Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - For rapeseed meal, the fast planting progress and good excellent rate of US soybeans continue to constrain the US soybean market, but the positive sentiment from the Sino - US framework agreement benefits domestic meal prices through cost transmission. In China, the concentrated arrival of imported soybeans increases oil - mill operating rates, suppressing the meal market. The peak season of aquaculture boosts rapeseed meal demand, and the tight old - crop inventory of Canadian rapeseed and the "weather - dominated" growth stage are factors to watch. However, the expected easing of Sino - Canadian trade relations may increase supply and drag down prices. Short - term participation is recommended for rapeseed meal futures [2]. - For rapeseed oil, the seasonal production increase in palm oil producing areas and high domestic oil - mill inventory pressure constrain prices. The expected easing of Sino - Canadian trade relations may increase supply. But the relatively firm price of Canadian rapeseed provides support. Rapeseed oil trends stronger than soybean and palm oil, and short - term participation is recommended while paying attention to Sino - Canadian trade relations [2]. Group 3: Summary by Relevant Catalogs 1. Futures Market - Futures closing prices: Rapeseed oil (active contract) is 9178 yuan/ton, up 29 yuan; rapeseed meal (active contract) is 2674 yuan/ton, up 36 yuan; ICE rapeseed (active) is 695.1 Canadian dollars/ton, up 2.3 Canadian dollars; rapeseed (active contract) is 5053 yuan/ton, up 3 yuan [2]. - Month - to - month spreads: Rapeseed oil (9 - 1) is 148 yuan/ton, up 7 yuan; rapeseed meal (9 - 1) is 311 yuan/ton, up 22 yuan [2]. - Main contract positions: Rapeseed oil is 284550 lots, down 2578 lots; rapeseed meal is 573176 lots, up 25259 lots [2]. - Net long positions of the top 20 futures holders: Rapeseed oil is 37089 lots, up 6130 lots; rapeseed meal is 20123 lots, up 16817 lots [2]. - Warehouse receipt quantities: Rapeseed oil is 0, unchanged; rapeseed meal is 26315, down 96 [2]. 2. Spot Market - Spot prices: Rapeseed oil in Jiangsu is 9350 yuan/ton, down 50 yuan; rapeseed meal in Nantong is 2570 yuan/ton, up 10 yuan; rapeseed in Yancheng, Jiangsu is 6000 yuan/ton, unchanged; fourth - grade soybean oil in Nanjing is 8020 yuan/ton, down 30 yuan; palm oil (24 - degree) in Guangdong is 8350 yuan/ton, down 100 yuan; soybean meal in Zhangjiagang is 2880 yuan/ton, unchanged [2]. - Average price: Rapeseed oil is 9353.75 yuan/ton, down 50 yuan [2]. - Import cost price: Imported rapeseed is 5274.5 yuan/ton, up 37.95 yuan [2]. - Basis: Rapeseed oil main - contract basis is 201 yuan/ton, down 11 yuan; rapeseed meal main - contract basis is - 104 yuan/ton, down 26 yuan [2]. - Spreads: Rapeseed - soybean oil spot spread is 1300 yuan/ton, up 10 yuan; rapeseed - palm oil spot spread is 900 yuan/ton, up 100 yuan; soybean - rapeseed meal spot spread is 310 yuan/ton, down 10 yuan [2]. 3. Upstream Situation - Global rapeseed production forecast: 85.17 million tons, down 1.01 million tons; annual rapeseed production forecast is 12378 thousand tons, unchanged [2]. - Import quantities: Total rapeseed imports are 48.92 million tons, up 24.24 million tons; rapeseed oil and mustard oil imports are 34 million tons, up 10 million tons; rapeseed meal imports are 28.79 million tons, up 4.13 million tons [2]. - Oil - mill inventory: Total rapeseed inventory is 25 million tons, unchanged; coastal rapeseed oil inventory is 14.3 million tons, down 0.65 million tons; coastal rapeseed meal inventory is 1.9 million tons, down 0.1 million tons; East China rapeseed oil inventory is 61.2 million tons, down 0.75 million tons; East China rapeseed meal inventory is 38.18 million tons, down 0.86 million tons; Guangxi rapeseed oil inventory is 7.4 million tons, unchanged; South China rapeseed meal inventory is 25.2 million tons, up 1.5 million tons [2]. - Operating rates: Imported rapeseed weekly operating rate is 19.19%, down 4.53 percentage points [2]. - Pressing profit: Imported rapeseed disk pressing profit is 36 yuan/ton, up 57 yuan [2]. 