豆粕：美豆微涨，连粕或震荡，豆一：震荡

Report Summary 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core Views - The report predicts that CBOT soybeans may fluctuate slightly upward, while DCE soybean meal may experience a volatile trend, and DCE soybeans are expected to remain in a sideways pattern [2]. 3. Summary by Relevant Catalogs Fundamental Tracking - Futures Prices: DCE soybeans 2509 closed at 4,224 yuan/ton during the day session, down 5 yuan (-0.12%), and 4,221 yuan during the night session, up 15 yuan (+0.36%); DCE soybean meal 2509 closed at 3,025 yuan/ton during the day session, down 71 yuan (-2.29%), and 3,029 yuan during the night session, down 12 yuan (-0.39%); CBOT soybeans 11 closed at 1,025 cents/bushel, up 2.5 cents (+0.24%); CBOT soybean meal 12 closed at 283.2 dollars/short ton, down 2.4 dollars (-0.84%) [2]. - Spot Prices: In Shandong, the spot price of soybean meal (43%) is 2,920 - 2,970 yuan/ton, down 30 yuan to unchanged from the previous day; in East China, it is 2,840 - 2,900 yuan/ton, down 20 or 30 yuan; in South China, it is 2,900 - 2,940 yuan/ton, down 30 - 40 yuan [2]. - Industrial Data: The trading volume of soybean meal was 201,500 tons per day, compared with 107,500 tons the day before; the inventory was 908,300 tons per week, compared with 842,900 tons the week before [2]. Macro and Industry News - On July 24, CBOT soybean futures closed mixed. Except for the August contract, which declined, other contracts slightly rose. Technical buying and trade hopes drove the gains, despite pressure from a weak neighboring soybean meal market, a lower - than - expected US soybean export sales report, and favorable weather in US soybean - growing regions [2][4]. Trend Intensity - The trend intensity of soybean meal and soybeans is 0, indicating a neutral trend for the day - session main - contract futures prices on the reporting day [4].