1月9日盘中，菜籽粕期货主力合约遭遇一波急速下挫，最低下探至2330.00元。截止收盘，菜籽粕主力 合约报2338.00元，跌幅1.72%。 菜籽粕期货主力跌近2%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 南华期货 菜籽粕盘面高度有限 广州期货 菜籽粕近期持续下跌 菜粕端来看，目前菜粕仍保持供需双弱状态，供应端来看，澳菜籽压榨进度不及预期，中加会谈预期压 制盘面；需求端处于水产消费淡季，整体增量有限。当前菜籽库存与压榨已经榨尽，全国菜粕库存同样 继续下行，但后续库存由于澳籽供应增量而存在回升预期，故认为盘面高度有限。 广州期货：菜籽粕近期持续下跌 当前蛋白粕处于强预期弱现实状态，豆粕现货价格受大豆供应偏紧预期支撑，但库存仍处高位，期价冲 高回落。菜粕因澳菜籽入榨较慢，供应紧张格局仍未缓解，但因中加谈判及加拿大总理访华预期影响， 近期持续下跌。 中金财富期货：菜粕期货仍可能惯性回调 当前国内进口大豆库存高企，中方累计采购美豆量已近1000万吨，并将陆续发运到港。巴西大豆保持丰 产预期，新豆收割陆续启动，为一季度国内供应保持宽松提供保障。在中加贸易关系改善预期下，菜粕 期货仍可能惯性回调，并对豆粕 ...

菜籽系产业日报 2026-01-08 荡回落，总体表现明显弱于豆棕。 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 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) | 8956 | -139 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2358 | -61 | | | 菜油月间差(5-9):(日,元/吨) | 13 | -1 菜粕月间价差(5-9)(日,元/吨) | -61 | -15 | ...

12月26日盘中，菜籽粕期货主力合约震荡回升，最高上探至2403.00元。截止发稿，菜籽粕主力合约报 2396.00元，涨幅2.70%。 菜粕市场观望情绪浓厚，市场主体拿货心态普遍谨慎。当前行情呈震荡运行态势，后市走向尚未明朗， 下游企业以控制风险为首要原则，维持按需补库节奏；贸易端则以低量拿货、灵活周转为主。沿海油厂 菜籽零库存，零压榨，低进口，但港口库存依然同比偏高，仓单压力有所减轻。但全球丰产、进口多元 化及消费淡季弱化看多预期。菜粕短期以跟随豆粕趋势为主，菜粕一季度供应整体偏紧，库存压力缓 解，比豆粕相比表现出一定的抗跌性。关注澳籽压榨和进口政策、中加贸易后续进展。 大越期货：菜粕维持区间震荡 菜粕震荡回升，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。菜粕现货需求进入淡季，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。 中辉期货 菜粕短期以跟随豆粕趋势为主 大越期货 菜粕维持区间震荡 中辉期货：菜粕短期以跟随豆粕趋势为主 菜籽粕期货主力涨近3%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The rapeseed meal market is in a situation of weak supply and demand. Domestically, the supply is tightening due to restrictions on Canadian rapeseed and rapeseed meal imports and oil mills being shut down, but marginal supply increases with Australian rapeseed arrivals, and there are rumors of increased future supply. Also, the good substitution advantage of soybean meal weakens the demand for rapeseed meal. The rapeseed meal futures price may remain weak in the short - term [2]. - The rapeseed oil market has a tightening supply structure due to the failure of China - Canada trade negotiations on rapeseed tariffs and oil mills being shut down, and it will continue the de - stocking mode. However, future supply is expected to increase with Australian rapeseed arrivals and rumors of inquiries for Canadian rapeseed. The ample supply of soybean oil and its good substitution advantage keep the demand for rapeseed oil at a basic level. The rapeseed oil price may maintain a weak and volatile trend in the short - term [2]. Summary by Relevant Catalogs Futures Market - Futures prices of rapeseed oil, rapeseed meal, ICE rapeseed, and domestic rapeseed all decreased. The month - to - month spreads of rapeseed oil and rapeseed meal changed, with the 1 - 5 spread of rapeseed oil down 35 yuan/ton and that of rapeseed meal up 10 yuan/ton. The main - contract positions of rapeseed oil and rapeseed meal increased, while the net long positions of the top 20 futures holders decreased. The number of rapeseed oil warehouse receipts decreased by 50, and that of rapeseed meal remained at 0 [2]. 