1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - Rapeseed meal RM2605 will fluctuate in the range of 2360 - 2420. It is affected by the soybean meal trend and technical consolidation. The market is waiting for the final anti - dumping ruling on Canadian rapeseed imports. With the spot demand in the off - season and low inventory, and uncertainties in China - Canada trade, it will maintain a short - term range - bound pattern [9]. - The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 3. Summary by Relevant Catalogs 3.1 Daily Prompt - Rapeseed meal futures rebounded with fluctuations, and the spot price followed. The spot premium remained at a relatively high level. The spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference of the 2605 contract remained low. The arrival of imported rapeseed increased slightly in December, and the import cost was affected by tariff expectations. The rapeseed inventory of oil mills remained low, and the rapeseed meal inventory was also at a low level. The rapeseed crushing volume of oil mills remained at zero operation. Aquatic fish prices fluctuated slightly, while shrimp and shellfish prices remained stable [18][20][23] 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday. The spot market supply is expected to be tight in the short term, while the demand is decreasing, suppressing the market expectation. Canadian rapeseed has entered the harvesting stage, but China - Canada trade issues have reduced short - term exports and domestic supply expectations. - China's preliminary anti - dumping investigation on Canadian rapeseed imports was established, and an import deposit of 75.8% was imposed. If the final ruling is established, the deposit will be levied as additional tariffs and will not be refunded, but the final result is still uncertain. - Global rapeseed production increased this year, especially in Canada where the output was higher than expected. - The Russia - Ukraine conflict is still ongoing. The reduction in Ukraine's rapeseed production and the increase in Russia's production offset each other. There is still a possibility of an increase in global geopolitical conflicts, which still supports commodities [11] 3.3 Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the imposition of import deposits; no pressure on the rapeseed meal inventory of oil mills. - Bearish factors: domestic rapeseed meal demand has entered the off - season; there is still a small probability of a settlement in the final result of China's anti - dumping investigation on Canadian rapeseed imports. - Current main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12] 3.4 Fundamental Data - From December 18th to 26th, the trading volume of rapeseed meal was 0 tons, and the trading volume of soybean meal fluctuated between 7.46 - 22.56 tons. The average trading price difference between soybean meal and rapeseed meal fluctuated between 574 - 612. - From December 18th to 26th, the price of rapeseed meal futures (near - term 2601) fluctuated between 2389 - 2459, the price of the main contract 2605 fluctuated between 2323 - 2391, and the spot price (Fujian) fluctuated between 2490 - 2560. - From December 17th to 26th, the rapeseed meal warehouse receipts were 0 every day [13][15][17] 3.5 Position Data - Not provided 3.6 Rapeseed Meal Views and Strategies - Fundamental: Rapeseed meal rebounded with fluctuations, affected by the soybean meal trend and technical consolidation. The market is waiting for the final anti - dumping ruling on Canadian rapeseed imports. The spot demand is in the off - season, and the low inventory supports the market. With uncertainties in China - Canada trade, it is neutral. - Basis: The spot price is 2560, the basis is 169, and the spot price is at a premium to the futures, indicating a bullish signal. - Inventory: The rapeseed meal inventory is 0 tons, the same as last week. Compared with 2800 tons in the same period last year, it decreased by 100%, which is bullish. - Market trend: The price is above the 20 - day moving average and moving upwards, indicating a bullish signal. - Main positions: The long positions of the main players increased, and funds flowed in, indicating a bullish signal. - Expectation: Affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed, rapeseed meal has returned to a volatile pattern. With the recent off - season of domestic rapeseed meal supply and demand, it will maintain a short - term volatile pattern, and subsequent developments should be monitored [9]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - Rapeseed meal RM2605 will fluctuate in the range of 2340 - 2400. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. In the short term, it is affected by soybean meal and will maintain a range - bound pattern due to the off - season of rapeseed meal demand and low inventory [9]. - The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2605 fluctuates in the range of 2340 - 2400. Its fundamentals are neutral, with the basis being in a premium situation (spot 2540, basis 188), inventory at a low level (0.02 tons, unchanged from last week and a 99.29% year - on - year decrease), the price below the 20 - day moving average and moving downward, the main position changing from short to long with capital outflows, and it is expected to maintain a short - term shock pattern [9]. 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday, and supply is expected to be tight in the short term while demand is decreasing. Canadian rapeseed is in the harvesting stage, but exports to China are expected to decrease due to Sino - Canadian trade issues [11]. - 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 is still uncertain [11]. