Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The rapeseed meal RM2605 is expected to fluctuate in the range of 2260 - 2320. It is currently in a short - term weak oscillation, affected by the soybean meal trend, technical consolidation, and the outcome of the Canadian Prime Minister's visit to China and Sino - Canadian trade relations. The spot demand is in the off - season, and low inventory supports the market. Overall, it will maintain a short - term oscillation pattern [9]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal RM2605 is expected to oscillate between 2260 and 2320. The market is affected by soybean meal, technical factors, and Sino - Canadian trade relations. The spot demand is in the off - season, and low inventory supports the price, maintaining a short - term oscillation [9]. 3.2 Recent News - Domestic aquaculture is in the off - season after the long holiday, with short - term supply tightening and decreasing demand suppressing the market. Canadian rapeseed is in the harvest stage, but Sino - Canadian trade issues reduce short - term exports to China. - China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and a 75.8% import deposit is imposed. The final tariff policy depends on the development of Sino - Canadian trade relations. - Global rapeseed production increased this year, especially in Canada. - The Russia - Ukraine conflict continues, with the decrease in Ukrainian rapeseed production offset by the increase in Russian production. Geopolitical conflicts still support commodity prices [11]. 3.3 Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the addition of import deposits; oil mills have no pressure on rapeseed meal inventory. - Bearish factors: Domestic rapeseed meal demand is in the off - season; the final result of China's anti - dumping on Canadian rapeseed imports is still uncertain, with a possibility of reconciliation. - The 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 January 5th to 13th, the average price difference between soybean meal and rapeseed meal increased from 608 to 701. The rapeseed meal futures price fluctuated, and the spot price followed. The spot price was at a relatively high premium. The price difference between soybean and rapeseed meal in the 2605 contract rebounded from a low level [13][15][20]. - **Inventory**: Rapeseed meal inventory was 0 tons, the same as last week and a 100% year - on - year decrease compared to 22,000 tons last year. Oil mill rapeseed inventory remained low, and the rapeseed crushing volume was zero [9][25][27]. - **Aquatic Product Data**: Aquatic fish prices fluctuated slightly, and shrimp and shellfish prices remained stable [35]. 3.5 Position Data - The main short positions increased, and funds flowed in, showing a bearish signal [9].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The rapeseed meal RM2605 is expected to oscillate in the range of 2360 - 2420. It is affected by the soybean meal trend, technical consolidation, and awaits the final result of the anti - dumping ruling on Canadian rapeseed imports. With the spot demand in the off - season and low inventory, it will maintain a short - term oscillatory pattern [9]. Summary by Directory 1. Daily Hints No relevant content provided. 2. Recent News - Domestic aquaculture has entered the off - season after the long holiday, with short - term supply tightening and decreasing demand suppressing the market. Canadian rapeseed is in the harvesting stage, but Sino - Canadian trade issues reduce short - term exports and domestic supply [11]. - China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and a 75.8% import deposit is being levied. The final ruling is still uncertain, depending on the development of Sino - Canadian trade relations [11]. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected [11]. - The Russia - Ukraine conflict continues. The decrease in Ukrainian rapeseed production and the increase in Russian production offset each other. There is still a possibility of an escalation in global geopolitical conflicts, which supports commodities [11]. 3. Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination and the imposition of import deposits on Canadian rapeseed; oil mills have no pressure on rapeseed meal inventory [12]. - Bearish factors: Domestic rapeseed meal demand is in the off - season; there is still a small probability of a settlement in the final anti - dumping result of Canadian rapeseed imports [12]. - Current main logic: The market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [12]. 4. Fundamental Data - **Trading data**: From December 25 to January 6, the average trading price of soybean meal fluctuated between 3114 - 3157, and the trading volume ranged from 8.59 - 34.87 million tons. The average trading price of rapeseed meal was between 2530 - 2560, with zero trading volume. The average price difference between soybean and rapeseed meal varied between 574 - 611 [13]. - **Futures and spot prices**: From December 25 to January 6, the price of rapeseed meal futures (main contract 2605) fluctuated between 2352 - 2390, and the spot price in Fujian was between 2530 - 2560 [15]. - **Warehouse receipts**: From December 24 to January 6, the rapeseed meal warehouse receipts remained at 0 [17]. - **Market situation**: Rapeseed meal futures rose and then fell, with spot prices following the fluctuations. The spot premium remained at a relatively high level. The spot price difference between soybean and rapeseed meal fluctuated slightly, and the price difference of the 2605 contract remained low [18][20]. - **Import and inventory**: Rapeseed imports increased slightly in December, and the import cost was affected by tariff expectations. Oil mills' rapeseed inventory remained low, and rapeseed meal inventory was also at a low level. The rapeseed crushing volume of oil mills remained at zero [23][25][27]. - **Aquatic product situation**: Aquatic fish prices fluctuated slightly, while shrimp and shellfish prices remained stable [35]. 5. Position Data No relevant content provided.

