Report Industry Investment Rating No relevant content provided. Core View of the Report - The rapeseed meal RM2605 is expected to oscillate in the range of 2360 - 2420. It is affected by the soybean meal trend, technical consolidation, and awaits the 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 oscillatory pattern [9]. Summary by Directory 1. Daily Hints No relevant content provided. 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 harvesting 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 is being levied. The final ruling is still uncertain, depending on the development of Sino - Canadian trade relations [11]. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected [11]. - The Russia - Ukraine conflict continues. The decrease in Ukrainian rapeseed production and the increase in Russian production offset each other. There is still a possibility of an escalation in global geopolitical conflicts, which supports commodities [11]. 3. Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination and the 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; there is still a small probability of a settlement in the final anti - dumping result of Canadian rapeseed imports [12]. - Current main logic: The market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [12]. 4. Fundamental Data - **Trading data**: From December 25 to January 6, the average trading price of soybean meal fluctuated between 3114 - 3157, and the trading volume ranged from 8.59 - 34.87 million tons. The average trading price of rapeseed meal was between 2530 - 2560, with zero trading volume. The average price difference between soybean and rapeseed meal varied between 574 - 611 [13]. - **Futures and spot prices**: From December 25 to January 6, the price of rapeseed meal futures (main contract 2605) fluctuated between 2352 - 2390, and the spot price in Fujian was between 2530 - 2560 [15]. - **Warehouse receipts**: From December 24 to January 6, the rapeseed meal warehouse receipts remained at 0 [17]. - **Market situation**: Rapeseed meal futures rose and then fell, with spot prices following the fluctuations. The spot premium remained at a relatively high level. The spot price difference between soybean and rapeseed meal fluctuated slightly, and the price difference of the 2605 contract remained low [18][20]. - **Import and inventory**: Rapeseed imports increased slightly in December, and the import cost was affected by tariff expectations. Oil mills' rapeseed inventory remained low, and rapeseed meal inventory was also at a low level. The rapeseed crushing volume of oil mills remained at zero [23][25][27]. - **Aquatic product situation**: Aquatic fish prices fluctuated slightly, while shrimp and shellfish prices remained stable [35]. 5. Position Data No relevant content provided.

Report Information - Report Name: Rapeseed Meal Morning Report - Date: January 6, 2026 - Analyst: Wang Mingwei - Contact: 0575 - 85226759 - Qualification: F0283029 (Practicing Qualification), Z0010442 (Investment Consulting Qualification) [1] Investment Rating - No investment rating provided in the report Core View - Rapeseed meal RM2605 is expected to oscillate between 2340 and 2400. The market has returned to an oscillatory pattern, 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]. Summary by Directory 1. Daily Hints - Rapeseed meal RM2605 is in the 2340 - 2400 range. The market is affected by the soybean meal trend, technical consolidation, and awaits the final result of the anti - dumping ruling on Canadian rapeseed imports. The spot demand is in the off - season, and low inventory supports the price. The short - term trend is affected by soybean meal and maintains an oscillatory pattern [9]. 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 result 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 commodity prices [11]. 3. Bullish and Bearish Factors - 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. - 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. - 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**: The average price difference between soybean meal and rapeseed meal fluctuates slightly. The average price difference between soybean and rapeseed meal on January 5 was 608 [13]. - **Price Summary**: Rapeseed meal futures prices fluctuate, and the spot price follows. The spot premium remains at a relatively high level. On January 5, the price of the main 2605 contract was 2361, and the spot price in Fujian was 2530 [15][18]. - **Warehouse Receipt Statistics**: The rapeseed meal warehouse receipts have been 0 from December 23 to January 5 [17]. - **Aquatic Product Situation**: Aquatic fish prices fluctuate slightly, and shrimp and shellfish prices remain stable [35]. 5. Position Data - The main short positions in rapeseed meal futures have decreased, and funds have flowed in [9].

