Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The rapeseed meal market is affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed and rumors of tariff reduction between China and Canada, and has returned to a short - term oscillatory pattern. The market will focus on subsequent developments [8]. Summary by Directory 1. Weekly Prompt - Rapeseed meal's fundamentals are neutral; the basis is bullish; inventory is bullish; the disk is bearish; the main position is bearish; and the short - term outlook is to return to an oscillatory pattern [8]. 2. Recent News - Domestic aquaculture is in its peak season, and the supply of the domestic rapeseed spot market is expected to improve. The anti - dumping investigation on Canadian rapeseed has a preliminary ruling, but the final result is uncertain. Global rapeseed production is increasing, and geopolitical conflicts support commodities [10]. 3. Bullish and Bearish Factors - Bullish factors include the preliminary anti - dumping determination on Canadian rapeseed and low inventory pressure on oil mills. Bearish factors are the concentrated listing of domestic rapeseed and the uncertainty of the final anti - dumping result [11]. 4. Fundamental Data - The supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 - 2023 are provided. The import volume of rapeseed in September is stable, the cost is affected by tariffs, the oil mill's rapeseed inventory is falling, and the rapeseed meal inventory is slightly decreasing. Aquatic product prices are showing different trends [15][17][30]. 5. Position Data - The main short positions in rapeseed meal are increasing, and funds are flowing out [8]. 6. Technical Analysis - Rapeseed meal is in a short - term oscillatory pattern. Technical indicators such as KDJ and MACD show that the short - term trend is oscillatory, and the future trend depends on policies and the influence of soybean meal [41]. 7. Next Week's Focus - Key points include the planting weather in US soybean - producing areas, Canadian rapeseed exports, domestic crushing demand, and the arrival and operation of imported soybeans and rapeseed in China [44].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The rapeseed meal market is currently in a short - term strong and volatile pattern. It is mainly influenced by the preliminary anti - dumping ruling on Canadian rapeseed and the addition of margin requirements. The short - term range for RM2601 is expected to be between 2640 and 2688 [8]. - The market is focusing on domestic aquaculture demand and the expected tariff war on Canadian rapeseed [11]. 3. Summary by Directory 3.1 Daily Hints No information provided. 3.2 Recent News - Domestic aquaculture is in the peak season, and the listing of domestic rapeseed has improved the tight supply expectation in the spot market, while demand maintains a good outlook [10]. - China's preliminary anti - dumping investigation on Canadian rapeseed imports is established, and a 75.8% import margin is imposed. The final result is still uncertain [10]. - Global rapeseed production has slightly decreased this year, mainly due to reduced production in the EU and lower - than - expected production in Canada [10]. - The Russia - Ukraine conflict continues, and there is still a possibility of an increase in global geopolitical conflicts, which supports commodities [10]. 3.3 Long and Short Concerns - **Likely to be Bullish**: China's preliminary anti - dumping determination and the imposition of import margins on Canadian rapeseed; low inventory pressure on rapeseed meal in oil mills [11]. - **Likely to be Bearish**: The concentrated listing of domestic rapeseed in June; the final anti - dumping result on Canadian rapeseed imports is still uncertain, with a small probability of reconciliation [11]. 3.4 Fundamental Data - **Supply and Demand Balance Sheets**: Data on domestic rapeseed and rapeseed meal supply and demand balance sheets from 2014 - 2023 are provided, including information on harvest area, inventory, production, consumption, etc. [23][24]. - **Price and Transaction Data**: From July 31 to August 11, data on the average transaction price, trading volume of soybean meal and rapeseed meal, and the average price difference between soybean and rapeseed meal are presented. Also, from August 4 to August 12, data on rapeseed meal futures, spot prices, and warehouse receipts are provided [12][14][15]. 3.5 Position Data - The main short positions in rapeseed meal have increased, and funds have flowed out [8].