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The rapeseed meal RM2605 is expected to oscillate within the range of 2300 - 2360. The market has returned to a state of oscillation, awaiting the final result of the anti - dumping ruling on Canadian rapeseed imports. The spot demand for rapeseed meal has entered the off - season, and the low inventory supports the market. The short - term market is affected by soybean meal and will maintain an oscillating pattern. The final result of the anti - dumping ruling on Canadian rapeseed still has variables, and the domestic rapeseed meal has entered the off - season of supply and demand, so it will maintain an oscillating pattern in the short term [9]. Summary According to the Directory 1. Daily Prompt - Rapeseed meal futures oscillate and decline, and the spot price fluctuates accordingly. The spot premium remains at a relatively high level. The spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2605 contract narrows slightly. The arrival of imported rapeseed increases slightly in December, and the import cost is affected by tariffs. The rapeseed inventory of oil mills remains low, and the rapeseed meal inventory is also at a low level. The rapeseed crushing volume of oil mills remains at zero [18][20][23][25][27]. 2. Recent News - The domestic aquaculture industry has entered the off - season after the long holiday. The spot market supply is expected to be tight in the short term, and the weakening demand suppresses the market. Canadian rapeseed has entered the harvesting stage, but Sino - Canadian trade issues have reduced short - term exports and the domestic supply is expected to decrease. China's preliminary anti - dumping investigation on Canadian rapeseed imports has found it to be established, and a 75.8% import deposit has been imposed. The final ruling result is still variable. Global rapeseed production has increased this year, especially in Canada. The Russia - Ukraine conflict continues, and the decrease in Ukrainian rapeseed production and the increase in Russian rapeseed production offset each other. Global geopolitical conflicts may still intensify, which provides support for commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination and imposition of import deposits on Canadian rapeseed; the rapeseed meal inventory of oil mills has no pressure. Bearish factors: the domestic demand for rapeseed meal has entered the off - season; the final result of the anti - dumping investigation on Canadian rapeseed imports still has variables, 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]. 4. Fundamental Data - **Trading Data**: From December 11th to 19th, the average trading price of soybean meal fluctuated between 3102 - 3138 yuan/ton, and the trading volume fluctuated between 3.55 - 17.5 tons. The average trading price of rapeseed meal fluctuated between 2490 - 2520 yuan/ton, and the trading volume was mostly 0, with only 0.1 tons on December 15th. The price difference between soybean meal and rapeseed meal fluctuated between 610 - 631 yuan/ton [13]. - **Futures and Spot Price**: From December 11th to 19th, the price of the near - month 2601 rapeseed meal futures fluctuated between 2389 - 2419 yuan/ton, and the price of the main 2605 contract fluctuated between 2323 - 2359 yuan/ton. The spot price of rapeseed meal (in Fujian) fluctuated between 2490 - 2520 yuan/ton [15]. - **Warehouse Receipt Statistics**: From December 10th to 19th, the rapeseed meal warehouse receipts were all 0 [17]. - **Aquatic Product Data**: The price of aquatic fish has declined slightly, while the price of shrimp and shellfish has remained stable [35]. 5. Position Data - Not provided in the text