1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The rapeseed meal market is in a situation of weak supply and demand. Supply - side pressure is small due to limited imports and widespread oil - mill shutdowns, but demand is weakening as aquaculture demand declines and soybean supply is relatively abundant. The price of rapeseed meal has slightly declined recently, and future attention should be paid to Sino - Canadian trade policies [2]. - The rapeseed oil market will continue the de - stocking mode, which supports its price. However, the demand for rapeseed oil remains mainly at the basic level due to the abundant supply and good substitution advantage of soybean oil. Recently, the futures price of rapeseed oil has strengthened significantly, and short - term trading is recommended [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - Futures closing prices: The closing price of the active contract of rapeseed oil is 9975 yuan/ton, up 135 yuan; that of rapeseed meal is 2492 yuan/ton, down 2 yuan; ICE rapeseed is 646.6 Canadian dollars/ton, up 4.1 Canadian dollars; and rapeseed is 5116 yuan/ton, down 4 yuan [2]. - Month - to - month spreads: The 1 - 5 month - to - month spread of rapeseed oil is 491 yuan/ton, up 41 yuan; that of rapeseed meal is 63 yuan/ton, up 1 yuan [2]. - Main contract positions: The main contract position of rapeseed oil is 237907 lots, up 15923 lots; that of rapeseed meal is 479461 lots, up 10597 lots [2]. - Net long positions of the top 20 futures holders: The net long position of rapeseed oil is 5630 lots, up 3174 lots; that of rapeseed meal is 33514 lots, down 2339 lots [2]. - Warehouse receipt quantities: The warehouse receipt quantity of rapeseed oil is 5323 sheets, down 50 sheets; that of rapeseed meal is 2745 sheets, unchanged [2]. 3.2 Spot Market - Spot prices: The spot price of rapeseed oil in Jiangsu is 10260 yuan/ton, up 150 yuan; that of rapeseed meal in Nantong is 2500 yuan/ton, unchanged; that of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton, unchanged; that of fourth - grade soybean oil in Nanjing is 8550 yuan/ton, unchanged; that of 24 - degree palm oil in Guangdong is 8570 yuan/ton, down 50 yuan; and that of soybean meal in Zhangjiagang is 3050 yuan/ton, unchanged [2]. - Average prices: The average price of rapeseed oil is 10353.75 yuan/ton, up 126.25 yuan; the import cost price of imported rapeseed is 7971.47 yuan/ton, up 15.44 yuan [2]. - Basis: The basis of the main rapeseed oil contract is 285 yuan/ton, up 15 yuan; that of the main rapeseed meal contract is 8 yuan/ton, up 2 yuan [2]. - Price spreads: The spot price spread between rapeseed oil and soybean oil is 1710 yuan/ton, up 150 yuan; that between rapeseed oil and palm oil is 1690 yuan/ton, up 200 yuan; and that between soybean meal and rapeseed meal is 550 yuan/ton, unchanged [2]. 3.3 Upstream Situation - Production: The global rapeseed production forecast for the year is 90.96 million tons, up 1.38 million tons; the annual forecast production of rapeseed is 13446 thousand tons, up 1068 thousand tons [2]. - Imports: The total rapeseed import volume for the month is 11.53 tons, down 13.13 tons; the import volume of rapeseed oil and mustard oil for the month is 16 tons, up 2 tons; and the import volume of rapeseed meal for the month is 15.77 tons, down 5.57 tons [2]. - Inventory and开机 rate: The total inventory of rapeseed in oil mills is 0.5 tons, down 0.5 tons; the weekly开机 rate of imported rapeseed is 0%, down 1.6 percentage points [2]. 3.4 Industry Situation - Inventory: The coastal rapeseed oil inventory is 2.6 tons, down 1.2 tons; the coastal rapeseed meal inventory is 0.5 tons, down 0.21 tons; the rapeseed oil inventory in East China is 42.42 tons, down 5.38 tons; the rapeseed meal inventory in East China is 25.45 tons, down 0.6 tons; the rapeseed oil inventory in Guangxi is 1.8 tons, down 0.6 tons; and the rapeseed meal inventory in South China is 20.8 tons, up 0.1 tons [2]. -提货量: The weekly提货量 of rapeseed oil is 1.31 tons, down 0.53 tons; that of rapeseed meal is 0.2 tons, down 0.19 tons [2]. 3.5 Downstream Situation - Production: The monthly production of feed is 3128.7 tons, up 201.5 tons; the monthly production of edible vegetable oil is 495 tons, up 44.4 tons [2]. - Consumption: The monthly total retail sales of social consumer goods for catering is 4508.6 billion yuan, up 12.9 billion yuan [2]. 