交易咨询业务资格：证监许可【2012】1091号 1 每周提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 中加贸易关系恢复正常，菜粕维持震荡 （菜粕周报2.24-2.27） 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 ✸菜粕观点和策略 1.基本面：菜粕震荡回落，豆粕走势带动和技术性震荡整理，中国取消加拿大农产品出口限 制市场短期利空出尽回归震荡。菜粕现货需求尚处淡季，但库存维持低位支撑盘面，加 上菜粕春节后需求预期良好，盘面短期受中加贸易关系缓和影响震荡偏弱中期仍维持区 间震荡。中性 2.基差：现货2380，基差93，升水期货。偏多 3.库存：菜粕国内总库存39.39吨，上周39.73吨，周环比减少0.86%，去年同期48.4万吨， 同比减少18.62%。偏多 4.盘面：价格在20日均线上方且方向 ...

交易咨询业务资格：证监许可【2012】1091号 菜粕早报 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 2026-02-27 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 ✸菜粕观点和策略 菜粕RM2605：2260至2320区间震荡 1.基本面：菜粕震荡回落，豆粕走势带动和技术性震荡整理，中国取消加拿大农产品出口限 制市场短期利空出尽回归震荡。菜粕现货需求尚处淡季，但库存维持低位支撑盘面，加 上菜粕春节后需求预期良好，盘面短期受中加贸易关系缓和影响震荡偏弱中期仍维持区 间震荡。中性 2.基差：现货2400，基差104，升水期货。偏多 3.库存：菜粕国内总库存43.78吨，上周44.95吨，周环比减少2.6%，去年同期50.2万吨，同 比减少12.79%。偏多 4.盘面：价格在20日均线 ...

交易咨询业务资格：证监许可【2012】1091号 菜粕早报 2026-02-26 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸菜粕观点和策略 菜粕RM2605：2300至2360区间震荡 1.基本面：菜粕震荡回升，豆粕走势带动和技术性震荡整理，中国取消加拿大农产品出口限 制市场短期利空出尽回归震荡。菜粕现货需求尚处淡季，但库存维持低位支撑盘面，加 上菜粕春节后需求预期良好，盘面短期受中加贸易关系缓和影响震荡偏弱中期仍维持区 间震荡。中性 2.基差：现货2430，基差118，升水期货。偏多 3.库存：菜粕国内总库存43.78吨，上周44.95吨，周环比减少2.6%，去年同期50.2万吨，同 比减少12.79%。偏多 4.盘面：价格在20日均线 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The rapeseed meal RM2605 is expected to fluctuate in the range of 2210 - 2270. The market was affected by the easing of China - Canada trade relations, showing short - term weakening in oscillations, but is expected to maintain range - bound oscillations in the medium term. The overall situation will return to an oscillatory pattern after the digestion of negative factors, and the development of China - Canada trade relations should be closely monitored [9]. Summary by Directory 1. Daily Hints - Not provided in the content 2. Recent News - The domestic aquaculture industry has entered the long - holiday off - season. The short - term supply in the spot market is expected to be tight, and the decreasing demand suppresses the market expectation. Due to the China - Canada trade issue, the short - term export of Canadian rapeseed has decreased, leading to an expected reduction in domestic supply [11]. - With the visit of the Canadian Prime Minister to China, the China - Canada trade relationship has improved in the short term. The tariffs imposed by both sides are expected to be gradually lifted, and China's imports of Canadian rapeseed are about to resume. The future situation depends on the further development of China - Canada trade relations [11]. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected [11]. - The Russia - Ukraine conflict is still ongoing. The decrease in rapeseed production in Ukraine and the increase in Russia relatively offset each other. There is still a possibility of an escalation in global geopolitical conflicts, which provides support for commodities [11]. 3. Bullish and Bearish Factors - Bullish factors: The demand for rapeseed meal in China is expected to remain good after the Spring Festival, and the rapeseed meal inventory of oil mills is under no pressure [12]. - Bearish factors: The domestic demand for rapeseed meal has entered a short - term off - season, and China's imports of Canadian rapeseed are about to resume due to the improvement of China - Canada trade relations [12]. - Current main logic: The market focuses on the domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [12]. 4. Fundamental Data - **Transaction data**: From January 30 to February 9, the average transaction price of rapeseed meal fluctuated between 2430 - 2470 yuan, and the daily trading volume was mostly 0 or 0.5 - 30,000 tons. The average price difference between soybean meal and rapeseed meal fluctuated between 667 - 691 yuan [13]. - **Price data**: From February 2 to February 9, the price of rapeseed meal futures' main contract RM2605 fluctuated between 2238 - 2276 yuan, the far - month contract RM2609 fluctuated between 2284 - 2297 yuan, and the spot price in Fujian fluctuated between 2430 - 2460 yuan [15]. - **Warehouse receipt data**: From January 30 to February 9, the rapeseed meal warehouse receipts remained at 0 [17]. - **Supply - demand balance data**: In the domestic rapeseed supply - demand balance from 2016 - 2025, the harvest area, output, and total supply generally showed an upward trend, while the inventory - to - consumption ratio fluctuated. In the domestic rapeseed meal supply - demand balance during the same period, the total supply and demand also showed an overall upward trend, and the inventory - to - consumption ratio also fluctuated [19][21]. 