Report Industry Investment Rating No relevant content provided. Core Viewpoints - The rapeseed meal RM2601 is expected to fluctuate in the range of 2500 - 2560. It is currently in a short - term oscillating and strengthening pattern, affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed. The market is waiting for further development [9]. Summary by Directory 1. Daily Prompt No relevant content provided. 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 [11]. - 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 result is still uncertain, pending further clarification of China - Canada trade relations [11]. - Global rapeseed production has increased this year, with Canadian rapeseed production higher than expected [11]. - 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 in global geopolitical conflicts, which provides support for commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: The preliminary anti - dumping determination on Canadian rapeseed imports and the relatively low inventory pressure of rapeseed meal in oil mills [12]. - Bearish factors: The concentrated listing of domestic rapeseed and the small probability of a settlement in the final anti - dumping result of Canadian rapeseed imports [12]. - Current main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 4. Fundamental Data - **Price and Basis**: The spot price is 2600, with a basis of 69, indicating a premium over the futures, which is a bullish signal [9]. - **Inventory**: Rapeseed meal inventory is 1.8 tons, down 28% week - on - week from 2.5 tons last week and 25% year - on - year from 2.4 tons in the same period last year, which is bullish [9]. - **Market Trends**: The price is below the 20 - day moving average and moving downward, which is bearish [9]. - **Trading Data**: From September 4th to 12th, the average trading price of rapeseed meal futures fluctuated, and the spot price remained relatively stable. The spot premium slightly expanded. The spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference of the 2601 contract oscillated at a low level [13][15][18]. - **Warehouse Receipts**: From September 2nd to 12th, rapeseed meal warehouse receipts changed, with an increase on some days and a decrease on others, and remained stable from September 11th to 12th [16][17]. - **Aquatic Product Data**: Aquatic fish prices have slightly rebounded, while shrimp and shellfish prices have remained stable [34]. 5. Position Data - The main short positions have increased, and funds have flowed out, which is a bearish signal [9]. 6. Rapeseed Meal Views and Strategies - The rapeseed meal RM2601 is expected to fluctuate in the range of 2500 - 2560. It is currently in a short - term oscillating and strengthening pattern, affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed. The market is waiting for further development [9].

1. Report Industry Investment Rating - No relevant content provided 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 the low - level operation of rapeseed meal oil mills, low inventory, the peak season of spot demand, increased imports of Canadian rapeseed, and the tariff on Canadian oil residue cakes. In the short term, it will maintain a range - bound pattern [9]. 3. Summary According to the Directory 3.1 Daily Prompt - Rapeseed meal RM2509 is in a range - bound oscillation. It is affected by the upward movement of soybean meal and technical buying. The low - level operation of oil mills and low inventory support the market. The short - term spot demand is in the peak season, and the increase in imported rapeseed arrivals does not pose an immediate inventory pressure on oil mills. The tariff on Canadian oil residue cakes is a short - term positive factor, but its impact is 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 rapeseed annual output 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. Globally, the rapeseed output has slightly decreased this year, mainly due to the decline in EU production and lower - than - expected Canadian production. The ongoing Russia - Ukraine conflict has an offsetting effect on rapeseed production, and the geopolitical conflict may further intensify, providing support for commodities [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 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]. - **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 Spread**: From July 8th to 17th, the average trading price of soybean meal fluctuated between 2879 - 2930, and the trading volume varied from 6.51 - 18.51 million tons. The average trading price of rapeseed meal ranged from 2500 - 2620, and the trading volume was between 0 - 99 million tons. The price difference between soybean meal and rapeseed meal decreased from 379 to 310. The rapeseed meal futures and spot prices both showed an upward trend, with the spot price at a discount to the futures price [14][16]. - **Inventory**: Rapeseed meal inventory was 0.46 million tons, a week - on - week decrease of 58.18% and a year - on - year decrease of 84.67% [9]. - **Supply and Demand Balance**: The domestic rapeseed and rapeseed meal supply - demand balance sheets from 2014 - 2023 show that the supply and demand situation has changed over the years, with fluctuations in inventory - to - consumption ratios [25][26]. 3.5 Position Data - The main long positions in rapeseed meal have increased, and capital has flowed in [9].