1. Report Industry Investment Rating - The report gives a neutral rating to rapeseed meal [8]. 2. Core Viewpoints of the Report - Rapeseed meal is affected by factors such as low - level import rapeseed inventory and China's additional tariff on Canadian oil residue cakes, causing it to rise and then fall. Driven by soybean meal, the price of rapeseed meal will return to range - bound trading in the short term [8]. - The short - term supply and demand of rapeseed meal are both strong. Affected by the low - level inventory of imported rapeseed and the additional tariff on Canadian oil residue cakes, the price may fluctuate within a range [8]. 3. Summary According to the Directory 3.1 Weekly Hints - Fundamentally, rapeseed meal is expected to be range - bound in the short term. The additional tariff on Canadian oil residue cakes is a short - term positive, but the non - imposition of tariffs on rapeseed imports limits the positive impact. The basis shows a discount to futures, the inventory has increased week - on - week but decreased year - on - year, the price is above the 20 - day moving average, the main short positions have increased, and the price is expected to return to range - bound trading [8]. 3.2 Recent News - Domestic aquaculture has entered the peak season, and the listing of domestic rapeseed has improved the tight supply expectation in the spot market. The annual output of Canadian rapeseed has decreased slightly, and China's additional tariffs on Canadian rapeseed oil and oil residue cakes, along with the ongoing anti - dumping investigation on Canadian rapeseed imports, have uncertain future results. The global rapeseed output has decreased slightly, and the geopolitical conflict still has the possibility of rising, which supports commodities [10]. 3.3 Long and Short Concerns - Positive factors include China's additional tariff on Canadian rapeseed oil and oil residue cakes and the low inventory pressure of oil mills. Negative factors include the concentrated listing of domestic rapeseed in June and the uncertainty of the anti - dumping investigation on Canadian rapeseed imports. The current main logic is the focus on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [11]. 3.4 Fundamental Data - The import volume of rapeseed in August was lower than expected, and the import cost fluctuated slightly. The rapeseed inventory of oil mills has fallen to a low level, the rapeseed meal inventory remains low, and the rapeseed crushing volume has increased slightly. Aquatic product prices have small fluctuations, and the rapeseed meal price has rebounded with the main contract changing months and the spot changing from discount to premium. The spot price difference between soybean meal and rapeseed meal has small fluctuations [19][21][33]. - The supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 to 2023 are provided, showing changes in harvest area, inventory, output, supply, demand, etc. [16][18]. 3.5 Position Data - The main short positions of rapeseed meal have increased, and funds have flowed in [8]. 3.6 Technical Analysis - Rapeseed meal has rebounded and is expected to return to range - bound trading in the short and medium term. The KDJ indicator is oscillating at a high level, and the MACD is rebounding with short - term strong operation. Overall, rapeseed meal is expected to be strongly range - bound in the short term, and the subsequent trend depends on policies and soybean meal [42]. 3.7 Next Week's Concerns - The most important concerns are the planting weather in 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. Secondary concerns include domestic soybean meal and aquaculture demand, as well as the inventory of rapeseed meal in oil mills and downstream procurement. Other concerns include macro factors and the Israel - Palestine conflict [45][46].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Rapeseed meal RM2601 is expected to oscillate within the range of 2440 - 2500. The short - term demand is good, and technical buying supports the market. The low opening rate of rapeseed meal oil mills and low inventory support the price. However, the increase in the arrival of imported rapeseed and the lack of clarity on the anti - dumping investigation of Canadian rapeseed imports limit the upside potential. The price is likely to return to range - bound trading in the short term, affected by the low inventory of imported rapeseed and the tariff increase on Canadian oil residue cakes [9]. Summary by Directory 1. Daily Prompt - Not provided in the given content 2. Recent News - Domestic aquaculture has entered the peak season. The listing of domestic rapeseed has improved the expectation of tight supply in the spot market, and the demand side maintains a good expectation. - The annual output of Canadian rapeseed has decreased slightly, supporting the overseas futures market. China has imposed additional tariffs on Canadian rapeseed oil and oil residue cakes, and the anti - dumping