豆粕：贸易忧虑、美豆收跌，连粕或偏弱震荡，豆一：现货稳定，盘面震荡

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The CBOT soybean futures closed lower for the third consecutive day on July 10, mainly due to concerns about US trade policies, good weather in the Midwest, and speculative fund selling. The benchmark contract was down 1%. The report predicts that the Dalian Commodity Exchange (DCE) soybean meal may fluctuate weakly, while the DCE soybean may fluctuate sideways [1][4]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices: DCE soybean 2509 closed at 4,111 yuan/ton during the day session, up 21 yuan (+0.51%), and 4,108 yuan/ton during the night session, down 4 yuan (-0.10%); DCE soybean meal 2509 closed at 2,947 yuan/ton during the day session, up 9 yuan (+0.31%), and 2,947 yuan/ton during the night session, up 7 yuan (+0.24%); CBOT soybean 11 closed at 1,007.25 cents/bushel, down 10.5 cents (-1.03%); CBOT soybean meal 12 closed at 282.9 dollars/short ton, down 1.5 dollars (-0.53%) [1]. - Spot Prices: In Shandong, the spot price of soybean meal (43%) was 2,820 - 2,880 yuan/ton, unchanged from the previous day; in East China, it was 2,810 yuan/ton (Taizhou Huifu), unchanged; in South China, it was 2,830 - 2,850 yuan/ton, unchanged to up 10 yuan [1]. - Main Industry Data: The trading volume of soybean meal was 74,000 tons/day, compared with 134,500 tons/day two days ago; the inventory was 770,700 tons/week, compared with 642,100 tons/week two weeks ago [1]. 3.2 Macro and Industry News - On July 9, CBOT soybean futures closed lower for the third consecutive day. The main reasons were concerns about US trade policies, good weather in the Midwest, and speculative fund selling. Traders were worried that the tariff dispute between the US and its major trading partners might damage overseas demand for US crops and exacerbate supply surplus. The lack of progress in trade negotiations between the US and China also made traders uneasy. The weather in the Midwest was generally good for soybean and corn growth, and there was a high probability of rainfall in the northern Midwest later this week [1][4]. 3.3 Trend Intensity - The trend intensity of soybean meal is -1, indicating a weak trend; the trend intensity of soybean is 0, indicating a neutral trend (only referring to the price fluctuation of the main contract during the day session on the reporting day) [4].