Report Summary 1. Industry Investment Rating No information provided. 2. Core Viewpoint - The rapeseed meal RM2605 is expected to oscillate in the range of 2340 - 2400. It is affected by factors such as the soybean meal trend, technical consolidation, and the pending 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 oscillating pattern [9]. 3. Summary by Directory 3.1 Daily Prompt No information provided. 3.2 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 harvest phase, but Sino - Canadian trade issues have reduced short - term exports and domestic supply expectations [11]. - 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, depending on the development of Sino - Canadian trade relations [11]. - Global rapeseed production has increased this year, with Canada's output higher than expected. The impact of the Russia - Ukraine conflict on global rapeseed production is relatively offset, and geopolitical conflicts may support commodity prices [11]. 3.3 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 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 [12]. - 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 - **Price and Spread**: The rapeseed meal futures have rebounded, and the spot price has fluctuated accordingly, with a relatively high premium. The spot price difference between soybean meal and rapeseed meal has fluctuated slightly, and the price difference of the 2605 contract has remained low [18][20]. - **Supply - related**: Imported rapeseed arrivals increased slightly in December, and the import cost was affected by tariff expectations. Oil mill rapeseed inventory and rapeseed meal inventory remained low, and the rapeseed crushing volume remained zero [23][25][27]. - **Demand - related**: Aquaculture fish prices fluctuated slightly, and shrimp and shellfish prices remained stable [35]. 3.5 Position Data No information provided. 3.6 Rapeseed Meal Viewpoint and Strategy - **Fundamental Analysis**: The rapeseed meal market has returned to oscillation, waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. Spot demand is in the off - season, and low inventory supports the market. It is affected by soybean meal in the short term and maintains an oscillating pattern [9]. - **Basis Analysis**: The spot price is 2560, and the basis is 173, indicating a premium over the futures, which is bullish [9]. - **Inventory Analysis**: Rapeseed meal inventory is 0 tons, unchanged from last week and down 100% year - on - year, which is bullish [9]. - **Price Trend Analysis**: The price is above the 20 - day moving average and moving upward, which is bullish [9]. - **Position Analysis**: The main long positions have increased, and funds have flowed in, which is bullish [9]. - **Outlook**: Affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed and the off - season of domestic supply and demand, it will maintain an oscillating pattern in the short term [9].

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].

Report Summary 1. Report Industry Investment Rating No specific investment rating is provided in the report. 2. Core Viewpoints - The rapeseed meal RM2605 is expected to fluctuate within the range of 2280 - 2340. It is currently in an oscillatory state, influenced by soybean meal trends, technical adjustments, and the pending final result of the anti - dumping ruling on Canadian rapeseed imports. Although the peak demand season for rapeseed meal has passed, the low inventory supports the market. With uncertainties in China - Canada trade negotiations, the short - term trend will maintain an oscillatory pattern [9]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal futures have rebounded, and the spot price has followed the fluctuations, with a slight change in the spot premium. The spot price difference between soybean meal and rapeseed meal has fluctuated slightly, and the price difference of the 2605 contract has slightly widened. The arrival of imported rapeseed in November has no shipping schedule forecast, and the import cost has been affected by tariffs. The oil mill's rapeseed inventory and rapeseed meal inventory are both at low levels, and the rapeseed crushing volume has remained at zero [18][20][23]. 3.2 Recent News - The domestic aquaculture industry has entered the off - season after the long holiday, and the short - term supply in the spot market is expected to be tight. The demand side is gradually decreasing, which suppresses the market expectation. Canadian rapeseed has entered the harvesting stage, but the China - Canada trade issue has reduced short - term exports and the domestic supply is expected to decrease. China's preliminary anti - dumping investigation on Canadian rapeseed imports found it to be established, and an import deposit of 75.8% has been imposed. The final result 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 rapeseed production offsetting each other. The global geopolitical conflict may still rise, which supports 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; the low inventory pressure of rapeseed meal in oil mills. - **Bearish factors**: The domestic demand for rapeseed meal is gradually entering the off - season; there is still a small probability that China and Canada will reach a settlement in the anti - dumping case of Canadian rapeseed imports. - **Current main logic**: The market focuses on domestic aquaculture demand and the expectation of the tariff battle on Canadian rapeseed [12]. 3.4 Fundamental Data - **Price data**: The report provides the trading average price and trading volume of soybean meal and rapeseed meal from December 1st to 9th, as well as the price difference between soybean meal and rapeseed meal. It also shows the prices of rapeseed meal futures (near - month 2601 and main 2605) and the spot price in Fujian during the same period [13][15]. - **Inventory data**: As of a certain period, the rapeseed meal inventory is 1.75 tons, a 2.78% week - on - week decrease from last week's 1.8 tons and a 20.45% year - on - year decrease from 2.2 tons last year [9]. - **Aquaculture data**: The price of aquatic fish has slightly decreased, while the price of shrimp and shellfish has remained stable [35]. 3.5 Position Data The main long positions of rapeseed meal have decreased, but the capital has flowed in [9].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Rapeseed meal RM2601 is expected to oscillate between 2480 and 2540. