豆粕：隔夜美豆休市、缺乏指引，连粕或震荡，豆一：现货稳定，盘面震荡

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - Overnight US soybeans were closed, lacking guidance, and the Dalian soybean meal futures may fluctuate. The spot price of soybeans is stable, and the futures price fluctuates [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: DCE soybean 2509 closed at 4111 yuan/ton during the day session, down 37 yuan (-0.89%), and 4103 yuan at night, down 30 yuan (-0.73%); DCE soybean meal 2509 closed at 2954 yuan/ton during the day session, down 6 yuan (-0.20%), and 2961 yuan at night, down 1 yuan (-0.03%). CBOT soybean 11 and CBOT soybean meal 12 data were not available due to the US market closure on July 4 [1]. - Spot Prices: In Shandong, the price of 43% soybean meal was 2860 - 2900 yuan/ton, down 10 yuan or unchanged from the previous day; in East China, it was 2840 yuan/ton (Taizhou Huifu), down 10 yuan; in South China, it was 2860 - 2970 yuan/ton, down 10 yuan to unchanged [1]. - Industrial Data: The trading volume of soybean meal was 6.1 million tons per day on the previous trading day, compared with 16.2 million tons two days ago. The inventory data was not available on the previous trading day, and it was 64.21 million tons per week two days ago [1]. 3.2 Macro and Industry News - The US market was closed on Friday due to a public holiday, and there was no CBOT agricultural product daily review. After the Sino - US London economic and trade talks, both sides are implementing the details of the consensus. China is legally approving export license applications for eligible controlled items, and the US has taken corresponding actions to cancel a series of restrictive measures against China [1][3]. 3.3 Trend Intensity - The trend intensity of soybean meal and soybeans was 0, indicating a neutral trend for the day - session main - contract futures price fluctuations on the reporting day [3].