1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - For oils, affected by multiple negative factors such as high - inventory of Malaysian palm oil and potential delay of Indonesia's B50 policy, domestic three major oils have been under pressure and declined. After the reduction in production is realized and Malaysian palm oil starts to destock, oils may stop falling and rebound. For protein meals, the cost side supports soybean meal, but the abundant domestic supply restricts its upward space. Rapeseed meal follows soybean meal with a weak supply - demand situation [8][11]. 3. Summary by Directory 3.1 Viewpoint and Strategy 3.1.1 Oils - **Core Logic**: Multiple negative factors such as high - inventory of Malaysian palm oil and potential delay of Indonesia's B50 policy have led to the decline of Malaysian palm oil, which in turn has pressured domestic oils. However, considering Indonesia's low inventory and approaching low - production period, palm oil is not overly pessimistic. After the negative impact of Malaysian palm oil inventory build - up in October is released, palm oil is expected to rebound [8]. - **Cost and Profit**: As of October 31, the arrival cost of Brazilian soybeans for December delivery was 3923 yuan/ton, with a negative gross profit of 248 yuan/ton on the futures market. The import cost of palm oil (November shipment) was 9251 yuan/ton, with a negative spot profit of 678 yuan/ton and a negative futures profit of 274 yuan/ton for November shipment. The theoretical import cost of Canadian rapeseed (November shipment) was 4459 yuan/ton, with a spot crushing profit of 765 yuan/ton and a futures crushing profit of 497 yuan/ton [8]. - **Supply**: The estimated soybean import volume in November is 955000 tons, rapeseed 19500 tons, and palm oil 39000 tons [8]. - **Demand**: In October, the total transaction volume of bulk soybean oil in key domestic oil mills was 240000 tons, a 29.12% month - on - month decrease. The palm oil trading volume was 22115 tons, a 36.07% month - on - month decrease. The pick - up volume of rapeseed oil in coastal oil mills was 49900 tons, a 51.55% decrease from the previous month [8]. - **Inventory**: As of October 24, 2025, the total commercial inventory of the three major oils (soybean oil, palm oil, and rapeseed oil) in key national regions was 2.3934 million tons, an 18.77% year - on - year increase [8]. - **Strategy**: Temporarily wait and see, and go long at low prices after the fundamentals improve. Pay attention to the reverse spread of soybean oil 1 - 5 contracts [8]. 3.1.2 Protein Meals - **Core Logic**: The improvement in US soybean export expectations supports the cost of soybean meal, but the abundant domestic supply restricts its upward space. Rapeseed meal follows soybean meal, with a weak supply - demand situation due to low inventory in coastal oil mills and reduced demand in the off - season of aquaculture [11]. - **Cost and Profit**: Similar to the oil section, the cost and profit data of soybeans and rapeseed are the same [11]. - **Supply**: The estimated soybean import volume in November is 955000 tons, and rapeseed 19500 tons [11]. - **Demand**: In October, the total transaction volume of soybean meal was 2.0506 million tons, a 34.51% month - on - month and 63.91% year - on - year decrease. The pick - up volume of rapeseed meal in coastal oil mills was 41500 tons, a decrease of 60100 tons from the previous month [11]. - **Inventory**: In the 43rd week, the inventory of soybean meal in oil mills was 1054600 tons, an 8.03% increase from the previous week, basically the same as the same period last year. The inventory days of soybean meal in feed enterprises were 8.02 days, a decrease of 1.58 days from the end of September. The inventory of rapeseed meal in coastal oil mills was 7100 tons, an 8.97% decrease from the previous week and an 88.64% decrease year - on - year. The inventory of imported rapeseed meal was 528800 tons, which has been declining recently but remains at a high level [11]. - **Strategy**: Temporarily wait and see in the short - term for both single - side and arbitrage trading [11]. 3.2 Market Review of Oils and Meals in October 2025 - **Oils**: In October, the three major oils declined unilaterally, mainly due to the negative impact of palm oil. Malaysian palm oil production and inventory in September were higher than expected, and high - frequency data showed an increase in production and weak exports in October. Coupled with the potential delay of Indonesia's B50 policy, Malaysian palm oil fell sharply, leading the decline in the domestic palm oil sector. Although the cost side supported soybean oil and rapeseed oil inventory decreased from a high level, they were still dragged down by palm oil and declined [15]. - **Protein Meals**: In October, soybean meal and rapeseed meal first declined and then rebounded. In the first half of the month, they were weak due to factors such as abundant domestic supply and expected improvement in China - Canada trade relations. In the second half of the month, the improvement in US soybean export expectations supported the cost side, and they rebounded [28]. 