5. Position Data - Not provided in the content 6. Rapeseed Meal Views and Strategies - **View**: The rapeseed meal market is affected by the soybean meal trend and technical oscillations. After the short - term negative impact of China's cancellation of restrictions on Canadian agricultural product exports, the market has returned to an oscillatory pattern. The spot demand has entered the off - season, but the low inventory supports the market. The post - Spring Festival demand is expected to be good. The short - term market is affected by the easing of China - Canada trade relations and shows weak oscillations, while the medium - term remains range - bound [9]. - **Analysis of influencing factors**: The basis is at a premium, which is bullish; the inventory has decreased compared with the previous week and the same period last year, which is bullish; the price is below the 20 - day moving average and the direction is downward, which is bearish; the main short positions have increased and the funds have flowed in, which is bearish [9].

Group 1: Industry Investment Rating - No information provided Group 2: Core Views of the Report - Rapeseed meal RM2605 will fluctuate in the range of 2300 - 2360. It is affected by the soybean meal trend, technical consolidation, and the uncertainty of the Canadian Prime Minister's visit to China and Sino - Canadian trade relations. The spot demand is in the off - season, and the low inventory supports the market. In the short term, it will maintain the range - bound pattern [9]. - Rapeseed meal futures rise and then fall, and the spot price fluctuates accordingly. The spot premium remains at a relatively high level [18]. - The spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2605 contract rebounds from a low level [20]. - The arrival of imported rapeseed increased slightly in December, and the import cost is disturbed by the tariff expectation [23]. - The rapeseed inventory in oil mills remains at a low level, and the rapeseed meal inventory is also at a low level. The rapeseed crushing volume in oil mills remains zero [25][27]. - The price of aquatic fish fluctuates slightly, and the price of shrimp and shellfish remains stable [35]. Group 3: Summary by Directory 1. Daily Prompt - Rapeseed meal RM2605 will fluctuate in the range of 2300 - 2360. The market is affected by soybean meal, technical factors, and Sino - Canadian trade relations. The spot demand is in the off - season, and the low inventory supports the market. The overall outlook is neutral, but the short - term trend is affected by multiple factors [9]. 2. Recent News - The domestic aquaculture industry has entered the off - season after the long holiday. The short - term supply in the spot market is expected to be tight, and the demand is decreasing, suppressing the market. Canadian rapeseed is in the harvesting stage, but Sino - Canadian trade issues affect short - term exports and reduce the domestic supply expectation [11]. - China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and an import deposit of 75.8% has been imposed. With the Canadian Prime Minister's visit to China, Sino - Canadian trade relations are variable, and the policy of imposing additional tariffs on Canadian rapeseed imports is yet to be determined [11]. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected [11]. - The Russia - Ukraine conflict continues, and the decrease in Ukrainian rapeseed output and the increase in Russian rapeseed output offset each other. There is still a possibility of an increase in global geopolitical conflicts, which supports commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the imposition of import deposits; no pressure on rapeseed meal inventory in oil mills [12]. - Bearish factors: The domestic demand for rapeseed meal enters the off - season; the final result of China's anti - dumping investigation on Canadian rapeseed imports is still variable, and there is a possibility of reconciliation [12]. - The current main logic: The market focuses on the domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 4. Fundamental Data - From December 30th to January 9th, the trading data of soybean meal and rapeseed meal are as follows: the trading volume of soybean meal ranges from 8.1 to 48.69 million tons, and the trading volume of rapeseed meal is mostly 0, with only 0.8 million tons on January 8th. The average trading price difference between soybean meal and rapeseed meal fluctuates from 584 to 666 [13]. - From December 30th to January 9th, the rapeseed meal futures price of the main 2605 contract ranges from 2338 to 2419, and the rapeseed meal futures price of the main 2609 contract ranges from 2407 to 2465. The rapeseed meal spot price in Fujian ranges from 2520 to 2570 [15]. - From December 29th to January 8th, the rapeseed meal warehouse receipts are 0. On January 9th, there are 84 warehouse receipts, an increase of 84 compared with the previous day [17]. 5. Position Data - No information provided