Report Summary Investment Rating - The report gives a neutral rating to rapeseed meal, indicating a short - term oscillatory pattern [8]. Core Viewpoints - Rapeseed meal has rebounded with low - level buying support and is affected by the outcome of the anti - dumping investigation 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. The key factors include the impact of soybean meal, the outcome of the Canada - China trade negotiation, and the anti - dumping ruling on Canadian rapeseed [8]. Summary by Section 1. Weekly Prompt - The current situation of rapeseed meal is neutral. The basis is bullish as the spot price is at a premium to the futures. The inventory is bullish with zero tons and a 100% year - on - year decrease. The price on the disk is bullish as it is above the 20 - day moving average and rising. The main positions are bullish with an increase in long positions and capital inflow. Overall, it is expected to maintain an oscillatory pattern [8]. 2. Recent News - Domestic aquaculture has entered the off - season, leading to a tightening supply expectation in the spot market and a decrease in demand. The anti - dumping investigation on Canadian rapeseed has been initially ruled in favor, and import margins are being levied. Global rapeseed production has increased, but the Canada - China trade issue has affected the short - term supply in China [10]. 3. Bullish and Bearish Factors - Bullish factors include the initial anti - dumping ruling on Canadian rapeseed, zero rapeseed meal inventory, and the increase in main long positions. Bearish factors are the off - season of domestic aquaculture and the uncertainty of the final anti - dumping ruling on Canadian rapeseed [8][11]. 4. Fundamental Data - The rapeseed supply - demand balance shows changes in harvest area, production, and inventory over the years. The rapeseed meal supply - demand balance also shows trends in production, demand, and inventory. In December, the arrival of imported rapeseed has increased slightly, and the oil mill's rapeseed inventory and rapeseed meal inventory are at low levels. Aquatic product prices are mixed, with fish prices slightly falling and shrimp and shellfish prices stable [16][18][19]. 5. Position Data - The main long positions in rapeseed meal have increased, and capital has flowed in [8]. 6. Technical Analysis - Rapeseed meal has rebounded due to low - level buying. Technical indicators such as KDJ and MACD show short - term rebounds, but the upward space is limited. The mid - term is expected to maintain an oscillatory pattern, and the future trend depends on policies and the movement of soybean meal [42]. 7. Next Week's Focus - The most important factors are the growth and harvest weather in South American soybean - producing areas, Canadian rapeseed exports, and China's imports and oil mill operations. Secondary factors include domestic soybean meal and aquaculture demand, as well as oil mill rapeseed meal inventory and downstream procurement. Macro factors and the Israel - Palestine conflict are also to be considered [45].

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 Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The rapeseed meal RM2605 will fluctuate in the range of 2300 - 2360. It is affected by the soybean meal trend and technical consolidation, and the market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. With the spot demand in the off - season and low inventory supporting the market, and uncertainties in China - Canada trade negotiations, it will maintain a short - term range - bound pattern [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2605 is expected to fluctuate between 2300 and 2360. The market is neutral due to factors such as soybean meal influence, anti - dumping ruling uncertainty, off - season demand, and low inventory [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 harvest stage, but China - Canada trade issues may reduce short - term exports and domestic supply. - 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. - Global rapeseed production has increased this year, especially in Canada. - The Russia - Ukraine conflict continues, with the decrease in Ukrainian rapeseed production and the increase in Russian production offsetting each other. There is a possibility of an escalation in global geopolitical conflicts, which may support commodities [11]. 3.3 Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and no pressure on oil mill rapeseed meal inventory. - Bearish factors: Domestic rapeseed meal demand is in the off - season, and there is a small probability of a settlement in the anti - dumping case. The main logic is the focus on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [12]. 3.4 Fundamental Data - **Base difference**: The spot price is 2510, with a basis of 170, indicating a premium over futures, which is bullish [9]. - **Inventory**: Rapeseed meal inventory is 1.75 tons, a week - on - week decrease of 2.78% from last week's 1.8 tons and a year - on - year decrease of 20.45% compared to 2.2 tons last year, which is bullish [9]. - **Market trend**: The price is below the 20 - day moving average and moving downward, which is bearish [9]. 3.5 Position Data - The main position has changed from short to long, with capital inflows, which is bullish [9]. 3.6 Other Data - **Trading data**: From December 10th to 18th, the average trading price and trading volume of soybean meal and rapeseed meal fluctuated, and the average price difference between soybean and rapeseed meal also fluctuated [13]. - **Price summary**: From December 10th to 18th, rapeseed meal futures prices (near - month 2601 and main 2605) and spot prices in Fujian fluctuated, and the spot premium slightly expanded [15]. - **Warehouse receipt statistics**: From December 9th to 18th, rapeseed meal warehouse receipts remained at 0 [17]. - **Aquatic product prices**: Aquatic fish prices slightly declined, while shrimp and shellfish prices remained stable [35]. - **Import and inventory**: Rapeseed imports increased slightly in December, and the import cost was affected by tariffs. Oil mill rapeseed inventory remained low, and rapeseed meal inventory was also at a low level. The oil mill's rapeseed crushing volume remained at zero [23][25][27].