3.3 Fundamental Analysis of Oils and Oilseeds 3.3.1 International Situation - **US Soybeans**: The US government shutdown has suspended the release of USDA reports. It is expected that the soybean harvest is nearly complete. The dry weather in the main production areas is conducive to the harvest [36]. - **Brazilian Soybeans**: As of October 25, the planting progress was 34.4%, slightly slower than the same period last year and the five - year average. In October, the CNF premium of Brazilian soybeans fluctuated downward. If China resumes purchasing US soybeans, Brazilian soybean exports are expected to decline [39][43]. - **Indonesian Palm Oil**: In August, the production was 5.06 million tons, and the export volume decreased by 1.8% month - on - month. The inventory decreased slightly to 2.54 million tons. It is expected that the production in 2025 will increase by 10% [47]. - **Malaysian Palm Oil**: In September, the production was 1.8412 million tons, and the inventory reached 2.361 million tons, higher than expected. High - frequency data showed an increase in production in October, and the export data for October increased slightly. The inventory build - up was higher than expected [50][55]. - **Canadian Rapeseed**: From August 1 to October 26, 2025, the cumulative export volume decreased by 62.24% year - on - year. The domestic crushing demand was strong [59]. 3.3.2 Domestic Situation - **Soybeans**: As of October 28, the procurement progress for November was 87.73%. It is estimated that the import volume in November will be large, and the inventory in oil mills remains at a high level. In October, the import cost increased, and the crushing profit was poor. The soybean crushing volume remained high [64][68][75]. - **Palm Oil**: In October, the import cost decreased significantly, and the import loss deepened. The import volume in September was low and rebounded in October. It is estimated that the import volume in November will be 39000 tons [84][89][93]. - **Rapeseed**: In October, the import cost increased, and the crushing profit decreased significantly. The import volume decreased sharply in September and is expected to recover slightly in November. The inventory in oil mills remains at a low level, and the crushing volume remains low [97][101][105]. - **Inventory of Three Major Oils**: As of October 24, 2025, the total inventory was at a high level, with a year - on - year increase of 18.77%. The inventory trends of the three major oils diverged, with soybean oil and palm oil continuing to build up inventory, and rapeseed oil inventory declining from a high level [116][122]. - **Demand for Oils**: In October, the demand for oils weakened after the festival. The transaction volume of soybean oil, palm oil, and the pick - up volume of rapeseed oil all decreased [124]. - **Inventory of Protein Meals**: It is expected that the inventory of soybean meal in oil mills will remain high in November. The inventory of rapeseed meal in coastal oil mills is low, while the inventory of imported rapeseed meal remains at a high level but has been declining recently [128][137]. - **Demand for Protein Meals**: In October, the transaction volume of soybean meal decreased significantly, and the pick - up volume of rapeseed meal also decreased [132][143]. 3.4 Arbitrage Spread Tracking 3.4.1 Inter - period Spread of Oils - For some contracts, historical spread core intervals, means, medians, current spreads, and distances from the mean are provided, and some suggest paying attention to reverse - spread opportunities while others suggest waiting and seeing [148]. 3.4.2 Inter - variety Spread - For different oil varieties, historical spread core intervals, means, medians, current spreads, and distances from the mean are given. Some suggest waiting for opportunities to go long on palm oil and short on soybean oil, while others suggest waiting and seeing [152].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For rapeseed oil, the short - term market focuses on the tight inventory of Canadian rapeseed, and the growth of Canadian rapeseed has entered the "weather - dominated" stage. Palm oil production is in the seasonal increase season, and geopolitical risks boost the oil market. In China, the high inventory of oil mills and the expected easing of China - Canada trade relations bring supply pressure, but the relatively strong price of Canadian rapeseed supports the domestic rapeseed oil price. It is recommended to participate in the short - term [8]. - For rapeseed meal, the USDA monthly report has little impact on the ending inventory of US soybeans. The fast planting progress and good quality of US soybeans restrain the US soybean market, but the Sino - US framework agreement is positive for the domestic meal price. In China, the concentrated arrival of imported soybeans increases supply, while the peak season of aquaculture boosts the demand for rapeseed meal. The expected easing of China - Canada trade relations may increase future supply. It is recommended to participate in the short - term and pay attention to Sino - US and China - Canada economic and trade relations [11]. 