Group 1: Report's Investment Rating - No specific industry investment rating is provided in the report. Group 2: Core Views - The rapeseed meal RM2605 is expected to fluctuate between 2340 and 2400. 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. In the short term, it will be affected by soybean meal and maintain a range - bound pattern [9]. Group 3: Summary by Directory 1. Daily Prompt - The rapeseed meal RM2605 is expected to fluctuate in the range of 2340 - 2400. The market situation is influenced by factors such as the anti - dumping ruling on Canadian rapeseed imports, spot demand off - season, and low inventory [9]. 2. Recent News - Domestic aquaculture is in the off - season after the long holiday, with short - term supply expected to be tight and demand decreasing, which suppresses the market. The anti - dumping investigation on Canadian rapeseed imports has a preliminary ruling, and a 75.8% import deposit has been imposed. Global rapeseed production is increasing this year. The ongoing Russia - Ukraine conflict has an offsetting effect on rapeseed production, and geopolitical conflicts may support commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: The preliminary anti - dumping determination of Canadian rapeseed imports and the low inventory pressure of oil mills' rapeseed meal. Bearish factors: The off - season of domestic rapeseed meal demand and the uncertainty of the final result of the anti - dumping investigation on Canadian rapeseed imports [12]. 4. Fundamental Data - From December 15 - 23, the average transaction price of soybean meal ranged from 3102 - 3138 yuan, with daily trading volumes between 3.55 - 17.5 million tons. The average transaction price of rapeseed meal was between 2490 - 2520 yuan, with most daily trading volumes at 0 million tons. The spot price of rapeseed meal (in Fujian) was between 2490 - 2520 yuan from December 15 - 23. The rapeseed meal inventory is 0.02 million tons, unchanged from last week and 99.29% less than the same period last year. The rapeseed meal futures fluctuated and declined, and the spot price followed the fluctuations, with the spot premium remaining relatively high. The spot price difference between soybean and rapeseed meal fluctuated slightly, and the price difference of the 2605 contract narrowed slightly [13][15][18]. 5. Position Data - The main force has changed from long to short, and funds have flowed in [9].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The rapeseed meal RM2601 is expected to oscillate within the range of 2460 - 2520. The market has returned to a state of oscillation while awaiting the final result of the anti - dumping ruling on Canadian rapeseed imports. The spot demand peak season for rapeseed meal has passed, but low inventory supports the market. In the short term, it is influenced by soybean meal and maintains range - bound fluctuations. The market is currently focusing on domestic aquaculture demand and the expectation of a tariff war on Canadian rapeseed [9]. 3. Summary According to Directory 3.1 Daily Hints - Rapeseed meal RM2601 is in a 2460 - 2520 range - bound oscillation. The market is influenced by soybean meal and is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The spot demand peak has passed, but low inventory supports the market [9]. 3.2 Recent News - Domestic aquaculture has entered the post - holiday off - season, with short - term supply expected to be tight and demand decreasing, suppressing market expectations. Canadian rapeseed is in the harvesting stage, but Sino - Canadian 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 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, and the decrease in Ukrainian rapeseed production and the increase in Russian production offset 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 imposition of import deposits; low inventory pressure on oil mills' rapeseed meal. - Bearish factors: Domestic rapeseed meal demand is gradually entering 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]. 3.4 Fundamental Data - From November 7th to 17th, as the date progresses, the average transaction price of soybean meal fluctuates slightly, and the trading volume also shows significant fluctuations. The average transaction price of rapeseed meal gradually decreases, and the trading volume is 0. The price difference between soybean meal and rapeseed meal gradually widens [13]. - From November 7th to 17th, the prices of rapeseed meal futures (both the main 2601 and far - month 2605 contracts) and the spot price of rapeseed meal (in Fujian) all show a downward trend [15]. - From November 6th to 17th, the rapeseed meal warehouse receipts remain at 2745 or 2755, with only a slight change on November 6th and 7th [16]. - The import of rapeseed has no ship schedule forecast in November, and the import cost is affected by tariffs. Oil mills' rapeseed inventory and rapeseed meal inventory remain at a low level, and the rapeseed crushing volume also stays low. Aquatic fish prices decline slightly, while shrimp and shellfish prices remain stable [22][24][34]. 3.5 Position Data - Not provided in the given content 3.6 Rapeseed Meal Viewpoints and Strategies - The rapeseed meal RM2601 is expected to oscillate within 2460 - 2520, with a neutral fundamental view. The basis is positive, indicating a premium over the futures. The inventory is decreasing, the price is above the 20 - day moving average, and the main long positions are increasing while the capital is flowing out, all of which are bullish signals. Due to the uncertainty of the final anti - dumping ruling on Canadian rapeseed and the recent rumors of improved Sino - Canadian trade relations, it will return to an oscillating pattern in the short term [9].