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The rapeseed meal RM2605 will fluctuate between 2300 and 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 contract will maintain a short - term volatile pattern affected by soybean meal and the uncertainty of Sino - Canadian trade [9]. 3. Summary According to the Table of Contents 3.1 Daily Hints - Not provided in the content 3.2 Recent Important 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, and the decreasing demand suppresses the market. The Canadian rapeseed harvest is underway, but Sino - Canadian trade issues reduce the short - term export and domestic supply [11]. - China's preliminary anti - dumping investigation on Canadian rapeseed imports is established, and a 75.8% import deposit is levied. The final ruling is still uncertain [11]. - Global rapeseed production is increasing this year, especially in Canada where the output is higher than expected [11]. - The Russia - Ukraine conflict continues. The decrease in Ukrainian rapeseed production and the increase in Russian production offset each other. Global geopolitical conflicts may rise, 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 low inventory pressure on oil mills' rapeseed meal [12]. - Bearish factors: The domestic rapeseed meal demand has entered the off - season, and there is still a small probability of reconciliation in the final result of the anti - dumping case [12]. - The current main logic: The market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [12]. 3.4 Fundamental Data - The average price difference between soybean meal and rapeseed meal in spot transactions fluctuates slightly. The price difference between soybean meal and rapeseed meal for the 2605 contract expands slightly [13][20]. - The rapeseed meal futures contract changes the main contract. The spot price is relatively stable, and the spot premium expands slightly [18]. - The arrival of imported rapeseed increases slightly in December, and the import cost is affected by tariffs [23]. - The rapeseed inventory of oil mills remains low, and the rapeseed meal inventory is also at a low level [25]. - The oil mills' rapeseed crushing volume remains at zero operation rate [27]. - The price of aquaculture fish drops slightly, while the price of shrimp and shellfish remains stable [35]. 3.5 Position Data - The main position of rapeseed meal changes from long to short, and funds flow in [9]. 3.6 Rapeseed Meal Viewpoints and Strategies - Fundamental aspect: Rapeseed meal fluctuates and declines, affected 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. The spot demand is in the off - season, and the low inventory supports the market. It is neutral [9]. - Basis: The spot price is 2500, the basis is 169, and the spot price is at a premium to the futures, which is bullish [9]. - Inventory: The rapeseed meal inventory is 17,500 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]. - Main position: The main position changes from long to short, and funds flow in, which is bearish [9]. - Expectation: Rapeseed meal returns to a volatile state due to the uncertainty of the final anti - dumping ruling on Canadian rapeseed imports. In the short term, it will maintain a volatile pattern, and the subsequent development should be monitored [9].

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].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The rapeseed meal RM2605 is expected to fluctuate within the range of 2320 - 2380. It is influenced by the soybean meal trend and technical consolidation, and the market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term trend will maintain a range - bound pattern, and attention should be paid to future developments [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2605 is expected to fluctuate in the range of 2320 - 2380. Its fundamentals are neutral, with the basis being in a premium state (spot 2510, basis 163), which is bullish. The inventory is 1.75 tons, a 2.78% week - on - week decrease and a 20.45% year - on - year decrease, also bullish. The price is below the 20 - day moving average and the direction is downward, which is bearish. The main long positions are increasing while the funds are flowing out, which is bullish [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 has entered the harvest stage, but due to Sino - Canadian trade issues, short - term exports are expected to decrease. - China's preliminary anti - dumping investigation on Canadian rapeseed imports found it to be true, 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 where the output is higher than expected. - The Russia - Ukraine conflict continues, and the decrease in Ukrainian rapeseed production and the increase in Russian production offset each other. Global geopolitical conflicts may rise in the future, providing support for commodities [11]. 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 on rapeseed meal. - Bearish factors: The domestic demand for rapeseed meal 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. - 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 4th to 12th, the trading volume of rapeseed meal was mostly 0, with only 0.6 tons on December 10th. The trading volume of soybean meal fluctuated between 8.25 - 27.85 tons during the same period. The average price difference between soybean meal and rapeseed meal fluctuated between 566 - 628 [13]. - From December 4th to 12th, the prices of near - month rapeseed meal futures 2601, main - contract 2605, and rapeseed meal spot (Fujian) all fluctuated. The spot price was relatively stable, and the spot premium slightly expanded [15][18]. - From December 3rd to 12th, the rapeseed meal warehouse receipts remained at 0 [17]. - The arrival of imported rapeseed in December increased slightly, and the import cost was affected by tariffs. The rapeseed inventory of oil mills remained at a low level, and the rapeseed meal inventory was also at a low level. The rapeseed crushing volume of oil mills remained at zero [23][25][27]. - The price of aquatic fish decreased slightly, while the price of shrimps and shellfish remained stable [35]. 3.5 Position Data No information provided.

