豆粕：隔夜美豆微跌，连粕或震荡，豆一：震荡

Report Summary 1) Investment Rating - No investment rating for the industry is provided in the report. 2) Core Viewpoints - Overnight, US soybeans slightly declined, and Dalian soybean meal futures may fluctuate. Dalian soybean futures are expected to move sideways [1]. - The trend strength of soybean meal and soybean is 0, indicating a neutral stance on the report - day's intraday main - contract futures price fluctuations [3]. 3) Section Summaries Fundamental Tracking - Futures Prices: DCE soybean 2511 closed at 4044 yuan/ton during the day session with no change, and 4056 yuan/ton at night with no change. DCE soybean meal 2601 closed at 3155 yuan/ton during the day session, up 18 yuan (+0.57%), and 3171 yuan/ton at night, up 24 yuan (+0.76%). CBOT soybean 11 closed at 1040.5 cents/bushel, down 2.25 cents (-0.22%), and CBOT soybean meal 12 closed at 291.6 dollars/short ton, down 2.7 dollars (-0.92%) [1]. - Spot Prices: In Shandong, soybean meal (43%) prices were 3070 - 3100 yuan/ton, with different basis prices compared to futures contracts. In East China, the price in Taizhou Huifu was 2990 yuan/ton, down 10 yuan. In South China, prices were 3030 - 3070 yuan/ton, down 30 - 10 yuan [1]. - Industrial Data: The trading volume of soybean meal was 31.4 million tons per day on the previous trading day, compared to 2.4 million tons two trading days ago. The inventory data was not available on the previous trading day, and it was 96.09 million tons per week two trading days ago [1]. Macro and Industry News - On August 18, CBOT soybean futures mostly declined, with prices fluctuating during most of the session. Traders were waiting for the results of ProFarmer's Midwest crop tour. The tour found unexpected problems in crop growth in Ohio and Indiana, such as soil cracking and lack of top - soil moisture in some counties. Although domestic soybean demand was strong, US soybean exporters were missing the Chinese market due to slow progress in US - China trade negotiations [3]. - The US National Oilseed Processors Association reported that the US soybean crush volume in July reached a record high, the fifth - largest monthly crush volume on record. The USDA's crop report showed that as of August 17, the US soybean good - to - excellent rate was 68%, the same as last week and the same as the same period last year [3].