3. Summary by Relevant Catalogs 3.1 Weekly Highlights Summary Rapeseed Oil - Strategy: Participate mainly in the short - term [7] - Market review: This week, rapeseed oil futures fluctuated and closed higher. The closing price of the 09 contract was 9310 yuan/ton, an increase of 170 yuan/ton from the previous week [8] - Market outlook: Focus on the tight inventory of Canadian rapeseed and weather conditions. Palm oil production is increasing seasonally, geopolitical risks boost the oil market. In China, high inventory and expected supply increase bring pressure, but the strong price of Canadian rapeseed provides support. Pay attention to China - Canada trade relations [8] Rapeseed Meal - Strategy: Participate mainly in the short - term and pay attention to Sino - US and China - Canada economic and trade relations [10] - Market review: This week, rapeseed meal futures fluctuated and closed higher. The closing price of the 09 contract was 2674 yuan/ton, an increase of 66 yuan/ton from the previous week [11] - Market outlook: The USDA report has little impact. The good situation of US soybeans restrains the market, but the Sino - US agreement is positive. In China, the concentrated arrival of soybeans increases supply, the aquaculture season boosts demand, and the expected supply increase from China - Canada relations may drag down the price [11] 3.2 Futures and Spot Market Futures Price and Position - Rapeseed oil futures fluctuated and closed up, with a total position of 279,657 lots, a decrease of 8,753 lots from last week. Rapeseed meal futures also fluctuated and closed up, with a total position of 565,236 lots, an increase of 23,363 lots from the previous week [17] Top 20 Net Positions - The top 20 net positions of rapeseed oil futures increased from + 26,178 last week to + 38,141 this week. The top 20 net positions of rapeseed meal futures changed from - 14,635 last week to + 26,893 this week [23] Futures Warehouse Receipts - The registered warehouse receipts of rapeseed oil were 0, and those of rapeseed meal were 26,255 [27][30] Spot Price and Basis - The spot price of rapeseed oil in Jiangsu was 9,540 yuan/ton, showing a rebound. The basis between the active contract futures price and the Jiangsu spot price was + 230 yuan/ton. The price of rapeseed meal in Nantong, Jiangsu was 2,570 yuan/ton, also rebounding. The basis between the Jiangsu spot price and the active contract futures price was - 174 yuan/ton [36][42] Futures Monthly Spread - The 9 - 1 spread of rapeseed oil was + 150 yuan/ton, at a medium level in recent years. The 9 - 1 spread of rapeseed meal was + 311 yuan/ton, also at a medium level in recent years [48] Futures - Spot Ratio - The ratio of the 09 contract of rapeseed oil to rapeseed meal was 3.48, and the average spot price ratio was 3.816 [51] Price Spreads between Different Oils and Meals - The 09 contract spread between rapeseed oil and soybean oil was 1,524 yuan/ton, slightly widening this week. The 09 contract spread between rapeseed oil and palm oil was 1,170 yuan/ton, also slightly widening. The 09 contract spread between soybean meal and rapeseed meal was 367 yuan/ton, and the spot spread as of Thursday was 310 yuan/ton [61][67] 3.3 Industrial Chain Situation Rapeseed - Supply: As of June 6, 2025, the total inventory of rapeseed in oil mills was 250,000 tons. The estimated arrival volumes of rapeseed in June, July, and August 2025 were 260,000, 280,000, and 450,000 tons respectively. As of June 12, the spot crushing profit of imported rapeseed was + 119 yuan/ton. As of the 23rd week of 2025, the crushing volume of rapeseed in coastal main oil mills was 49,000 tons, a decrease of 23,000 tons from last week, with an operating rate of 11.99%. In April 2025, the total import volume of rapeseed was 489,200 tons, a year - on - year increase of 3.92% and a month - on - month increase of 242,500 tons [73][77][81][85] Rapeseed Oil - Supply: As of the end of the 23rd week of 2025, the inventory of imported and crushed rapeseed oil in China was 882,000 tons, a month - on - month decrease of 1.65%. In April 2025, the total import volume of rapeseed oil was 182,053.44 tons, a year - on - year increase of 18.33% and a month - on - month decrease of 162,283.96 tons [89] - Demand: As of March 31, 2025, the monthly output of edible vegetable oil was 440,400 tons. As of April 30, the catering revenue was 416.7 billion yuan. As of the end of the 23rd week of 2025, the contract volume of imported and crushed rapeseed oil in China was 104,000 tons, a month - on - month increase of 26.97% [93][97] Rapeseed Meal - Supply: As of the end of the 23rd week of 2025, the inventory of imported and crushed rapeseed meal in China was 14,000 tons, a month - on - month decrease of 28.21%. In April 2025, the total import volume of rapeseed meal was 298,600 tons, a year - on - year increase of 38.15% and a month - on - month increase of 46,700 tons [101][105] - Demand: As of March 31, 2025, the monthly output of feed was 2,777,200 tons [109] 3.4 Option Market Analysis - The implied volatility of rapeseed meal options was 19.96% as of June 13, a decrease of 0.38% from last week, at a level comparable to the 20 - day, 40 - day, and 60 - day historical volatility of the underlying [113]