现货市场 - Spot prices of rapeseed oil in Jiangsu, average rapeseed oil price, and the import cost of rapeseed decreased. The spot price of rapeseed meal in Nantong increased by 10 yuan/ton. The oil - meal ratio decreased by 0.05. The basis of the main rapeseed oil and rapeseed meal contracts increased. The spot prices of substitute products such as soybean oil, palm oil, and soybean meal decreased, and the price differences between rapeseed oil and its substitutes also decreased [2]. Upstream Situation - Global rapeseed production is expected to increase by 1.31 million tons. The total monthly rapeseed import volume is 0, a decrease of 11.53 tons. The import rapeseed crushing profit decreased by 39 yuan/ton. The total rapeseed inventory of oil mills increased by 0.1 tons, and the weekly operating rate of imported rapeseed is 0. The monthly import volume of rapeseed oil and mustard oil decreased by 2 tons, while the monthly import volume of rapeseed meal increased by 6.29 tons [2]. Industry Situation - Coastal and East China's rapeseed oil inventories decreased, while the rapeseed meal inventory in coastal areas remained unchanged and that in South China increased. The weekly pick - up volume of rapeseed oil increased by 0.9 tons, and that of rapeseed meal decreased by 0.45 tons [2]. Downstream Situation - The monthly output of feed decreased by 171.7 tons, and the monthly output of edible vegetable oil decreased by 67.4 tons. The monthly retail sales of catering increased by 690.4 billion yuan [2]. Option Market - The implied volatility of at - the - money call and put options for rapeseed meal decreased, while the historical volatility of 20 - day and 60 - day for rapeseed meal increased. The implied volatility of at - the - money call and put options for rapeseed oil increased, and the historical volatility of 20 - day and 60 - day for rapeseed oil also increased [2]. Industry News - On December 16, the ICE rapeseed futures continued to decline, with the most actively traded March contract down 4.00 Canadian dollars. During the US soybean export season, the supply is temporarily abundant, and the US faces competition from cheaper Brazilian soybeans. The US soybean futures price has fallen from its high due to China's slowdown in procurement [2]. Rapeseed Meal Viewpoint Summary - The supply of rapeseed meal is tightening domestically, but marginal supply increases with Australian rapeseed arrivals, and future supply is expected to increase. The demand for rapeseed meal is weakened by the good substitution advantage of soybean meal. The rapeseed meal market is in a situation of weak supply and demand, and the futures price may remain weak in the short - term [2]. Rapeseed Oil Viewpoint Summary - The supply of rapeseed oil is structurally tightening, and it will continue the de - stocking mode. However, future supply is expected to increase. The demand for rapeseed oil is mainly at a basic level due to the substitution of soybean oil. The rapeseed oil price may maintain a weak and volatile trend in the short - term [2].

目前来看，菜籽粕行情呈现震荡下行走势，盘面表现偏弱。对于菜籽粕后市行情将如何运行，相关机构 观点汇总如下： 12月8日，国内期市油脂油料板块大面积飘绿。其中，菜籽粕期货主力合约开盘报2374.00元/吨，今日 盘中低位震荡运行；截至发稿，菜籽粕主力最高触及2384.00元，下方探低2322.00元，跌幅达2.55%附 近。 瑞达期货（002961）分析称，中加贸易谈判仍未能就油菜籽关税问题取得突破，加菜籽和菜粕进口仍受 限，且现阶段油厂仍处于停机状态，供应端趋紧。不过，温度下滑，水产养殖需求转弱，菜粕刚需下 滑。同时，大豆供应相对充裕，且豆粕替代优势良好，削弱菜粕需求预期。菜粕市场处于供需双弱局 面。盘面来看，近期菜粕总体维持偏弱震荡，短线参与或观望。后期关注中国对美豆的采购情况以及中 加贸易政策能否迎来突破。 更新时间： 广州期货表示，国内传出储备大豆拍卖消息，豆粕预期供应充足，压制期价上行空间。菜粕近期因菜籽 到港，前期贸易题材炒作降温，期价回落。 东海期货指出，菜粕前期贸易题材炒作降温，受豆粕联动性行情影响持续存在，暂无独立行情基础，关 注澳菜籽到港节奏。 ...