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The rapeseed meal market is affected by the visit of the Canadian Prime Minister to China and the results of China - Canada trade relations. It is in a state of shock and decline. In the short - term, it will maintain a shock pattern due to the off - season of domestic rapeseed meal supply and demand and the uncertainty of China - Canada trade relations [8]. - The spot demand for rapeseed meal has entered the off - season, and the low inventory supports the market. However, the final result of China's anti - dumping investigation on Canadian rapeseed imports is still uncertain, and the market is also affected by the soybean meal market [8]. 3. Summary According to the Directory 3.1 Weekly Prompt - Not provided in the report 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday, and the demand side is gradually decreasing, suppressing the market expectation. The Canadian rapeseed harvest season has arrived, but due to China - Canada trade issues, short - term exports are expected to decrease [10]. - China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and a 75.8% import deposit is imposed. The future of China - Canada trade relations is uncertain, and the policy of additional tariffs on Canadian rapeseed imports is to be determined [10]. - Global rapeseed production has increased this year, especially in Canada, where the output is higher than expected [10]. - The Russia - Ukraine conflict is ongoing, and the decrease in Ukrainian rapeseed production and the increase in Russian rapeseed production offset each other. Global geopolitical conflicts may rise in the future, which still supports commodities [10]. 3.3 Long and Short Concerns - Bullish factors: China's preliminary anti - dumping determination and additional import deposit on Canadian rapeseed; oil mills have no pressure on rapeseed meal inventory [11]. - Bearish factors: Domestic aquaculture demand has entered the seasonal off - season; the final result of China's anti - dumping investigation on Canadian rapeseed imports is still uncertain, and there is a possibility of reconciliation [11]. - The current main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [11]. 3.4 Fundamental Data - Rapeseed arrival: In December, the arrival of imported rapeseed increased slightly, and the import cost was affected by tariffs [19]. - Oil mill situation: The oil mill's rapeseed crushing volume remained at zero, and the rapeseed and rapeseed meal inventories were at low levels [21][23]. - Rapeseed meal transaction: Not provided in the report - Aquaculture situation: Aquatic fish prices declined slightly, while shrimp and shellfish prices remained stable. The production of Chinese aquatic products, fish, shellfish, and shrimp and crabs is mentioned, and the OECD's forecast of China's fish production and imports is also provided [25][27][29][31]. 3.5 Position Data - The main short positions increased, and funds flowed in, showing a bearish trend [8]. 3.6 Rapeseed Meal Viewpoints and Strategies - Fundamental analysis: Rapeseed meal is in a state of shock and decline, affected by soybean meal and technical shock adjustment. The spot demand is in the off - season, and the low inventory supports the market. In the short - term, it will maintain a shock pattern due to the uncertainty of China - Canada trade relations [8]. - Basis: The spot price is 2520, and the basis is 182, showing a premium over the futures, which is bullish [8]. - Inventory: The rapeseed meal inventory is 0 tons, the same as last week, and a 100% decrease compared with the same period last year, which is bullish [8]. - Disk: The price is below the 20 - day moving average but moving upward, showing a neutral trend [8]. - Main position: The main short positions increased, and funds flowed in, showing a bearish trend [8]. - Expectation: Rapeseed meal is affected by the visit of the Canadian Prime Minister to China and the uncertainty of China - Canada trade relations, showing a weak shock. In the short - term, it will maintain a shock pattern, and the follow - up development should be concerned [8]. 