain an oscillating pattern. Attention should be paid to the development of China - Canada trade relations in the future [9]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal RM2605 oscillates in the range of 2340 - 2400. Influenced by soybean meal trends, China's cancellation of restrictions on Canadian agricultural product exports, and the improvement of China - Canada trade relations, the market is in a short - term oscillating state. The spot demand is in the off - season, but the low inventory supports the market. The post - Spring Festival demand is expected to be good [9]. 3.2 Recent News - Domestic aquaculture has entered the seasonal off - season, with short - term supply expected to be tight and demand suppressing the market. Canada's rapeseed exports to China have returned to normal, and the import volume is gradually increasing. The visit of the Canadian Prime Minister to China has improved China - Canada trade relations, and the tariffs imposed by both sides are being gradually cancelled. Global rapeseed production has increased this year, especially in Canada. The Russia - Ukraine conflict continues, and the Middle East situation has further escalated, which may support commodities [11]. 3.3 Bullish and Bearish Factors - **Bullish factors**: The demand for rapeseed meal in China after the Spring Festival is expected to be good, and the rapeseed meal inventory of oil mills is under no pressure [12]. - **Bearish factors**: The domestic demand for rapeseed meal has entered the off - season in the short term, and China's import of Canadian rapeseed has resumed [12]. - **Current main logic**: The market focuses on the domestic aquaculture demand and the expected arrival of imported Canadian rapeseed [12]. 3.4 Fundamental Data - **Price data**: From March 17 to March 25, the trading average price of soybean meal decreased from 3407 to 3309, and the trading average price of rapeseed meal decreased from 2510 to 2350. The price difference between soybean meal and rapeseed meal fluctuated slightly, remaining around 900 - 960 [13]. - **Inventory data**: The domestic social inventory of rapeseed meal was 40.58 tons, a week - on - week increase of 1.86% compared with last week, and a year - on - year decrease of 12.92% compared with the same period last year [9]. - **Supply - demand balance data**: The supply - demand balance tables of domestic rapeseed and rapeseed meal from 2016 to 2025 are provided, showing the changes in harvest area, output, supply, demand, and inventory over the years [19][21]. 3.5 Position Data - The main short positions of rapeseed meal decreased, and the funds flowed out [9].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The rapeseed meal RM2605 is expected to fluctuate within the range of 2320 - 2380. The market is affected by factors such as the trend of soybean meal, technical oscillations, the lifting of restrictions on Canadian agricultural product exports, and the improvement of China - Canada trade relations. Overall, it maintains a volatile pattern after digesting negative factors, and attention should be paid to the development of China - Canada trade relations [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2605 is expected to fluctuate between 2320 and 2380. The market is influenced by multiple factors, with a neutral outlook. The basis indicates a premium, the inventory shows a slight increase week - on - week but a decrease year - on - year, the price is below the 20 - day moving average but upward, the main short positions are decreasing with capital inflow, and the overall market maintains a volatile pattern [9]. 3.2 Recent News - Domestic aquaculture is in a seasonal off - season, with short - term supply expected to be tight and demand suppressing the market. Canadian rapeseed exports to China have returned to normal, and import volumes are gradually increasing. The visit of the Canadian Prime Minister to China has improved China - Canada trade relations, and future trade development remains to be seen. Global rapeseed production is increasing, especially in Canada. The ongoing Russia - Ukraine conflict has offsetting effects on rapeseed production, and the escalating Middle - East situation provides support for commodities [11]. 3.3 Long and Short Concerns - Bullish factors: Good demand for rapeseed meal in China after the Spring Festival and no pressure on oil mill rapeseed meal inventory. Bearish factors: Short - term off - season for domestic rapeseed meal demand and the resumption of Canadian rapeseed imports due to improved China - Canada trade relations. The current main logic is the focus on domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [12]. 