豆粕：连续释放现货风险，盘面或逐步止跌，豆一：现货稳定，盘面偏弱

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The spot risk of soybean meal is continuously being released, and the futures price may gradually stop falling; the spot price of soybean is stable, but the futures price is weak [1] - The soybean futures on the Chicago Board of Trade (CBOT) closed mixed on April 28, 2025, with the benchmark contract up 0.2%, showing a range - bound trend [3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking Futures - DCE soybean 2507 closed at 4,225 yuan/ton during the day session, down 43 yuan (-1.01%), and 4,185 yuan/ton at night, down 36 yuan (-0.85%) - DCE soybean meal 2509 closed at 2,985 yuan/ton during the day session, down 56 yuan (-1.84%), and 2,977 yuan/ton at night, down 21 yuan (-0.70%) - CBOT soybean 07 closed at 1,061.25 cents/bushel, up 2.0 cents (+0.19%) - CBOT soybean meal 07 closed at 296 dollars/short ton, down 2.3 dollars (-0.77%) [1] Spot - In Shandong, the price of soybean meal (43%) in May is M2509 + 150, ranging from 3,600 to 3,750 yuan/ton; from August to November, it is M2601 + 100/+110/+140 - In East China, a factory in Lianyungang plans to offer at 3,300 yuan/ton; Zhangjiagang Donghai offers M2509 - 60 from July to September - In South China, Dongguan Fuyuan offers 3,100 yuan/ton for post - holiday delivery; Qinzhou COFCO offers M2601 + 130 from October 2025 to January 2026 [1] Main Industry Data - The trading volume of soybean meal was 0.95 million tons per day on the previous trading day, compared with 5.1 million tons two trading days ago - The inventory of soybean meal was 15.68 million tons per week two trading days ago, and the data for the previous trading day was not available [1] 2. Macro and Industry News - Traders are evaluating the impact of the trade war between the US and China on US agricultural exports. China's exemption of some US product tariffs has raised hopes of trade relations improvement - The Philippines is planning to buy more US agricultural products, including soybeans, to get lower US tariffs - As of April 27, 2025, the US soybean sowing was 18% complete, compared with 8% a week ago, 17% in the same period last year, and a five - year average of 12% - China says that even without purchasing US feed grains and oilseeds, its domestic food supply will not be affected, as Brazil's record harvest can provide sufficient supply. China may import 30 million tons of soybeans from Brazil, Argentina, and Uruguay from April to June 2025 [3] 3. Trend Intensity - The trend intensity of soybean meal is 0; the trend intensity of soybean is - 1, referring to the price fluctuation of the main contract during the day session on the report day [3]