3.7 Rapeseed Meal Trading Strategies - Futures: In the short - term, it will return to the range shock. The RM2605 contract will fluctuate between 2200 and 2400 in the short - term. It is recommended to trade in the range or wait and see [13]. - Option strategy: Sell out - of - the - money put options [13]. 3.8 Technical Analysis - Affected by the visit of the Canadian Prime Minister to China, rapeseed meal is in a state of shock and decline. The KDJ indicator crosses at a high position, and the MACD is rising from a low position. In the short - term, it is in a technical shock adjustment stage, and the future trend depends on the rapeseed import policy and the soybean meal market [42]. 3.9 Next Week's Concerns - Most important: The growth and harvest weather conditions in South American soybean producing areas, the export of Canadian rapeseed and domestic crushing demand, and the arrival and operation of imported soybeans and rapeseed in China [45]. - Second important: Domestic soybean meal and aquaculture demand, domestic oil mill rapeseed meal inventory and downstream procurement [45]. - Less important: Macroeconomic factors and the Israel - Palestine conflict [45].

1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints of the Report - Rapeseed meal is expected to maintain a volatile pattern in the short - term due to the uncertainty of the final anti - dumping ruling on Canadian rapeseed imports, the entry into the off - season of domestic rapeseed meal supply and demand, and the influence of soybean meal trends [8]. - Rapeseed meal futures will fluctuate within the range of 2300 - 2500 for the RM2605 contract, and short - term trading or waiting and seeing is recommended. For options, selling out - of - the - money put options is suggested [13]. 3. Summary by Relevant Catalogs 3.1 Weekly Prompt - Rapeseed meal oscillated and declined, affected by soybean meal trends and technical consolidation. The market 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 entered the off - season, and low inventory supported the market. Due to the uncertainty in China - Canada trade consultations, the market would maintain a range - bound fluctuation in the short - term [8]. 3.2 Recent News - Domestic aquaculture has entered the off - season at the end of the year. The spot market supply is expected to be tight in the short - term, and the decreasing demand suppresses the market expectation. Although it is the harvesting and exporting stage of Canadian rapeseed, the China - Canada trade issue has reduced the short - term export and domestic supply expectation [10]. - China's preliminary anti - dumping investigation on Canadian rapeseed imports was established, and an import deposit of 75.8% was imposed. The final ruling is still uncertain, and it depends on the further development of China - Canada trade relations [10]. - Global rapeseed production increased this year, with the production in Canada higher than expected [10]. - The Russia - Ukraine conflict continues, and the decrease in rapeseed production in Ukraine and the increase in Russia offset each other. There is still a possibility of an escalation in global geopolitical conflicts, which supports commodity prices [10]. 3.3 Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of rapeseed meal in oil mills [11]. - Bearish factors: The domestic aquaculture demand has entered the seasonal off - season, and there is still a small probability of reconciliation in the final result of the anti - dumping investigation on Canadian rapeseed imports [11]. - Current main logic: The market focuses on the domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [11]. 3.4 Fundamental Data - **Rapeseed arrival**: Rapeseed arrivals increased slightly in December, and the import cost was affected by tariffs [19]. - **Oil mill processing and inventory**: The oil mill's rapeseed processing volume remained at zero. The rapeseed inventory in oil mills and rapeseed meal inventory were both at low levels [21][23]. - **Rapeseed meal trading**: Rapeseed meal futures rose first and then fell, and spot prices fluctuated accordingly, with the spot premium remaining at a relatively high level [33]. - **Aquaculture**: Aquatic fish prices declined slightly, while shrimp and shellfish prices remained stable [31]. 