1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For rapeseed oil, it is recommended to take a bullish approach and pay attention to the China - Canada talks. The market will be affected by factors such as the harvest of Canadian rapeseed, the anti - dumping measures of China, the policy adjustment of US renewable fuels, and the domestic supply - demand situation [8][9]. - For rapeseed meal, a bullish mindset is recommended, focusing on China - US and China - Canada economic and trade relations. The market is influenced by factors like the weather in the US soybean - producing areas, the USDA report, domestic supply and demand, and trade relations [12][13]. 3. Summary According to the Directory 3.1. Weekly Key Points Summary Rapeseed Oil - Strategy: Participate with a bullish bias and monitor China - Canada talks [8]. - Market review: This week, rapeseed oil futures fluctuated slightly up. The closing price of the 01 contract was 9,857 yuan/ton, an increase of 39 yuan/ton compared with the previous week [9]. - Market outlook: Canadian rapeseed is in the harvest period with a bumper harvest. China's anti - dumping measures may pressure Canadian rapeseed prices. The US policy on renewable fuels affects the domestic vegetable oil market. Domestically, consumption is weakly boosted, but low refinery operation rates and limited near - month purchases reduce supply pressure [9]. Rapeseed Meal - Strategy: Adopt a bullish mindset and focus on China - US and China - Canada economic and trade relations [12]. - Market review: This week, rapeseed meal futures fluctuated slightly down. The closing price of the 01 contract was 2,531 yuan/ton, a decrease of 19 yuan/ton compared with the previous week [13]. - Market outlook: Good weather in the US soybean - producing areas ensures high yields, but a decrease in planting area supports prices. Domestically, near - month rapeseed arrivals are low, and aquaculture boosts demand, but soybean meal substitution weakens the demand for rapeseed meal [13]. 3.2. Futures and Spot Market Futures Price Movement - Rapeseed oil futures fluctuated slightly up this week, with a total open interest of 291,134 lots, an increase of 41,874 lots compared with last week. Rapeseed meal futures closed lower with a total open interest of 402,900 lots, an increase of 6,326 lots compared with the previous week [19]. Top 20 Net Positions - The top 20 net positions of rapeseed oil futures changed from net short to net long this week, reaching +19,239. The top 20 net positions of rapeseed meal futures changed from net long to net short, reaching - 16,117 [25]. Futures Warehouse Receipts - The registered warehouse receipts of rapeseed oil were 8,302 lots, and those of rapeseed meal were 10,383 lots [31]. Spot Price and Basis - The spot price of rapeseed oil in Jiangsu was 10,130 yuan/ton, slightly rebounding from last week. The basis between the active contract and the Jiangsu spot price was +273 yuan/ton. The rapeseed meal price in Nantong, Jiangsu was 2,570 yuan/ton, with little change from last week, and the basis was +39 yuan/ton [37][43]. Futures Inter - monthly Spread - The 1 - 5 spread of rapeseed oil was +361 yuan/ton, at a medium level in recent years. The 1 - 5 spread of rapeseed meal was +125 yuan/ton, also at a medium level in recent years [51]. Futures - Spot Ratio - The ratio of rapeseed oil to rapeseed meal for the 01 contract was 3.89, and the average spot price ratio was 3.94 [55]. Spread between Rapeseed Oil and Other Oils/Meals - The 01 contract spread between rapeseed oil and soybean oil was 1,535 yuan/ton, and the spread between rapeseed oil and palm oil was 561 yuan/ton, both expanding this week. The 01 contract spread between soybean meal and rapeseed meal was 548 yuan/ton, and the spot spread was 400 yuan/ton as of Thursday [64][70]. 3.3. Industrial Chain Situation Rapeseed - Supply: As of September 5, 2025, the total rapeseed inventory in refineries was 100,000 tons. The estimated rapeseed arrivals in September, October, and November 2025 were 195,000 tons, 130,000 tons, and 450,000 tons respectively. The spot crushing profit of imported rapeseed was +1,203 yuan/ton as of September 11. The rapeseed crushing volume in coastal refineries in the 36th week of 2025 was 49,000 tons, an increase of 1,000 tons from last week, with an operation rate of 11.99%. In July 2025, China's rapeseed imports were 176,000 tons, a year - on - year decrease of 56.63% and a month - on - month decrease of 0.85 tons [76][80][84][88]. Rapeseed Oil - Supply: As of the end of the 36th week of 2025, the domestic imported and crushed rapeseed oil inventory was 708,000 tons, a month - on - month decrease of 4.01%. In July 2025, rapeseed oil imports were 133,600 tons, a year - on - year increase of 16.86% and a month - on - month decrease of 16,700 tons [93]. - Demand: As of June 30, 2025, the monthly output of edible vegetable oil was 476,900 tons. As of July 31, 2025, the monthly catering revenue was 450.41 billion yuan. As of the end of the 36th week of 2025, the domestic imported and crushed rapeseed oil contract volume was 77,000 tons, a month - on - month decrease of 44.65% [97][101]. Rapeseed Meal - Supply: As of the end of the 36th week of 2025, the domestic imported and crushed rapeseed meal inventory was 19,000 tons, remaining flat compared with last week. In July 2025, rapeseed meal imports were 183,100 tons, a year - on - year decrease of 3.00% and a month - on - month decrease of 87,200 tons [105][109]. - Demand: As of July 31, 2025, the monthly output of feed was 2,827,300 tons [113]. 3.4. Options Market Analysis - As of September 12, this week, rapeseed meal closed lower, and the corresponding option implied volatility was 21.39%, a decrease of 0.14% compared with the previous week, at a slightly high level compared with the 20 - day, 40 - day, and 60 - day historical volatility of the underlying [117].