investigation of Canadian rapeseed imports is still ongoing, with the future result uncertain. - Global rapeseed production has decreased slightly this year, mainly due to the decrease in EU rapeseed production and lower - than - expected production in Canada. - 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 escalation of global geopolitical conflicts, which provides support for commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: China's additional tariffs on Canadian rapeseed oil and oil residue cakes; low inventory pressure of rapeseed meal in oil mills. - Bearish factors: The concentrated listing of domestic rapeseed in June; the uncertainty of the anti - dumping investigation of Canadian rapeseed imports and the seasonal off - peak demand for rapeseed meal. - Current main logic: The market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [12]. 4. Fundamental Data - **Supply and demand balance sheets**: Domestic rapeseed and rapeseed meal supply and demand balance sheets from 2014 - 2023 are provided, including data on harvest area, output, supply, demand, inventory, and inventory - to - consumption ratio [24][25]. - **Price and trading volume**: The trading average price, trading volume, and price difference of soybean meal and rapeseed meal from July 30 to August 8 are presented. The futures and spot prices of rapeseed meal from July 31 to August 8 are also provided, including the prices of the near - month contract 2509, the main contract 2601, and the spot price in Fujian [13][15]. - **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 compared to 34,000 tons in the same period last year. The rapeseed meal warehouse receipts increased from 0 on July 30 to 9063 on August 8 [9][16]. - **Aquatic product data**: Information on Chinese aquatic product and fish production, shellfish and shrimp - crab production, and OECD's forecast of Chinese fish production and imports is provided. Aquatic fish prices fluctuate slightly, while shrimp and shellfish prices remain stable [32][34][36]. 5. Position Data - The main short positions of rapeseed meal have increased, and funds have flowed in [9]. 6. Rapeseed Meal Views and Strategies - **Fundamentals**: Rapeseed meal is oscillating and rising. Good demand and technical buying support the market. The low opening rate of oil mills and low inventory support the price. The short - term demand for rapeseed meal spot has entered the peak season. Although the arrival of imported rapeseed has increased, the short - term inventory pressure of oil mills is not significant. The price is likely to remain range - bound in the short term. China's additional tariffs on Canadian oil residue cakes are bullish for rapeseed meal in the short term, but the bullish effect may be limited as no additional tariffs have been imposed on rapeseed imports. The overall view is neutral. - **Basis**: The spot price is 2660, and the basis is - 113, indicating a discount to the futures price, which is bearish. - **Inventory**: The inventory situation is bullish as described above. - **Market trend**: The price is above the 20 - day moving average and moving upwards, which is bullish. - **Main positions**: The increase in main short positions and the inflow of funds are bearish. - **Expectation**: In the short term, rapeseed meal prices may rise and then fall due to the low inventory of imported rapeseed and China's additional tariffs on Canadian oil residue cakes. Coupled with the influence of soybean meal, the price is likely to return to range - bound trading [9].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The rapeseed meal RM2509 is expected to oscillate within the range of 2720 - 2780. The market is influenced by factors such as good demand, low oil - mill开机 rate, and low inventory, but the impact of the tariff on Canadian oil residue cakes is limited as no tariff is imposed on rapeseed imports. The price is likely to return to the range - bound oscillation in the short term due to the low inventory of imported rapeseed and the tariff situation, along with the influence of soybean meal [9]. 3. Summary According to the Table of Contents 3.1 Daily Tips - Rapeseed meal RM2509 is expected to oscillate between 2720 and 2780. The fundamentals show that demand is good, oil - mill开机 is low, and inventory is low, supporting the market. The spot demand is in the short - term peak season, and although the arrival of imported rapeseed increases, the oil - mill inventory has no short - term pressure. The tariff on Canadian oil residue cakes is a short - term positive factor, but its impact is limited. The basis is negative, the inventory has increased week - on - week but decreased year - on - year, the price is above the 20 - day moving average, the main short positions have increased, and the funds have flowed out. In the short term, the price is expected to return to the range - bound oscillation [9]. 