豆粕：贸易缓和情绪，美豆偏强、连粕偏弱，豆一：盘面偏弱震荡

Report Summary 1) Report Industry Investment Rating - Not provided in the given content. 2) Core View of the Report - Due to the sentiment of trade relaxation, US soybeans are strong while Dalian soybean meal is weak, and the soybean No.1 futures contract shows a weak and volatile trend [1]. - Trump urged China to increase US soybean purchases by 300%, and extended the tariff truce with China by 90 days, which boosted the soybean market. Meanwhile, concerns about dry weather in the US Midwest and the adjustment of positions before the USDA supply - demand report also influenced the market [3]. 3) Summary by Relevant Catalogs Fundamental Tracking - Futures Prices: DCE soybean No.1 2511 closed at 4067 yuan/ton during the day session, down 26 yuan (-0.64%), and 4047 yuan/ton at night, down 16 yuan (-0.39%); DCE soybean meal 2601 closed at 3072 yuan/ton during the day, down 16 yuan (-0.52%), and 3064 yuan/ton at night, down 5 yuan (-0.16%); CBOT soybean 11 closed at 1010.25 cents/bu, up 23.75 cents (+2.41%); CBOT soybean meal 12 closed at 289.9 dollars/short ton, up 4.9 dollars (+1.72%) [1]. - Spot Prices and Basis: In Shandong, the spot price of soybean meal (43%) was 2970 - 3000 yuan/ton, flat to +10 yuan compared to the previous day. The basis had various levels and remained stable. In East China, the spot price of soybean meal in Taizhou Huifu was 2920 yuan/ton, flat. In South China, the spot price was 2970 - 3000 yuan/ton, flat to +10 yuan, and the basis also had different levels and remained stable [1]. - Main Industry Data: The trading volume of soybean meal was 8.2 million tons per day on the previous trading day, compared with 4.75 million tons per day on the day before. The inventory data was not available on the previous trading day, while it was 97.76 million tons per week on the day before [1]. Macro and Industry News - On August 11, CBOT soybean futures closed sharply higher, hitting a two - week high. Trump urged China to increase US soybean purchases by 300%, and extended the tariff truce with China by 90 days. Concerns about dry weather in the US Midwest and position adjustment before the USDA supply - demand report also affected the market. The US soybean good - to - excellent rate as of August 10 was 68%, down 1 percentage point from a week ago, in line with market expectations [3]. Trend Intensity - The trend intensity of soybean meal is 0, and that of soybean No.1 is 0, referring only to the price fluctuations of the main futures contracts during the day session on the report day [3].