3.4 Fundamental Data - **Supply and demand balance of domestic rapeseed**: From 2016 - 2025, the harvest area, output, and total supply of rapeseed have generally shown an upward trend, while the total consumption has also increased. The ending inventory and inventory - to - consumption ratio have fluctuated, with significant increases in 2022 and 2024 [18]. - **Supply and demand balance of domestic rapeseed meal**: From 2016 - 2025, the output and total supply of rapeseed meal have generally increased, the feed demand and total demand have also risen, and the ending inventory and inventory - to - consumption ratio have fluctuated, with a significant increase in 2024 [20]. - **Transaction data**: The trading volume and average price of soybean meal and rapeseed meal have fluctuated from March 16 - 24, 2026, and the average price difference between soybean meal and rapeseed meal has shown a small - scale increase [13]. - **Price data**: The futures and spot prices of rapeseed meal have declined from March 17 - 24, 2026, and the basis shows that the spot price is at a premium [15]. - **Warehouse receipt data**: The rapeseed meal warehouse receipts have gradually decreased from March 16 - 20, 2026, and have remained at 0 since March 23 [16]. 3.5 Position Data - No specific position data analysis provided 3.6 Rapeseed Meal Views and Strategies - The rapeseed meal market is affected by multiple factors, including the trend of soybean meal, China - Canada trade relations, and seasonal demand. It is expected to maintain a volatile pattern, and attention should be paid to the development of China - Canada trade relations [9].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The rapeseed meal RM2605 is expected to oscillate within the range of 2360 - 2420. The market is influenced by factors such as the soybean meal trend, technical consolidation, the lifting of China's restrictions on Canadian agricultural product exports, and the escalation of the Middle - East conflict. Although the current demand for rapeseed meal is in the off - season, low inventory supports the market, and the post - Spring Festival demand outlook is positive. After the digestion of overall negative factors, the market will maintain an oscillating pattern [9]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal RM2605 is expected to oscillate between 2360 and 2420. The market is affected by multiple factors including soybean meal trends, short - term negative news about the lifting of Canadian export restrictions, and short - term positive news from the Middle - East conflict. The current demand is in the off - season, but low inventory provides support, and post - Spring Festival demand is expected to be good. The market will return to an oscillating pattern in the short term, influenced by soybean meal [9]. 3.2 Recent News - The domestic aquaculture industry has entered the seasonal off - season. The short - term supply in the spot market is expected to remain tight, while the short - term demand is low, suppressing the market outlook. Canadian rapeseed exports to China have returned to normal, and the import volume is gradually increasing. The visit of the Canadian Prime Minister to China has improved Sino - Canadian trade relations in the short term, with the phased cancellation of reciprocal tariffs. Global rapeseed production has increased this year, especially in Canada. The Russia - Ukraine conflict continues, with the decrease in Ukrainian rapeseed production offset by the increase in Russian production. The Middle - East situation has further escalated, and global geopolitical conflicts may rise, providing support for commodities [11]. 3.3 Bullish and Bearish Factors - **Bullish factors**: The demand for rapeseed meal in China is expected to be good after the Spring Festival, and oil mills have no pressure on rapeseed meal inventory [12]. - **Bearish factors**: The domestic demand for rapeseed meal has entered the off - season in the short term, and Sino - Canadian trade relations have improved, leading to the resumption of rapeseed imports from Canada [12]. - **Current main logic**: The market focuses on domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [12]. 3.4 Fundamental Data - **Price and Basis**: The spot price of rapeseed meal is 2420, with a basis of 21, indicating a premium over the futures price, which is neutral [9]. - **Inventory**: The domestic social inventory of rapeseed meal is 39.84 tons, down 4.55% week - on - week from 41.74 tons last week and 18.02% lower than 48.6 tons in the same period last year, which is bullish [9]. - **Market trend**: The price is above the 20 - day moving average and moving upwards, which is bullish [9]. - **Trading data**: The average price difference between soybean meal and rapeseed meal has shown small fluctuations, and the spread of the 2605 contract is at a relatively high level. Rapeseed meal futures have oscillated downward, and the spot price is relatively weak, with the spot premium remaining at a low level. Imported rapeseed has increased since March, with small fluctuations in import costs. The rapeseed inventory of oil mills has slightly decreased, while the rapeseed meal inventory has increased from a low level. The rapeseed processing volume and operating rate of oil mills have remained low [13][22][27]. 3.5 Position Data - The main short positions have decreased, and funds have flowed out, which is bearish [9].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The rapeseed meal market is in a short - term volatile and slightly strong pattern, affected by factors such as the soybean meal trend, the improvement of China - Canada trade relations, and the seasonal demand situation. In the medium - term, it is expected to maintain a range - bound pattern [8]. - The market focuses on domestic aquaculture demand and the arrival expectations of Canadian rapeseed imports [11]. 