3.2 Recent News - 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 demand expectations. The annual output of Canadian rapeseed has decreased slightly, 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 still ongoing. The global rapeseed output has decreased slightly due to the reduction in EU and Canadian production. The Russia - Ukraine conflict continues, and although the decrease in Ukrainian rapeseed output is offset by the increase in Russian output, the global geopolitical conflict may still rise, supporting commodities [11]. 3.3 Bullish and Bearish Factors - Bullish factors: China's imposition of tariffs on Canadian rapeseed oil and oil residue cakes, and the low inventory pressure of oil - mill rapeseed meal [12]. - Bearish factors: The listing of domestic rapeseed in June, and the uncertainty of the anti - dumping investigation on Canadian rapeseed imports, along with the seasonal off - peak demand for rapeseed meal [13]. - Current main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [13]. 3.4 Fundamental Data - **Price and Volume**: From July 29 to August 7, the average transaction price of soybean meal fluctuated between 2924 - 2999, and the trading volume ranged from 10.56 - 43.60 million tons. The average transaction price of rapeseed meal was between 2560 - 2640, and the trading volume was between 0.03 - 0.50 million tons. The price difference between soybean and rapeseed meal fluctuated between 316 - 381 [14]. - **Futures and Spot Prices**: From July 30 to August 7, the price of rapeseed meal futures (main contract 2509) fluctuated between 2675 - 2745, and the far - month contract 2601 was between 2409 - 2469. The spot price in Fujian was mainly 2640 [16]. - **Warehouse Receipts**: On July 29 and 30, the rapeseed meal warehouse receipts were 0. On July 31, it increased by 1200 to 1200, and on August 7, it increased by 2753 to 3953 [17]. - **Supply and Demand Balance Sheets**: The supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 - 2023 show the changes in harvest area, inventory, output, consumption, etc. For example, the inventory - to - consumption ratio of domestic rapeseed ranged from 0.87% - 7.19%, and that of rapeseed meal ranged from 2.47% - 10.55% [25][26]. - **Import and Production**: The arrival of imported rapeseed in July was lower than expected, and the import cost fluctuated slightly. The oil - mill rapeseed inventory increased slightly, the rapeseed meal inventory remained low, and the oil - mill rapeseed crushing volume increased slightly. The price of aquatic fish fluctuated slightly, and the price of shrimp and shellfish remained stable [27][29][31]. 3.5 Position Data No information provided in the given content.

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - Rapeseed meal RM2509 is expected to oscillate in the range of 2680 - 2740. The market is influenced by factors such as good demand, low oil - mill开机, and low inventory. Although China's tariff increase on Canadian oil residue cakes is a short - term positive, the lack of tariff on Canadian rapeseed imports limits the upside potential. The market will likely return to range - bound trading due to the low inventory of imported rapeseed and the impact of soybean meal [9]. Group 3: Summary by Directory 1. Daily Hints - Not provided 2. Recent News - Domestic aquaculture has entered the peak season, and the listing of domestic rapeseed has improved the tight supply expectation in the spot market while demand remains strong. - The slightly reduced annual production of Canadian rapeseed supports the overseas futures market. China has imposed additional tariffs on Canadian rapeseed oil and oil residue cakes, and the anti - dumping investigation on Canadian rapeseed imports is still ongoing with uncertain results. - Global rapeseed production has slightly decreased 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 commodity prices [11]. 3. Bullish and Bearish Factors - **Bullish Factors**: China's additional tariffs on Canadian rapeseed oil and oil residue cakes; low inventory pressure on oil - mill rapeseed meal [12]. - **Bearish Factors**: The listing of domestic rapeseed in June; the uncertainty of the 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 expectation of the Canadian rapeseed tariff war [13]. 4. Fundamental Data - **Price and Spread**: From July 28 to August 6, the average price difference between soybean meal and rapeseed meal fluctuated between 316 - 381. The spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference of the 2509 contract showed a weak oscillation [14][22]. - **Inventory**: Rapeseed meal inventory was 1.9 million tons, up 25.83% week - on - week from 1.51 million tons last week and down 44.12% year - on - year from 3.4 million tons in the same period last year. The import volume of rapeseed in July was lower than expected, the inventory of oil - mill rapeseed increased slightly, and the inventory of rapeseed meal remained low [9][27][29]. - **Supply and Demand Balance**: The report provides the supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 - 2023, including data on harvest area, inventory, production, consumption, etc. [25][26]. 