1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Rapeseed meal RM2605 is expected to oscillate between 2440 and 2500. The market is affected by factors such as the trend of soybean meal, the improvement of China - Canada trade relations, and the seasonal demand of rapeseed meal. After the digestion of overall negative factors, it will maintain an oscillating pattern [9]. 3. Summary According to the Directory 3.1 Daily Hints - Rapeseed meal RM2605 oscillates between 2440 and 2500. The fundamentals are affected by soybean meal trends, China - Canada trade relations, and seasonal demand. The basis shows a premium, the inventory is at a low level, the price is above the 20 - day moving average, and the main - force long positions are decreasing with capital outflow. The overall situation is expected to maintain an oscillating pattern after the digestion of negative factors [9]. 3.2 Recent News - Domestic aquaculture has entered the seasonal off - season, with short - term supply remaining tight and demand suppressing the market. The export of Canadian rapeseed to China has returned to normal, and the import volume is gradually increasing. The visit of the Canadian Prime Minister to China has improved China - Canada trade relations, and tariffs are being gradually removed. Global rapeseed production is increasing this year, especially in Canada. The Russia - Ukraine conflict continues, and the Middle East situation is tense, which may support commodities [11]. 3.3 Bullish and Bearish Concerns - Bullish factors: Good demand expectation for rapeseed meal after the Spring Festival in China and no pressure on oil mill rapeseed meal inventory. Bearish factors: Short - term off - season for domestic rapeseed meal demand and the resumption of rapeseed imports from Canada. The current main logic is the focus on domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [12]. 3.4 Fundamental Data - **Trading Data**: From March 3rd to 11th, the trading volume and average price of soybean meal and rapeseed meal fluctuated, and the price difference between soybean and rapeseed meal also changed. For example, on March 11th, the average trading price of soybean meal was 3390, the trading volume was 39.9 million tons, the average trading price of rapeseed meal was 2490, and the price difference between soybean and rapeseed meal was 900 [13]. - **Price Data**: From March 4th to 11th, the prices of rapeseed meal futures (main contract 2605 and far - month contract 2609) and spot prices (in Fujian) changed. For example, on March 11th, the price of the main contract 2605 was 2480, the far - month contract 2609 was 2470, and the spot price was 2490 [15]. - **Warehouse Receipt Data**: From March 3rd to 11th, the rapeseed meal warehouse receipts changed. For example, on March 10th, the warehouse receipts increased by 900 to 2311 [17]. - **Supply - Demand Balance Sheet**: The supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2016 to 2025 show the changes in harvest area, output, inventory, and other indicators over the years [19][21]. 3.5 Position Data - No information provided 3.6 Rapeseed Meal Views and Strategies - Rapeseed meal RM2605 is expected to oscillate between 2440 and 2500. The market is affected by multiple factors, and attention should be paid to the development of China - Canada trade relations [9].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Near - term supply of soybean meal still has a certain gap, but the probability of an extreme shortage situation like last year is relatively small. Near - term soybean meal is expected to fluctuate and strengthen, while long - term contracts have strengthened slightly due to the accelerated implementation of the US biofuel policy. The US biofuel policy may weaken the surplus of US soybeans to some extent, but it cannot provide long - term upward momentum, and the pressure from the bumper harvest of South American soybeans remains high. It is recommended that those with large spot positions consider using price fluctuations to wash the basis, and view the futures market as a wide - range oscillation [2] - The approaching implementation of the US biofuel policy is still the biggest supporting factor for the oil market. In the context of the continuous strengthening of the oil sector, attention should also be paid to the arrival of Canadian rapeseed to ease the supply tension. The oil market will maintain an upward trend before the implementation of the US biofuel policy, but caution should be exercised regarding the upside potential, and the difference between the implementation of the US biofuel policy and expectations will determine the subsequent trend [2] Summary by Related Content Soybean Meal - ANEC estimates that Brazil's soybean exports in January 2026 were 