3.5 Position Data The main players switched from long to short positions, and funds flowed out, indicating a bearish signal [8]. 3.6 Technical Analysis - Rapeseed meal returned to a volatile state affected by soybean meal trends. Due to the uncertainty in China - Canada trade relations, it will maintain a range - bound fluctuation in the short - term [42]. - The KDJ indicator crossed at a high level, and the market is in a technical consolidation stage. The indicator at a medium - high level limits the room for further rebound [42]. - The MACD oscillated and rebounded at a low level, with a short - term technical rebound and the green energy turning red. The subsequent trend depends on rapeseed import policies and soybean meal trends [42]. 3.7 Next Week's Focus Points - Most important: The growth and harvesting weather conditions in South American soybean - producing areas, the export of Canadian rapeseed, domestic processing demand, and the arrival and operation of imported soybeans and rapeseed in China [45]. - Second important: Domestic soybean meal and aquaculture demand, the rapeseed meal inventory in domestic oil mills, and downstream procurement [45]. - Third important: Macroeconomic factors and the Israel - Palestine conflict [45].

Report Summary Investment Rating - The report gives a neutral rating to rapeseed meal, indicating a short - term oscillatory pattern [8]. Core Viewpoints - Rapeseed meal has rebounded with low - level buying support and is affected by the outcome of the anti - dumping investigation on Canadian rapeseed. With the domestic rapeseed meal entering the off - season of supply and demand, it will maintain an oscillatory pattern in the short term. The key factors include the impact of soybean meal, the outcome of the Canada - China trade negotiation, and the anti - dumping ruling on Canadian rapeseed [8]. Summary by Section 1. Weekly Prompt - The current situation of rapeseed meal is neutral. The basis is bullish as the spot price is at a premium to the futures. The inventory is bullish with zero tons and a 100% year - on - year decrease. The price on the disk is bullish as it is above the 20 - day moving average and rising. The main positions are bullish with an increase in long positions and capital inflow. Overall, it is expected to maintain an oscillatory pattern [8]. 2. Recent News - Domestic aquaculture has entered the off - season, leading to a tightening supply expectation in the spot market and a decrease in demand. The anti - dumping investigation on Canadian rapeseed has been initially ruled in favor, and import margins are being levied. Global rapeseed production has increased, but the Canada - China trade issue has affected the short - term supply in China [10]. 3. Bullish and Bearish Factors - Bullish factors include the initial anti - dumping ruling on Canadian rapeseed, zero rapeseed meal inventory, and the increase in main long positions. Bearish factors are the off - season of domestic aquaculture and the uncertainty of the final anti - dumping ruling on Canadian rapeseed [8][11]. 4. Fundamental Data - The rapeseed supply - demand balance shows changes in harvest area, production, and inventory over the years. The rapeseed meal supply - demand balance also shows trends in production, demand, and inventory. In December, the arrival of imported rapeseed has increased slightly, and the oil mill's rapeseed inventory and rapeseed meal inventory are at low levels. Aquatic product prices are mixed, with fish prices slightly falling and shrimp and shellfish prices stable [16][18][19]. 5. Position Data - The main long positions in rapeseed meal have increased, and capital has flowed in [8]. 6. Technical Analysis - Rapeseed meal has rebounded due to low - level buying. Technical indicators such as KDJ and MACD show short - term rebounds, but the upward space is limited. The mid - term is expected to maintain an oscillatory pattern, and the future trend depends on policies and the movement of soybean meal [42]. 7. Next Week's Focus - The most important factors are the growth and harvest weather in South American soybean - producing areas, Canadian rapeseed exports, and China's imports and oil mill operations. Secondary factors include domestic soybean meal and aquaculture demand, as well as oil mill rapeseed meal inventory and downstream procurement. Macro factors and the Israel - Palestine conflict are also to be considered [45].

