Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - Rapeseed meal RM2509 is expected to fluctuate within the range of 2700 - 2760. The market is influenced by factors such as soybean meal trends, low rapeseed meal inventory, and the tariff on Canadian oil residue cakes. The short - term outlook is for range - bound trading [9]. Group 3: Summary by Directory 1. Daily Prompt - Not provided 2. Recent News - Domestic aquaculture has entered the peak season, and the supply of domestic rapeseed has improved. The annual production of Canadian rapeseed has decreased slightly, and China has imposed tariffs on Canadian rapeseed oil and oil residue cakes. The global rapeseed production has decreased slightly due to lower yields in the EU and Canada. The ongoing Russia - Ukraine conflict may support commodity prices [11]. 3. Bullish and Bearish Factors - **Bullish factors**: China's tariff on Canadian rapeseed oil and oil residue cakes; low inventory pressure on oil mills' rapeseed meal [12]. - **Bearish factors**: The listing of domestic rapeseed in June; uncertainties in China's anti - dumping investigation on Canadian rapeseed imports and the seasonal off - peak demand for rapeseed meal [13]. 4. Fundamental Data - **Price and Basis**: The spot price is 2620, with a basis of - 102, indicating a discount to the futures. The rapeseed meal price has rebounded, and the spot price has followed suit, with a relatively high discount level [9][20]. - **Inventory**: Rapeseed meal inventory is 1.51 tons, a 228% increase from last week's 0.46 tons and a 58.06% decrease compared to the same period last year. Oil mills' rapeseed inventory has declined slightly, and rapeseed meal inventory remains low [9]. - **Supply and Demand Balance Sheets**: The report provides domestic rapeseed and rapeseed meal supply - demand balance sheets from 2014 - 2023, showing changes in harvest area, production, consumption, and inventory over the years [25][26]. - **Aquatic Product Data**: Aquatic fish prices fluctuate slightly, while shrimp and shellfish prices remain stable [39]. 5. Position Data - The main long positions have increased, but funds have flowed out [9]. 6. Rapeseed Meal Views and Strategies - **Viewpoint**: Rapeseed meal is expected to trade within a range in the short term, affected by factors such as low rapeseed inventory and the tariff on Canadian oil residue cakes [9]. - **Strategy**: Not provided

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].

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Views - Rapeseed meal RM2509 is expected to oscillate in the range of 2540 - 2600. The market is influenced by factors such as soybean meal trends, low rapeseed meal inventory, and the import tariff on Canadian oil residue cakes. The overall outlook is neutral [9]. - The short - term outlook for rapeseed meal is that it will return to range - bound trading due to the low inventory of imported rapeseed and the tariff on Canadian oil residue cakes, along with the influence of soybean meal [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2509 will oscillate in the 2540 - 2600 range. Influential factors include soybean meal trends, low oil mill operation rate, low rapeseed meal inventory, and the tariff on Canadian oil residue cakes. The current status is neutral [9]. 3.2 Recent News - Domestic aquaculture has entered the peak season, and the supply - tightness expectation in the spot market has improved. The demand side maintains a good outlook [11]. - The annual production of Canadian rapeseed has slightly decreased, 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 [11]. - Global rapeseed production has slightly decreased this year, mainly due to the reduction in EU rapeseed production and lower - than - expected Canadian rapeseed production [11]. - The Russia - Ukraine conflict continues, with the decrease in Ukrainian rapeseed production offset by the increase in Russian rapeseed production. There is a possibility of an escalation in global geopolitical conflicts, which may support 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 mills' 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]. 3.4 Fundamental Data - **Price and basis**: Spot price is 2500, basis is - 86, indicating a discount to the futures price, which is bearish [9]. - **Inventory**: Rapeseed meal inventory is 0.46 tons, down 58.18% week - on - week from 1.1 tons last week and 84.67% year - on - year from 3 tons in the same period last year, which is bullish [9]. - **Market trend**: The price is below the 20 - day moving average and the direction is downward, which is bearish [9]. - **Supply - 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, consumption, etc. [25][26]. 3.5 Position Data - The main long positions have increased, but the funds have flowed out, which is bullish [9]. 3.6 Rapeseed Meal Price and Inventory - Rapeseed meal futures and spot prices have been summarized, showing that the spot price has followed the futures price with small fluctuations, and the spot discount has remained at a relatively high level [16][20]. - The spot price difference between soybean meal and rapeseed meal has slightly narrowed, and the price difference of the 2509 contract has remained volatile [22]. - The rapeseed import volume in July was lower than expected, and the import cost fluctuated slightly [27]. - The oil mill's rapeseed inventory has rebounded from a low level, while the rapeseed meal inventory has remained low [29]. - The oil mill's rapeseed crushing volume has slightly decreased [31]. 