7月USDA报告中性偏空，短期连粕震荡运行

Core Viewpoint - The July USDA report is neutral to bearish, leading to a decline in U.S. soybean prices, with a focus on supply and demand dynamics in the domestic market [1] Group 1: Market Conditions - The supply of soybeans in China from May to July is sufficient, with oil mills operating at high levels compared to the same period last year [1] - The overall supply of soybean meal in the spot market is loose, while downstream replenishment has weakened, resulting in price fluctuations [1] Group 2: Future Outlook - The reduction in U.S. soybean planting area is confirmed, and the market will focus on weather-related speculation moving forward [1] - The ongoing impact of U.S.-China tariffs will continue to evolve, leading to a period of observation in the market [1]