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. In the short - term, it will enter a pattern of strong oscillation, affected by the possible variables in the final anti - dumping ruling on Canadian rapeseed [9]. - The current market focus is on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 3. Summary by Directory 2 Recent Highlights - Domestic aquaculture has entered the peak season, and the listing of domestic rapeseed has improved the expectation of tight supply in the spot market, with good expectations on the demand side [11]. - China has preliminarily ruled that the anti - dumping investigation on Canadian rapeseed imports is established and has started to levy an import deposit of 75.8%. The final ruling result is still variable [11]. - Global rapeseed production has decreased slightly this year due to reduced production in the EU and lower - than - expected production in Canada [11]. - The ongoing Russia - Ukraine conflict may lead to an increase in global geopolitical conflicts, which still supports commodities [11]. 3 Bullish and Bearish Factors - **Bullish**: The preliminary anti - dumping determination on Canadian rapeseed imports and low inventory pressure on oil mills' rapeseed meal [12]. - **Bearish**: The concentrated listing of domestic rapeseed in June and the variable final result of the anti - dumping investigation on Canadian rapeseed imports, with a small probability of reconciliation [12]. 4 Fundamental Data - **Price and Spread**: Rapeseed meal futures have declined, while the spot price has remained relatively stable, with a slight increase in the spot premium. The spot price difference between soybean meal and rapeseed meal has fluctuated slightly, and the price difference of the 2601 contract has oscillated weakly [17][19]. - **Supply - related Data**: The arrival volume of imported rapeseed in August was lower than expected, with a slight fluctuation in import cost. The inventory of oil mills' rapeseeds has rebounded from a low level, while the rapeseed meal inventory has decreased slightly. The oil mills' rapeseed crushing volume has decreased slightly [22][24][26]. - **Aquaculture Data**: Aquatic fish prices have fluctuated slightly, and shrimp and shellfish prices have remained stable [34]. 5 Position Data No relevant content provided. ✸ Rapeseed Meal Views and Strategies - **Fundamentals**: Rapeseed meal has rebounded, influenced by soybean meal trends and technical oscillations. The spot demand for rapeseed meal remains in the peak season in the short - term, and low inventory supports the market, but demand will enter the off - season after the National Day, and Sino - Canadian trade negotiations are still variable [9]. - **Basis**: The spot price is 2580, with a basis of 59, indicating a premium over the futures price [9]. - **Inventory**: Rapeseed meal inventory is 21,000 tons, a 17.65% week - on - week decrease from 25,500 tons last week and a 25% year - on - year decrease from 28,000 tons in the same period last year [9]. - **Disk**: The price is below the 20 - day moving average and moving downward [9]. - **Main Position**: Net short positions of the main players have increased, and funds have flowed out [9]. - **Expectation**: Rapeseed meal may rise and then fall in the short - term due to the variable final anti - dumping ruling on Canadian rapeseed, entering a pattern of strong oscillation [9].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The rapeseed meal market is affected by factors such as the anti - dumping investigation on Canadian rapeseed imports, domestic aquaculture demand, and supply changes. In the short term, it shows a volatile and slightly bullish pattern. The RM2601 contract is expected to fluctuate in the range of 2540 - 2600 [8]. 3. Summary by Directory 3.1 Daily Tips - The rapeseed meal market is affected by profit - taking and the pending final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term demand for rapeseed meal remains in the peak season, and low inventory supports the market. However, the arrival of imported rapeseed has increased slightly in August, and the short - term inventory of oil mills is under no pressure. The market is expected to be volatile and slightly bullish in the short term [8]. 3.2 Recent News - Domestic aquaculture has entered the peak season, and the listing of domestic rapeseed has improved the expected tight supply in the spot market, while the demand side maintains a good outlook. - 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 result is still uncertain. - Global rapeseed production has decreased slightly this year, mainly due to reduced production in the EU and lower - than - expected production in Canada. - The Russia - Ukraine conflict continues, and the decrease in Ukrainian rapeseed production and the increase in Russian rapeseed production offset each other. There is still a possibility of an escalation of global geopolitical conflicts, which supports commodities [10]. 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. - **Bearish factors**: The concentrated listing of domestic rapeseed in June and the uncertainty of the final anti - dumping result on Canadian rapeseed imports [11]. 3.4 Fundamental Data - **Supply - demand balance**: The supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 - 2023 are provided, showing changes in inventory, production, and consumption over the years [23][24]. - **Price data**: The trading average price, trading volume, and price difference of soybean meal and rapeseed meal from August 6 - 15 are presented, as well as the rapeseed meal futures and spot prices during the same period [12][14]. - **Inventory data**: Rapeseed meal inventory is 32,000 tons, a week - on - week increase of 18.52% and a year - on - year increase of 14.29%. The arrival of imported rapeseed in August is lower than expected, and the inventory of oil mills has returned to a low level while rapeseed meal inventory has rebounded from a low level [8][25][27]. - **Production data**: The production of Chinese aquatic products, fish, shellfish, and shrimp - crabs, as well as the OECD's forecast of Chinese fish production and imports are mentioned. Aquatic fish prices fluctuate slightly, and shrimp - shellfish prices remain stable [31][33][35]. 3.5 Position Data The main short positions in rapeseed meal have decreased, and funds have flowed in [8].