1. Report Industry Investment Ratings | Variety | Rating | | --- | --- | | Oils and Fats | Oscillating Bullish | | Protein Meal | Oscillating | | Corn and Starch | Oscillating Bearish | | Hogs | Oscillating | | Natural Rubber | Oscillating Bullish | | Synthetic Rubber | Oscillating Bullish | | Cotton | Oscillating Bullish | | Sugar | Oscillating Bearish in the long - term, Oscillating in the short - term | | Pulp | Oscillating | | Logs | Oscillating Bearish | [171] 2. Core Views The report provides a comprehensive analysis of various agricultural products including oils and fats, protein meal, corn, hogs, rubber, cotton, sugar, pulp, and logs. It assesses the current market conditions, influencing factors, and offers mid - term outlooks and trading strategies for each product. 3. Summary by Related Catalogs 3.1 Market Views 3.1.1 Oils and Fats - **View**: Short - term focus on the effectiveness of the lower technical support. - **Logic**: Technical selling pressure led to drops in US soybeans and soybean oil on Tuesday. The market is waiting for the Fed Chair's speech, with the US dollar oscillating stronger and crude oil prices falling. US soybean growth is good, and the USDA August report anticipates a record - high yield. There are uncertainties in US soybean exports, and the demand for US soybean oil from biodiesel has decreased this year. Domestic soybean imports are expected to decline seasonally, and the inventory of domestic soybean oil may peak. Palm oil is in the production season, and there is a high probability of inventory accumulation. - **Outlook**: Oscillating bullish [5]. 3.1.2 Protein Meal - **View**: The price is oscillating narrowly at a high level, waiting for the results of the field inspection. - **Logic**: Internationally, US soybean is expected to oscillate around 1050 cents. Domestically, there is a consensus on near - month inventory pressure and far - month supply shortage. Some oil mills will reduce their operating rates, and the import profit is rising. - **Outlook**: The basis may bottom out and rebound. It is recommended that oil mills sell on rallies, and downstream enterprises buy basis contracts or price at low levels. Hold long positions at 2900 - 2910 and add positions on dips [6]. 3.1.3 Corn and Starch - **View**: The sentiment is bearish, and spot and near - month prices are falling rapidly. - **Logic**: Domestic corn prices are generally falling. The supply of old - crop corn is tight, but the purchasing enthusiasm is weak. The new - crop corn production is normal, and foreign supply is abundant. - **Outlook**: Oscillating bearish in the short - term, with supply pressure easing after the new - crop harvest [7][8]. 3.1.4 Hogs - **View**: Stricter transportation policies have weakened the futures price. - **Logic**: In the short - term, the planned slaughter volume in August has increased. In the medium - term, the supply of commercial pigs is expected to increase. In the long - term, anti - involution policies may lead to capacity reduction. - **Outlook**: Oscillating. There is inventory pressure in the short - term, and the far - month prices may be affected by capacity reduction expectations [9]. 3.1.5 Natural Rubber - **View**: The weakening of commodity sentiment dragged down the rubber price. - **Logic**: Although the rubber price dropped due to weakening sentiment, it gradually recovered in the afternoon. The rubber is entering the seasonal rising period, and there are many speculative themes. The short - term supply may decrease, and the demand is rigid. - **Outlook**: Oscillating bullish in the short - term [11][12]. 3.1.6 Synthetic Rubber - **View**: Positive news supported the price rebound after the decline. - **Logic**: The BR price initially followed the market down but rebounded after the news of petrochemical industry reform. The price is mainly affected by natural rubber and the short - term tight supply of butadiene. - **Outlook**: The butadiene price may rise slightly, and the market may oscillate bullishly [13][14]. 