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].

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report Group 2: Core Viewpoints of the Report - The rapeseed meal RM2601 will fluctuate in the range of 2360 - 2420. The market will return to a volatile state, awaiting 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 the low inventory supports the market, but after the National Day, the demand will gradually enter the off - season, and the Sino - Canadian trade negotiation is still uncertain. The market will be affected by news in the short term and maintain a volatile state [9]. - The rapeseed meal futures declined with a shock, while the spot price remained relatively stable, and the spot premium slightly expanded. 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 fluctuated at a low level [18][20]. - The import volume of rapeseed in October remained stable, and 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 crushing volume of rapeseed in oil mills remained at a low level [23][25][27]. - The price of aquatic fish slightly rebounded, while the price of shrimps and shellfish remained stable [35]. Group 3: Summary According to the Table of Contents 1. Daily Hints - The rapeseed meal RM2601 will fluctuate in the range of 2360 - 2420. The market is affected by factors such as the anti - dumping ruling on Canadian rapeseed imports and Sino - Canadian trade negotiations, and is expected to maintain a volatile state in the short term [9]. 2. Recent News - The 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 has entered the harvesting stage, but the Sino - Canadian trade issue affects the short - term export and reduces the domestic supply expectation [11]. - 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 [11]. - The global rapeseed production has increased this year, especially the production in Canada is higher than expected [11]. - The Russia - Ukraine conflict is still ongoing. The decrease in rapeseed production in Ukraine and the increase in Russia's production offset each other. The global geopolitical conflict may still rise in the future, which supports bulk commodities [11]. 3. Bullish and Bearish Concerns - 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 domestic demand for rapeseed meal is gradually entering 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]. - Current main logic: The market focuses on the domestic aquaculture demand and the expectation of the Sino - Canadian rapeseed tariff war [12]. 4. Fundamental Data - Price difference data: From September 24 to October 10, the average price difference between soybean meal and rapeseed meal fluctuated. For example, on September 24, the average price difference was 468, and on October 10, it was 465 [13]. - Futures and spot price data: From September 24 to October 10, the rapeseed meal futures prices (including the main 2601 and far - month 2605 contracts) and the spot price (in Fujian) fluctuated. For example, on September 24, the main 2601 contract was 2395, and the spot price was 2500 [15]. - Warehouse receipt data: From September 22 to October 10, the rapeseed meal warehouse receipts changed. For example, on September 22, there were 9248 warehouse receipts, and on September 30, there were 9199 (- 46 compared with the previous day) [17]. 5. Position Data - The main short positions increased, and the funds flowed in, showing a bearish signal [9].

Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core Viewpoints - Rapeseed meal RM2601 will fluctuate in the range of 2400 - 2460. 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 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. The market will be affected by news in the short term and maintain a volatile pattern [9]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal RM2601 is expected to fluctuate between 2400 and 2460. The market sentiment is neutral. The basis is 93, indicating a premium over the futures, which is bullish. The inventory is 1.75 tons, a week - on - week decrease of 2.78% and a year - on - year decrease of 20.45%, which is also 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 the funds are flowing in, which is bearish. The market will return to a volatile pattern in the short term due to uncertainties in the final anti - dumping ruling on Canadian rapeseed and rumors of tariff reduction [9]. 3.2 Recent News - Domestic aquaculture has entered the peak season. The listing of domestic rapeseed has improved the expected tight supply in the spot market, and the demand side maintains a good outlook. China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and a 75.8% import deposit has been imposed. The final result is still uncertain. Global rapeseed production has increased this year, especially in Canada. The Russia - Ukraine conflict continues, and although 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]. 3.3 Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the addition of import deposits; low inventory pressure on oil mills' rapeseed meal. Bearish factors: The concentrated listing of domestic rapeseed; the final result of China's anti - dumping on Canadian rapeseed imports is still uncertain, with a small probability of reconciliation [12]. 3.4 Fundamental Data - From September 15th to 23rd, the average transaction price of rapeseed meal fluctuated between 2540 - 2620 yuan/ton, and the transaction volume was mostly 0. The average transaction price of soybean meal fluctuated between 2974 - 3038 yuan/ton, and the transaction volume fluctuated between 5.77 - 25.9 tons. The price difference between soybean and rapeseed meal fluctuated between 410 - 458 yuan/ton [13]. - From September 15th to 23rd, the price of rapeseed meal futures' main 2601 contract fluctuated between 2447 - 2528 yuan/ton, the far - month 2605 contract fluctuated between 2328 - 2397 yuan/ton, and the rapeseed meal spot price (Fujian) fluctuated between 2540 - 2620 yuan/ton [15]. - From September 11th to 23rd, the rapeseed meal warehouse receipts decreased from 10383 to 9245 [17]. 3.5 Position Data - The report does not provide detailed position data other than the fact that the main short positions are decreasing and the funds are flowing in. Other Market Conditions - Rapeseed meal futures rebounded after hitting the bottom, while the spot price was relatively stable, and the spot premium fluctuated slightly [18]. - The price difference between soybean and rapeseed meal in the spot market fluctuated slightly, and the price difference of the 2601 contract oscillated at a low level [20]. - The import volume of rapeseed remained stable in September, and the import cost was affected by tariffs [23]. - The inventory of rapeseed in oil mills continued to decline, and the inventory of rapeseed meal decreased slightly [25]. - The rapeseed processing volume in oil mills fluctuated slightly [27]. - The price of aquatic fish increased slightly, while the price of shrimp and shellfish remained stable [35].

