交易咨询业务资格：证监许可【2012】1091号 菜粕早报 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 2025-12-11 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 4.俄乌冲突尚在进行，乌克兰油菜籽减产和俄罗斯油菜籽产量增加相对 抵消影响，全球地缘冲突未来仍有上升可能，对大宗商品尚有支撑。 ✸菜粕观点和策略 菜粕RM2605：2300至2360区间震荡 1.基本面：菜粕探底回升，豆粕走势带动和技术性震荡整理，市场回归震荡等待加拿大油菜 籽进口反倾销裁定尚待最终结果。菜粕现货需求旺季过去，但库存维持低位支撑盘面， 加上中加贸易磋商仍变数，盘面短期受豆粕影响维持区间震荡。中性 2.基差：现货2490，基差161，升水期货。偏多 3.库存：菜粕库存1.75万吨，上周1.8万吨，周环比减 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The rapeseed meal RM2601 will fluctuate in the range of 2420 - 2480. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term trend is affected by soybean meal and will maintain a range - bound pattern. The current situation is neutral. The basis is positive, the inventory is at a low level and decreasing, the price is below the 20 - day moving average, the main long positions are decreasing, and the market is affected by the uncertainty of the final anti - dumping ruling and the improvement of China - Canada trade relations rumors [9]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal RM2601 fluctuates in the range of 2420 - 2480. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term is affected by soybean meal and maintains a range - bound pattern [9]. 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday, with short - term supply expected to be tight and demand decreasing, suppressing the market. Canadian rapeseed is in the harvesting stage, but China - Canada trade issues reduce short - term export and domestic supply expectations. China's preliminary anti - dumping investigation on Canadian rapeseed imports is established, and a 75.8% import deposit is levied. The final result is still uncertain. Global rapeseed production is increasing this year, especially in Canada. The Russia - Ukraine conflict continues, and the future geopolitical conflict may rise, supporting commodities [11]. 3.3 Multi - empty Concerns - Positive factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of oil mills. Negative factors: The domestic rapeseed meal demand is entering the off - season, and the final result of the anti - dumping investigation on Canadian rapeseed imports is still uncertain, with a small probability of reconciliation. The current main logic is that the market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 3.4 Fundamental Data - From November 20th to 28th, the average transaction price of soybean meal was around 3000 - 3100, and the average transaction price of rapeseed meal was around 2500 - 2600. The spot price of rapeseed meal in Fujian fluctuated between 2510 - 2570. The rapeseed meal futures price also fluctuated. The rapeseed meal inventory was 1.75 tons, a week - on - week decrease of 2.78% and a year - on - year decrease of 20.45%. The import of rapeseed in November has no shipping schedule forecast, and the import cost is affected by tariffs. The inventory of rapeseed in oil mills is at a low level, and the rapeseed meal inventory is also low. The rapeseed processing volume in oil mills remains at zero [9][13][15]. 3.5 Position Data - Not provided in the content 3.6 Rapeseed Meal Views and Strategies - The rapeseed meal RM2601 will fluctuate in the range of 2420 - 2480. The market is affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed imports and the improvement of China - Canada trade relations rumors, and will return to a range - bound pattern in the short term. Attention should be paid to subsequent developments [9].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The rapeseed meal RM2601 is expected to oscillate within the range of 2460 - 2520. The market is affected by the soybean meal trend, technical consolidation, and awaits the final result of the anti - dumping ruling on Canadian rapeseed imports. Although the peak season for rapeseed meal spot demand has passed, low inventory supports the market. With uncertainties in China - Canada trade negotiations, the short - term market will maintain a range - bound oscillation influenced by soybean meal [9]. Summary by Directory 1. Daily Prompt - The rapeseed meal futures rose and then fell, with the spot price fluctuating accordingly, and the spot premium fluctuated slightly. The spot price difference between soybean meal and rapeseed meal, as well as the price difference of the 2601 contract, also fluctuated slightly [17][19]. 2. Recent News - Domestic aquaculture has entered the off - season after the long holiday, with short - term supply in the spot market expected to be tight and decreasing demand suppressing the market. Canadian rapeseed has entered the harvesting stage, but China - Canada trade issues have reduced short - term export expectations and domestic supply. - China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and a 75.8% import deposit has been imposed. The final ruling is still uncertain. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected. - The Russia - Ukraine conflict continues, with the decrease in Ukraine's rapeseed production offset by the increase in Russia's production. Global geopolitical conflicts may still rise, providing support for commodities [11]. 3. Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of rapeseed meal in oil mills. - Bearish factors: The domestic rapeseed meal demand is gradually entering the off - season, and there is still a small probability of reconciliation in the final result of the anti - dumping investigation on Canadian rapeseed imports. - Current main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 4. Fundamental Data - **Trading data**: From November 3rd to 11th, the trading volume of soybean meal ranged from 4.69 to 31.41 million tons, and the trading price was between 3070 - 3092 yuan/ton. Rapeseed meal had no trading volume during this period, and the trading price was between 2600 - 2650 yuan/ton. The average price difference between soybean meal and rapeseed meal fluctuated between 438 - 479 yuan/ton [13]. - **Price data**: From November 3rd to 11th, the price of the rapeseed meal 2601 contract was between 2491 - 2549 yuan/ton, the price of the 2605 contract was between 2378 - 2428 yuan/ton, and the spot price in Fujian was between 2600 - 2650 yuan/ton [15]. - **Warehouse receipt data**: From October 31st to November 11th, the rapeseed meal warehouse receipts decreased from 2955 to 2745 [16]. - **Aquatic product data**: The price of aquatic fish decreased slightly, while the price of shrimp and shellfish remained stable [34]. 5. Position Data - The main long positions in rapeseed meal increased, and funds flowed in [9]. 6. Rapeseed Meal View and Strategy - **Fundamentals**: The rapeseed meal oscillated and declined, affected by the soybean meal trend and technical consolidation. The market awaits the final result of the anti - dumping ruling on Canadian rapeseed imports. Although the peak season for spot demand has passed, low inventory supports the market, and with uncertainties in China - Canada trade, the short - term market will maintain a range - bound oscillation influenced by soybean meal. It is considered neutral [9]. - **Basis**: The spot price is 2610, with a basis of 110, indicating a premium over the futures, which is bullish [9]. - **Inventory**: Rapeseed meal inventory is 17,500 tons, a week - on - week decrease of 2.78% from last week's 18,000 tons and a year - on - year decrease of 20.45% compared to 22,000 tons last year, which is bullish [9]. - **Market trend**: The price is above the 20 - day moving average and moving upward, which is bullish [9]. - **Main position**: The main long positions increased, and funds flowed in, which is bullish [9]. - **Expectation**: Affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed and the recent rumors of improved China - Canada trade relations, the rapeseed meal market has returned to an oscillatory pattern. Future developments should be monitored [9].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - Rapeseed meal RM2601 is expected to fluctuate in the range of 2500 - 2560. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. Although the peak season for rapeseed meal spot demand has passed, low inventory supports the market. Influenced by soybean meal and with uncertainties in China - Canada trade negotiations, the market will maintain a range - bound oscillation in the short term [9]. Group 3: Summary According to the Table of Contents 1. Daily Tip - Not provided 2. Recent News - Domestic aquaculture has entered the off - season after the long holiday. The spot market supply is expected to be tight in the short term, and the decreasing demand suppresses the market expectation. Canadian rapeseed is in the harvesting stage, but due to China - Canada trade issues, short - term exports are expected to decrease, reducing domestic supply. The preliminary anti - dumping investigation on Canadian rapeseed imports by China has been established, and a 75.8% import deposit has been imposed. The final ruling is still uncertain. Global rapeseed production has increased this year, with Canadian production higher than expected. The Russia - Ukraine conflict continues, and the future geopolitical conflict still has the possibility of rising, which supports commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: The preliminary anti - dumping determination on Canadian rapeseed imports by China and the low inventory pressure of oil mills' rapeseed meal. Bearish factors: The domestic rapeseed meal demand is gradually entering the off - season, and there is still a small probability of reconciliation in the final result of the anti - dumping investigation on Canadian rapeseed imports by China. The current main logic is that the market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 4. Fundamental Data - From October 30 to November 7, the average transaction price of soybean meal ranged from 3026 to 3092, and the trading volume ranged from 4.69 to 15.08 million tons. The average transaction price of rapeseed meal ranged from 2530 to 2650, and the trading volume was 0. The difference in the average transaction price of soybean and rapeseed meal ranged from 438 to 528. Rapeseed meal futures rose and then fell, and the spot price fluctuated accordingly. The spot premium fluctuated slightly. The spot price difference between soybean and rapeseed meal and the price difference of the 2601 contract fluctuated slightly. The import of rapeseed has no shipping schedule forecast in November, and the import cost is affected by tariffs. The inventory of rapeseed and rapeseed meal in oil mills is at a low level, and the amount of rapeseed crushed in oil mills remains low. Aquatic fish prices declined slightly, while shrimp and shellfish prices remained stable [13][17][19]. 