3.1.7 Cotton - **View**: Supported by fundamentals, the cotton price corrected during the session but was relatively resistant to decline. - **Logic**: Affected by the overall commodity atmosphere, the cotton price corrected at night but rebounded during the day. The commercial inventory is low, and the demand is improving, but there are also factors restricting the price increase. - **Outlook**: Oscillating between 13500 - 14300 yuan/ton [15]. 3.1.8 Sugar - **View**: The increasing supply has put pressure on the sugar price. - **Logic**: In the international market, Brazil's sugar production is increasing. In the domestic market, the import volume in July reached a high level. The supply is increasing, but the downward space is limited in the short - term. - **Outlook**: Oscillating bearish in the long - term, oscillating between 5600 - 5900 yuan/ton in the short - term [17]. 3.1.9 Pulp - **View**: The price change is small, moving within a range. - **Logic**: The pulp price continued to correct, and the spot price of softwood pulp declined. The supply and demand of wood pulp have both positive and negative factors. - **Outlook**: Oscillating. The price of hardwood pulp may drive the futures price, and the main contract is expected to move between 5100 - 5500 [18]. 3.1.10 Logs - **View**: Try to go long on far - month contracts at low prices. - **Logic**: The fundamentals of logs are marginally improving, with reduced arrival pressure and inventory depletion. However, there are also negative factors such as weak demand and delivery pressure. - **Outlook**: Oscillating between 790 - 840 [19][20]. 3.2 Variety Data Monitoring The report lists the data monitoring of various varieties including oils and fats, protein meal, corn, hogs, cotton, sugar, pulp, and logs, but no specific data analysis is provided in the given text [22][41][54]. 3.3 Rating Standards The report defines rating standards such as bullish, oscillating bullish, oscillating, oscillating bearish, and bearish, with a time - cycle of 2 - 12 weeks and a standard deviation calculation method [171]. 3.4 Commodity Index On August 20, 2025, the comprehensive index, commodity 20 index, and industrial product index all declined. The agricultural product index also declined, with a year - to - date increase of 2.94% [172][173][175].

1. Report Industry Investment Ratings | Product | Rating | | --- | --- | | Oils and Fats | Bullish Oscillation | | Protein Meal | Oscillation | | Corn and Starch | Bearish Oscillation | | Hogs | Oscillation | | Natural Rubber and 20 - rubber | Oscillation | | Synthetic Rubber | Oscillation | | Cotton | Bullish Oscillation | | Sugar | Oscillation | | Pulp | Oscillation | | Logs | Bearish Oscillation | [7][8][10] 2. Core Viewpoints of the Report - Multiple favorable factors drive the oils and fats market to run strongly. Protein meal is affected by emotions and supply pressure. Corn shows signs of restocking downstream. Hog futures are expected to correct. Rubber experiences a pull - back after a rise. Synthetic rubber has limited variables. Pulp is considered bullish in the short - term. Cotton prices are boosted by a reduction in US cotton production. Sugar prices rebound due to supply expectation adjustments. Logs are affected by new warehouse receipt pressure [1]. 3. Summary by Product Oils and Fats - **Industry Information**: USDA's August report unexpectedly cut the 2025/26 US soybean planting area by 2.5 million acres to 80.9 million acres, increased the yield per acre by 1.1 bushels to 53.6 bushels, and cut the expected yield by 1.16 million tons to 116.82 million tons, with a year - on - year decrease of 2.02 million tons [1][7]. - **Logic**: Multiple factors contributed to the rise of domestic oils. From a macro perspective, there are expectations of a Fed rate cut, and the US - China tariff policy is extended. From an industrial perspective, the reduction in US soybean area and production, lower - than - expected palm oil inventory in Malaysia, and anti - dumping rulings on Canadian rapeseed are positive. However, US soybean growth is good, and palm oil is in the production season [2][7]. - **Outlook**: The oils and fats market is likely to continue to run strongly in the near future [3][7]. Protein Meal - **Industry Information**: On August 13, 2025, the international soybean trade premium and discount quotes showed different changes week - on - week and year - on - year. The average profit of Chinese imported soybean