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected [11]. - The Russia - Ukraine conflict continues, and the impact of Ukraine's rapeseed production decline and Russia's increase is relatively offset. Global geopolitical conflicts may rise in the future, which still supports commodities [11]. 3.3 Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the addition of import deposits; oil mills have no pressure on rapeseed meal inventory [12]. - Bearish factors: Domestic rapeseed meal demand has entered the off - season; the final result of China's anti - dumping investigation on Canadian rapeseed imports is still uncertain, with a small probability of reconciliation [12]. - The current main logic is that the market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 3.4 Fundamental Data - From December 16th to 24th, the average transaction price of soybean meal fluctuated between 3102 - 3138, and the trading volume ranged from 3.55 - 18.45 tons. The average transaction price of rapeseed meal was between 2490 - 2520, and the trading volume was 0. The price difference between soybean and rapeseed meal fluctuated between 586 - 631 [13]. - From December 17th to 25th, the price of rapeseed meal futures (near - month 2601) fluctuated between 2389 - 2436, the main contract 2605 between 2323 - 2352, and the spot price in Fujian between 2500 - 2540 [15]. - The rapeseed meal warehouse receipts remained at 0 from December 16th to 24th [16]. - Rapeseed meal futures fluctuated and declined, and the spot price followed the fluctuation, with the spot premium remaining at a relatively high level. The spot price difference between soybean and rapeseed meal fluctuated slightly, and the price difference of the 2605 contract narrowed slightly [17][19]. - The import of rapeseed increased slightly in December, and the import cost was affected by tariffs. The inventory of rapeseed and rapeseed meal in oil mills remained at a low level, and the rapeseed crushing volume remained at zero [22][24][26]. - The price of aquatic fish declined slightly, while the price of shrimp and shellfish remained stable [34]. 3.5 Position Data - No specific position data analysis content provided other than the information that the main position changed from short to long with capital outflows in the rapeseed meal analysis [9].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The rapeseed meal RM2605 is expected to oscillate in the range of 2320 - 2380. The market has returned to a state of oscillation while awaiting the final result of the anti - dumping ruling on Canadian rapeseed imports. In the short term, it will maintain an oscillatory pattern due to the off - season of domestic rapeseed meal supply and demand and the uncertainty of the final anti - dumping ruling on Canadian rapeseed [9]. 3. Summary According to the Table of Contents 3.1 Daily Hints - Rapeseed meal RM2605 is in the 2320 - 2380 range. The fundamentals are neutral; the basis is bullish; the inventory is bullish; the price on the disk is bearish; the main position is bullish; and the short - term outlook is oscillatory [9]. 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday, with short - term supply expected to be tight and demand decreasing, suppressing the market. Canadian rapeseed is in the harvesting stage, but Sino - Canadian trade issues have reduced short - term exports and domestic supply. - 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 is still uncertain. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected. - The Russia - Ukraine conflict continues, with the decrease in Ukrainian rapeseed production and the increase in Russian rapeseed production offsetting each other. Global geopolitical conflicts may rise, supporting commodities [11]. 3.3 Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the lack of pressure on oil mills' rapeseed meal inventory. - Bearish factors: The off - season of domestic rapeseed meal demand and the uncertainty of the final anti - dumping result on Canadian rapeseed imports, with a small probability of reconciliation. - The current main logic is that the market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [12]. 3.4 Fundamental Data - From December 12 to 22, the average transaction price of rapeseed meal was around 2500 - 2520 yuan/ton, and the average transaction price of soybean meal was around 3100 - 3138 yuan/ton. The average price difference between soybean and rapeseed meal ranged from 599 - 631 yuan/ton [13]. - From December 12 to 22, the price of rapeseed meal futures' near - month 2601 contract was around 2389 - 2419 yuan/ton, the main 2605 contract was around 2323 - 2359 yuan/ton, and the rapeseed meal spot price in Fujian was around 2490 - 2520 yuan/ton [15]. - From December 11 to 22, the rapeseed meal warehouse receipts remained at 0 [17]. - Rapeseed meal futures have oscillated and declined, with the spot price fluctuating accordingly, and the spot premium remaining at a relatively high level. The spot price difference between soybean and rapeseed meal has fluctuated slightly, and the price difference between soybean and rapeseed meal in the 2605 contract has narrowed slightly [18][20]. - Rapeseed imports have increased slightly in December, and the import cost has been affected by tariffs. Oil mills' rapeseed inventory has remained low, and rapeseed meal inventory is also at a low level. Oil mills' rapeseed crushing volume has remained at zero [23][25][27]. - Aquatic fish prices have declined slightly, while shrimp and shellfish prices have remained stable [35]. 3.5 Position Data No relevant content provided.

