豆粕：隔夜美豆小幅收涨，连粕或震荡，豆一：现货稳定，盘面震荡

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - Overnight, US soybeans closed slightly higher, and the Dalian soybean meal futures may fluctuate. The spot price of soybeans is stable, and the futures price fluctuates [1]. - On July 3, 2025, CBOT soybean futures closed slightly higher due to short - covering and position adjustment before the US Independence Day long - weekend. However, the gains were limited by good US weather and sufficient global supply [3]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: - DCE soybean 2509 closed at 4141 yuan/ton during the day session, up 4 yuan (+0.10%), and 4153 yuan/ton at night, up 5 yuan (+0.12%) [1]. - DCE soybean meal 2509 closed at 2958 yuan/ton during the day session, up 11 yuan (+0.37%), and 2971 yuan/ton at night, up 11 yuan (+0.37%) [1]. - CBOT soybean 11 closed at 1048.25 cents/bushel, up 0.5 cents (+0.05%) [1]. - CBOT soybean meal 12 closed at 292.4 dollars/short - ton, up 1.7 dollars (+0.58%) [1]. - Spot Prices: - In Shandong, the price of 43% soybean meal is 2870 - 2900 yuan/ton, with a change of - 10 or +20 yuan compared to the previous day. The spot basis is M2509 - 50/-30, remaining unchanged [1]. - In East China, the price is 2850 - 2900 yuan/ton, up 10 or 20 yuan compared to the previous day [1]. - In South China, the price is 2860 - 2970 yuan/ton, up 10 - 20 yuan compared to the previous day [1]. - Main Industry Data: - The trading volume of soybean meal was 16.2 million tons per day on the previous trading day, compared with 44.85 million tons per day two trading days ago [1]. - The inventory of soybean meal was 64.21 million tons per week on the previous trading day, compared with 47.12 million tons per week two trading days ago [1]. 3.2 Macro and Industry News - On July 3, 2025, CBOT soybean futures rose slightly due to short - covering and position adjustment before the US Independence Day long - weekend. But the gains were limited by good US weather and sufficient global supply. Trump was to speak in Iowa, and market rumors about his speech led to a sharp rise in soybean prices on Wednesday. The overall weather in US soybean - producing areas is good, and the Brazilian soybean harvest is expected to be good. The US Midwest will have mild weather and scattered showers in the next two weeks, which is beneficial for crop growth. The US Department of Agriculture reported that private exporters sold 22.6 million tons of US soybeans to unknown destinations for shipment in the 2024/25 season [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is 0, and that of soybeans is 0, only referring to the price fluctuation of the main contract in the day session on the report day [3].