5. Position Data - Not provided Rapeseed Meal Viewpoints and Strategies - Fundamental analysis shows that rapeseed meal is oscillating and falling back, influenced by soybean meal and technical oscillations. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The spot demand peak season has passed, but low inventory supports the market. With uncertainties in China - Canada trade negotiations, the market will maintain a range - bound oscillation in the short term. The basis is 101, indicating that the spot price is at a premium to the futures price. The rapeseed meal inventory is 1.75 million tons, a week - on - week decrease of 2.78% and a year - on - year decrease of 20.45%. The price is above the 20 - day moving average and moving upwards. The long positions of the main players have increased, and funds have flowed in. Rapeseed meal is expected to oscillate and fall back due to uncertainties in the final anti - dumping ruling on Canadian rapeseed, and with recent rumors of improved China - Canada trade relations, it will return to an oscillating pattern in the short term [9].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The rapeseed meal RM2601 is expected to fluctuate within the range of 2380 - 2440. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term demand for rapeseed meal remains in the peak season, and low inventory supports the market, but after the National Day, demand will enter the off - season, and Sino - Canadian trade negotiations are still uncertain, so the market will be affected by news and remain volatile in the short term [9]. - The rapeseed meal was affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed, and there are rumors of tariff cuts between China and Canada recently, so it has returned to a volatile pattern [9]. Group 3: Summary by Directory 1. Daily Prompt - The rapeseed meal RM2601 is expected to fluctuate between 2380 and 2440. The fundamentals are neutral, the basis is positive, the inventory is decreasing and is bullish, the price is below the 20 - day moving average and bearish, the main short positions are increasing and bearish, and it is expected to remain volatile in the short term [9]. 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 expectation [11]. - China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and an import deposit of 75.8% has been imposed. The final ruling result is still uncertain [11]. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected [11]. - The Russia - Ukraine conflict continues, and there is still a possibility of an increase in global geopolitical conflicts, which still supports commodities [11]. 3. Long and Short Concerns - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of oil mills [12]. - Bearish factors: The concentrated listing of domestic rapeseed and the uncertainty of the final anti - dumping result on Canadian rapeseed imports [12]. - The current main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 4. Fundamental Data - From September 19th to 29th, the average transaction price of rapeseed meal was between 2500 - 2620 yuan, and the average transaction price of soybean meal was between 2968 - 3030 yuan. The average price difference between soybean meal and rapeseed meal was between 410 - 468 yuan [13]. - From September 19th to 29th, the price of rapeseed meal futures' main 2601 contract was between 2395 - 2528 yuan, the price of the far - month 2605 contract was between 2319 - 2387 yuan, and the spot price in Fujian was between 2500 - 2620 yuan [15]. - From September 17th to 29th, the rapeseed meal warehouse receipts decreased from 10104 to 9245 [16]. - Rapeseed meal futures rebounded after hitting the bottom, the spot price was relatively stable, and the spot premium fluctuated slightly [17]. - The spot price difference between soybean meal and rapeseed meal fluctuated slightly, and the price difference of the 2601 contract fluctuated at a low level [19]. - The import volume of rapeseed remained stable in September, and the import cost was affected by tariffs [22]. - The inventory of oil mills' rapeseed continued to decline, and the weekly inventory of rapeseed meal remained flat [24]. - The amount of rapeseed crushed by oil mills decreased significantly [26]. - The price of aquaculture fish rebounded slightly, and the price of shrimp and shellfish remained stable [34]. 5. Position Data - No information provided 6. Rapeseed Meal Views and Strategies - The rapeseed meal RM2601 is expected to fluctuate within the range of 2380 - 2440. The market is affected by the uncertainty of the anti - dumping ruling on Canadian rapeseed imports and the possible tariff cuts between China and Canada, and is expected to remain volatile in the short term [9].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The rapeseed meal RM2601 is expected to fluctuate within the range of 2440 - 2500. It is affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed and the rumor of tariff reduction. It has fallen after a rise and will return to a short - term shock pattern [9]. - The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. Group 3: Summary According to the Directory 1. Daily Hints - Rapeseed meal fluctuates narrowly. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term demand for rapeseed meal remains in the peak season, and low inventory supports the market. However, after the National Day, demand will enter the off - season, and there are still variables in Sino - Canadian trade consultations, causing the market to fall due to news [9]. 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 [11]. - China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and a 75.8% import deposit is levied. The final result is still variable [11]. - Global rapeseed production has increased this year, especially in Canada [11]. - The Russia - Ukraine conflict continues. The decrease in Ukraine's rapeseed production and the increase in Russia's production offset each other. Global geopolitical conflicts may rise, supporting commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of oil mills [12]. - Bearish factors: The concentrated listing of domestic rapeseed and the uncertainty of the final anti - dumping result on Canadian rapeseed imports [12]. 4. Fundamental Data - From September 10th to 18th, the average transaction price of soybean meal ranged from 3004 - 3059 yuan, and the trading volume ranged from 4.9 - 39.05 million tons. The average transaction price of rapeseed meal ranged from 2560 - 2620 yuan, and the trading volume was mostly 0, with only 0.08 million tons on September 15th. The average price difference between soybean and rapeseed meal fluctuated between 434 - 459 yuan [13]. - From September 10th to 18th, the price of rapeseed meal futures' main 2601 contract ranged from 2460 - 2567 yuan, the far - month 2605 contract ranged from 2357 - 2420 yuan, and the rapeseed meal spot price in Fujian ranged from 2540 - 2620 yuan [15]. - From September 8th to 18th, the rapeseed meal warehouse receipts decreased from 10403 to 9504 [16]. - The price of rapeseed meal futures fluctuated downwards, the spot price was relatively stable, and the spot premium increased slightly [17]. - The spot price difference between soybean and rapeseed meal fluctuated slightly, and the price difference of the 2601 contract fluctuated at a low level [19]. - The import volume of rapeseed remained stable in September, and the import cost was affected by tariffs [22]. - The inventory of rapeseed in oil mills remained low, and the inventory of rapeseed meal decreased slightly [24]. - The rapeseed crushing volume in oil mills fluctuated slightly [26]. - The price of aquatic fish increased slightly, and the price of shrimp and shellfish remained stable [33]. 5. Position Data - The main short positions decreased, and funds flowed out [9].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Rapeseed meal RM2601 fluctuates within the range of 2460 - 2520. The spot demand for rapeseed meal remains in the peak season in the short term, and the low inventory supports the market. However, after the National Day, the demand will gradually enter the off - season, and there are still uncertainties in the Sino - Canadian trade negotiations. The market is affected by news and oscillates downward in the short term. It is expected to enter a slightly stronger oscillating pattern in the short term, and the follow - up development should be monitored [9]. Group 3: Summary According to the Directory 1. Daily Prompt - Rapeseed meal RM2601 fluctuates within 2460 - 2520. It is affected by news and oscillates downward in the short term, and is expected to enter a slightly stronger oscillating pattern [9]. 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. The demand side maintains a good expectation. China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and a 75.8% import deposit has been imposed. The final result is still variable. Global rapeseed production has increased this year, mainly due to higher - than - expected production in Canada. The Russia - Ukraine conflict is ongoing, and there is still a possibility of an increase in global geopolitical conflicts, which still supports commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the addition of import deposits; low inventory pressure on oil mills' rapeseed meal. Bearish factors: The concentrated listing of domestic rapeseed; There is still a small probability of reconciliation in the final result of China's anti - dumping investigation on Canadian rapeseed imports. The current main logic is that the market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [12]. 4. Fundamental Data - **Trading Data**: From September 5th to September 15th, the average trading price of soybean meal fluctuated between 3040 - 3065 yuan/ton, and the trading volume fluctuated between 4.9 - 39.05 million tons. The average trading price of rapeseed meal was mainly 2600 yuan/ton, and the trading volume was mostly 0, with a maximum of 0.23 million tons. The average price difference between soybean meal and rapeseed meal fluctuated between 434 - 465 yuan/ton [13]. - **Price Data**: From September 5th to September 15th, the price of rapeseed meal futures' main contract 2601 fluctuated between 2504 - 2567 yuan/ton, the price of the far - month contract 2605 fluctuated between 2392 - 2420 yuan/ton, and the spot price in Fujian fluctuated between 2580 - 2620 yuan/ton [15]. - **Warehouse Receipt Data**: From September 3rd to September 15th, the rapeseed meal warehouse receipts fluctuated, with a maximum of 11343 and a minimum of 4831 [17]. 