免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9486 | 22 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2303 | -7 | | 期货市场 | 菜油月间差(5-9):(日,元/吨) | 85 | 31 菜粕月间价差(5-9)(日,元/吨) | -53 | 6 | | | 主力合约持仓量:菜油(日,手) | 277988 | 5120 主力合约持仓量:菜粕(日,手) | 880720 | -7478 | | | 期货前2 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9464 | 105 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2310 | 15 | | | 菜油月间差(5-9):(日,元/吨) | 54 | 25 菜粕月间价差(5-9)(日,元/吨) | -59 | 6 | | 期货市场 | 主力合约持仓量:菜油(日,手) | 272868 | 4058 主力合约持仓量:菜粕(日,手) | 888198 | -21060 | | | 期货前20名持仓:净买单量:菜油(日,手) | -9191 | 7327 期货前20名持仓:净买单量:菜粕(日,手) | -213146 | 12462 | | | 仓单数量:菜油(日,张) | 625 | 0 仓单数量:菜粕(日,张) | 1000 | 0 | | | 期货收盘价(活跃):ICE油菜籽(日,加元/吨) | 697.2 | 9.1 期货收盘价(活跃合约):油菜籽(日,元/吨) | 5839 | -79 ...

研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 菜籽系产业日报 2026-03-02 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 最新 环比 数据指标 最新 环比 | | | | | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9359 | 174 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2295 | 8 | | 期货市场 | 菜油月间差(5-9):(日,元/吨) 主力合约持仓量:菜油(日,手) | 29 268810 | 23 菜粕月间价差(5-9)(日,元/吨) 1086 ...

菜籽系产业日报 2026-02-26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9185 | -59 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2296 | -16 | | 期货市场 | 菜油月间差(5-9):(日,元/吨) | 21 | 2 菜粕月间价差(5-9)(日,元/吨) | -65 | -13 | | | 主力合约持仓量:菜油(日,手) | 251806 | -6923 主力合约持仓量:菜粕(日,手) | 904520 | 36518 | | | 期货前20名持仓:净买单量:菜油(日,手) | -20883 | -8971 期货前20名持仓:净买单量:菜粕(日,手) | -223328 | -29725 | | | 仓单数量:菜油(日,张) | 625 | 0 仓单数量:菜粕(日,张) | 0 | 0 | | | 期货收盘价(活跃):ICE油菜籽(日,加元/吨) | 690.4 | -1.3 期货收盘价(活跃合约):油菜 ...

| 项目类别 | 数据指标 最新 环比 | | 环比 数据指标 | 最新 | | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9215 | 79 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2249 | -27 | | 期货市场 | 菜油月间差(5-9):(日,元/吨) | 80 | 8 菜粕月间价差(5-9)(日,元/吨) | -38 | -17 | | | 主力合约持仓量:菜油(日,手) | 285363 | 1028 主力合约持仓量:菜粕(日,手) | 922401 | 9439 | | | 期货前20名持仓:净买单量:菜油(日,手) | -14551 | -2962 期货前20名持仓:净买单量:菜粕(日,手) | -229177 | -22631 | | | 仓单数量:菜油(日,张) | 625 | 0 仓单数量:菜粕(日,张) | 0 | 0 | | | 期货收盘价(活跃):ICE油菜籽(日,加元/吨) | 645.4 | -2 期货收盘价(活跃合约):油菜籽(日,元/吨) | 6007 | 32 | | ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The rapeseed meal market is currently in a situation of weak supply and demand, and generally fluctuates with soybean meal. Affected by the improvement of China-Canada trade relations, rapeseed meal continued to decline and maintained a weak oscillation overall [2]. - The rapeseed oil market is in a destocking mode, which supports its price and keeps the basis at a high level. However, the improvement of China-Canada trade relations has increased the long - term supply pressure, causing rapeseed oil to decline in oscillation and increasing short - term volatility [3]. Summary by Relevant Catalogs Futures Market - The closing price of rapeseed oil futures (active contract) was 8902 yuan/ton, down 161 yuan; the closing price of rapeseed meal futures (active contract) was 2221 yuan/ton, down 34 yuan [2]. - The rapeseed oil monthly spread (5 - 9) was -21 yuan/ton, down 74 yuan; the rapeseed meal monthly spread (5 - 9) was -66 yuan/ton, up 2 yuan [2]. - The open interest of the main rapeseed oil contract was 253,596 lots, down 16,032 lots; the open interest of the main rapeseed meal contract was 1,013,517 lots, up 95,878 lots [2]. - The net long positions of the top 20 futures holders for rapeseed oil were -20,757 lots, down 14,342 lots; for rapeseed meal were -272,749 lots, down 31,903 lots [2]. - The number of rapeseed oil warehouse receipts was 1,942 sheets, down 200 sheets; the number of rapeseed meal warehouse receipts was 84 sheets, unchanged [2]. - The closing price of ICE rapeseed futures (active) was 637.1 Canadian dollars/ton, up 2.9 Canadian dollars; the closing price of rapeseed futures (active contract) was 5,549 yuan/ton, up 2 yuan [2]. Spot Market - The spot price of rapeseed oil in Jiangsu was 9,850 yuan/ton, up 250 yuan; the spot price of rapeseed meal in Nantong was 2,280 yuan/ton, down 80 yuan [2]. - The