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Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The rapeseed meal market is in a state of shock and decline, influenced by soybean meal trends and technical shock adjustments. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The spot demand peak season has passed, but low inventory supports the market. Due to the uncertainty of China - Canada trade negotiations, the market will maintain a range - bound shock in the short term, mainly affected by soybean meal [8]. - The short - term trading strategy for rapeseed meal futures is to be shock - biased strong. The RM2605 contract will fluctuate between 2300 and 2500 in the short term, and it is recommended to conduct short - term operations or wait and see. For options, sell out - of - the - money put options [12]. Summary by Directory 1. Weekly Prompt - Not provided in the content 2. Recent News - Domestic aquaculture has entered the off - season after the long holiday. The spot market supply is expected to be tight in the short term, and the decreasing demand suppresses the market expectation. Canadian rapeseed has entered the harvesting stage, but China - Canada trade issues have reduced short - term exports and the domestic supply expectation [10]. - 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, and it depends on the further development of China - Canada trade relations [10]. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected [10]. - The Russia - Ukraine conflict continues. The decrease in Ukrainian rapeseed production and the increase in Russian rapeseed production offset each other. There is still a possibility of an increase in global geopolitical conflicts, which supports commodities [10]. 3. Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of oil mills' rapeseed meal [11]. - Bearish factors: The concentrated listing of domestic rapeseed and the uncertainty of the final result of China's anti - dumping investigation on Canadian rapeseed imports, with a small probability of reconciliation [11]. - Current main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [11]. 4. Fundamental Data - Rapeseed supply and demand balance sheet: From 2014 to 2023, the harvest area, output, and total supply of rapeseed in China have shown certain fluctuations, and the inventory - to - consumption ratio also varies year by year [15]. - Rapeseed meal supply and demand balance sheet: From 2014 to 2023, the production, total supply, and demand of rapeseed meal in China have changed, and the inventory - to - consumption ratio has also fluctuated [17]. - Imported rapeseed: There is no ship arrival forecast in November, and the import cost is affected by tariffs [18]. - Oil mills: The rapeseed crushing volume remains at zero, the rapeseed inventory is at a low level, and the rapeseed meal inventory is also low [20][22]. - Aquaculture: The prices of aquatic fish have slightly declined, while the prices of shrimps and shellfish have remained stable [30]. 5. Position Data - Not provided in the content 6. Technical Analysis - Rapeseed meal is driven by soybean meal to decline in shock. The China - Canada trade relationship is still uncertain, and the short - term market has returned to shock. The KDJ and MACD indicators are declining in shock, and the short - term market is in a technical shock adjustment stage. Whether it will continue to decline or rebound depends on the rapeseed import policy and soybean meal trends [41]. 7. Next Week's Concerns - Most important: The harvesting weather conditions in the US soybean - producing areas, the export of Canadian rapeseed and domestic crushing demand, and the arrival and operation of imported soybeans and rapeseed in China [43]. - Second most important: The domestic demand for soybean meal and aquaculture, and the inventory of rapeseed meal in domestic oil mills and downstream procurement [43]. - Third most important: Macroeconomic factors and the Israel - Palestine conflict [43].