Group 1: Report's Industry Investment Rating - No information provided Group 2: Report's Core View - Rapeseed meal RM2601 fluctuates in the range of 2500 - 2560. 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. However, after the National Day, demand will enter the off - season, and there are still variables in Sino - Canadian trade consultations. The market is expected to be in a volatile and slightly stronger pattern in the short term [9]. Group 3: Summary by Directory 1. Daily Prompt - No specific content provided 2. Recent News - Domestic aquaculture has entered the peak season. The listing of domestic rapeseed has improved the expected tight supply in the spot market, and the demand side maintains good expectations. China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and a 75.8% import deposit is levied. The global rapeseed production has decreased slightly this year due to the reduction in EU output and lower - than - expected Canadian output. The ongoing Russia - Ukraine conflict has uncertain impacts on global rapeseed production, and geopolitical conflicts may support commodity prices [11]. 3. Bullish and Bearish Concerns - Bullish factors include the preliminary anti - dumping determination and low inventory pressure on rapeseed meal in oil mills. Bearish factors are the concentrated listing of domestic rapeseed in June and the uncertainty of the final anti - dumping result on Canadian rapeseed. The current main logic is the focus on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 4. Fundamental Data - From August 21 to September 1, the average transaction price of rapeseed meal fluctuated around 2560 yuan/ton, and the trading volume was relatively low. The spot price of rapeseed meal in Fujian was relatively stable. The rapeseed meal futures price fluctuated and declined, and the spot premium slightly expanded. The spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference of the 2601 contract showed a weak oscillation. The import volume of rapeseed in August was lower than expected, and the import cost fluctuated slightly. The inventory of rapeseed in oil mills rebounded from a low level, and the inventory of rapeseed meal decreased slightly. The amount of rapeseed crushed in oil mills decreased slightly. Aquatic fish prices fluctuated slightly, and shrimp and shellfish prices remained stable [13][15][17]. 5. Position Data - No specific content provided 6. Rapeseed Meal Views and Strategies - Based on multiple factors such as fundamentals, basis, inventory, market trends, and main positions, the short - term trend of rapeseed meal is judged to be in a volatile and slightly stronger pattern, and follow - up developments need to be monitored [9].

Group 1: Report Title and General Information - Report title: "利好出尽，菜粕冲高回落（菜粕周报8.18 - 8.22）" [1] - Analyst: Wang Mingwei from Dayue Futures Investment Consulting Department [1] Group 2: Investment Rating - No specific industry investment rating is provided in the report Group 3: Core Views - The rapeseed meal market is influenced by factors such as the anti - dumping investigation of Canadian rapeseed imports, the demand seasonality, and the soybean meal market. In the short term, it is in a volatile and relatively strong pattern, but there are still uncertainties [8]. - The trading strategy for rapeseed meal futures is short - term volatile and relatively strong, with the RM2601 contract oscillating above 2500 in the short term. For options, it is recommended to wait and see [12][13]. Group 4: Summary by Directory 1. Weekly Prompt - Not provided in the given content 2. Recent News - Domestic aquaculture is in the peak season, and the supply expectation of the domestic rapeseed market has improved while demand remains strong [10]. - The annual production of Canadian rapeseed has decreased slightly, and China has imposed additional tariffs on Canadian rapeseed oil and oil residue cakes. The result of the anti - dumping investigation of Canadian rapeseed imports is still uncertain [10]. - Global rapeseed production has decreased slightly due to lower - than - expected yields in the EU and Canada [10]. - The ongoing Russia - Ukraine conflict has an offsetting impact on rapeseed production, and the potential increase in global geopolitical conflicts still supports commodity prices [10]. 3. Bullish and Bearish Factors - Bullish factors: China's additional tariffs on Canadian rapeseed oil and oil residue cakes; low inventory pressure on rapeseed meal in oil mills [11]. - Bearish factors: The concentrated listing of domestic rapeseed in June; uncertainties in the anti - dumping investigation of Canadian rapeseed imports and the seasonal off - peak demand for rapeseed meal [11]. - The current main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [11]. 4. Fundamental Data - **Rapeseed Supply and Demand Balance Sheet**: From 2014 - 2023, the harvest area, production, total supply, and other indicators of domestic rapeseed have changed. The inventory - to - consumption ratio has fluctuated between 0.87% - 7.19% [16]. - **Rapeseed Meal Supply and Demand Balance Sheet**: From 2014 - 2023, the production, total supply, demand, and inventory of domestic rapeseed meal have changed. The inventory - to - consumption ratio has fluctuated between 2.47% - 10.55% [18]. - **Other Fundamental Data**: The arrival volume of imported rapeseed in August was lower than expected, with a slight fluctuation in import cost; the oil mill's rapeseed crushing volume increased slightly; the rapeseed inventory in oil mills dropped to a low level, and the rapeseed meal inventory decreased slightly; the prices of aquatic fish fluctuated slightly, and the prices of shrimp and shellfish remained stable; the rapeseed meal futures fluctuated downwards after rising, while the spot price was relatively stable, and the spot premium narrowed; the spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference of the 2601 contract was weakly volatile [19][21][23][31][33][37]. 5. Position Data - The short positions of the main players in the rapeseed meal market increased, and the funds flowed out [8]. 6. Technical Analysis - Affected by the preliminary anti - dumping ruling of Chinese imports of Canadian rapeseed, rapeseed meal is in a short - and medium - term volatile and relatively strong pattern. The KDJ and MACD indicators show that the short - term market is in a technical adjustment phase, and the future trend depends on policies and the soybean meal market [43]. 7. Next Week's Focus - Most important: The planting weather in US soybean - producing areas; the export of Canadian rapeseed and domestic crushing demand; the arrival and operation of imported soybeans and rapeseed in China [46]. - Second most important: The domestic demand for soybean meal and aquaculture; the inventory of rapeseed meal in domestic oil mills and downstream procurement [47]. - Less important: Macroeconomic factors and the Israel - Palestine conflict [47].