average price of rapeseed oil was 9,956.25 yuan/ton, up 250 yuan; the import cost of imported rapeseed was 7,636.99 yuan/ton, up 46.97 yuan [2]. - The spot price of rapeseed in Yancheng, Jiangsu was 6,300 yuan/ton, up 400 yuan; the oil - meal ratio was 4.04, up 0.09 [2]. - The basis of the main rapeseed oil contract was 787 yuan/ton, up 15 yuan; the basis of the main rapeseed meal contract was 59 yuan/ton, down 46 yuan [2]. - The spot price of grade - four soybean oil in Nanjing was 8,540 yuan/ton, unchanged; the spot price difference between rapeseed oil and soybean oil was 1,310 yuan/ton, up 200 yuan [2]. Substitute Spot Prices - The spot price of 24 - degree palm oil in Guangdong was 8,700 yuan/ton, unchanged; the spot price difference between rapeseed oil and palm oil was 1,150 yuan/ton, up 200 yuan [2]. - The spot price of soybean meal in Zhangjiagang was 3,100 yuan/ton, unchanged; the spot price difference between soybean meal and rapeseed meal was 820 yuan/ton, up 80 yuan [2]. Upstream Situation - The global rapeseed production forecast for the year was 95.27 million tons, up 3 million tons; the domestic rapeseed production forecast for the year was 13.446 million tons, unchanged [2]. - The total rapeseed import volume for the month was 0.2 million tons, up 0.2 million tons; the import rapeseed crushing profit on the disk was 299 yuan/ton, down 116 yuan [2]. - The total rapeseed inventory of oil mills was 0.1 million tons, unchanged; the weekly operating rate of imported rapeseed was 0%, unchanged [2]. - The total import volume of rapeseed oil and mustard oil for the month was 14 million tons, down 2 million tons; the total import volume of rapeseed meal for the month was 22.06 million tons, up 6.29 million tons [2]. Industry Situation - The rapeseed oil inventory in coastal areas was 0.2 million tons, unchanged; the rapeseed meal inventory in coastal areas was 0 million tons, unchanged [2]. - The rapeseed oil inventory in East China was 27.4 million tons, up 2.25 million tons; the rapeseed meal inventory in East China was 15.7 million tons, down 1 million tons [2]. - The rapeseed oil inventory in Guangxi was 0.1 million tons, unchanged; the rapeseed meal inventory in South China was 25.7 million tons, up 1.1 million tons [2]. - The weekly rapeseed oil提货量 was 0.18 million tons, down 0.22 million tons; the weekly rapeseed meal提货量 was 0 million tons, unchanged [2]. Downstream Situation - The monthly output of feed was 2,977.9 million tons, up 20.9 million tons; the monthly social consumer goods retail sales of catering revenue was 605.7 billion yuan, up 85.8 billion yuan [2]. - The monthly output of edible vegetable oil was 427.6 million tons, down 67.4 million tons [2]. Option Market - The implied volatility of at - the - money call options for rapeseed meal was 22.24% (17.23% previously), down 0.6%; the implied volatility of at - the - money put options for rapeseed meal was 22.23% (17.21% previously), down 0.6% [2]. - The 20 - day historical volatility for rapeseed meal was 16.38%, up 0.03%; the 60 - day historical volatility for rapeseed meal was 13.06%, up 0.24% [2]. - The 20 - day historical volatility for rapeseed oil was 18.03%, up 2.19%; the 60 - day historical volatility for rapeseed oil was 14.77%, up 1.07% [2]. Industry News - On Friday, Canadian rapeseed futures on the Intercontinental Exchange (ICE) closed higher, with the benchmark contract up 0.8%, hitting a six - week high, due to a new trade agreement between Canada and China including a reduction in rapeseed tariffs [2]. - The USDA monthly supply - demand report showed that the U.S. soybean production forecast for the 2025/26 season was 4.262 billion bushels, higher than last month's forecast and market expectations. The USDA also raised Brazil's soybean production and export forecasts, which was bearish for the market [2]. - The NOPA monthly crushing report showed that the U.S. soybean crushing volume in December 2025 jumped to the second - highest on record, which was positive for U.S. soybeans [2].