3. Summary According to the Table of Contents 3.1 Weekly Prompt - Rapeseed meal fluctuates and declines, driven by soybean meal and technical shock adjustment. After China cancels the restrictions on Canadian agricultural product exports, the short - term negative news is exhausted, and the escalation of the Middle East conflict is short - term positive. The spot demand for rapeseed meal is still in the off - season, but the low inventory supports the market. With the good demand expectation for rapeseed meal after the Spring Festival, the market is short - term strong and volatile, affected by soybean meal [8]. 3.2 Recent News - Domestic aquaculture is in the seasonal off - season, the short - term supply in the spot market is expected to be tight, and the short - term low demand suppresses the market expectation. The export of Canadian rapeseed to China has returned to normal, and the import volume of Canadian rapeseed in China is gradually increasing [10]. - With the visit of the Canadian Prime Minister to China, the China - Canada trade relationship has improved in the short term, the tariffs imposed by both sides are gradually cancelled, and China's import of Canadian rapeseed has resumed. The future development of the China - Canada trade relationship needs to be further clarified [10]. - The global rapeseed production has increased this year, especially the production in Canada is higher than expected [10]. - The Russia - Ukraine conflict is ongoing, and the reduction in Ukrainian rapeseed production and the increase in Russian rapeseed production offset each other. The Middle East tension has further escalated, and there is still a possibility of an increase in global geopolitical conflicts, which supports commodities [10]. 3.3 Bullish and Bearish Concerns - Bullish factors: Good demand expectation for Chinese rapeseed meal after the Spring Festival; No pressure on the rapeseed meal inventory of oil mills [11]. - Bearish factors: The domestic demand for rapeseed meal is in the short - term off - season; The improvement of China - Canada trade relations and the upcoming resumption of China's import of Canadian rapeseed [11]. - Current main logic: The market focuses on domestic aquaculture demand and the arrival expectations of Canadian rapeseed imports [11]. 3.4 Fundamental Data - Rapeseed arrival: The import of rapeseed has increased since March, and the import cost has fluctuated slightly [19]. - Oil mill crushing and inventory: The oil mill's rapeseed crushing volume and startup rate are flat and remain at a low level. The rapeseed inventory of oil mills has increased slightly, and the rapeseed meal inventory has rebounded from a low level [21][23]. - Rapeseed meal transaction: Not detailed in the report. - Aquaculture: Aquatic fish prices have declined slightly, and shrimp and shellfish prices have remained stable. The production of Chinese aquatic products, fish, shellfish, and shrimp and crabs is also mentioned, but specific data analysis is not provided [31]. 3.5 Position Data - The short positions of the main players have decreased, and the funds have flowed out, which is bearish [8]. 3.6 Rapeseed Meal Viewpoints and Strategies - Fundamental analysis: Rapeseed meal fluctuates and declines, affected by soybean meal and technical shock adjustment. The short - term negative news of the improvement of China - Canada trade relations is exhausted, and the escalation of the Middle East conflict is short - term positive. The spot demand is in the off - season, but the low inventory supports the market. With the good demand expectation after the Spring Festival, the market is short - term strong and volatile [8]. - Basis: The spot price is 2440, the basis is 17, and the spot price is at a premium to the futures price, which is neutral [8]. - Inventory: The domestic social inventory of rapeseed meal is 39.84 tons, a week - on - week decrease of 4.55% compared with last week's 41.74 tons, and a year - on - year decrease of 18.02% compared with 48.6 tons in the same period last year, which is bullish [8]. - Market: The price is above the 20 - day moving average and the direction is upward, which is bullish [8]. - Main position: The short positions of the main players have decreased, and the funds have flowed out, which is bearish [8]. - Expectation: Affected by the visit of the Canadian Prime Minister to China and the improvement of China - Canada trade relations, rapeseed meal has bottomed out and rebounded. With the domestic rapeseed meal entering the supply - demand off - season, it will maintain a volatile pattern after the overall negative news is digested. Pay attention to the future development of China - Canada trade relations [8]. - Trading strategies: - Futures: In the short - term, it is in a volatile and slightly strong pattern. For the RM2605 contract, it fluctuates between 2400 and 2600 in the short - term. It is recommended to trade in the range or wait and see [13]. - Option strategy: Sell out - of - the - money put options [13]. 