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 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) | 9770 | 13 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2423 | -29 | | | 菜油月间差(1-5):(日,元/吨) | 286 | 30 菜粕月间价差(1-5)(日,元/吨) | 20 | -17 | | | 主力合约持仓量:菜油(日,手) | 171603 | -4352 ...

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

菜籽系产业日报 2025-11-25 重点关注 周一我的农产品网油菜籽开机率及各地区菜油粕库存量，中加贸易关系走向 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 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 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) | 40 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 9818 | 2431 | -15 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - **Rapeseed Meal**: The rapeseed meal market is in a situation of weak supply and demand. The supply - side pressure is small due to the limited import of Canadian rapeseed and rapeseed meal and the shutdown of coastal oil mills. However, the demand for rapeseed meal is weakening as aquaculture demand decreases with the drop in temperature, and soybean supply is relatively abundant with good substitution advantages. The market has large fluctuations recently, and short - term observation is recommended. Later, attention should be paid to whether there are breakthroughs in China - Canada trade policies [2]. - **Rapeseed Oil**: The international oil market is weak, but the domestic rapeseed oil will continue to be in a destocking mode, which supports its price. However, the demand for rapeseed oil is mainly for rigid needs because of the abundant supply and good substitution advantage of soybean oil. After a continuous rise, the rapeseed oil futures price has slightly declined recently, with large short - term fluctuations, and short - term participation is recommended [2][3]. 3) Summary by Relevant Catalogs **Futures Market** - **Prices**: The closing price of rapeseed oil futures (active contract) is 9779 yuan/ton, down 34; the closing price of rapeseed meal futures (active contract) is 2412 yuan/ton, down 7; the closing price of ICE rapeseed futures (active) is 650.2 Canadian dollars/ton, down 5.7; the closing price of rapeseed futures (active contract) is 5551 yuan/ton, unchanged [2]. - **Spreads**: The rapeseed oil month - to - month spread (1 - 5) is 380 yuan/ton, up 17; the rapeseed meal month - to - month spread (1 - 5) is 35 yuan/ton, up 3 [2]. - **Positions**: The position of the main rapeseed oil contract is 233465 lots, down 9832; the position of the main rapeseed meal contract is 377665 lots, down 9671. The net long positions of the top 20 futures holders for rapeseed oil are - 3446 lots, down 2701; for rapeseed meal are - 22471 lots, down 5559 [2]. - **Warehouse Receipts**: The number of rapeseed oil warehouse receipts is 4131, down 30; the number of rapeseed meal warehouse receipts is 2000, unchanged [2]. **Spot Market** - **Prices**: The spot price of rapeseed oil in Jiangsu is 10070 yuan/ton, down 100; the spot price of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton, unchanged; the spot price of rapeseed meal in Nantong is 2400 yuan/ton, unchanged; the average price of rapeseed oil is 10163.75 yuan/ton, down 100; the import cost of rapeseed is 7986.7 yuan/ton, down 89.01 [2]. - **Basis**: The basis of the main rapeseed oil contract is 291 yuan/ton, down 66; the basis of the main rapeseed meal contract is - 12 yuan/ton, up 7 [2]. **Substitute Spot Prices** - The spot price of Grade 4 soybean oil in Nanjing is 8560 yuan/ton, down 100; the spot price of 24 - degree palm oil in Guangdong is 8670 yuan/ton, down 70; the spot price of soybean meal in Zhangjiagang is 3000 yuan/ton, down 50 [2]. - The spot price difference between rapeseed oil and soybean oil is 1510 yuan/ton, unchanged; between rapeseed oil and palm oil is 1400 yuan/ton, down 30; between soybean meal and rapeseed meal is 600 yuan/ton, down 50 [2]. **Upstream Situation** - **Production**: The global rapeseed production forecast for the year is 90.96 million tons, up 1.38 million tons; the annual forecast production of rapeseed is 13446 thousand tons, up 1068 thousand tons [2]. - **Imports and Profits**: The total rapeseed import volume in the current month is 11.53 tons, down 13.13 tons; the import rapeseed crushing profit is 