Core Viewpoint - The futures market for rapeseed meal has shown weakness, with the main contract dropping significantly by 2.37% to 2221.00 CNY/ton on January 19 [1] Market Data Summary - On January 16, the number of rapeseed meal futures warehouse receipts was 84, unchanged from the previous trading day [2] - The spot price of rapeseed meal on January 19 was reported at 2388.95 CNY/ton, a decrease of 75.79 CNY/ton, representing a daily decline of 3.07% [2] - Over the past week, rapeseed meal prices have cumulatively dropped by 113.68 CNY/ton, a decline of 4.54% [2] - In the last month, rapeseed meal prices have decreased by 90 CNY/ton, a decline of 3.63% [2] - The C&F price for Canadian canola (March shipment) was 525 USD/ton, up by 4 USD/ton from the previous trading day; the price for May shipment was 531 USD/ton, also up by 4 USD/ton [2] Institutional Perspectives - According to Everbright Futures, rapeseed meal prices have significantly declined, with a notable drop on Friday night and a maximum intraday decline of nearly 3% [3] - The decline in prices is attributed to the recent visit of the Canadian Prime Minister to China, where an initial agreement was reached to enhance agricultural cooperation and food security, including a potential reduction in tariffs on Canadian canola by March 1 [3] - The expected decrease in import costs due to lower tariffs may lead to an increase in import volumes, contributing to the weak performance of rapeseed meal futures [3] - According to Ruida Futures, the current rapeseed meal market is characterized by weak supply and demand, moving in tandem with soybean meal prices [3]

Report Industry Investment Rating - No relevant information provided Core Views - The rapeseed meal market is currently in a situation of weak supply and demand, generally fluctuating with soybean meal. Affected by the bearish USDA report and the rising expectation of eased China - Canada trade relations, rapeseed meal continued to decline and maintained a weak oscillation [2]. - The rapeseed oil market is also in a weak oscillation recently. Although the current de - stocking mode supports the price and the basis remains high, the increasing long - term supply pressure due to the arrival of Australian rapeseeds and the expectation of improved China - Canada trade relations needs attention [3]. Summary by Related Catalogs Futures Market - Futures closing prices: Rapeseed oil (active contract) was 8828 yuan/ton, down 121 yuan; rapeseed meal (active contract) was 2283 yuan/ton, down 6 yuan; ICE rapeseed (active) was 629.4 Canadian dollars/ton, down 2.3 Canadian dollars; rapeseed (active contract) was 5550 yuan/ton, up 30 yuan [2]. - Spreads: Rapeseed oil month - to - month spread (5 - 9) was 14 yuan/ton, down 5 yuan; rapeseed meal month - to - month spread (5 - 9) was - 68 yuan/ton, down 1 yuan [2]. - Positions: Main contract positions of rapeseed oil were 258828 lots, up 12208 lots; main contract positions of rapeseed meal were 869905 lots, down 1046 lots. Net long positions of the top 20 futures holders for rapeseed oil were - 20583 lots, up 650 lots; for rapeseed meal were - 201431 lots, down 19790 lots [2]. - Warehouse receipts: Rapeseed oil warehouse receipts were 2142 sheets, down 80 sheets; rapeseed meal warehouse receipts were 84 sheets, unchanged [2]. Spot Market - Spot prices: Rapeseed oil in Jiangsu was 9600 yuan/ton, down 150 yuan; rapeseed meal in Nantong was 2350 yuan/ton, down 20 yuan; rapeseed in Yancheng, Jiangsu was 5900 yuan/ton, up 200 yuan; fourth - grade soybean oil in Nanjing was 8490 yuan/ton, down 50 yuan; palm oil (24 - degree) in Guangdong was 8650 yuan/ton, down 200 yuan; soybean meal in Zhangjiagang was 3120 yuan/ton, unchanged [2]. - Averages and spreads: The average price of rapeseed oil was 9706.25 yuan/ton, down 150 yuan. The import cost of rapeseed was 7540.97 yuan/ton, down 45.57 yuan. The oil - meal ratio was 3.95, down 0.03. The basis of the rapeseed oil main contract was 772 yuan/ton, down 29 yuan; the basis of