3.7 Technical Analysis - Rapeseed meal is affected by the improvement of China - Canada trade relations, and the negative news is exhausted. It is short - term driven by soybean meal to fluctuate and decline. Future attention should be paid to the arrival of Canadian rapeseed [43]. - The KDJ indicator fluctuates and declines at a high level. The short - term market enters a technical adjustment stage. The indicator at a medium - low level limits the further callback space. Whether it will continue to decline or rise needs further observation [43]. - The MACD fluctuates and declines at a high level, with short - term technical adjustment and the narrowing of the red energy. The future trend needs the guidance of the Canadian rapeseed import policy [43]. - The indicators show that rapeseed meal fluctuates and declines in the short - term and maintains a range - bound pattern in the medium - term, mainly affected by policy changes and the short - term soybean meal trend. The later trend needs further guidance from the policy and soybean meal [43]. 3.8 Next Week's Concerns - Most important: The growth and harvesting weather conditions in South American soybean producing areas; The export of Canadian rapeseed and domestic crushing demand; The arrival and startup of imported soybeans and rapeseed in China [45]. - Second important: The domestic demand for soybean meal and aquaculture; The rapeseed meal inventory of domestic oil mills and downstream procurement [45]. - Third important: Macroeconomic factors and the Israel - Palestine conflict [45].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The rapeseed meal RM2605 is expected to oscillate in the range of 2400 - 2460. The market is influenced by factors such as the soybean meal trend, technical consolidation, the lifting of restrictions on Canadian agricultural product exports to China, and the escalation of the Middle - East conflict. The spot demand for rapeseed meal is in the off - season, but low inventory supports the market, and the post - Spring Festival demand expectation is good, leading to a short - term bullish and oscillatory trend driven by soybean meal [9]. - After being affected by the visit of the Canadian Prime Minister to China and the improvement of China - Canada trade relations, rapeseed meal rebounds from the bottom. After the overall negative factors are digested, it still maintains an oscillatory pattern. Attention should be paid to the development of China - Canada trade relations [9]. Group 3: Summary by Directory 1. Daily Prompt - The rapeseed meal RM2605 is expected to oscillate in the range of 2400 - 2460. It is affected by multiple factors including soybean meal trends, China - Canada trade relations, and the Middle - East conflict. The spot demand is in the off - season, but low inventory supports the market [9]. 2. Recent News - The domestic aquaculture industry has entered the seasonal off - season. The short - term supply in the spot market is expected to remain tight, and the short - term low demand suppresses the market expectation. The export of Canadian rapeseed to China has returned to normal, and the import volume of Canadian rapeseed by China is gradually increasing [11]. - With the visit of the Canadian Prime Minister to China, China - Canada trade relations have improved in the short term, and the tariffs imposed by both sides are gradually being cancelled. China's import of Canadian rapeseed has resumed, and future decisions will depend on the further development of China - Canada trade relations [11]. - Global rapeseed production has increased this year, especially the production in Canada is higher than expected. The impact of the reduction in Ukrainian rapeseed production and the increase in Russian rapeseed production due to the ongoing Russia - Ukraine conflict is relatively offset. The Middle - East tension has further escalated, and there is still a possibility of an increase in global geopolitical conflicts, which provides support for commodities [11]. 3. Bullish and Bearish Factors - Bullish factors: The demand for rapeseed meal in China after the Spring Festival is expected to remain good, and the rapeseed meal inventory of oil mills is under no pressure [12]. - Bearish factors: The domestic demand for rapeseed meal has entered the off - season in the short term, and China's import of Canadian rapeseed has resumed due to the improvement of China - Canada trade relations [12]. - Current main logic: The market focuses on the domestic aquaculture demand and the expected arrival of imported Canadian rapeseed [12]. 4. Fundamental Data - **Trading data**: From March 12 to March 20, the trading volume of rapeseed meal was relatively low, with the highest volume of 1.9 million tons on March 17. The average trading price of rapeseed meal fluctuated between 2440 - 2620, and the price difference between soybean meal and rapeseed meal was relatively large, ranging from 800 - 956 [13]. - **Price data**: From March 13 to March 20, the price of rapeseed meal futures and spot prices fluctuated. The price of the main 2605 contract ranged from 2423 - 2591, and the spot price in Fujian ranged from 2440 - 2620 [15]. - **Warehouse receipt data**: From March 12 to March 20, the rapeseed meal warehouse receipts decreased from 2311 to 0 [17]. - **Supply - demand balance data**: In the domestic rapeseed supply - demand balance table from 2016 - 2025, the harvest area, output, and inventory showed certain fluctuations. In the domestic rapeseed meal supply - demand balance table from 2016 - 2025, the output, demand, and inventory also changed over time [19][21]. 