Report Industry Investment Rating - Not provided Core Viewpoints - The rapeseed meal RM2605 is expected to oscillate in the range of 2320 - 2380. It is affected by the soybean meal trend, technical consolidation, and the uncertainty of the final anti - dumping ruling on Canadian rapeseed imports. With the domestic rapeseed meal entering the off - season of supply and demand, it will maintain a short - term oscillatory pattern [9]. Summary by Directory 1. Daily Prompt - Not provided 2. Recent News - Domestic aquaculture is in the off - season after the long holiday. The spot market supply is expected to be tight in the short term, and the decreasing demand suppresses the market. Canadian rapeseed is in the harvest stage, but Sino - Canadian trade issues reduce short - term exports and domestic supply [11]. - 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 is still uncertain [11]. - Global rapeseed production has increased this year, with Canadian rapeseed production higher than expected [11]. - The Russia - Ukraine conflict continues. The decrease in Ukrainian rapeseed production and the increase in Russian rapeseed production offset each other. Global geopolitical conflicts may rise, supporting commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination and imposition of import deposits on Canadian rapeseed; oil mills have no pressure on rapeseed meal inventory [12]. - Bearish factors: Domestic rapeseed meal demand is in the off - season; the final result of the anti - dumping investigation on Canadian rapeseed imports is still uncertain, with a small probability of reconciliation [12]. - Current main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 4. Fundamental Data - **Trading data**: From December 5th to December 15th, the average trading price of soybean meal ranged from 3074 - 3138, and the trading volume was between 8.25 - 27.85 million tons. The average trading price of rapeseed meal was between 2460 - 2510, and the trading volume was mostly 0, with only small volumes on December 10th and 15th. The average price difference between soybean and rapeseed meal fluctuated slightly, ranging from 589 - 628 [13]. - **Price data**: From December 5th to December 15th, the near - month 2601 rapeseed meal futures price was between 2355 - 2417, the main 2605 contract price was between 2317 - 2377, and the rapeseed meal spot price in Fujian was between 2460 - 2510 [15]. - **Warehouse receipt data**: From December 4th to December 15th, the rapeseed meal warehouse receipts were all 0 [17]. - **Production and price data**: Aquatic fish prices declined slightly, while shrimp and shellfish prices remained stable [35]. 5. Position Data - Not provided 6. Rapeseed Meal Views and Strategies - **Fundamentals**: Rapeseed meal oscillated and closed up, driven by the soybean meal trend and technical consolidation. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. Rapeseed meal spot demand is in the off - season, and low inventory supports the market. The Sino - Canadian trade negotiation is still uncertain, and the market is affected by soybean meal in the short term and maintains an oscillatory range [9]. - **Basis**: The spot price is 2510, the basis is 169, and the spot price is higher than the futures price, which is bullish [9]. - **Inventory**: Rapeseed meal inventory is 17,500 tons, a 2.78% week - on - week decrease from last week's 18,000 tons and a 20.45% year - on - year decrease from the same period last year, which is bullish [9]. - **Market trend**: The price is below the 20 - day moving average and the direction is downward, which is bearish [9]. - **Main position**: The main long positions have decreased, and funds have flowed out, which is bullish [9]. - **Expectation**: Rapeseed meal has returned to an oscillatory pattern due to the uncertainty of the final anti - dumping ruling on Canadian rapeseed. With the domestic rapeseed meal entering the off - season of supply and demand, it will maintain an oscillatory pattern in the short term, and subsequent developments should be monitored [9].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The rapeseed meal RM2601 is expected to fluctuate within the range of 2300 - 2360. It is affected by the pending final result of the anti - dumping ruling on Canadian rapeseed imports and rumors of tariff reduction between China and Canada, and has returned to a volatile pattern [9]. - The current market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. Group 3: Summary by Directory 1. Daily Hints - Rapeseed meal RM2601 is in a range - bound state. The spot demand is in the short - term peak season, and the low inventory supports the market. However, after the National Day, the demand will gradually enter the off - season, and there are still variables in China - Canada trade consultations, so the short - term market lacks guidance [9]. 2. Recent News - Domestic aquaculture has entered the off - season after the long holiday, the supply in the spot market is expected to be tight in the short term, and the decreasing demand suppresses the market expectation. Canadian rapeseed is in the harvesting stage, but the China - Canada trade issue reduces the short - term export and domestic supply expectation [11]. - China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and an import deposit of 75.8% has been imposed. The final result is still uncertain [11]. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected [11]. - 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 supports commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of oil mills on rapeseed meal [12]. - Bearish factors: The domestic rapeseed meal demand is gradually entering the off - season, and there is still a small probability of reconciliation in the final result of the anti - dumping on Canadian rapeseed imports [12]. 4. Fundamental Data - From October 13th to 21st, the average transaction price of soybean meal fluctuated between 2965 - 3004 yuan/ton, and the trading volume was between 6.51 - 21.79 million tons. The average transaction price of rapeseed meal was between 2460 - 2500 yuan/ton, and the trading volume was 0 [13]. - From October 13th to 21st, the price of rapeseed meal futures fluctuated, and the spot price was relatively stable. The spot premium fluctuated slightly [15][17]. - The spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference of the 2601 contract between soybean meal and rapeseed meal oscillated at a low level [19]. - The import volume of rapeseed remained stable in October, and the import cost was affected by tariffs [22]. - The inventory of rapeseed in oil mills continued to decline, and the weekly inventory of rapeseed meal remained flat. The amount of rapeseed crushed in oil mills remained at a low level [24][26]. - The price of aquatic fish increased slightly, and the price of shrimp and shellfish remained stable [34]. 5. Position Data - The number of short positions of the main force decreased, and funds flowed in [9]. 6. Rapeseed Meal Views and Strategies - Fundamental analysis: The market is neutral as it is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports [9]. - Basis analysis: The spot price is 2460, the basis is 139, and the spot premium is positive for the futures [9]. - Inventory analysis: The rapeseed meal inventory is 1.75 million tons, a week - on - week decrease of 2.78% and a year - on - year decrease of 20.45%, which is positive for the market [9]. - Market analysis: The price is below the 20 - day moving average and the direction is downward, which is negative for the market [9]. - Main position analysis: The short positions of the main force decreased, and funds flowed in, which is negative for the market [9]. - Expectation: Rapeseed meal is affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed and rumors of tariff reduction between China and Canada, and has returned to a volatile pattern [9].

Report Overview - Report Date: October 17, 2025 - Report Subject: Rapeseed Meal Morning Report - Analyst: Wang Mingwei from Dayue Futures Investment Consulting Department [1] 1. Investment Rating - The report does not provide an overall industry investment rating 2. Core View - Rapeseed meal RM2601 is expected to oscillate between 2340 and 2400. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term demand for rapeseed meal is in the peak season, and low inventory supports the price, but after the National Day, demand enters the off - season and Sino - Canadian trade negotiations are still uncertain, so the price will maintain an oscillating pattern in the short term [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2601 oscillates between 2340 - 2400. The market is affected by the uncertainty of the anti - dumping ruling on Canadian rapeseed and the rumor of Sino - Canadian tariff reduction, and returns to an oscillating pattern [9]. 3.2 Recent News - Domestic aquaculture enters the off - season after the long holiday, and the supply in the spot market is expected to be tight in the short term, while demand decreases, suppressing the price. Canadian rapeseed is in the harvest stage, but Sino - Canadian trade issues reduce short - term exports and domestic supply. The preliminary anti - dumping investigation on Canadian rapeseed imports in China is established, and a 75.8% import deposit is levied. The global rapeseed production increases this year, and the impact of the Russia - Ukraine conflict on rapeseed production is relatively offset [11]. 3.3 Bullish and Bearish Factors - Bullish factors: The preliminary anti - dumping determination of Canadian rapeseed imports in China and the low inventory pressure of oil mills on rapeseed meal [12]. - Bearish factors: The demand for domestic rapeseed meal is gradually entering the off - season, and the final result of the anti - dumping of Canadian rapeseed imports is still uncertain, with a small probability of reconciliation [12]. 3.4 Fundamental Data - **Price and Basis**: The spot price is 2500, the basis is 136, and the spot price is at a premium to the futures price, which is bullish [9]. - **Inventory**: Rapeseed meal inventory is 1.75 million tons, a week - on - week decrease of 2.78% and a year - on - year decrease of 20.45%, which is bullish [9]. - **Market Trend**: The price is below the 20 - day moving average and the direction is downward, which is bearish [9]. - **Trading Data**: The recent trading data shows that the trading volume of rapeseed meal is 0, and the price of rapeseed meal futures oscillates downward, while the spot price is relatively stable, with the spot premium slightly expanding. The spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2601 contract oscillates at a low level [13][15][17]. 3.5 Position Data - The main short positions are decreasing, and funds are flowing in, which is bearish [9].