the rapeseed meal main contract was 67 yuan/ton, down 14 yuan. The spot price difference between rapeseed oil and soybean oil was 1110 yuan/ton, down 100 yuan; the spot price difference between rapeseed oil and palm oil was 950 yuan/ton, up 50 yuan; the spot price difference between soybean meal and rapeseed meal was 770 yuan/ton, up 20 yuan [2]. Upstream Situation - Production and imports: Global rapeseed production forecast for the year was 95.27 million tons, up 3 million tons; rapeseed production annual forecast was 13446 thousand tons, unchanged. Rapeseed import volume was 0.2 million tons, up 0.2 million tons; imports of rapeseed oil and mustard oil were 14 million tons, down 2 million tons; imports of rapeseed meal were 22.06 million tons, up 6.29 million tons [2]. - Inventory and开机 rate: Total rapeseed inventory in oil mills was 0.1 million tons, unchanged; the weekly开机 rate of imported rapeseed was 0%, unchanged [2]. - Pressing profit: The imported rapeseed disk pressing profit was 365 yuan/ton, down 29 yuan [2]. Industry Situation - Inventory: Coastal rapeseed oil inventory was 0.2 million tons, down 0.1 million tons; coastal rapeseed meal inventory was 0 million tons, unchanged. East China rapeseed oil inventory was 25.15 million tons, down 1.55 million tons; East China rapeseed meal inventory was 15.7 million tons, down 1 million tons. Guangxi rapeseed oil inventory was 0.1 million tons, down 0.1 million tons; South China rapeseed meal inventory was 25.7 million tons, up 1.1 million tons [2]. -提货量: Rapeseed oil weekly提货量 was 0.18 million tons, down 0.22 million tons; rapeseed meal weekly提货量 was 0 million tons, unchanged [2]. Downstream Situation - Production: Feed production for the month was 2977.9 million tons, up 20.9 million tons; edible vegetable oil production for the month was 427.6 million tons, down 67.4 million tons [2]. - Consumption: Social consumer goods retail sales of catering revenue for the month were 6057 billion yuan, up 858 billion yuan [2]. Option Market - Implied volatility: The at - the - money call option implied volatility of rapeseed meal was 22.73%, down 0.45%; the at - the - money put option implied volatility of rapeseed meal was 22.73%, down 0.45%. The at - the - money call option implied volatility of rapeseed oil decreased by 0.15% [2]. - Historical volatility: The 20 - day historical volatility of rapeseed meal was 16.67%, down 0.39%; the 60 - day historical volatility of rapeseed meal was 12.82%, down 0.06%. The 20 - day historical volatility of rapeseed oil was 17.08%, down 0.73%; the 60 - day historical volatility of rapeseed oil was 17.1%, down 0.05% [2]. Industry News - On January 14th, ICE rapeseed futures declined, in line with the trend of Chicago soybean oil. The ICE March rapeseed futures contract fell 4.50 Canadian dollars, settling at 628.30 Canadian dollars per ton. The rapeseed trade is closely watching the news related to Canadian Prime Minister's visit to China [2]. Rapeseed Meal View Summary - The USDA monthly supply - demand report was bearish for soybeans, dragging down rapeseed meal. Domestically, the supply of near - month Canadian rapeseed and rapeseed meal is restricted, and oil mills are shut down, but the arrival of Australian rapeseed increases marginal supply. The market expects an improvement in China - Canada trade relations, increasing long - term supply pressure. The rapeseed meal market is in a situation of weak supply and demand and fluctuates with soybean meal, maintaining a weak oscillation [2]. Rapeseed Oil View Summary - The USDA supply - demand report shows a relatively loose supply - demand pattern for global and Canadian rapeseed, which restricts the market price. The visit of the Canadian Prime Minister to China raises the expectation of improved China - Canada trade relations, which may support the Canadian rapeseed market. Domestically, oil mills are shut down, and rapeseed oil is in a de - stocking mode, supporting the price, but the long - term supply pressure increases [3].

