Report Summary 1. Industry Investment Rating No information provided. 2. Core Viewpoint - The rapeseed meal RM2605 is expected to oscillate in the range of 2340 - 2400. It is affected by factors such as the soybean meal trend, technical consolidation, and the pending final result of the anti-dumping ruling on Canadian rapeseed imports. With the spot demand in the off - season and low inventory, it will maintain a short - term oscillating pattern [9]. 3. Summary by Directory 3.1 Daily Prompt No information provided. 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday, with short - term supply tightening and decreasing demand suppressing the market. Canadian rapeseed is in the harvest phase, but Sino - Canadian trade issues have reduced short - term exports and domestic supply expectations [11]. - China's preliminary anti - dumping investigation on Canadian rapeseed imports was established, and a 75.8% import deposit was imposed. The final ruling is still uncertain, depending on the development of Sino - Canadian trade relations [11]. - Global rapeseed production has increased this year, with Canada's output higher than expected. The impact of the Russia - Ukraine conflict on global rapeseed production is relatively offset, and geopolitical conflicts may support commodity prices [11]. 3.3 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 has entered 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]. 3.4 Fundamental Data - **Price and Spread**: The rapeseed meal futures have rebounded, and the spot price has fluctuated accordingly, with a relatively high premium. The spot price difference between soybean meal and rapeseed meal has fluctuated slightly, and the price difference of the 2605 contract has remained low [18][20]. - **Supply - related**: Imported rapeseed arrivals increased slightly in December, and the import cost was affected by tariff expectations. Oil mill rapeseed inventory and rapeseed meal inventory remained low, and the rapeseed crushing volume remained zero [23][25][27]. - **Demand - related**: Aquaculture fish prices fluctuated slightly, and shrimp and shellfish prices remained stable [35]. 3.5 Position Data No information provided. 3.6 Rapeseed Meal Viewpoint and Strategy - **Fundamental Analysis**: The rapeseed meal market has returned to oscillation, waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. Spot demand is in the off - season, and low inventory supports the market. It is affected by soybean meal in the short term and maintains an oscillating pattern [9]. - **Basis Analysis**: The spot price is 2560, and the basis is 173, indicating a premium over the futures, which is bullish [9]. - **Inventory Analysis**: Rapeseed meal inventory is 0 tons, unchanged from last week and down 100% year - on - year, which is bullish [9]. - **Price Trend Analysis**: The price is above the 20 - day moving average and moving upward, which is bullish [9]. - **Position Analysis**: The main long positions have increased, and funds have flowed in, which is bullish [9]. - **Outlook**: Affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed and the off - season of domestic supply and demand, it will maintain an oscillating pattern in the short term [9].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The rapeseed meal RM2605 will fluctuate in the range of 2300 - 2360. The market has returned to a volatile state waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The spot demand for rapeseed meal has entered the off - season, and the low inventory supports the market. The short - term market is affected by soybean meal and will maintain the range - bound pattern [9]. - Rapeseed meal futures have declined with fluctuations, and the spot price has followed the fluctuations. The spot premium has remained at a relatively high level. The spot price difference between soybean meal and rapeseed meal has fluctuated slightly, and the price difference between soybean meal and rapeseed meal of the 2605 contract has narrowed slightly [18][20]. 3. Summary by Relevant Catalogs 3.1 Daily Prompt - Rapeseed meal RM2605 will fluctuate in the range of 2300 - 2360. The market is affected by soybean meal and is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term market will maintain a volatile pattern [9]. 3.2 Recent News - The domestic aquaculture industry has entered the off - season after the long holiday. The spot market supply is expected to be tight in the short term, and the demand reduction suppresses the market expectation. Canadian rapeseed has entered the harvesting stage, but the Sino - Canadian trade issue has affected the short - term export and reduced the domestic supply expectation [11]. - The preliminary anti - dumping investigation of Chinese imports of Canadian rapeseed has found it to be established, and an import deposit of 75.8% has been imposed. The final ruling result is still uncertain [11]. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected. The impact of the decrease in Ukrainian rapeseed production and the increase in Russian rapeseed production due to the Russia - Ukraine conflict has 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**: The preliminary anti - dumping determination of Chinese imports of Canadian rapeseed and the imposition of import deposits; oil mills have no pressure on rapeseed meal inventory [12]. - **Bearish factors**: The domestic demand for rapeseed meal has entered the off - season; the final result of the anti - dumping investigation on Chinese imports of Canadian rapeseed is still uncertain, with a small probability of reconciliation [12]. 3.4 Fundamental Data - **Price data**: From December 16th to 24th, the average transaction price of soybean meal fluctuated between 3102 - 3138 yuan/ton, and the average transaction price of rapeseed meal was around 2500 - 2520 yuan/ton. The price difference between soybean meal and rapeseed meal fluctuated slightly [13]. - **Inventory data**: The rapeseed meal inventory is 0.02 million tons, which is the same as last week and a 99.29% decrease compared to the same period last year. The rapeseed inventory of oil mills remains low, and the rapeseed meal inventory is also at a low level [9][25]. 3.5 Position Data - The short positions of the main players have decreased, and funds have flowed in, showing a bearish trend [9].