豆粕：暂无驱动，盘面震荡，豆一：现货稳中偏强，盘面略微偏强震荡

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The soybean meal market currently lacks driving forces, and the futures price shows a volatile trend. The spot price of soybeans is stable with a slight upward bias, and the futures price also shows a slightly stronger volatile trend [1]. - The CBOT soybean futures closed with mixed results, mainly pressured by the bumper harvest of South American soybeans. The US soybean lacks price competitiveness under the current 10% tariff, and Brazil will continue to dominate the global export market. The ideal weather conditions in the US Midwest also put pressure on soybean futures prices [3]. Summary According to Relevant Catalogs Fundamental Tracking - Futures Prices: The closing price of DCE soybean 2507 was 4168 yuan/ton, down 13 yuan (-0.31%) during the day session and up 20 yuan (+0.48%) during the night session. The closing price of DCE soybean meal 2509 was 2899 yuan/ton, down 4 yuan (-0.14%) during the day session and down 6 yuan (-0.21%) during the night session. The closing price of CBOT soybean 07 was 1051 cents/bushel, down 0.25 cents (-0.02%). The closing price of CBOT soybean meal 07 was 291.8 dollars/short ton, down 4.6 dollars (-1.55%) [1]. - Spot Prices: In Shandong, the spot price of soybean meal (43%) was 3000 - 3100 yuan/ton, down 50 yuan or unchanged compared to the previous day. In East China, the spot price of soybean meal at Taizhou Huifu was 2950 yuan/ton, down 60 yuan compared to the previous day. In South China, the spot price of soybean meal at Dongguan Fuyuan was 2990 yuan/ton after May 20th, down 10 yuan compared to the previous day [1]. - Main Industry Data: The trading volume of soybean meal was 8.75 million tons per day, compared to 3.15 million tons per day in the previous trading day. The inventory data was not available, and the previous week's inventory was 10.06 million tons [1]. Macro and Industry News - On May 16th, CBOT soybean futures closed with mixed results, mainly pressured by the bumper harvest of South American soybeans. The US soybean lacks price competitiveness under the current 10% tariff, and Brazil will continue to dominate the global export market. The ideal weather conditions in the US Midwest also put pressure on soybean futures prices [3]. Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybeans is 0, indicating a neutral trend for both on the day session's main contract futures price fluctuations [3].