5. Position Data - The main short positions of rapeseed meal decreased, and the funds flowed out, showing a bearish signal [9].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The rapeseed meal RM2605 is expected to oscillate in the range of 2440 - 2500. Influenced by the trend of soybean meal and technical consolidation, the short - term negative impact of China's cancellation of restrictions on Canadian agricultural product exports has been digested, while the escalation of the Middle East conflict provides short - term positive support. Although the spot demand for rapeseed meal is in the off - season, the low inventory supports the market. With good post - Spring Festival demand expectations, the market is expected to be slightly bullish in the short term, maintaining an oscillatory pattern after the digestion of overall negative factors [9]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal RM2605 is in the 2440 - 2500 range. The market is affected by soybean meal trends, technical adjustments, and geopolitical factors. Spot demand is in the off - season, but low inventory and post - Spring Festival demand expectations support the market [9]. 3.2 Recent News - Domestic aquaculture is in the seasonal off - season, with short - term tight supply and low demand suppressing the market. Canadian rapeseed exports to China have returned to normal, and import volumes are gradually increasing. The relationship between China and Canada has improved, and tariffs are being gradually removed. Global rapeseed production is increasing, especially in Canada. The Ukraine - Russia conflict continues, and the Middle East situation is tense, which may support commodity prices [11]. 3.3 Bullish and Bearish Factors - Bullish factors: Good post - Spring Festival demand expectations for Chinese rapeseed meal and no pressure on oil mill rapeseed meal inventory [12]. - Bearish factors: Short - term off - season for domestic rapeseed meal demand and the resumption of Canadian rapeseed imports due to improved China - Canada trade relations [12]. - Current main logic: The market focuses on domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [12]. 3.4 Fundamental Data - **Transaction data**: The average price difference between soybean meal and rapeseed meal fluctuates. For example, on March 6, the average price difference was 761, and on March 16, it was 880 [13]. - **Price data**: Rapeseed meal futures and spot prices show certain trends. For instance, on March 9, the futures price of the main 2605 contract was 2433, and the spot price in Fujian was 2400 [15]. - **Warehouse receipt data**: The number of rapeseed meal warehouse receipts changes over time. For example, on March 10, it increased by 900 to 2311, and on March 16, it decreased by 50 to 2261 [17]. - **Supply - demand balance data**: The supply - demand balance of domestic rapeseed and rapeseed meal has different situations in different years. For example, in 2025, the ending inventory of domestic rapeseed was 1414.9, and the inventory - to - consumption ratio was 10.56; the ending inventory of domestic rapeseed meal was 975.8, and the inventory - to - consumption ratio was 9.85 [19][21]. 3.5 Position Data - The main position of rapeseed meal has changed from long to short, and funds have flowed in, showing a bearish signal [9].

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The rapeseed meal RM2605 is expected to oscillate between 2540 and 2600. The market is currently affected by factors such as the cancellation of China's restrictions on Canadian agricultural product exports, the improvement of China - Canada trade relations, and the geopolitical situation in the Middle East. The spot demand for rapeseed meal is in the off - season, but the low inventory supports the price. The market is expected to remain in an oscillating pattern after the digestion of overall negative factors, and attention should be paid to the development of China - Canada trade relations [9]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal RM2605 is in the range of 2540 - 2600. The fundamental situation shows that it is affected by soybean meal trends and technical consolidation. The cancellation of China's restrictions on Canadian agricultural product exports is a short - term negative factor, while the escalation of the Middle East conflict is a short - term positive factor. The spot demand is in the off - season, but low inventory supports the price. The basis shows a premium, the inventory has increased week - on - week but decreased year - on - year, the price is above the 20 - day moving average, the main long positions have increased, and the market is expected to remain oscillating [9]. 