11月27日，菜籽粕期货呈现震荡上行走势，主力合约现报2469.00元/吨，涨幅1.31%。 11月26日，菜粕前20名期货公司（全月份合约加总）多单持仓43.94万手，空单持仓44.95万手，多空比 0.98。净持仓为-1.01万手，相较上日增加2966手。 机构观点 国投安信期货：外盘菜籽价格有所企稳，欧洲菜籽与美豆的上涨提振了加菜籽。加拿大统计局公布10月 压榨数据，环比增长1.9%至102.6万吨，压榨需求高涨，但出口需求的颓势仍难言逆转，加籽出口的替 代市场预计难寻求。国内焦点在于澳大利亚菜籽，进口存在利润，澳籽的商业买兴预计增多，关注后续 沿海油厂菜籽库存与压榨变化。综合来看，菜系板块短期驱动不明显，单边策略建议以观望为主。 光大期货：菜粕继续消化库存，供应紧张加剧，上游惜售挺价微增。澳洲菜籽到港，市场关注通过进程 以及相关企业对外报价情况。策略上，卖虚值看涨期权。 【消息面汇总】 据调研数据显示/统计：截至第47周，华南地区进口菜籽粕库存为23万吨，较上周增加0.70万吨。出库 数为0.50万吨，入库0.20万吨；华东进口菜籽粕库存22.66万吨，较上周减少0.30万吨；华北进口菜籽粕 库存4. ...

Core Viewpoint - The futures market for rapeseed meal has experienced significant fluctuations, with a recent peak at 2497.00 CNY and a current price of 2491.00 CNY, reflecting a 4.23% increase [1] Group 1: Market Performance - The main contract for rapeseed meal futures saw a rapid increase, reaching a high of 2497.00 CNY before settling at 2491.00 CNY, indicating a strong upward trend [1] - The futures market is currently characterized by volatility, with institutions providing mixed evaluations on future price movements [2][3] Group 2: Institutional Insights - Ningzheng Futures suggests a low-long strategy for rapeseed meal, citing a rigid supply shortage and low inventory levels at coastal oil mills, which reduces the risk of price declines [2] - Nanhua Futures notes that while the rapeseed meal market shows slightly stronger performance, it advises against aggressive buying, highlighting a lack of effective demand growth [2] - Dayue Futures indicates a potential trading range for rapeseed meal RM2601 between 2400 and 2460 CNY, influenced by ongoing trade relations between China and Canada [3]