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The rapeseed meal market is in a neutral state with short - term oscillations. It is influenced by the pending final result of the anti - dumping ruling on Canadian rapeseed imports and the potential changes in China - Canada trade relations. The market is waiting for more clarity on these factors [8]. 3. Summary According to the Table of Contents 3.1 Daily Prompt - Not provided in the given content 3.2 Recent News - Domestic aquaculture has entered the post - holiday off - season, leading to a short - term tight supply in the spot market and a decrease in demand, which suppresses the market. Canadian rapeseed is in 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 has been established, and import deposit of 75.8% has been imposed. The final result is still uncertain, pending further development of China - Canada trade relations. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected. - The Russia - Ukraine conflict continues. The decrease in Ukraine's rapeseed production and the increase in Russia's production offset each other. Future geopolitical conflicts may still support commodity prices [10]. 3.3 Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping recognition and imposition of import deposit on Canadian rapeseed; low inventory pressure on rapeseed meal at oil mills. - Bearish factors: Domestic rapeseed meal demand is gradually entering the off - season; there is still a small probability of reconciliation 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 [11]. 3.4 Fundamental Data - Rapeseed meal inventory is 1.75 tons, a week - on - week decrease of 2.78% from 1.8 tons last week and a year - on - year decrease of 20.45% compared to 2.2 tons last year. - The spot price is 2480, with a basis of 155, indicating a premium over the futures price. - The price is below the 20 - day moving average and the direction is downward [8]. 3.5 Position Data - The short positions of the main players have decreased, and funds have flowed in [8]. 3.6 Rapeseed Meal Price and Related Data - The spot price of rapeseed meal in Fujian has been fluctuating between 2460 - 2500 from October 15 - 24. The prices of rapeseed meal futures contracts 2601 and 2605 have also shown certain fluctuations during the same period. - The rapeseed meal warehouse receipts have decreased from 9089 on October 15 to 4260 on October 24. - The average price difference between soybean meal and rapeseed meal has been fluctuating between 491 - 523 from October 16 - 24 [12][14][16]. 3.7 Other Related Information - Rapeseed meal futures have rebounded after reaching the bottom, while the spot price has been relatively stable, with a slight fluctuation in the spot premium. - The spot price difference between soybean meal and rapeseed meal has shown a slight fluctuation, and the price difference of the 2601 contract has been oscillating at a low level. - The import volume of rapeseed has remained stable in October, and the import cost has been affected by tariffs. - The rapeseed inventory of oil mills has continued to decline, and the rapeseed meal inventory has remained flat week - on - week. - The rapeseed crushing volume of oil mills has remained at a low level. - The price of aquatic fish has rebounded slightly, while the price of shrimp and shellfish has remained stable [17][19][22]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The rapeseed meal market is affected by factors such as the anti - dumping investigation on Canadian rapeseed imports, domestic aquaculture demand, and supply changes. In the short term, it shows a volatile and slightly bullish pattern. The RM2601 contract is expected to fluctuate in the range of 2540 - 2600 [8]. 3. Summary by Directory 3.1 Daily Tips - The rapeseed meal market is affected by profit - taking and the pending 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, the arrival of imported rapeseed has increased slightly in August, and the short - term inventory of oil mills is under no pressure. The market is expected to be volatile and slightly bullish in the short term [8]. 3.2 Recent News - Domestic aquaculture has entered the peak season, and the listing of domestic rapeseed has improved the expected tight supply in the spot market, while the demand side maintains a good outlook. - 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. - Global rapeseed production has decreased slightly this year, mainly due to reduced production in the EU and lower - than - expected production in Canada. - 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 escalation of global geopolitical conflicts, which supports commodities [10]. 3.3 Bullish and Bearish Factors - **Bullish factors**: China's preliminary anti - dumping determination on Canadian rapeseed imports and the relatively low inventory pressure of oil mills. - **Bearish factors**: The concentrated listing of domestic rapeseed in June and the uncertainty of the final anti - dumping result on Canadian rapeseed imports [11]. 3.4 Fundamental Data - **Supply - demand balance**: The supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 - 2023 are provided, showing changes in inventory, production, and consumption over the years [23][24]. - **Price data**: The trading average price, trading volume, and price difference of soybean meal and rapeseed meal from August 6 - 15 are presented, as well as the rapeseed meal futures and spot prices during the same period [12][14]. - **Inventory data**: Rapeseed meal inventory is 32,000 tons, a week - on - week increase of 18.52% and a year - on - year increase of 14.29%. The arrival of imported rapeseed in August is lower than expected, and the inventory of oil mills has returned to a low level while rapeseed meal inventory has rebounded from a low level [8][25][27]. - **Production data**: The production of Chinese aquatic products, fish, shellfish, and shrimp - crabs, as well as the OECD's forecast of Chinese fish production and imports are mentioned. Aquatic fish prices fluctuate slightly, and shrimp - shellfish prices remain stable [31][33][35]. 3.5 Position Data The main short positions in rapeseed meal have decreased, and funds have flowed in [8].