3.6 Option Market - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal is 20.6%, down 0.34 percentage points; that of at - the - money put options for rapeseed meal is 20.6%, down 0.34 percentage points; the implied volatility of at - the - money call options for rapeseed oil is 12.47%, down 1.49 percentage points; and that of at - the - money put options for rapeseed oil is 12.47%, down 1.5 percentage points [2]. - Historical volatility: The 20 - day historical volatility of rapeseed meal is 24.18%, up 0.08 percentage points; the 60 - day historical volatility of rapeseed meal is 24.97%, down 1.51 percentage points; the 20 - day historical volatility of rapeseed oil is 14.38%, up 0.23 percentage points; and the 60 - day historical volatility of rapeseed oil is 15.25%, down 0.62 percentage points [2]. 3.7 Industry News - On November 12, 2025, ICE rapeseed futures closed slightly higher, with the January contract up 1.90 Canadian dollars to 647.40 Canadian dollars per ton [2]. - Analysts expect the USDA to lower the U.S. soybean yield forecast from 53.5 bushels per acre in September to 53.1 bushels per acre, which supports the U.S. soybean market and benefits the domestic meal market through cost transmission. However, the recent rise of U.S. soybeans has slowed down [2]. - Sino - Canadian trade negotiations have not made a breakthrough on rapeseed tariffs, restricting the import of Canadian rapeseed and rapeseed meal in the near term [2]. 3.8 Rapeseed Meal Viewpoint Summary - The rapeseed meal market is in a situation of weak supply and demand. Supply is restricted by trade policies and oil - mill shutdowns, while demand is weakened by the decline of aquaculture demand and the substitution of soybean meal. The price of rapeseed meal has slightly declined recently, and future attention should be paid to Sino - Canadian trade policies [2]. 3.9 Rapeseed Oil Viewpoint Summary - The rapeseed oil market will continue the de - stocking mode, which supports its price. However, the demand for rapeseed oil remains mainly at the basic level due to the substitution of soybean oil. Recently, the futures price of rapeseed oil has strengthened significantly, and short - term trading is recommended [2].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - For rapeseed meal, the USDA report is generally bearish, but domestically, near - month rapeseed arrivals are low, reducing supply pressure, and aquaculture season boosts demand. However, soybean meal substitution and potential increase in domestic imported soybean supply suppress the market. Today, rapeseed meal saw increased positions and price decline, so short - term participation is recommended [2]. - For rapeseed oil, Canada's 2025/26 rapeseed production is up, which exerts pressure on prices. Domestically, terminal consumption boost is limited, and the supply - demand is loose. But low oil mill operating rates and fewer near - month rapeseed purchases ease supply pressure. Affected by the decline of soybean and palm oil, rapeseed oil's upward trend has slowed [2][3][5]. Summary by Directory Futures Market - Futures closing prices: Rapeseed oil's active contract closed at 9999 yuan/ton, down 54 yuan; rapeseed meal's active contract closed at 2460 yuan/ton, down 58 yuan. ICE rapeseed's active contract closed at 640.5 Canadian dollars/ton, up 7.7 Canadian dollars; rapeseed's active contract closed at 5264 yuan/ton, down 66 yuan [2]. - Month - to - month spreads: Rapeseed oil's 1 - 5 spread was 466 yuan/ton, down 1 yuan; rapeseed meal's 1 - 5 spread was 99 yuan/ton, down 22 yuan [2]. - Main contract positions: Rapeseed oil's main contract positions were 336743 lots, up 3703 lots; rapeseed meal's were 399317 lots, up 22735 lots [2]. - Top 20 futures positions: Rapeseed oil's net long positions were 22886 lots, down 3903 lots; rapeseed meal's were - 41680 lots, down 27612 lots [2]. - Warehouse receipts: Rapeseed oil had 8202 warehouse receipts, unchanged; rapeseed meal had 10104, down 110 [2]. Spot Market - Spot prices: Rapeseed oil in Jiangsu was 10060 yuan/ton, up 120 yuan; rapeseed meal in Nantong was 2570 yuan/ton, down 50 yuan. Rapeseed in Yancheng, Jiangsu was 5700 yuan/ton, unchanged [2]. - Average