3.2 Recent News - The domestic aquaculture industry has entered the seasonal off - season, with short - term tight supply and low demand in the spot market. The export of Canadian rapeseed to China has returned to normal, and the import volume is gradually increasing. The visit of the Canadian Prime Minister to China has improved China - Canada trade relations, and the import of Canadian rapeseed has resumed. The global rapeseed production has increased this year, especially in Canada. The ongoing Russia - Ukraine conflict has relatively offset the impact of Ukraine's rapeseed production reduction and Russia's production increase. The escalating Middle East situation may support commodity prices [11]. 3.3 Bullish and Bearish Concerns - Bullish factors include good post - Spring Festival demand expectations for rapeseed meal in China and no pressure on oil mill rapeseed meal inventory. Bearish factors are the short - term off - season of domestic rapeseed meal demand and the resumption of Chinese imports of Canadian rapeseed. The current main logic is the focus on domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [12]. 3.4 Fundamental Data - **Price Comparison**: The table shows the transaction average price and trading volume of soybean meal and rapeseed meal from March 5th to March 13th, as well as the price difference between soybean and rapeseed meal [13]. - **Futures and Spot Price Summary**: It presents the prices of rapeseed meal futures (main contract 2605 and far - month contract 2609) and spot prices in Fujian from March 6th to March 13th [15]. - **Warehouse Receipt Statistics**: The table shows the rapeseed meal warehouse receipts and their changes from March 5th to March 13th [17]. - **Domestic Rapeseed Supply - Demand Balance Sheet**: It provides data on the harvest area, beginning inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio of domestic rapeseed from 2016 to 2025 [19]. - **Domestic Rapeseed Meal Supply - Demand Balance Sheet**: It shows the beginning inventory, production, total supply, feed demand, total demand, ending inventory, and inventory - to - consumption ratio of domestic rapeseed meal from 2016 to 2025 [21]. 3.5 Position Data - No specific content about position data is provided in the report. 3.6 Rapeseed Meal Views and Strategies - The rapeseed meal RM2605 is expected to oscillate between 2540 and 2600. The market is affected by multiple factors, and the overall situation is expected to remain oscillating after the digestion of negative factors, with attention on the development of China - Canada trade relations [9].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The rapeseed meal RM2605 is expected to oscillate in the range of 2540 - 2600. The market is influenced by factors such as the soybean meal trend, technical buying, the lifting of China's restrictions on Canadian agricultural product exports, and the escalation of the Middle - East conflict. Although the current demand for rapeseed meal is in the off - season, low inventory supports the market, and the post - Spring Festival demand is expected to be good, leading to a short - term bullish oscillation [9]. - The market focuses on domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [12]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal RM2605 is in the 2540 - 2600 range. The market is affected by multiple factors, with short - term bullish oscillation. The basis shows a premium, inventory is low, the price is above the 20 - day moving average, and the main long positions are decreasing with capital outflow. After the digestion of overall negative factors, it maintains an oscillating pattern [9]. 3.2 Recent News - Domestic aquaculture is in the off - season, with short - term tight supply and low demand suppressing the market. Canadian rapeseed exports to China have returned to normal, and import volume is gradually increasing. The visit of the Canadian Prime Minister has improved Sino - Canadian trade relations, and tariffs are being gradually removed. Global rapeseed production is increasing, especially in Canada. The Russia - Ukraine conflict continues, and the Middle - East situation is escalating, which may support commodities [11]. 3.3 Bullish and Bearish Factors - Bullish factors: Good post - Spring Festival demand for Chinese rapeseed meal and no pressure on oil mill rapeseed meal inventory [12]. - Bearish factors: Short - term off - season for domestic rapeseed meal demand and the resumption of Chinese imports of Canadian rapeseed [12]. 3.4 Fundamental Data - **Trading data**: From March 4th to 12th, the trading volume and average price of soybean meal and rapeseed meal fluctuated, and the average price difference between soybean and rapeseed meal also changed [13]. - **Price data**: From March 5th to 12th, the prices of rapeseed meal futures and spot in Fujian showed an upward trend [15]. - **Warehouse receipt data**: From March 4th to 12th, the rapeseed meal warehouse receipts increased from 1000 to 2311 [17]. - **Supply - demand balance sheet**: The supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2016 to 2025 show changes in various indicators such as production, consumption, and inventory [19][21]. 3.5 Position Data - Not provided in the given content 3.6 Rapeseed Meal Views and Strategies - The rapeseed meal market is affected by Sino - Canadian trade relations and the seasonality of supply and demand. After the digestion of negative factors, it maintains an oscillating pattern, and attention should be paid to the development of Sino - Canadian trade relations [9].