Core Viewpoint - The main focus of the news is the significant decline in canola meal futures, with the main contract dropping nearly 2% and closing at 2338.00 yuan, reflecting a downward trend in the market [1][2]. Group 1: Market Analysis - Canola meal futures are experiencing a weak supply and demand situation, with the supply side affected by slower-than-expected processing of Australian canola, while demand remains limited due to the off-season for aquatic consumption [2]. - The current inventory of canola meal is declining, but there is an expectation of a rebound in inventory due to increased supply from Australia, indicating that the market may have limited upward potential [2]. - The protein meal market is characterized by strong expectations but weak realities, with soybean meal prices supported by tight supply expectations, yet overall inventory levels remain high [3]. Group 2: Future Outlook - The canola meal futures market may continue to experience a downward adjustment due to high domestic soybean inventories and the expectation of a steady supply from Brazil as new harvests begin [3]. - The improvement in China-Canada trade relations is anticipated to further influence the canola meal futures market, potentially leading to a continued downward trend and affecting the buying sentiment in the soybean meal futures market [3].

Report Summary 1. Report Industry Investment Rating - No information provided. 2. Core Viewpoints - The rapeseed meal market is in a situation of weak supply and demand, generally fluctuating with soybean meal. The market is waiting for the USDA monthly supply and demand report. Near - month imports of Canadian rapeseed and rapeseed meal are restricted, and oil mills are shut down, tightening supply. Imported soybean customs clearance policies affect near - month supply. With Australian rapeseed arriving, the marginal supply increases, and the expectation of improved China - Canada trade relations enhances the medium - and long - term supply pressure. Meanwhile, the good substitution advantage of soybean meal weakens the demand for rapeseed meal. The rapeseed meal price dropped significantly today and is generally volatile [2]. - The rapeseed oil market: Domestic oil mills continue to be shut down, and rapeseed oil is in a de - stocking mode, supporting its price and keeping the basis at a high level. Imported soybean customs clearance policies affect near - month supply. However, with the arrival of Australian rapeseed for later crushing and the increasing expectation of improved China - Canada trade relations, the long - term supply pressure increases. The rapeseed oil price is volatile [2]. 3. Summary by Relevant Catalogs 3.1. Futures Market - **Prices**: The futures closing price of the active contract of rapeseed oil was 8,956 yuan/ton, down 139 yuan; that of rapeseed meal was 2,358 yuan/ton, down 61 yuan. The futures closing price of the active ICE rapeseed was 618.5 Canadian dollars/ton, up 5.7 Canadian dollars; that of the active contract of rapeseed was 5,430 yuan/ton, down 19 yuan [2]. - **Spreads**: The rapeseed oil monthly spread (5 - 9) was 13 yuan/ton, down 1 yuan; the rapeseed meal monthly spread (5 - 9) was - 61 yuan/ton, down 15 yuan [2]. - **Positions**: The main - contract position of rapeseed oil was 248,582 lots, up 20,113 lots; that of rapeseed meal was 785,807 lots, up 64,896 lots. The net long positions of the top 20 futures holders for rapeseed oil were - 22,389 lots, down 9,350 lots; for rapeseed meal, they were - 97,538 lots, down 78,782 lots [2]. - **Warehouse Receipts**: The number of rapeseed oil warehouse receipts was 1,892, down 238; that of rapeseed meal was 0, unchanged [2]. 