Core Viewpoint - The main futures contract for rapeseed meal experienced a sharp decline, dropping to a low of 2661.00 yuan, with a current price of 2682.00 yuan, reflecting a decrease of 2.61% [1] Group 1: Market Analysis - According to Ruida Futures, rapeseed meal prices have retreated from high levels due to increased supply from imported soybeans and high operating rates of oil mills, leading to a bearish sentiment in the market [3] - Dayue Futures indicates that rapeseed meal prices are expected to fluctuate within a range due to low inventory levels of imported rapeseed and the impact of tariffs on Canadian oilseed meal [4] - According to Fangzheng Zhongqi Futures, there is an expectation of inventory reduction for rapeseed meal, which could positively influence futures prices despite competitive pricing pressures from soybean meal [5] Group 2: Demand and Supply Factors - The demand for rapeseed meal is expected to rise with the onset of the aquaculture peak season, although the competitive advantage of soybean meal may weaken the demand outlook for rapeseed meal [3] - The market is closely monitoring the uncertainties surrounding China-U.S. trade negotiations, which could impact future pricing dynamics [3] - The seasonal consumption of aquaculture feed is strong, but the price competitiveness of rapeseed meal remains a concern, especially with the anticipated arrival of Brazilian soybeans [5] Group 3: Price Projections - Dayue Futures projects that rapeseed meal prices will oscillate between 2680 and 2740 yuan in the short term [4] - Fangzheng Zhongqi Futures suggests that support levels for rapeseed meal prices are between 2620 and 2650 yuan, with resistance levels at 2850 to 2855 yuan [5]

Core Viewpoint - The recent decline in canola oil futures indicates a bearish sentiment in the short term, influenced by various market factors [1] Group 1: Market Analysis - Canola oil futures experienced a sharp decline, with the main contract dropping to a low of 9468.00 yuan, closing at 9480.00 yuan, reflecting a decrease of 1.32% [1] - The short-term outlook for canola oil is bearish, with support levels identified between 9400-9420 yuan and resistance levels between 9750-9790 yuan [1] - Domestic canola oil inventory has slightly increased week-on-week, contributing to a relatively loose supply-demand situation [1] Group 2: Institutional Perspectives - Fangzheng Zhongqi Futures suggests a short-term bearish outlook for canola oil, citing the significant drop in crude oil prices as a negative influence on the profitability of blending vegetable oils with biodiesel [1] - Dayue Futures anticipates a range-bound trading scenario for canola oil, with expected fluctuations between 9300-9700 yuan [1] - The market is closely monitoring the impact of the upcoming hearings on U.S. biodiesel production expectations and the evolving trade relations between China and Canada [1] Group 3: Supply and Demand Dynamics - The supply of canola from overseas is expected to be tight, while domestic demand remains stable, leading to a mixed outlook for canola prices [1] - The USDA's projections for South American production in 2024/2025 are relatively high, which may influence global oilseed prices [1] - The Indonesian B40 policy is expected to boost domestic consumption, although international biodiesel profits remain low, indicating weak demand [1]