4. Downstream Situation - Feed production: The monthly value is 2777.2 million tons, down 66.4 million tons [2]. - Edible vegetable oil production: The monthly value is 440.4 million tons, down 87 million tons [2]. - Catering revenue: The monthly value is 4167 billion yuan, down 68 billion yuan [2]. 5. Option Market - Implied volatility: Rapeseed meal at - the - money call option is 21.79%, down 0.07 percentage points; at - the - money put option is 21.81%, down 0.05 percentage points; rapeseed oil at - the - money call option is 14.7%, down 0.1 percentage points; at - the - money put option is 14.69%, down 0.11 percentage points [2]. - Historical volatility: 20 - day rapeseed meal is 16.79%, up 0.31 percentage points; 60 - day rapeseed meal is 21.44%, down 0.03 percentage points; 20 - day rapeseed oil is 11.31%, down 0.27 percentage points; 60 - day rapeseed oil is 13.47%, up 0.01 percentage points [2]. 6. Industry News - Canadian rapeseed futures on the ICE closed higher on Wednesday, following the upward trends of Chicago soybean oil and international crude oil futures. The 7 - month contract rose 5.10 Canadian dollars to 714.30 Canadian dollars/ton; the 11 - month contract rose 2.70 Canadian dollars to 693.90 Canadian dollars/ton; the 1 - month contract rose 2.90 Canadian dollars to 701.30 Canadian dollars/ton [2]. - As of the week ending June 8, 2025, the excellent rate of US soybeans was 68% as expected [2]. 7. Key Points to Watch - The rapeseed operating rate and rapeseed oil and meal inventories in various regions from My Agricultural Network on Monday, and the trends of Sino - Canadian and Canada - US trade disputes [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For rapeseed meal, the market is affected by multiple factors. The fast planting progress and good excellent - rate of US soybeans continue to constrain the US soybean market, but the framework agreement between China and the US boosts the US soybean price, which is positive for domestic meal prices. In China, the concentrated arrival of imported soybeans increases the oil - mill operating rate and eases the supply, suppressing the meal market. Although the demand for aquaculture increases with rising temperatures, the downstream feed enterprises' purchasing intention is weak. The tight old - crop inventory of Canadian rapeseed and the "weather - dominated" growth stage are also important factors. The expectation of improved China - Canada trade relations adds supply pressure. The rapeseed meal futures continue to rise supported by optimistic sentiment, and short - term participation is recommended [2]. - For rapeseed oil, the palm oil market is in a seasonal production increase period, which constrains its price. The high inventory of domestic oil mills and the expectation of improved China - Canada trade relations add supply pressure. However, the relatively strong price of Canadian rapeseed provides cost support. Affected by the decline of palm oil, rapeseed oil fluctuates and closes down, and short - term participation is recommended, with attention paid to the change of China - Canada trade relations [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the active contract of rapeseed oil futures is 9149 yuan/ton, down 39 yuan; that of rapeseed meal is 2638 yuan/ton, up 9 yuan. The 9 - 1 spread of rapeseed oil is 141 yuan/ton, down 1 yuan; that of rapeseed meal is 289 yuan/ton, up 16 yuan. The closing price of the active contract of ICE rapeseed futures is 692.8 Canadian dollars/ton, down 1.8 Canadian dollars; that of domestic rapeseed futures is 5050 yuan/ton, down 16 yuan [2]. - **Positions**: The position of the main contract of rapeseed oil is 287128 lots, down 1958 lots; that of rapeseed meal is 547917 lots, down 4152 lots. The net long position of the top 20 futures holders of rapeseed oil is 30959 lots, down 12008 lots; that of rapeseed meal is 3306 lots, up 15019 lots [2]. - **Warehouse Receipts**: The number of rapeseed oil warehouse receipts is 0, unchanged; that of rapeseed meal is 26411, down 238 [2]. 