5. Position Data - The main short positions have decreased, and the funds have flowed out [9].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The rapeseed meal RM2601 is expected to oscillate within the range of 2520 - 2580. It is currently experiencing a short - term shock - strengthening pattern due to the uncertainty of the final anti - dumping ruling on Canadian rapeseed. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term demand for rapeseed meal remains in the peak season with low inventory supporting the market, but after the National Day, the demand will gradually enter the off - season and there are still variables in Sino - Canadian trade negotiations [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2601 is in a 2520 - 2580 range. The market is influenced by the soybean meal trend, technical consolidation, and awaits the final result of the anti - dumping ruling on Canadian rapeseed. The short - term demand is in the peak season with low inventory, but there are concerns about post - National Day demand and Sino - Canadian trade [9]. 3.2 Recent News - Domestic aquaculture is in the peak season, and the listing of domestic rapeseed has improved the expected tight supply in the spot market. The demand side maintains a good outlook. - China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and a 75.8% import deposit is being levied. The final ruling is still uncertain. - Global rapeseed production has increased this year, especially in Canada. - The Russia - Ukraine conflict continues, and although the decrease in Ukrainian rapeseed production and the increase in Russian production offset each other, there is still a possibility of an escalation in geopolitical conflicts, which supports commodities [11]. 3.3 Multi - Short Concerns - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and low inventory pressure on oil mills. - Bearish factors: The concentrated listing of domestic rapeseed and the uncertainty of the final anti - dumping result on Canadian rapeseed imports with a small probability of reconciliation. The current main logic is the focus on domestic aquaculture demand and the expected tariff war on Canadian rapeseed [12]. 3.4 Fundamental Data - **Price and Volume**: From September 1st to 9th, the average transaction price of soybean meal ranged from 3053 - 3065 yuan/ton, and the trading volume ranged from 7.84 - 17.49 million tons. The average transaction price of rapeseed meal was mainly around 2560 - 2600 yuan/ton, and the trading volume was relatively small, from 0 - 0.23 million tons. The price difference between soybean and rapeseed meal fluctuated between 453 - 504 yuan/ton [13]. - **Futures and Spot Prices**: From September 1st to 9th, the price of the main rapeseed meal futures contract 2601 fluctuated between 2500 - 2550, and the far - month contract 2605 was between 2388 - 2408. The spot price of rapeseed meal in Fujian was stable at 2560 - 2600 [15]. - **Warehouse Receipts**: From August 28th to September 9th, the rapeseed meal warehouse receipts first decreased and then increased. For example, on August 28th, it was 7314 (- 396), and on September 9th, it was 11343 (+940) [16]. - **Aquatic Product Prices**: Aquatic fish prices have rebounded slightly, while shrimp and shellfish prices have remained stable [34]. 3.5 Position Data - The main short positions have decreased, and funds have flowed out, which is a bearish signal [9].

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoint The rapeseed meal is expected to be in a strong and volatile short - term pattern due to the preliminary anti - dumping ruling on Canadian rapeseed imports. It is predicted to oscillate between 2600 and 2660 in the RM2601 contract, and the market should pay attention to subsequent developments [8]. 3. Summary by Directory 3.1 Daily Prompt No content is provided for this part. 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, while the demand side maintains a good outlook [10]. - China's preliminary anti - dumping investigation on Canadian rapeseed imports is established, and a 75.8% import deposit is being levied. The final ruling is yet to be determined, depending on the development of China - Canada trade relations [10]. - Global rapeseed production has slightly decreased this year, mainly affected by the reduction in EU rapeseed production and lower - than - expected production in Canada [10]. - The Russia - Ukraine conflict continues. The decrease in Ukrainian rapeseed production and the increase in Russian rapeseed production offset each other. Global geopolitical conflicts may rise in the future, providing support for commodities [10]. 3.3 Bullish and Bearish Factors - **Bullish Factors**: China's preliminary anti - dumping determination on Canadian rapeseed imports and the addition of import deposit; the inventory pressure of rapeseed meal in oil mills is not significant [11]. - **Bearish Factors**: The concentrated listing of domestic rapeseed in June; the final result of the anti - dumping investigation on Canadian rapeseed imports is still uncertain, with a small probability of reconciliation [11]. - **Main Logic**: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [11]. 