重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2025-12-29 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 3 多空关注 4 基本面数据 5 持仓数据 ✸菜粕观点和策略 菜粕RM2605：2360至2420区间震荡 CONTENTS 目 录 1 每日提示 2 近期要闻 1.基本面：菜粕震荡回升，豆粕走势带动和技术性震荡整理，市场回归震荡等待加拿大油菜 籽进口反倾销裁定尚待最终结果。菜粕现货需求进入淡季，库存维持低位支撑盘面，加 上中加贸易磋商仍变数，盘面短期受豆粕影响维持区间震荡。中性 2.基差：现货2560，基差169，升水期货。偏多 3.库存：菜粕库存0吨，上周0吨，周环比持平，去年同期2.8万吨，同比减少100%。偏多 4.盘面：价格在20日均线上方且方向向上。偏多 5.主力持仓：主力多单增加，资金流入，偏多 6. ...

2025-12-26 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 菜粕早报 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸菜粕观点和策略 菜粕RM2605：2340至2400区间震荡 1.基本面：菜粕震荡回升，豆粕走势带动和技术性震荡整理，市场回归震荡等待加拿大油菜 籽进口反倾销裁定尚待最终结果。菜粕现货需求进入淡季，库存维持低位支撑盘面，加 上中加贸易磋商仍变数，盘面短期受豆粕影响维持区间震荡。中性 2.基差：现货2540，基差188，升水期货。偏多 3.库存：菜粕库存0.02万吨，上周0.02万吨，周环比持平，去年同期2.8万吨，同比减少 99.29%。偏多 4.盘面：价格在20日均线下方且方向向下。偏空 5.主力持仓：主力空翻多， ...

交易咨询业务资格：证监许可【2012】1091号 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 菜粕早报 2025-12-23 2 近期要闻 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 3 多空关注 4 基本面数据 5 持仓数据 ✸菜粕观点和策略 菜粕RM2605：2320至2380区间震荡 1.基本面：菜粕震荡回升，豆粕走势带动和技术性震荡整理，市场回归震荡等待加拿大油菜 籽进口反倾销裁定尚待最终结果。菜粕现货需求进入淡季，库存维持低位支撑盘面，加 上中加贸易磋商仍变数，盘面短期受豆粕影响维持区间震荡。中性 2.基差：现货2510，基差173，升水期货。偏多 3.库存：菜粕库存0.02万吨，上周0.02万吨，周环比持平，去年同期2.8万吨，同比减少 99.29%。偏多 4.盘面：价格在20日均线下方且方向向下。偏空 5.主力持仓：主力空翻多， ...

交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2025-12-16 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸菜粕观点和策略 菜粕RM2605：2320至2380区间震荡 1.基本面：菜粕震荡收涨，豆粕走势带动和技术性震荡整理，市场回归震荡等待加拿大油菜 籽进口反倾销裁定尚待最终结果。菜粕现货需求进入淡季，库存维持低位支撑盘面，加 上中加贸易磋商仍变数，盘面短期受豆粕影响维持区间震荡。中性 2.基差：现货2510，基差169，升水期货。偏多 3.库存：菜粕库存1.75万吨，上周1.8万吨，周环比减少2.78%，去年同期2.2万吨，同比减 少20.45%。偏多 4.盘面：价格在20日均线下方且方向向下。偏空 5.主力持仓：主力 ...

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].