目前菜油库存仍处于高位，市场成交表现清淡，中加会晤后尚未有新进展公布，但中澳菜籽进口有望顺 利开展，多空因素交织下基本面趋势不够明朗。近期期价多随竞品油脂波动为主。9月6日至9日加拿大 官员率经贸代表团访华，需密切关注中加谈判进展及美国生柴政策的后续动向。 9月11日盘中，菜籽油期货主力合约震荡走高，最高上探至9897.00元。截止收盘，菜籽油主力合约报 9893.00元，涨幅0.71%。 菜籽油期货主力涨近1%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 中辉期货 菜油期价多随竞品油脂波动为主 瑞达期货（002961） 菜油近期维持窄幅震荡，关注中加贸易谈判走向 中辉期货：菜油期价多随竞品油脂波动为主 瑞达期货：菜油近期维持窄幅震荡，关注中加贸易谈判走向 加菜籽进入收割期，丰产逐步兑现，且中国对原产于加拿大的进口油菜籽实施临时反倾销措施，或影响 其出口，对加菜籽价格带来一定压力。不过，加拿大农业部长表示，加方正考虑放宽对中国电动汽车的 关税措施，以期避免中方对加拿大油菜籽加征进口关税。其它方面，美国参议员试图阻止特朗普政府调 整可再生燃料义务政策，特别是限制将小型炼油厂的豁免额度转移给大型炼油厂 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The international rapeseed futures market is affected by factors such as the decline of Chicago soybean oil futures and the weather in the US soybean - producing areas. The domestic rapeseed - related market is influenced by supply, demand, and trade policies. For rapeseed meal, the reduction in near - month rapeseed arrivals and the seasonal increase in aquaculture demand support the market, but the substitution advantage of soybean meal weakens the demand expectation. For rapeseed oil, the low - level oil mill operating rate and limited near - month rapeseed purchases reduce supply pressure, while weak terminal consumption restricts short - term prices. The market is also affected by Sino - Canadian and Sino - US trade negotiations [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures closing prices: The closing price of the active contract of rapeseed oil is 9770 yuan/ton, down 81 yuan; that of rapeseed meal is 2533 yuan/ton, down 17 yuan; ICE rapeseed is 618.4 Canadian dollars/ton, down 8.1 Canadian dollars; and rapeseed is 5177 yuan/ton, down 10 yuan [2] - Month - to - month spreads: The 1 - 5 spread of rapeseed oil is 289 yuan/ton, down 35 yuan; that of rapeseed meal is 128 yuan/ton, down 14 yuan [2] - Main contract positions: The main contract position of rapeseed oil is 255147 lots, and that of rapeseed meal is 386706 lots, with a decrease of 7640 lots [2] - Net long positions of the top 20 futures holders: The net long position of rapeseed oil is 5394 lots, down 4377 lots; that of rapeseed meal is - 5229 lots, down 7582 lots [2] - Warehouse receipt quantities: The warehouse receipt quantity of rapeseed oil is 6857 sheets, an increase of 387 sheets; that of rapeseed meal is 10383 sheets, a decrease of 960 sheets [2] 3.2 Spot Market - Spot prices: The spot price of rapeseed oil in Jiangsu is 9930 yuan/ton, an increase of 70 yuan; that of rapeseed meal in Nantong is 2630 yuan/ton, an increase of 10 yuan; the spot price of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton, unchanged [2] - Average prices: The average price of rapeseed oil is 9995 yuan/ton, an increase of 70 yuan; the import cost of imported rapeseed is 7734.17 yuan/ton, down 102.53 yuan [2] - Basis: The basis of the rapeseed oil main contract is 79 yuan/ton, an increase of 54 yuan; that of the rapeseed meal main contract is 97 yuan/ton, an increase of 27 yuan [2] - Substitute prices: The spot price of grade - four soybean oil in Nanjing is 8560 yuan/ton, down 100 yuan; the spot price of 24 - degree palm oil in Guangdong is 9270 yuan/ton, down 150 yuan; the spot price of soybean meal in Zhangjiagang is 3030 yuan/ton, unchanged [2] - Price differences: The spot price difference between rapeseed oil and soybean oil is 1270 yuan/ton, an increase of 50 yuan; that between rapeseed oil and palm oil is 510 yuan/ton, unchanged; that between soybean meal and rapeseed meal is 400 yuan/ton, down 10 yuan [2] 3.3 Upstream Situation - Global production: The predicted annual production of rapeseed is 89.77 million tons, an increase of 0.21 million tons; the annual predicted production of rapeseed is 12378 thousand tons, unchanged [2] - Import quantities: The total monthly import quantity of rapeseed is 17.6 tons, a decrease of 0.85 tons; the monthly import quantity of rapeseed oil and mustard oil is 15 tons, an increase of 4 tons; the monthly import quantity of rapeseed meal is 27.03 tons, an increase of 7.56 tons [2] - Inventory and operating