豆粕：美豆优良率高于预期，或调整震荡，豆一：盘面反弹震荡

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The weather conditions in the Midwest of the United States are favorable, enhancing the expectation of a bountiful autumn harvest, which continues to suppress the soybean market sentiment. The soybean futures on the Chicago Board of Trade (CBOT) mostly closed lower, with the benchmark contract slightly down [3]. - The good rate of U.S. soybeans as of July 13 was 70%, higher than last week's 66%, last year's 68%, and the market - expected 67% [3]. - The market is concerned about President Donald Trump's tariff threats, fearing that importers may retaliate by restricting purchases of U.S. agricultural products [3]. - China's soybean imports in June reached a record high due to a surge in imports from Brazil [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices: - DCE Bean No.1 2509: The day - session closing price was 4131 yuan/ton, up 33 yuan (+0.81%); the night - session closing price was 4149 yuan/ton, up 33 yuan (+0.80%) [1]. - DCE Soybean Meal 2509: The day - session closing price was 2992 yuan/ton, up 21 yuan (+0.71%); the night - session closing price was 2988 yuan/ton, up 11 yuan (+0.37%) [1]. - CBOT Soybean 11: The price was 1007.25 cents/bushel, down 0.25 cents (-0.02%) [1]. - CBOT Soybean Meal 12: The price was 281.5 dollars/short ton, down 2.5 dollars (-0.88%) [1]. - Spot Prices: - Shandong: The price of 43% soybean meal was 2850 - 2890 yuan/ton, with different basis levels for different months [1]. - East China: The price in Taizhou Huifu was 2820 yuan/ton, down 10 yuan from the previous day, with various basis levels for different months [1]. - South China: The price was 2790 - 2940 yuan/ton, up 0 - 10 yuan from the previous day, with different basis levels for different months [1]. - Main Industry Data: - The trading volume of soybean meal was 15.4 million tons per day on the previous trading day, compared with 15.65 million tons per day on the day before the previous trading day [1]. - The inventory of soybean meal was not available on the previous trading day, and it was 77.07 million tons per week on the day before the previous trading day [1]. 3.2 Macro and Industry News - On July 14, CBOT soybean futures mostly closed lower. The favorable weather conditions in the Midwest of the United States enhanced the expectation of a good harvest in autumn, which continued to suppress the market sentiment. The good rate of U.S. soybeans was higher than expected. The market was also concerned about tariff threats and China's record - high soybean imports in June [3]. 3.3 Trend Intensity - The trend intensity of soybean meal was - 1; the trend intensity of bean No.1 was 0, referring to the price fluctuations of the main - contract futures on the day - session of the reporting day [3].