prices: Rapeseed oil's average price was 10125 yuan/ton, up 120 yuan. Imported rapeseed's import cost was 7996.89 yuan/ton, up 97.04 yuan [2]. - Basis: Rapeseed oil's main contract basis was 7 yuan/ton, down 33 yuan; rapeseed meal's was 110 yuan/ton, up 8 yuan [2]. - Substitute product prices: Fourth - grade soybean oil in Nanjing was 8680 yuan/ton, up 30 yuan; 24 - degree palm oil in Guangdong was 9450 yuan/ton, up 50 yuan; soybean meal in Zhangjiagang was 2980 yuan/ton, down 50 yuan [2]. - Price differences: Rapeseed - soybean oil spot price difference was 1410 yuan/ton, up 70 yuan; rapeseed - palm oil was 660 yuan/ton, up 40 yuan; soybean - rapeseed meal was 410 yuan/ton, unchanged [2]. Upstream Situation - Global production: Global rapeseed production forecast for the year was 89.77 million tons, up 0.21 million tons; annual rapeseed production forecast was 12378 thousand tons, unchanged [2]. - Import volume: Total rapeseed import volume for the month was 17.6 tons, down 0.85 tons; rapeseed oil and mustard oil import volume for the month was 15 tons, up 4 tons; rapeseed meal import volume for the month was 27.03 tons, up 7.56 tons [2]. - Inventory and operating rate: Total rapeseed inventory in oil mills was 10 tons, unchanged; imported rapeseed weekly operating rate was 12.79%, down 0.27% [2]. - Pressing profit: Imported rapeseed's on - disk pressing profit was 866 yuan/ton, up 103 yuan [2]. Industry Situation - Inventory: Coastal rapeseed oil inventory was 8.65 tons, down 1.05 tons; coastal rapeseed meal inventory was 1.75 tons, down 0.05 tons. East China rapeseed oil inventory was 52.12 tons, down 1.08 tons; East China rapeseed meal inventory was 30 tons, down 1.51 tons. Guangxi rapeseed oil inventory was 4.1 tons, down 0.45 tons; South China rapeseed meal inventory was 20 tons, down 1.3 tons [2]. -提货量: Rapeseed oil's weekly提货量 was 4.33 tons, up 1.3 tons; rapeseed meal's was 3.57 tons, up 0.83 tons [2]. Downstream Situation - Production: Feed production for the month was 2827.3 tons, down 110.4 tons; edible vegetable oil production for the month was 476.9 tons [2]. - Consumption: Social consumer goods retail sales for catering revenue for the month was 4504.1 billion yuan, down 203.5 billion yuan [2]. Option Market - Implied volatility: Rapeseed meal's at - the - money call option implied volatility was 17.57%, down 0.91%; put option was 17.56%, down 0.92%. Rapeseed oil's at - the - money call and put option implied volatility was 14.25%, up 1.76% [2]. - Historical volatility: Rapeseed meal's 20 - day historical volatility was 15.96%, up 0.01%; 60 - day was 22.2%, up 0.01%. Rapeseed oil's 20 - day historical volatility was 7.91%, up 0.42%; 60 - day was 12.74%, down 0.48% [2]. Industry News - On Tuesday, ICE Canadian rapeseed futures closed higher, with the benchmark contract up 1.34% supported by the strength of Chicago soybean and soybean oil futures. Futures prices rose 4.9 - 8.5 Canadian dollars, with the November contract up 8.5 Canadian dollars to 640.8 Canadian dollars/ton [2]. Rapeseed Meal Viewpoint Summary - The USDA report shows that the estimated US soybean yield per acre in 2025/26 is 53.5 bushels, lower than last month's estimate but higher than analysts' average expectation. Production and ending stocks are both up, making the report bearish. Domestically, near - month rapeseed arrivals are low, and aquaculture boosts demand, but soybean meal substitution and potential increase in imported soybean supply suppress the market. The rapeseed meal price declined with increased positions today [2]. Rapeseed Oil Viewpoint Summary - The USDA report shows that Canada's 2025/26 rapeseed production is up 750 thousand tons to 20 million tons, exports are down 900 thousand tons, domestic use is up 500 thousand tons, and ending stocks are up 1.34 million tons. Domestically, terminal consumption boost is limited, and supply - demand is loose, but low operating rates and fewer near - month purchases ease supply pressure. Rapeseed oil's upward trend slowed due to the decline of soybean and palm oil [2][3][5]. Key Points of Concern - Monitor the rapeseed operating rate and rapeseed oil and meal inventory in various regions from myagric.com on Monday, as well as the development of China - Canada and China - US trade policies [3]