659 yuan/ton, up 29 [2]. - **Inventory and开机率**: The total inventory of rapeseed in oil mills is 0.25 tons, down 0.25 tons; the weekly开机率 of imported rapeseed is 0%, unchanged [2]. **Industry Situation** - **Imports**: The import volume of rapeseed oil and mustard oil in the current month is 16 tons, up 2 tons; the import volume of rapeseed meal in the current month is 15.77 tons, down 5.57 tons [2]. - **Inventory**: The coastal rapeseed oil inventory is 2.08 tons, down 0.52 tons; the coastal rapeseed meal inventory is 0.2 tons, down 0.3 tons; the rapeseed oil inventory in East China is 40.05 tons, down 2.37 tons; the rapeseed meal inventory in East China is 22.96 tons, down 2.49 tons; the rapeseed oil inventory in Guangxi is 1.48 tons, down 0.32 tons; the rapeseed meal inventory in South China is 22.3 tons, up 1.5 tons [2]. - **Pick - up Volume**: The weekly pick - up volume of rapeseed oil is 1.01 tons, down 0.3 tons; the weekly pick - up volume of rapeseed meal is 0.3 tons, up 0.1 tons [2]. **Downstream Situation** - The monthly output of feed is 3128.7 tons, up 201.5 tons; the monthly output of edible vegetable oil is 495 tons, up 44.4 tons; the monthly retail sales of social consumer goods in the catering industry is 5199 billion yuan, up 690.4 billion yuan [2]. **Options Market** - **Rapeseed Meal Options**: The implied volatility of at - the - money call options for rapeseed meal is 20.4%, down 0.33; the implied volatility of at - the - money put options is 21.96%, down 0.05; the 20 - day historical volatility is 21.43%, down 0.03; the 60 - day historical volatility is 20.4%, down 0.32 [2]. - **Rapeseed Oil Options**: The implied volatility of at - the - money call options for rapeseed oil is 13.7%, up 0.24; the implied volatility of at - the - money put options is 13.69%, up 0.23; the 20 - day historical volatility is 15.04%, up 0.13; the 60 - day historical volatility is 13.75%, up 0.05 [2]. **Industry News** - ICE rapeseed futures closed lower on Wednesday, dragged down by the decline of other vegetable oil and crude oil futures. The January rapeseed futures contract fell 6 Canadian dollars and settled at 650.40 Canadian dollars per ton [2]. - USDA unexpectedly lowered the US soybean export forecast for 2025/26. Although the domestic soybean crushing consumption in the US is good and Chinese buyers started to purchase US soybeans this week, the soybean market was sold off after the report was released [2]. - The China - Canada trade negotiation has not made a breakthrough on the rapeseed tariff issue. The export of Canadian rapeseed has declined significantly this year, but the Canadian biofuel production incentive plan takes rapeseed oil as the core raw material, and Canada and Pakistan have reached an agreement to promote the export of Canadian rapeseed to Pakistan [2]. - The US government is considering postponing the plan to cut biofuel import incentives by 1 - 2 years, and the palm oil production in Malaysia increased while exports declined in November, with inventory pressure still existing, dragging down the international oil market [2].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - **Rapeseed Meal**: The rapeseed meal market is in a situation of weak supply and demand. Supply is under less pressure as near - month imports of Canadian rapeseed and rapeseed meal are restricted, and coastal oil mills have exhausted their rapeseed stocks and are mostly shut down. However, demand is weakening due to reduced aquaculture demand with temperature drops and the ample supply and good substitution advantage of soybeans and soybean meal. The fall in US soybeans has dragged down domestic meal prices, and today rapeseed meal saw a decline with reduced positions. Attention should be paid to whether there will be a breakthrough in China - Canada trade policies [2]. - **Rapeseed Oil**: On the supply side, near - month imports of rapeseed are structurally tightened, oil mills have used up their rapeseed stocks and are mostly shut down, and rapeseed oil will continue to be in a destocking mode, which supports its price. But on the demand side, the ample supply and good substitution advantage of soybean oil keep rapeseed oil demand at a basic level. Recently, rapeseed oil futures prices have rebounded from low levels, with increased short - term volatility, and short - term trading is recommended [2]. 