3.2. Spot Market - **Prices**: The spot price of rapeseed oil in Jiangsu was 9,700 yuan/ton, down 200 yuan; that of rapeseed meal in Nantong was 2,440 yuan/ton, down 50 yuan. The average price of rapeseed oil was 9,806.25 yuan/ton, down 200 yuan. The import cost price of imported rapeseed was 7,488.03 yuan/ton, up 87.2 yuan. The spot price of rapeseed in Yancheng, Jiangsu was 5,700 yuan/ton, unchanged [2]. - **Basis and Spreads**: The basis of the main rapeseed oil contract was 744 yuan/ton, down 61 yuan; that of the main rapeseed meal contract was 82 yuan/ton, up 11 yuan. The spot price difference between rapeseed oil and soybean oil was 1,220 yuan/ton, down 230 yuan; that between rapeseed oil and palm oil was 1,080 yuan/ton, down 250 yuan; that between soybean meal and rapeseed meal was 710 yuan/ton, up 80 yuan [2]. 3.3. Upstream Situation - **Production and Imports**: The global rapeseed production forecast for the year was 95.27 million tons, up 3 million tons. The annual forecasted rapeseed production was 13,446 thousand tons, unchanged. The total rapeseed import volume for the month was 0.2 million tons, up 0.2 million tons. The import rapeseed crushing profit on the disk was 499 yuan/ton, down 115 yuan [2]. - **Inventory and Utilization Rate**: The total rapeseed inventory of oil mills was 0.1 million tons, unchanged. The weekly operating rate of imported rapeseed was 0%, unchanged [2]. 3.4. Industry Situation - **Imports**: The monthly import volume of rapeseed oil and mustard oil was 14 million tons, down 2 million tons; that of rapeseed meal was 22.06 million tons, up 6.29 million tons [2]. - **Inventory**: The coastal rapeseed oil inventory was 0.3 million tons, down 0.1 million tons; the coastal rapeseed meal inventory was 0 million tons, unchanged. The rapeseed oil inventory in East China was 26.7 million tons, down 1.4 million tons; the rapeseed meal inventory in East China was 16.7 million tons, down 0.3 million tons. The rapeseed oil inventory in Guangxi was 0.2 million tons, down 0.1 million tons; the rapeseed meal inventory in South China was 24.6 million tons, down 1.3 million tons [2]. - **Delivery Volume**: The weekly rapeseed oil delivery volume was 0.4 million tons, down 0.34 million tons; the weekly rapeseed meal delivery volume was 0 million tons, unchanged [2]. 3.5. Downstream Situation - **Production**: The monthly production of feed was 2,977.9 million tons, up 20.9 million tons; the monthly production of edible vegetable oil was 427.6 million tons, down 67.4 million tons [2]. - **Consumption**: The monthly social retail sales of catering revenue was 6,057 billion yuan, up 858 billion yuan [2]. 3.6. Options Market - **Implied Volatility**: The implied volatility of at - the - money call options for rapeseed meal was 19.56%, up 1.51%; that of at - the - money put options was 19.57%, up 1.51%. The implied volatility of at - the - money call options for rapeseed oil was 16.25%, up 1.35%; that of at - the - money put options was 16.25%, up 1.36% [2]. - **Historical Volatility**: The 20 - day historical volatility of rapeseed meal was 13.75%, down 0.59%; the 60 - day historical volatility was 12%, up 0.17%. The 20 - day historical volatility of rapeseed oil was 17.01%, down 0.62%; the 60 - day historical volatility was 13.17%, up 0.01% [2]. 3.7. Industry News - On January 7 (Wednesday), ICE rapeseed futures closed higher, supported by optimistic trade expectations and the spill - over effect of the stronger US soybeans. The ICE March rapeseed futures contract rose 6.10 Canadian dollars, settling at 620 Canadian dollars per ton [2]. - During the US soybean export season, the short - term supply is abundant, and the expected high yield of Brazilian soybeans means that the US still faces competition from cheaper Brazilian soybeans in the global export market, so there is still pressure on the US soybean market [2]. 3.8. Key Points to Follow - The rapeseed operating rate and the rapeseed oil and meal inventories in various regions from Myagric on Monday, and the development of China - Canada trade relations [2].