3.2 Spot Market - **Prices**: The spot price of rapeseed oil in Jiangsu is 9400 yuan/ton, up 30 yuan; the average price is 9403.75 yuan/ton, up 30 yuan. The spot price of rapeseed meal in Nantong is 2560 yuan/ton, up 30 yuan. The spot price of rapeseed in Yancheng, Jiangsu is 6000 yuan/ton, unchanged. The import cost of imported rapeseed is 5236.55 yuan/ton, up 10.02 yuan [2]. - **Basis**: The basis of the main rapeseed oil contract is 212 yuan/ton, up 24 yuan; that of the main rapeseed meal contract is - 78 yuan/ton, up 21 yuan [2]. - **Substitute Prices**: The spot price of fourth - grade soybean oil in Nanjing is 8050 yuan/ton, down 60 yuan; the spot price of 24 - degree palm oil in Guangdong is 8450 yuan/ton, down 150 yuan; the spot price of soybean meal in Zhangjiagang is 2880 yuan/ton, unchanged [2]. - **Price Spreads**: The spot price spread between rapeseed oil and soybean oil is 1290 yuan/ton, up 30 yuan; that between rapeseed oil and palm oil is 800 yuan/ton, up 30 yuan; that between soybean meal and rapeseed meal is 320 yuan/ton, down 30 yuan [2]. 3.3 Upstream Situation - **Production**: The global rapeseed production forecast for the year is 85.17 million tons, down 1.01 million tons; the annual forecast production of rapeseed is 12378 thousand tons, unchanged [2]. - **Imports**: The total monthly import volume of rapeseed is 48.92 million tons, up 24.24 million tons. The import volume of rapeseed oil and mustard oil is 34 million tons, up 10 million tons; the import volume of rapeseed meal is 28.79 million tons, up 4.13 million tons [2]. - **Inventory and Operating Rate**: The total inventory of rapeseed in oil mills is 25 million tons, unchanged. The weekly operating rate of imported rapeseed is 19.19%, down 4.53 percentage points. The import rapeseed crushing profit is - 21 yuan/ton, down 60 yuan [2]. 3.4 Industry Situation - **Inventory**: The coastal rapeseed oil inventory is 14.3 million tons, down 0.65 million tons; the coastal rapeseed meal inventory is 1.9 million tons, down 0.1 million tons. The rapeseed oil inventory in East China is 61.2 million tons, down 0.75 million tons; the rapeseed meal inventory in East China is 38.18 million tons, down 0.86 million tons. The rapeseed oil inventory in Guangxi is 7.4 million tons, unchanged; the rapeseed meal inventory in South China is 25.2 million tons, up 1.5 million tons [2]. - **Delivery Volume**: The weekly delivery volume of rapeseed oil is 3.47 million tons, up 0.01 million tons; that of rapeseed meal is 3.29 million tons, down 1.07 million tons [2]. 3.5 Downstream Situation - **Production**: The monthly production of feed is 2777.2 million tons, down 66.4 million tons; the monthly production of edible vegetable oil is 440.4 million tons, down 87 million tons [2]. - **Consumption**: The monthly retail sales of social consumer goods in the catering industry is 4167 billion yuan, down 68 billion yuan [2]. 3.6 Option Market - **Implied Volatility**: The implied volatility of at - the - money call options of rapeseed meal is 21.79%, down 0.07 percentage points; that of at - the - money put options is 21.81%, down 0.05 percentage points. The implied volatility of at - the - money call and put options of rapeseed oil is 14.8%, down 0.18 percentage points [2]. - **Historical Volatility**: The 20 - day historical volatility of rapeseed meal is 16.48%, down 2.34 percentage points; the 60 - day historical volatility is 21.47%, down 0.47 percentage points. The 20 - day historical volatility of rapeseed oil is 11.58%, up 0.05 percentage points; the 60 - day historical volatility is 13.45%, down 0.14 percentage points [2]. 3.7 Industry News - **Rapeseed Futures**: On Tuesday, Canadian rapeseed futures on the Intercontinental Exchange (ICE) closed lower, with the benchmark contract down 0.4%, and the new - crop contracts having a larger decline. The overall trend was volatile and weak. The 7 - month contract fell 0.8 Canadian dollars to 709.2 Canadian dollars/ton; the 11 - month contract fell 2.7 Canadian dollars to 691.20 Canadian dollars/ton; the 1 - month contract fell 2.3 Canadian dollars to 698.40 Canadian dollars/ton [2]. - **US Soybeans**: As of the week ending June 8, 2025, the excellent - rate of US soybeans was 68%, in line with market expectations. The fast planting progress and good excellent - rate of US soybeans continue to constrain the US soybean market [2].