Insufficient impulse energy on rapeseed meal, pay attention to support near recent lows

Gold Ten Futures Special Everbright Futures Comments: As of the early close, the rapeseed meal 2505 contract occupied the top of the decline list, falling below the integer mark of 2300 yuan/ton. On the supply side, the supply pressure of rapeseed in the international market is not large, but due to the good profit of import crushing, the import of domestic rapeseed to Hong Kong has increased, and the inventory of rapeseed is also higher than in previous years. According to the US Department of Agriculture data, the global rapeseed production in 2024/25 fell by 2.95% year-on-year to 87.24 million tons, and the Canadian rapeseed inventory fell by 19% year-on-year to 2.20 million tons. From January to November 2024, the cumulative volume of rapeseed in our country to Hong Kong was about 5.7023 million tons, an increase of 21.39% year- On the demand side, spot transactions are average. Yesterday, the spot quotations of rapeseed meal in many places across the country were lowered to varying degrees. The average spot price was 2263.68 yuan/ton, which was not much different from the disk price. On the whole, in the absence of a boost from China-Canada trade policies, the impact energy of rapeseed meal is insufficient. Observe the support of the disk near the recent low.