Group 1: Report Summary - Report industry investment rating: Not provided - Report's core view: Rapeseed meal RM2601 is expected to fluctuate in the range of 2340 - 2400. 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 after the National Day, demand enters the off - season and Sino - Canadian trade negotiations are still uncertain, so the market lacks short - term guidance and remains volatile [9]. Group 2: According to the Table of Contents 1. Daily Hints - Rapeseed meal RM2601 is in a 2340 - 2400 range oscillation. Its fundamentals are neutral; the basis is at a premium to the futures, which is bullish; the inventory shows a decrease both week - on - week and year - on - year, which is bullish; the price is below the 20 - day moving average and the direction is downward, which is bearish; the main short positions are decreasing and funds are flowing out, which is bearish. Due to uncertainties in the final anti - dumping ruling on Canadian rapeseed and rumors of tariff cuts, it has returned to a volatile pattern [9]. 2. Recent News - Domestic aquaculture has entered the off - season after the long holiday. The supply in the spot market is expected to be tight in the short term, and the decreasing demand suppresses the market. Canadian rapeseed has entered the harvesting stage, but Sino - Canadian trade issues have reduced short - term export and domestic supply expectations. China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and a 75.8% import deposit has been levied. The final result is still uncertain. Global rapeseed production has increased this year, with Canadian production higher than expected. The Russia - Ukraine conflict continues, and the future of global geopolitical conflicts may rise, which still supports commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination and additional import deposit on Canadian rapeseed; low inventory pressure on oil mills' rapeseed meal. Bearish factors: The domestic demand for rapeseed meal is gradually entering the off - season; there is still a small probability of reconciliation in the final result of China's anti - dumping on Canadian rapeseed. The current main logic is that the market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 4. Fundamental Data - From September 29 to October 15, the average price difference between soybean meal and rapeseed meal fluctuated slightly, with the 2601 contract's price difference oscillating at a low level. Rapeseed meal futures prices fluctuated and declined, while spot prices were relatively stable, and the spot premium slightly expanded. The import volume of rapeseed remained stable in October, and the import cost was affected by tariffs. Oil mills' rapeseed inventory continued to decline, and rapeseed meal inventory remained flat week - on - week. The amount of rapeseed crushed by oil mills remained at a low level. Aquatic fish prices rebounded slightly, while shrimp and shellfish prices remained stable [13][17][22]. 5. Position Data - Not provided in the content 6. Rapeseed Meal Views and Strategies - Rapeseed meal RM2601 is expected to fluctuate in the range of 2340 - 2400. The market is affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed and rumors of tariff cuts, and it is recommended to pay attention to subsequent developments [9].

Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - Rapeseed meal RM2601 is expected to oscillate in the range of 2360 - 2420. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. In the short term, the spot demand for rapeseed meal remains in the peak season, and the low inventory supports the market. However, after the National Day, the demand will gradually enter the off - season, and there are still uncertainties in China - Canada trade consultations. The market will be affected by news and remain volatile [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal futures oscillate downward, while the spot price is relatively stable, and the spot premium slightly expands. The spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2601 contract oscillates at a low level. The import volume of rapeseed remains stable in October, and the import cost is affected by tariffs. The inventory of rapeseed in oil mills continues to decline, and the weekly inventory of rapeseed meal remains flat. The amount of rapeseed crushed in oil mills remains at a low level. The price of aquatic fish rises slightly, and the price of shrimp and shellfish remains stable [18][20][23] [25][27][35]. 3.2 Recent News - Domestic aquaculture enters the off - season after the long holiday, and the supply in the spot market is expected to be tight in the short term. The demand is decreasing, which suppresses the market. Canadian rapeseed enters the harvesting stage, but due to China - Canada trade issues, short - term exports decrease, and the domestic supply is expected to decline. China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and a 75.8% import deposit is imposed. The final ruling is still uncertain. Global rapeseed production increases this year, especially in Canada. The Russia - Ukraine conflict continues, and the decrease in Ukraine's rapeseed production and the increase in Russia's production offset each other. There is still a possibility of an increase in global geopolitical conflicts, which will support commodities [11]. 3.3 Bullish and Bearish Factors - **Bullish Factors**: China's preliminary anti - dumping determination on Canadian rapeseed imports and the imposition of import deposits; the inventory pressure of rapeseed meal in oil mills is not large [12]. - **Bearish Factors**: The demand for domestic rapeseed meal is gradually entering the off - season; the final result of China's anti - dumping on Canadian rapeseed imports is still uncertain, with a small probability of reconciliation [12]. - **Current Main Logic**: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 3.4 Fundamental Data - **Price and Spread**: From September 26 to October 14, the trading average price of soybean meal fluctuated between 2981 - 3004 yuan/ton, and the trading volume ranged from 3.81 - 22.38 million tons. The trading average price of rapeseed meal was between 2470 - 2560 yuan/ton, and the trading volume was 0. The price difference between soybean meal and rapeseed meal gradually increased from 462 yuan/ton to 519 yuan/ton. The price of rapeseed meal futures fluctuated downward, and the spot price also decreased slightly [13][15]. - **Inventory**: The rapeseed meal inventory is 1.75 million tons, a week - on - week decrease of 2.78% compared to last week's 1.8 million tons, and a year - on - year decrease of 20.45% compared to 2.2 million tons in the same period last year [9]. - **Warehouse Receipts**: From September 25 to October 14, the number of rapeseed meal warehouse receipts decreased from 9245 to 9089, with a decrease of 156 [17]. 3.5 Position Data - The main short positions in rapeseed meal increase, and the funds flow in [9].

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core View - The rapeseed meal RM2601 is expected to fluctuate within the range of 2380 - 2440. The market is in a neutral state, waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term spot demand for rapeseed meal remains in the peak season, and low inventory supports the market. However, after the National Day, demand will gradually enter the off - season, and there are still uncertainties in China - Canada trade consultations, so the market will be affected by news and maintain a volatile pattern in the short term [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2601 is expected to oscillate between 2380 and 2440. The market is neutral, with short - term demand in the peak season, low inventory, but uncertainties in future demand and trade [9]. 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday, and the supply in the spot market is expected to be tight in the short term. The decreasing demand suppresses the market. Canadian rapeseed is in the harvesting stage, but China - Canada trade issues reduce short - term export expectations. The preliminary anti - dumping investigation on Canadian rapeseed imports in China has been established, with a 75.8% import deposit. The final result is still uncertain. Global rapeseed production has increased this year, mainly due to higher - than - expected production in Canada. The Russia - Ukraine conflict continues, and there is still a possibility of an increase in global geopolitical conflicts, which supports commodities [11]. 3.3 Bullish and Bearish Factors - Bullish factors: The preliminary anti - dumping determination on Canadian rapeseed imports in China and the low inventory pressure of oil mills on rapeseed meal. Bearish factors: The domestic rapeseed meal demand is gradually entering the off - season, and there is still a small probability of reconciliation in the final result of the anti - dumping investigation on Canadian rapeseed imports. The main logic of the market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 3.4 Fundamental Data - **Trading Data**: From September 25 to October 13, the average trading price of soybean meal fluctuated between 2981 - 3004 yuan/ton, and the trading volume fluctuated between 3.81 - 22.38 million tons. The average trading price of rapeseed meal was between 2500 - 2560 yuan/ton, and the trading volume was 0. The price difference between soybean meal and rapeseed meal gradually increased from 449 yuan/ton to 504 yuan/ton [13]. - **Price Data**: From September 25 to October 13, the price of the rapeseed meal 2601 contract fluctuated between 2391 - 2444 yuan/ton, and the price of the 2605 contract fluctuated between 2315 - 2343 yuan/ton. The rapeseed meal spot price (Fujian) fluctuated between 2500 - 2560 yuan/ton [15]. - **Warehouse Receipt Data**: From September 23 to October 13, the number of rapeseed meal warehouse receipts decreased from 9245 to 9089 [17]. - **Production and Inventory Data**: The import volume of rapeseed in October remained stable, but the import cost was affected by tariffs. The inventory of rapeseed in oil mills continued to decline, and the weekly inventory of rapeseed meal remained flat. The amount of rapeseed crushed in oil mills remained at a low level. Aquatic fish prices rebounded slightly, while shrimp and shellfish prices remained stable [23][25][27][35]. 3.5 Position Data - Not provided in the report.

