豆粕：隔夜美豆微跌，连粕相对偏强震荡，豆一：反弹震荡

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints of the Report - Global supply is ample, with favorable weather in US soybean - growing areas and weak Chinese demand, causing soybean futures to decline for the second consecutive week. The good weather in August, the key period for soybean yield formation, has hit the confidence of bulls. The "global double - harvest" pattern of Brazil and the US will suppress soybean prices until the end of the year. [4] - The Sino - US trade issue is a potential uncertainty. Although the US Treasury Secretary said that an agreement is "almost reached", the market remains cautious. Chinese buyers are turning to South American supplies, and they ordered 3000 tons of Argentine soybean meal this week. [4] - The market is waiting for the new global supply - demand report from the US Department of Agriculture on August 12. Without unexpected positive news, soybean prices are unlikely to rebound quickly. [4] - The trend strength of soybean meal is +1, and that of soybean is 0 (only referring to the price fluctuation of the main contract in the daytime session on the reporting day). [4] 3) Summary by Related Catalogs a. Fundamental Tracking - Futures Data: - DCE soybean 2509 closed at 4122 yuan/ton during the day session, down 15 yuan (-0.36%), and 4133 yuan/ton at night, up 7 yuan (+0.17%). [1] - DCE soybean meal 2509 closed at 3010 yuan/ton during the day session, up 4 yuan (+0.13%), and 3023 yuan/ton at night, up 19 yuan (+0.63%). [1] - CBOT soybean 11 closed at 988 cents/bu, down 1.25 cents (-0.13%). [1] - CBOT soybean meal 12 closed at 280.4 dollars/short ton, up 4.4 dollars (+1.59%). [1] - Spot Data: - In East China, the price of soybean meal in Lianyungang was 2960 yuan/ton, up 40 yuan from the previous day. The price in Zhangjiagang Dafu remained unchanged. [1] - In Shandong, some prices remained unchanged, and some had slight increases or decreases. For example, the price in some regions was 2920 - 2950 yuan/ton, flat to up 20 yuan from the previous day. [1] - In South China, the price was 2930 - 2960 yuan/ton, up 10 - 40 yuan from the previous day. [1] - Industrial Data: - The trading volume of soybean meal was 15.5 million tons per day, and the previous trading volume was 41.5 million tons per day. [1] - The inventory data of the previous week was not available (na), and the inventory of the week before was 96.1 million tons. [1] b. Macro and Industry News - On August 1, the CBOT soybean market closed lower for the second consecutive week due to the prospects of a bumper harvest and weak demand. [2][4] - The US Department of Agriculture will release a new global supply - demand report on August 12, and the market is looking forward to more information on production forecasts and export prospects. [4]