3.4 Fundamental Data - **Supply and Demand Balance**: The domestic rapeseed and rapeseed meal supply - demand balance tables from 2014 - 2023 show the changes in harvest area, production, inventory, and other indicators over the years [23][24]. - **Inventory**: Rapeseed meal inventory is 3.2 tons, up 18.52% week - on - week and 14.29% year - on - year [8]. - **Price**: The spot price of rapeseed meal is 2680, with a basis of - 8, indicating a discount to the futures. The price is above the 20 - day moving average and trending upwards [8]. - **Import Situation**: The arrival volume of imported rapeseed in August is lower than expected, and the import cost fluctuates slightly [25]. - **Oil Mill Situation**: The rapeseed inventory in oil mills has dropped to a low level, and the rapeseed meal inventory remains low. The rapeseed crushing volume in oil mills has increased slightly [27][29]. - **Aquatic Product Market**: Aquatic fish prices fluctuate slightly, while shrimp and shellfish prices remain stable [37]. 3.5 Position Data The short positions of the main contract have decreased, and funds have flowed out [8].

Report Industry Investment Rating - Not provided Core Viewpoints - Rapeseed meal RM2509 is expected to oscillate within the range of 2680 - 2740. The market is influenced by factors such as soybean meal trends, low rapeseed meal inventory, and the impact of China's tariff policy on Canadian rapeseed residue cakes. In the short - term, it will maintain a range - bound oscillation [9]. Summary by Directory 1. Daily Hints - Rapeseed meal RM2509 is in a 2680 - 2740 range oscillation. The fundamentals show that the low opening rate of rapeseed meal oil mills and low inventory support the market. The spot demand is in the short - term peak season, and although the import of rapeseed is increasing, the short - term inventory pressure of oil mills is low. The tariff on Canadian rapeseed residue cakes is a short - term positive factor, but the non - imposition of tariffs on rapeseed limits the positive impact. The basis is at - 95, indicating a discount to the futures, which is bearish. The inventory increased by 25.83% week - on - week to 1.9 million tons and decreased by 44.12% year - on - year, which is bullish. The price is above the 20 - day moving average and moving upwards, which is bullish. The main positions have changed from long to short with capital inflow, which is bearish. In the short - term, rapeseed meal is expected to return to range oscillation due to factors such as low rapeseed inventory and tariff policies [9]. 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 the demand side maintains a good outlook. The slightly reduced annual output of Canadian rapeseed supports the foreign futures market. China has imposed tariffs on Canadian rapeseed oil and residue cakes, and the anti - dumping investigation on Canadian rapeseed imports is still ongoing with uncertain results. The global rapeseed output has slightly decreased this year, mainly affected by the reduced output in the EU and lower - than - expected output in Canada. The ongoing Russia - Ukraine conflict has an offsetting effect on rapeseed production, and the potential increase in global geopolitical conflicts still supports commodities [11]. 3. Long and Short Concerns - Bullish factors include China's tariff on Canadian rapeseed oil and residue cakes and the low inventory pressure of oil mills on rapeseed meal. Bearish factors are 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. The current main logic is that the market focuses on domestic aquaculture demand and the expected tariff war on Canadian rapeseed [12][13]. 4. Fundamental Data - The trading data of soybean meal and rapeseed meal from July 21 to July 30 shows the average trading prices, trading volumes, and the average price difference between soybean meal and rapeseed meal. The rapeseed meal futures and spot price summary shows the prices of the main 2509 contract, the far - month 2601 contract, and the spot price in Fujian from July 22 to July 30. The rapeseed meal warehouse receipt statistics show that the warehouse receipts have been 0 for several consecutive days. The domestic rapeseed supply - demand balance sheet and the domestic rapeseed meal supply - demand balance sheet from 2014 to 2023 show data on harvest area, inventory, output, consumption, etc. The import of rapeseed in July was lower than expected, with slightly fluctuating import costs. The rapeseed inventory of oil mills has slightly increased, and the rapeseed meal inventory remains low. The rapeseed crushing volume of oil mills has slightly increased [14][16][25]. 5. Position Data - Not specifically summarized in the provided content 6. Rapeseed Meal Views and Strategies - The rapeseed meal market is expected to oscillate in the short - term. The market is affected by multiple factors such as supply and demand, policies, and the trends of related products. Traders can pay attention to the range of 2680 - 2740 and the changes in factors such as inventory and tariffs [9].