5. Position Data - Not provided 6. Rapeseed Meal Views and Strategies - **Fundamentals**: Rapeseed meal showed a pattern of rising and then falling. Good demand and technical consolidation, along with low oil - mill开机 and low inventory, supported the market. The short - term demand for rapeseed meal entered the peak season, and although the import volume of rapeseed increased, the short - term inventory pressure on oil mills was not significant. The market is expected to oscillate in the short term [9]. - **Basis**: The spot price was 2640, with a basis of - 105, indicating a discount to the futures price [9]. - **Inventory**: As mentioned above, the inventory situation is favorable [9]. - **Market Trend**: The price was above the 20 - day moving average and moving upward [9]. - **Main Position**: The short positions of the main players increased, and funds flowed out [9]. - **Expectation**: In the short term, rapeseed meal rose and then fell due to the low inventory of imported rapeseed and China's tariff increase on Canadian oil residue cakes. Driven by soybean meal, the price is expected to return to range - bound trading [9].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - Rapeseed meal RM2509 will fluctuate in the range of 2640 - 2700. It was affected by the import rapeseed inventory at a low level and China's tariff increase on Canadian oil residue cakes, and then pulled back after rising. With the influence of soybean meal, the price will return to range - bound in the short - term [9]. 3. Summary by Directory 3.1 Daily Tip - Rapeseed meal RM2509 fluctuates in the range of 2640 - 2700. The opening rate of rapeseed meal oil mills is at a low level, and the inventory is low, which supports the market. The spot demand for rapeseed meal has entered the peak season in the short - term. The import volume of rapeseed has increased, but the oil mill inventory has no short - term pressure. The market will maintain range - bound in the short - term. China's tariff increase on Canadian oil residue cakes is short - term positive, but the positive effect may be limited as no tariff is imposed on rapeseed imports [9]. 3.2 Recent News - Domestic aquaculture has entered the peak season, and the listing of domestic rapeseed has improved the expectation of tight supply in the spot market, while the demand side maintains a good expectation. - The annual output of Canadian rapeseed has decreased slightly, supporting the foreign futures market. China has imposed additional tariffs on Canadian rapeseed oil and oil residue cakes, and the anti - dumping investigation on Canadian rapeseed imports is still ongoing, with the future result uncertain. - The global rapeseed output has decreased slightly this year, mainly affected by the decrease in EU rapeseed output and the lower - than - expected Canadian rapeseed output. - The Russia - Ukraine conflict is still ongoing. 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]. 3.3 Bullish and Bearish Factors - **Bullish Factors**: China's tariff increase on Canadian rapeseed oil and oil residue cakes; the inventory pressure of oil mill rapeseed meal is not large [12]. - **Bearish Factors**: The listing of domestic rapeseed in June; the uncertainty of the anti - dumping investigation on Canadian rapeseed imports and the seasonal off - peak demand for rapeseed meal [13]. - **Current Main Logic**: The market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [13]. 3.4 Fundamental Data - **Base Difference**: The spot price is 2620, and the base difference is - 79, indicating a discount to the futures, which is bearish [9]. - **Inventory**: The 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 in the same period last year, which is bullish [9]. - **Disk**: The price is above the 20 - day moving average and moving upwards, which is bullish [9]. - **Transaction Data**: From July 22 to July 31, the average transaction price of soybean meal fluctuated between 2924 - 2990, and the transaction volume between 8.35 - 43.6 million tons; the average transaction price of rapeseed meal fluctuated between 2560 - 2640, and the transaction volume between 0 - 0.5 million tons. The average price difference between soybean meal and rapeseed meal fluctuated between 316 - 364 [14]. - **Price and Inventory Data**: The rapeseed meal spot price followed the futures price fluctuations, and the high - level discount of the spot price narrowed. The spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference of the 2509 contract between soybean meal and rapeseed meal maintained a volatile trend. The rapeseed import volume in July was lower than expected, and the import cost fluctuated slightly. The oil mill's rapeseed inventory increased slightly, the rapeseed meal inventory remained low, and the rapeseed crushing volume increased slightly [21][23][28]. 