豆粕：远月基差成交放量，盘面震荡，豆一：盘面略偏强震荡

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - On May 20, 2025, CBOT soybean futures closed slightly higher, supported by short - covering. Market participants were assessing the impact of recent rainfall on South American crops. Heavy rainfall in Argentina's agricultural heartland caused floods and some soybean fields were inundated. The strength of the corn and wheat futures markets also provided a price - comparison boost to soybean futures [3]. - The trend strength of both soybean meal and soybean No.1 on the reporting day's daytime session of the main contract futures price fluctuations was neutral (0), with the range of trend strength being integers in the [-2, 2] interval [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices: - DCE soybean No.1 2507 closed at 4191 yuan/ton during the day session, up 7 (+0.17%), and 4196 yuan/ton at night, up 15 (+0.36%). - DCE soybean meal 2509 closed at 2889 yuan/ton during the day session, down 4 (-0.14%), and 2892 yuan/ton at night, up 13 (+0.45%). - CBOT soybean 07 closed at 1054.25 cents/bushel, up 3.0 (+0.29%). - CBOT soybean meal 07 closed at 292.4 dollars/short - ton, up 1.2 (+0.41%) [1]. - Spot Prices: - In Shandong, the price of soybean meal (43%) was 2900 - 2950 yuan/ton. The spot basis and forward - month basis had different changes compared to the previous day. - In East China, the price of soybean meal at Taizhou Huifu was 2880 yuan/ton, and different bases were provided for different time periods. - In South China, prices at different mills and bases for different time periods were reported, such as 2900 yuan/ton at Dongguan Fuyuan, and various bases for different months [1]. - Main Industrial Data: - The trading volume of soybean meal was 94.95 million tons/day on the previous trading day, compared with 13.7 million tons on the day before the previous trading day. - The inventory of soybean meal was 12.65 million tons/week on the previous trading week, compared with 10.06 million tons on the week before the previous trading week [1].