3.7 Aquaculture Production and Price - The report provides data on China's aquatic product and fish production, shellfish and shrimp - crab production, and OECD's forecast of China's fish production and imports [33][35][37]. - Aquatic fish prices have fluctuated slightly, while shrimp and shellfish prices have remained stable [39].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The rapeseed meal RM2509 is expected to oscillate within the range of 2600 - 2660. It is currently influenced by factors such as the low - level operation of rapeseed meal oil mills, low inventory, and the impact of China's tariff on Canadian oil residue cakes. In the short - term, it shows a slightly stronger oscillatory trend, but the long - term trend is affected by the uncertainty of the anti - dumping investigation on Canadian rapeseed imports and the seasonal nature of demand [9]. 3. Summary by Directory 3.1 Daily Prompt - Rapeseed meal RM2509 is in the 2600 - 2660 range. The fundamentals show that it is driven by soybean meal and technical buying. The low operation of oil mills and low inventory support the market. The short - term demand for rapeseed meal is gradually rising, and the import of Canadian rapeseed is increasing, but the short - term inventory pressure of oil mills is not significant. The tariff on Canadian oil residue cakes is a short - term positive factor, but its impact is limited [9]. 3.2 Recent News - The domestic aquaculture industry is emerging from the off - season, with tight supply and rising demand in the spot market. The annual production of Canadian rapeseed has slightly decreased, which supports 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. Globally, the rapeseed production has slightly decreased this year, mainly due to the reduction in the EU and lower - than - expected production in Canada. The Russia - Ukraine conflict continues, and the future geopolitical situation may support commodity prices [11]. 3.3 Bullish and Bearish Factors - **Bullish**: China's tariff on Canadian rapeseed oil and oil residue cakes; the low inventory pressure of oil mills' rapeseed meal [12]. - **Bearish**: The increase in the arrival of imported Canadian rapeseed after March; the uncertainty of the anti - dumping investigation on Canadian rapeseed imports and the seasonal off - season of rapeseed meal demand [12]. - **Main Logic**: The market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [12]. 3.4 Fundamental Data - **Price and Spread**: From May 21 to May 30, the average price difference between soybean meal and rapeseed meal continued to narrow, and the spread of the 2509 contract remained oscillatory. The rapeseed meal futures price showed an upward trend, while the spot price followed the relatively weak soybean meal, and the spot discount slightly expanded [13][14][20]. - **Inventory**: The rapeseed meal inventory was 2.35 million tons, a week - on - week decrease of 18.97% and a year - on - year decrease of 21.67%. The inventory of oil mills' rapeseed stopped falling and rebounded, while the rapeseed meal inventory slightly declined [9][28]. - **Supply and Demand Balance**: The domestic rapeseed and rapeseed meal supply - demand balance tables show the changes in harvest area, output, supply, demand, and inventory from 2014 to 2023 [23][24]. 3.5 Position Data - The main long positions in rapeseed meal increased, but the funds flowed out [9].

Report Industry Investment Rating No relevant information provided. Core View of the Report - The rapeseed meal RM2509 is expected to oscillate within the range of 2540 - 2600. It is currently affected by factors such as low inventory of imported rapeseed, the tariff increase on Canadian oil residue cakes by China, and the influence of soybean meal prices, leading to short - term range - bound fluctuations [9][10]. Summary by Directory 1. Daily Prompt - The rapeseed meal RM2509 is expected to oscillate between 2540 and 2600 [9]. 2. Recent News - The domestic aquaculture industry is recovering from the off - season, with tight supply and increasing demand in the spot market. - The annual rapeseed production in Canada has slightly decreased, 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. - 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, with the decrease in rapeseed production in Ukraine and the increase in Russia offsetting each other. There is still a possibility of an escalation in global geopolitical conflicts, which supports commodity prices [12]. 3. Bullish and Bearish Factors - 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: An increase in the arrival volume of imported rapeseed after March; uncertainties in the anti - dumping investigation on Canadian rapeseed imports by China, and the rapeseed meal demand is in the seasonal off - season. - The current main logic is that the market focuses on domestic aquaculture demand and the expected tariff war on Canadian rapeseed [13]. 