rate: The total inventory of rapeseed in oil mills is 10 tons, unchanged; the weekly operating rate of imported rapeseed is 13.06%, an increase of 1.07 percentage points [2] - Pressing profit: The imported rapeseed disk pressing profit is 839 yuan/ton, down 62 yuan [2] 3.4 Industry Situation - Inventory: The coastal rapeseed oil inventory is 9.7 tons, a decrease of 0.7 tons; the coastal rapeseed meal inventory is 1.8 tons, a decrease of 0.7 tons; the rapeseed oil inventory in East China is 53.2 tons, a decrease of 2.2 tons; the rapeseed meal inventory in East China is 31.51 tons, an increase of 0.65 tons; the rapeseed oil inventory in Guangxi is 4.55 tons, a decrease of 0.3 tons; the rapeseed meal inventory in South China is 21.3 tons, an increase of 1.3 tons [2] -提货量: The weekly rapeseed oil delivery volume is 3.03 tons, an increase of 0.77 tons; the weekly rapeseed meal delivery volume is 2.74 tons, a decrease of 0.15 tons [2] 3.5 Downstream Situation - Production: The monthly production of feed is 2827.3 tons, a decrease of 110.4 tons; the monthly production of edible vegetable oil is 476.9 tons, an increase of 41.8 tons [2] - Consumption: The monthly retail sales of social consumer goods in the catering industry is 4504.1 billion yuan, a decrease of 203.5 billion yuan [2] 3.6 Option Market - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal is 19.34%, down 0.89 percentage points; that of at - the - money put options for rapeseed meal is 19.35%, down 0.88 percentage points; the implied volatility of at - the - money call options for rapeseed oil is 13.75%, an increase of 1.32 percentage points; that of at - the - money put options for rapeseed oil is 13.73%, an increase of 1.32 percentage points [2] - Historical volatility: The 20 - day historical volatility of rapeseed meal is 27.1%, down 3.99 percentage points; the 60 - day historical volatility of rapeseed meal is 21.98%, down 0.04 percentage points; the 20 - day historical volatility of rapeseed oil is 15.35%, down 1.64 percentage points; the 60 - day historical volatility of rapeseed oil is 13.12%, unchanged [2] 3.7 Industry News - On September 9th, ICE rapeseed futures closed lower, following the decline of Chicago soybean oil futures, as the rapeseed oil inventory report did not change the supply - demand expectation. The most actively traded November rapeseed futures contract closed 7.60 Canadian dollars lower, and the January contract closed 6.60 Canadian dollars lower [2] - The weather in the US soybean - producing areas is good, and the excellent - good rate is relatively high, resulting in a good crop yield outlook and supply - side pressure. However, the unexpected reduction in planting area supports the market [2] 3.8 Rapeseed Meal Viewpoint Summary - In the international market, the reduction in planting area supports the US soybean price, but the market is uncertain due to the divergence in private institutions' predictions of the USDA report [2] - In the domestic market, the shortage of near - month rapeseed arrivals reduces supply pressure, and the seasonal increase in aquaculture demand boosts rapeseed meal demand. However, the substitution advantage of soybean meal weakens the demand expectation [2] 3.9 Rapeseed Oil Viewpoint Summary - The harvest of Canadian rapeseed is approaching, and the temporary anti - dumping measures on Canadian rapeseed by China may affect its exports. The Canadian government is considering relaxing tariffs on Chinese electric vehicles to avoid additional tariffs on Canadian rapeseed [2] - In the US, senators are trying to prevent the Trump administration from adjusting renewable fuel obligation policies, which has led to a sharp decline in US soybean oil futures and affected the domestic vegetable oil market [2] - In the domestic market, the terminal consumption boost from the start of school is limited, and the supply - demand of vegetable oil is relatively loose. However, the low operating rate of oil mills and the shortage of near - month rapeseed purchases reduce supply pressure [2]