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The rapeseed meal market lacks clear guidance and fluctuates following the soybean meal. It is currently in a short - term oscillatory pattern due to factors such as the pending final result of the anti - dumping ruling on Canadian rapeseed imports, the changing demand season, and uncertainties in China - Canada trade negotiations [8]. - The short - term trading strategy for rapeseed meal futures is to oscillate moderately strongly. For the single - side operation of RM2601, it is expected to oscillate around 2400, and short - term trading or waiting and seeing is recommended. The option strategy is to sell out - of - the - money put options [12][13]. 3. Summary by Relevant Catalogs 3.1 Weekly Prompt - Not provided in the content 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday. The supply in the spot market is expected to be tight in the short term, and the decreasing demand suppresses the market. Canadian rapeseed has entered the harvesting stage, but China - Canada trade issues have led to a short - term reduction in exports and a tight supply in the domestic market [10]. - China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and an import deposit of 75.8% has been imposed. The final ruling is still uncertain, depending on the development of China - Canada trade relations [10]. - Global rapeseed production has increased this year, with Canada's output higher than expected. The ongoing Russia - Ukraine conflict has offset the impact of Ukraine's rapeseed production reduction and Russia's increase. Global geopolitical conflicts may still rise, supporting commodity prices [10]. 3.3 Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of rapeseed meal in oil mills [11]. - Bearish factors: The concentrated listing of domestic rapeseed and the uncertainty of the final result of the anti - dumping investigation on Canadian rapeseed imports, with a small probability of reconciliation [11]. - Current main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [11]. 3.4 Fundamental Data - Rapeseed arrival: The arrival volume of imported rapeseed in October remains stable, and the import cost is affected by tariffs [19]. - Oil mill crushing and inventory: The amount of rapeseed crushed in oil mills remains low, the rapeseed inventory in oil mills continues to decline, and the weekly rapeseed meal inventory remains flat [21][23]. - Rapeseed meal trading: Rapeseed meal futures fluctuate downward, the spot price is relatively stable, and the spot premium slightly expands. The spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2601 contract oscillates at a low level [33][37]. - Aquaculture: Aquatic fish prices have slightly rebounded, and shrimp and shellfish prices remain stable. China's aquatic product and fish production, shellfish and shrimp - crab production, and OECD's forecast of China's fish production and imports are also involved [31]. 3.5 Position Data - The short positions of the main players have increased, and funds have flowed in, which is bearish [8]. 3.6 Technical Analysis - Rapeseed meal has returned to an oscillatory pattern after the positive factors are exhausted. Affected by the preliminary anti - dumping ruling on Canadian rapeseed imports, it is in a short - term weak oscillatory pattern. The KDJ indicator oscillates at a low level, and the MACD oscillates downward. The short - term trend is expected to be range - bound, and the future trend depends on rapeseed import policies and the movement of soybean meal [42]. 3.7 Next Week's Concerns - Most important: The harvesting weather in US soybean producing areas, the export of Canadian rapeseed and domestic crushing demand, and the arrival and operation of imported soybeans and rapeseed in China [45]. - Second important: Domestic soybean meal and aquaculture demand, the rapeseed meal inventory of domestic oil mills, and downstream procurement [45]. - Third important: Macroeconomic factors and the Israel - Palestine conflict [45].