3.5 Position Data - The main short positions decreased, and the capital flowed in, which is bearish [9]. - The rapeseed meal warehouse receipts were 0 from July 22 to July 30, and increased by 1200 to 1200 on July 31 [18].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint - Rapeseed meal RM2509 is expected to oscillate within the range of 2640 - 2700. The market is influenced by factors such as soybean meal trends, technical adjustments, low rapeseed meal inventory, and the impact of tariffs on Canadian rapeseed products. [9] 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2509 is in a range - bound oscillation. The market is affected by soybean meal trends, technical adjustments, low oil - mill operation rates, and low rapeseed meal inventory. The spot demand is in the short - term peak season, and the increase in imported rapeseed arrivals has limited impact on short - term inventory. The tariff on Canadian oil residue cakes is a short - term positive factor, but the non - imposition of tariffs on rapeseed limits the extent of the positive impact. [9] 3.2 Recent News - Domestic aquaculture has entered the peak season. The listing of domestic rapeseed has improved the expected tight supply in the spot market, and the demand side maintains a good outlook. - Canada's annual rapeseed production has slightly decreased, which supports the foreign futures market. China has imposed additional tariffs on Canadian rapeseed oil and oil residue cakes, and the anti - dumping investigation on Canadian rapeseed imports is still ongoing, with the future outcome uncertain. - Global rapeseed production has slightly decreased this year, mainly due to the reduction in EU rapeseed production and lower - than - expected production in Canada. - 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 provides support for commodities. [11] 3.3 Bullish and Bearish Factors - Bullish factors: China's additional tariffs on Canadian rapeseed oil and oil residue cakes; low inventory pressure on oil - mill rapeseed meal. [12] - Bearish factors: The listing of domestic rapeseed in June; the uncertainty of the anti - dumping investigation on Canadian rapeseed imports and the seasonal off - peak demand for rapeseed meal. [13] - Current main logic: The market focuses on domestic aquaculture demand and the expected tariff war on Canadian rapeseed. [13] 3.4 Fundamental Data - **Supply and demand balance sheets**: The report provides domestic rapeseed and rapeseed meal supply - demand balance sheets from 2014 - 2023, including data on harvest area, inventory, production, supply, consumption, etc. [25][26] - **Price data**: - The average price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2509 contract remains oscillating. - Rapeseed meal futures and spot prices fluctuate. The spot price is at a discount to the futures price, and the high - level discount narrows. [14][16][20] - **Inventory data**: Rapeseed meal inventory is 1.51 million tons, a week - on - week increase of 228% and a year - on - year decrease of 58.06%. Imported rapeseed arrivals in July are lower than expected, oil - mill rapeseed inventory rebounds slightly, and rapeseed meal inventory remains low. [9][27][29] - **Production data**: Oil - mill rapeseed crushing volume increases slightly. Aquatic fish prices fluctuate slightly, and shrimp and shellfish prices remain stable. [31][39] 3.5 Position Data - The main positions have changed from long to short, and funds are flowing out. [9]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The rapeseed meal RM2509 is expected to oscillate in the range of 2660 - 2720. The market is influenced by factors such as the soybean meal trend, technical consolidation, low rapeseed meal inventory, and the tariff on Canadian oil residue cakes. Although the import of Canadian rapeseed is increasing, the short - term inventory pressure on oil mills is not significant, and the market will maintain a short - term range - bound pattern [9]. 3. Summary by Directory 3.1 Daily Prompt - The rapeseed meal RM2509 is in a 2660 - 2720 range - bound state. The market is affected by the soybean meal trend and technical consolidation. Low oil mill operation and inventory support the market. The short - term demand for rapeseed meal is in the peak season, and the import of rapeseed is increasing, but the short - term inventory of oil mills has no pressure. The tariff on Canadian oil residue cakes is a short - term positive factor, but the positive impact may be limited [9]. 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 maintaining good demand expectations. The slight decrease in Canada's annual rapeseed production supports the external futures market. China has imposed tariffs on Canadian rapeseed oil and oil residue cakes, and the anti - dumping investigation on Canadian rapeseed imports is still ongoing. Globally, the rapeseed production has decreased slightly this year, mainly due to the reduction in EU production and lower - than - expected Canadian production. The ongoing Russia - Ukraine conflict has an offsetting effect on rapeseed production between the two countries, and the geopolitical conflict may still rise, which supports commodities [11]. 