crushing also increased [8]. - **Logic**: Internationally, the US soybean supply - demand situation in the 25/26 season is tightening. Domestically, there is short - term inventory pressure, but long - term demand is expected to increase. The anti - dumping ruling on Canadian rapeseed is positive for the far - month [8]. - **Outlook**: The market pattern of strong domestic and weak overseas, near - term weakness and far - term strength will continue. It is recommended that oil mills sell on rallies, and downstream enterprises buy basis contracts or price at low prices [8]. Corn and Starch - **Industry Information**: The prices of corn in Jinzhou Port and the domestic average showed small changes. The closing price of the main contract increased [10]. - **Logic**: The domestic corn price is stable to weak, with supply inventory being digested and demand being weak. There are signs of restocking in South China ports. New - season corn production is normal [10]. - **Outlook**: There is uncertainty in the short - term due to old - crop de - stocking, and there is a downward drive after new - crop listing [10]. Hogs - **Industry Information**: On August 13, the spot price of hogs in Henan increased slightly, and the futures price decreased [11]. - **Logic**: After the end of the symposium, the market hype subsided. In the short - term, the planned slaughter volume increases. In the medium - term, the supply will increase. In the long - term, there is an expectation of capacity reduction [11]. - **Outlook**: The hog futures market fluctuates greatly. The spot and near - term have high - weight inventory pressure, while the far - term has a bullish expectation. Pay attention to reverse - spread strategies [11]. Natural Rubber - **Industry Information**: The prices of various rubber products in Qingdao Free Trade Zone and Thailand's raw material market showed different changes. Cambodia's latex exports decreased in the first 7 months of 2025 [14]. - **Logic**: Rubber prices adjusted after a rise. It is in the seasonal rising period, with many speculation themes. The short - term supply may decrease, and demand is rigid [14]. - **Outlook**: The rubber price is expected to oscillate strongly in the short - term [14]. Synthetic Rubber - **Industry Information**: The prices of butadiene rubber and butadiene showed increases [16]. - **Logic**: The BR futures followed natural rubber to adjust. It is affected by natural rubber sentiment and raw material cost support. The supply of butadiene is tight, and downstream demand is good [16]. - **Outlook**: The butadiene price may rise slightly, and the futures may run strongly in an oscillatory manner [16]. Cotton - **Industry Information**: As of August 13, the number of registered warehouse receipts and the closing prices of Zhengzhou cotton futures contracts increased [16]. - **Logic**: The USDA report cut US cotton production, tightening global supply. Demand is weak, and inventory is low. The suspension of tariffs boosts market confidence [17]. - **Outlook**: Cotton prices are expected to oscillate strongly before new - flower listing [17]. Sugar - **Industry Information**: As of August 13, the closing prices of Zhengzhou sugar futures contracts increased [18]. - **Logic**: In the long - term, the global sugar market is expected to have a surplus. In the short - term, supply pressure increases seasonally, but the rebound of the external market supports the domestic market [18]. - **Outlook**: In the long - term, sugar prices have a downward drive; in the short - term, they are expected to run in the range of 5600 - 5900 [18]. Pulp - **Industry Information**: The prices of various pulp products in Shandong increased [18]. - **Logic**: The pulp fundamentals are weak, with high supply and weak demand overseas. However, the price is at a low level, and the negative factors have been fully priced in [18]. - **Outlook**: Pulp futures are expected to run in a wide - range oscillation [18]. Logs - **Logic**: The log futures price weakened due to new warehouse receipt pressure. The cost has increased, and supply pressure has eased. There is a marginal improvement in fundamentals [20]. - **Outlook**: The log futures are expected to run in the range of 800 - 850 [20].