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - The rapeseed meal RM2605 is expected to oscillate within the range of 2300 - 2360. The market has returned to an oscillatory state, awaiting the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term trend is influenced by soybean meal, and the market will maintain an oscillatory pattern in the short term, with attention on subsequent developments [9]. Group 3: Summary by Directory 1. Daily Hints - No relevant information provided 2. Recent News - Domestic aquaculture has entered the post - holiday off - season, with short - term supply in the spot market expected to be tight and demand decreasing, suppressing the market. Canadian rapeseed is in the harvesting stage, but due to Sino - Canadian trade issues, short - term exports are reduced, affecting domestic supply expectations. - 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. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected. - The Russia - Ukraine conflict continues, with a relative offset between Ukraine's rapeseed production decline and Russia's increase. There is a possibility of an escalation in global geopolitical conflicts, which still supports commodities [11]. 3. Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination and imposition of import deposits on Canadian rapeseed; low inventory pressure on rapeseed meal in oil mills. - Bearish factors: Domestic rapeseed meal demand is gradually entering the off - season; there is still a small probability of a settlement in the final anti - dumping result of Canadian rapeseed imports. - Current main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 4. Fundamental Data - From December 2nd to 10th, the average transaction price of soybean meal ranged from 3074 to 3095, and the trading volume from 8.55 to 27.85 million tons. The average transaction price of rapeseed meal ranged from 2460 to 2520, and the trading volume was mostly 0, with only 0.6 million tons on December 10th. The price difference between soybean and rapeseed meal ranged from 566 to 614 [13]. - From December 3rd to 11th, the price of near - month 2601 rapeseed meal futures ranged from 2355 to 2422, and the price of main 2605 futures from 2317 to 2409. The rapeseed meal spot price (in Fujian) ranged from 2460 to 2520 [15]. - From December 2nd to 11th, the rapeseed meal warehouse receipts remained at 0 [17]. - Rapeseed meal futures have rebounded in an oscillatory manner, with the spot price fluctuating accordingly, and the spot premium fluctuating slightly. The price difference between soybean and rapeseed meal spot prices has fluctuated slightly, and the price difference of the 2605 contract has expanded slightly [18][20]. - There were no ship arrival forecasts for imported rapeseed in November, and the import cost was affected by tariffs. The rapeseed inventory in oil mills remained at a low level, and the rapeseed meal inventory was also low. The rapeseed crushing volume in oil mills remained at zero [23][25][27]. - The price of aquatic fish has declined slightly, while the price of shrimps and shellfish has remained stable [35]. 5. Position Data - No relevant information provided 6. Rapeseed Meal Views and Strategies - Fundamental analysis: Rapeseed meal is oscillating narrowly, influenced by soybean meal and technical consolidation. The market is 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. Due to uncertainties in Sino - Canadian trade consultations, the short - term trend is influenced by soybean meal and maintains an oscillatory pattern within the range, with a neutral outlook. - Basis: The spot price is 2500, and the basis is 166, indicating a premium over futures, which is bullish. - Inventory: The rapeseed meal inventory is 1.75 million tons, a week - on - week decrease of 2.78% from 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, which is bullish. - Market trend: The price is below the 20 - day moving average and moving downward, which is bearish. - Main position: The main long positions have decreased, but the capital has flowed in, which is bullish. - Expectation: Rapeseed meal has returned to an oscillatory state due to uncertainties in the final anti - dumping ruling on Canadian rapeseed. With recent rumors of improved Sino - Canadian trade relations, it will maintain an oscillatory pattern in the short term, and subsequent developments should be monitored [9].