豆粕：贸易摩擦缓和，连粕偏弱震荡，豆一，震荡

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Report's Core View - The soybean meal market is affected by multiple factors. The temporary truce in the Sino - US trade war and the favorable USDA supply - demand report boost the soybean market, but profit - taking by bulls restricts the upward movement. Ideal sowing conditions in the US Midwest put pressure on soybean prices. China's soybean imports in the 2025/26 season are expected to decrease due to reduced soybean meal usage in the breeding industry [3]. - The trend intensity of soybean meal is - 1, and that of soybean No.1 is 0, indicating the trend of the main - contract futures prices on the reporting day's daytime session [3]. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking Futures - DCE soybean No.1 2507 closed at 4160 yuan/ton during the day session, up 4 (+0.10%), and 4155 yuan/ton at night, down 5 (-0.12%) [1]. - DCE soybean meal 2509 closed at 2886 yuan/ton during the day session, down 7 (-0.24%), and 2880 yuan/ton at night, down 23 (-0.79%) [1]. - CBOT soybean 07 closed at 1075 cents/bushel, up 5.0 (+0.47%) [1]. - CBOT soybean meal 07 closed at 293.6 dollars/short - ton, down 4.7 (-1.58%) [1]. Spot - In Shandong, the price of soybean meal is 3030 - 3160 yuan/ton. The spot basis is M2509 + 150/+200, with different basis levels for different delivery months [1]. - In East China, the price of soybean meal in Taizhou Huifu for 14 - 18 day delivery is 3050 yuan/ton (M2509 + 100), down 50 compared to the previous day [1]. - In South China, the price of soybean meal in Zhanjiang Bohai is 3100 yuan/ton, and Hainan Oscar's 8 - 9 month price is M2509 + 70, unchanged from the previous day [1]. Main Industry Data - The trading volume of soybean meal was 4.1 million tons per day on the previous trading day, compared to 9.35 million tons two trading days ago [1]. - The inventory of soybean meal was 10.06 million tons per week on the previous trading day, compared to 9.71 million tons two trading days ago [1]. 2. Macroeconomic and Industry News - On May 13, CBOT soybean futures closed higher, with the benchmark contract up 0.4%. The market is boosted by the Sino - US trade agreement and the USDA supply - demand report, but also restricted by profit - taking and ideal sowing conditions in the US Midwest [3]. - China's Ministry of Agriculture's first 2025/26 outlook report shows that China's soybean imports will drop to 9580 million tons in the 2025/26 season, a 2.8% decrease from the expected 9860 million tons this year. The USDA predicts China's soybean imports in 2025/26 to reach 11200 million tons [3].