3. Summary by Relevant Catalogs **Futures Market** - **Prices**: The closing price of the active contract of rapeseed oil futures decreased by 43 yuan/ton, and that of rapeseed meal futures increased by 9880 yuan/ton. The closing price of the active contract of ICE rapeseed futures decreased by 3.1 Canadian dollars/ton, and that of the active contract of domestic rapeseed futures increased by 80 yuan/ton [2]. - **Spreads**: The rapeseed oil monthly spread (1 - 5) decreased by 45 yuan/ton, and the rapeseed meal monthly spread (1 - 5) decreased by 9 yuan/ton. The basis of the rapeseed oil main contract decreased by 7 yuan/ton, and that of the rapeseed meal main contract decreased by 39 yuan/ton [2]. - **Positions**: The position of the main contract of rapeseed oil decreased by 3228 hands, and that of rapeseed meal decreased by 47901 hands. The net long position of the top 20 futures holders of rapeseed oil decreased by 4311 hands, and that of rapeseed meal decreased by 23476 hands [2]. - **Warehouse Receipts**: The number of rapeseed oil warehouse receipts was 0, and that of rapeseed meal was 5323, unchanged from the previous day [2]. **Spot Market** - **Prices**: The spot price of rapeseed oil in Jiangsu decreased by 50 yuan/ton, and that of rapeseed meal in Nantong decreased by 80 yuan/ton. The average price of rapeseed oil decreased by 50 yuan/ton, and the import cost price of rapeseed decreased by 26.88 yuan/ton [2]. - **Ratios**: The oil - meal ratio was 4.1, an increase of 0.09 [2]. - **Substitute Prices**: The spot price of palm oil (24 - degree) in Guangdong decreased by 20 yuan/ton, and the spot price of soybean meal in Zhangjiagang decreased by 20 yuan/ton. The spot price difference between rapeseed oil and soybean oil decreased by 50 yuan/ton, and that between rapeseed oil and palm oil decreased by 30 yuan/ton. The spot price difference between soybean meal and rapeseed meal increased by 60 yuan/ton [2]. **Upstream Situation** - **Production**: The predicted annual production of rapeseed globally was 90.96 million tons, an increase of 1068 thousand tons [2]. - **Imports**: The total monthly import volume of rapeseed decreased by 13.13 tons, the monthly import volume of rapeseed oil and mustard oil was 2 tons, and the monthly import volume of rapeseed meal was 16 tons, a decrease of 5.57 tons [2]. - **Profits and Rates**: The import rapeseed crushing profit decreased by 28 yuan/ton, the total inventory of rapeseed in oil mills decreased by 0.5 tons, the weekly operating rate of imported rapeseed was 0.5%, unchanged [2]. **Industry Situation** - **Inventory**: The coastal rapeseed oil inventory decreased by 0.52 tons, and the coastal rapeseed meal inventory decreased by 0.3 tons. The rapeseed oil inventory in the East China region decreased by 2.37 tons, and the rapeseed meal inventory decreased by 0.6 tons. The rapeseed oil inventory in the Guangxi region decreased by 0.32 tons, and the rapeseed meal inventory in the South China region increased by 0.1 tons [2]. - **提货量**: The weekly rapeseed oil提货量 decreased by 0.53 tons, and the weekly rapeseed meal提货量 decreased by 0.19 tons [2]. **Industry News** - On November 14 (Friday), ICE rapeseed futures closed lower due to the weakness of Chicago bean futures after the USDA supply - demand report, but the weekly line increased. The January rapeseed futures contract closed down 3.40 Canadian dollars, with a settlement price of 647.50 Canadian dollars/ton, and the weekly increase was 1.2% [2]. - The USDA lowered the estimated yield per acre of US soybeans in the 2025/26 season from 53.5 bushels in September to 53.0 bushels, and the total production was expected to be 4.253 billion bushels, lower than the September forecast. However, the unexpected reduction in US soybean exports led to selling after the report [2]. - From August 1 to November 2, 2025, Canadian rapeseed exports were 1.4233 million tons, a 54.1% decrease compared to the same period last year. Canada's bio - fuel production incentive plan uses rapeseed oil as the core raw material, and Canada and Pakistan reached an agreement to promote rapeseed exports to Pakistan [2].