3.23 million tons, an 188% increase from 1.12 million tons in the same period last year, setting a record high for the same period. It is expected that Brazil's soybean exports in 2026 will reach a record 112 million tons. In 2025, Brazil's annual soybean exports were 108.73 million tons, an 11.8% increase from 97.29 million tons in 2024, also exceeding the previous historical peak of 101.3 million tons in 2023 [1] - Mysteel's agricultural product team estimates that in February 2026, the arrival of soybeans at domestic full - sample oil mills will be 77 ships, totaling about 5.005 million tons (with a ship weight of 65,000 tons this month), and this month's arrivals include some reserve rotation soybeans. In addition, based on shipping schedules and preliminary surveys, it is estimated that 4.8 million tons will arrive in March 2026 and 9.5 million tons in April [1] Oils - Informed sources revealed that Chinese crushers have ordered Canadian rapeseed to be shipped in the next few months, and importers have also ordered some rapeseed meal to be shipped from April to June. Traders said that after the tariff reduction, there is a profit of more than $40 per ton of Canadian rapeseed crushed. If the profit remains at this level, China will import more Canadian rapeseed [2] - Former US President Trump stated at a rally in Iowa that he supports legislation aimed at expanding the sales of E15 ethanol gasoline to win the support of key voter groups [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Rapeseed meal RM2509 is expected to oscillate within the range of 2660 - 2720. It is influenced by soybean meal trends and technical consolidation. Low oil - mill operation and low inventory support the market. Spot demand is in the short - term peak season, and although the arrival of imported rapeseed increases, there is no short - term pressure on oil - mill inventory. The short - term outlook is for range - bound movement. China's tariff increase on Canadian oil residue cakes is a short - term positive, but the lack of a tariff on rapeseed limits the upside potential [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2509 is in a 2660 - 2720 range - bound state. The market is affected by soybean meal trends, technical consolidation, low oil - mill operation, and low inventory. Spot demand is in a short - term peak season, and the impact of China's tariff on Canadian oil residue cakes is limited [9]. 3.2 Recent News - Domestic aquaculture has entered the peak season, and the listing of domestic rapeseed has improved the supply outlook. The demand side maintains a good outlook. Canadian rapeseed annual production has slightly decreased, supporting the foreign futures market. China has imposed tariffs on Canadian rapeseed oil and oil residue cakes, and the anti - dumping investigation on Canadian rapeseed imports is ongoing. Global rapeseed production has slightly decreased this year, mainly due to reduced EU production and lower - than - expected Canadian production. The Russia - Ukraine conflict continues, with the impact of Ukrainian production cuts and Russian production increases offsetting each other, and geopolitical conflicts may support commodity prices [11]. 3.3 Bullish and Bearish Factors - **Bullish**: China's tariff increase on Canadian rapeseed oil and oil residue cakes; low pressure on oil - mill rapeseed meal inventory [12]. - **Bearish**: The listing of domestic rapeseed in June; the uncertainty of China's anti - dumping investigation on Canadian rapeseed imports and the seasonal off - peak demand for rapeseed meal [13]. - **Main Logic**: The market focuses on domestic aquaculture demand and the expected tariff war on Canadian rapeseed [13]. 3.4 Fundamental Data - **Spot and Futures Prices**: The spot price of rapeseed meal is 2600, with a basis of - 75, indicating a discount to the futures. The futures price is in a range - bound state, and the spot price fluctuates accordingly, with the high - level discount narrowing [9][20]. - **Inventory**: Rapeseed meal inventory is 19,000 tons, up 25.83% week - on - week from 15,100 tons last week and down 44.12% year - on - year from 34,000 tons last year [9]. - **Supply and Demand Balance Sheets**: The report provides domestic rapeseed and rapeseed meal supply - demand balance sheets from 2014 - 2023, showing changes in harvest area, production, consumption, and inventory over the years [25][26]. 3.5 Position Data - The main short positions have increased, and funds have flowed out [9]. 3.6 Rapeseed Meal Views and Strategies - Rapeseed meal is expected to experience short - term fluctuations within the 2660 - 2720 range, affected by factors such as low imported rapeseed inventory, China's tariff on Canadian oil residue cakes, and soybean meal trends [9].