3.3 Bullish and Bearish Factors - **Bullish Factors**: China's tariff on Canadian rapeseed oil and oil residue cakes, and the low inventory pressure of rapeseed meal in oil mills [12]. - **Bearish Factors**: The listing of domestic rapeseed in June, the uncertainty of the anti - dumping investigation on Canadian rapeseed imports, and the seasonal off - peak demand for rapeseed meal [13]. - **Current Main Logic**: The market focuses on domestic aquaculture demand and the expected tariff war on Canadian rapeseed [13]. 3.4 Fundamental Data - **Supply and Demand Balance Sheets**: The report provides the supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 to 2023, including data on harvest area, inventory, production, consumption, etc. [26][27]. - **Price and Transaction Data**: From July 15th to 24th, the average transaction price and volume data of soybean meal and rapeseed meal are presented, as well as the price data of rapeseed meal futures and spot, and the statistical data of rapeseed meal warehouse receipts [14][16][18]. - **Other Data**: The import volume of rapeseed in July was lower than expected, with slightly fluctuating import costs. The inventory of rapeseed in oil mills decreased slightly, and the inventory of rapeseed meal remained low. The rapeseed processing volume in oil mills fluctuated slightly. The prices of aquatic fish fluctuated slightly, and the prices of shrimps and shellfish remained stable [28][30][32][40]. 3.5 Position Data - The main position has changed from short to long, but the funds are flowing out, which is a positive factor [9].

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core Viewpoints - Rapeseed meal RM2509 is expected to fluctuate within the range of 2680 - 2740. The market is influenced by factors such as soybean meal trends, technical oscillations, low rapeseed meal inventory, and the impact of tariffs on Canadian rapeseed products. In the short - term, it will maintain a range - bound pattern [9]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal RM2509 is in a range - bound oscillation. The fundamentals show that the low开机 rate of oil mills and low inventory support the market, but the impact of tariff policies has limited bullish effects. The basis is negative, the inventory has increased significantly week - on - week but decreased year - on - year, the price is above the 20 - day moving average, the main positions' long orders are decreasing while funds are flowing in, and the short - term is expected to return to range - bound due to various factors [9]. 3.2 Recent News - Domestic aquaculture has entered the peak season, and the supply of domestic rapeseed has improved the tight supply expectation. The annual production of Canadian rapeseed has slightly decreased, and China has imposed additional tariffs on Canadian rapeseed oil and oil residue cakes. The global rapeseed production has slightly decreased, and the geopolitical conflict between Russia and Ukraine may support commodity prices [11]. 3.3 Bullish and Bearish Factors - Bullish factors: China's additional tariffs on Canadian rapeseed oil and oil residue cakes, and the low inventory pressure of rapeseed meal in oil mills [12]. - Bearish factors: The listing of domestic rapeseed in June, the uncertainty of the anti - dumping investigation on Canadian rapeseed imports, and the seasonal off - peak demand for rapeseed meal [13]. 3.4 Fundamental Data - Price and trading volume: From July 10th to 21st, the average transaction price of soybean meal and rapeseed meal, as well as their trading volumes, fluctuated. The price difference between soybean meal and rapeseed meal also showed small fluctuations [14]. - Futures and spot prices: From July 11th to 21st, the rapeseed meal futures and spot prices generally showed an upward trend, and the spot discount remained at a relatively high level [16]. - Warehouse receipts: From July 10th to 21st, the rapeseed meal warehouse receipts decreased continuously, reaching 0 on July 21st [17]. - Supply - demand balance: The supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 - 2023 show the changes in harvest area, inventory, production, consumption, etc. [25][26]. - Import and inventory: The arrival volume of imported rapeseed in July was lower than expected, the inventory of rapeseed in oil mills decreased slightly, the rapeseed meal inventory remained low, and the oil - pressing volume of rapeseed in oil mills fluctuated slightly [27][29][31]. - Aquatic product data: The prices of aquatic fish fluctuated slightly, and the prices of shrimp and shellfish remained stable [39]. 3.5 Position Data No specific position data analysis is provided in the content other than the information that the main long orders of rapeseed meal are decreasing and funds are flowing in.