4. Fundamental Data - **Supply and demand fundamentals**: Rapeseed meal prices have rebounded with the influence of soybean meal, and spot prices have followed suit. The basis remains at a relatively high level of discount. The spot demand for rapeseed meal is gradually recovering in the short term. Although the arrival volume of imported rapeseed has increased, the short - term inventory of oil mills is not under pressure. The additional tariffs on Canadian oil residue cakes by China are bullish for rapeseed meal, but the bullish effect may be limited as no additional tariffs are imposed on rapeseed imports [10][20]. - **Basis**: The spot price is 2480, and the basis is - 85, indicating a discount to the futures price, which is bearish [10]. - **Inventory**: The rapeseed meal inventory is 1.45 million tons, up 49.48% week - on - week from 0.97 million tons last week and down 44.23% year - on - year from 2.6 million tons in the same period last year, which is bullish [10]. - **Market trend**: The price is below the 20 - day moving average and the direction is downward, which is bearish [10]. - **Historical 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 - The long positions of the main players have increased, and funds have flowed in, which is bullish [10]. 6. Rapeseed Meal Views and Strategies - **Fundamentals**: The rapeseed meal market is affected by factors such as low oil mill operation rates, low inventory, and short - term recovery in demand. The additional tariffs on Canadian oil residue cakes are bullish, but the non - imposition of tariffs on rapeseed imports limits the bullish effect. The overall situation is neutral. - **Basis**: The spot price is at a discount to the futures price, which is bearish. - **Inventory**: The week - on - week increase in inventory is bullish, while the year - on - year decrease is also bullish. - **Market trend**: The price below the 20 - day moving average is bearish. - **Main player positions**: The increase in main long positions and capital inflow are bullish. - **Expectation**: Rapeseed meal prices are expected to fluctuate within a range in the short term, affected by factors such as low imported rapeseed inventory, tariff policies, and soybean meal prices [10].

Report Overview - The report is a rapeseed meal morning report dated May 6, 2025, provided by Dayue Futures' Investment Consulting Department [1] Investment Rating - No investment rating for the industry is provided in the report Core View - Rapeseed meal RM2509 is expected to fluctuate within the range of 2480 - 2540. The price is influenced by factors such as soybean meal trends, low rapeseed meal inventory, increased imports of Canadian rapeseed, and the tariff on Canadian oil residue cakes. In the short - term, it is expected to return to a range - bound pattern [9][10] Summary by Directory 1. Daily Hints - Rapeseed meal RM2509 is expected to oscillate between 2480 and 2540 [9] 2. Recent News - Domestic aquaculture is recovering from the off - season, with supply in the spot market being tight and demand rising - Canada's annual rapeseed production has slightly decreased, 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 - 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. The decrease in Ukraine's rapeseed production and the increase in Russia's production offset each other. Geopolitical conflicts may still rise, supporting commodity prices [12] 3. Bullish and Bearish Factors - **Bullish**: China's additional tariffs on Canadian rapeseed oil and oil residue cakes; low inventory pressure on rapeseed meal at oil mills - **Bearish**: Increased imports of rapeseed after March; uncertainty in the anti - dumping investigation on Canadian rapeseed imports and the seasonal off - season for rapeseed meal demand - **Main Logic**: The market focuses on domestic aquaculture demand and the expected tariff war on Canadian rapeseed [13] 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. - **Price and Transaction Data**: Data on the average transaction price, trading volume, and price difference between soybean meal and rapeseed meal from April 21 - 30 are presented, as well as rapeseed meal futures and spot prices during the same period - **Warehouse Receipt Data**: Rapeseed meal warehouse receipt statistics from April 18 - 30 are provided [14][15][16][24][25] 5. Position Data - The main long positions in rapeseed meal have increased, and capital has flowed in [10] 6. Rapeseed Meal Views and Strategies - **Fundamentals**: Rapeseed meal has oscillated and declined, affected by soybean meal trends and technical consolidation. Low rapeseed meal inventory at oil mills and short - term recovery in spot demand support the market. The increase in imported rapeseed arrivals and the tariff on Canadian oil residue cakes have mixed effects - **Basis**: The spot price is 2480, with a basis of - 56, indicating a discount to the futures price - **Inventory**: Rapeseed meal inventory is 0.97 million tons, a week - on - week decrease of 2.02% and a year - on - year decrease of 64.07% - **Market**: The price is below the 20 - day moving average and trending downward - **Main Position**: The main long positions have increased, and capital has flowed in - **Expectation**: In the short - term, rapeseed meal prices are affected by low imported rapeseed inventory and the tariff on Canadian oil residue cakes, rising and then falling. Driven by soybean meal, the price is expected to return to a range - bound pattern [10]