豆粕：隔夜美豆微涨、菜粕偏弱，连粕或震荡，豆一：偏弱震荡

Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - The overnight US soybeans slightly increased, rapeseed meal was weak, and the Dalian soybean meal futures may fluctuate; the soybean No.1 futures may have a weak and fluctuating trend [1] - On August 20, 2025, CBOT soybean futures closed higher, following the upward trend of the Chicago soybean meal market, and traders continued to closely monitor the results of the field inspection in the US Midwest [3] Summary by Related Catalogs 1. Fundamental Tracking Futures - DCE soybean No.1 2511 closed at 4036 yuan/ton during the day session, down 10 yuan (-0.25%), and 4024 yuan/ton during the night session, up 2 yuan (+0.05%) [1] - DCE soybean meal 2601 closed at 3160 yuan/ton during the day session, down 1 yuan (-0.03%), and 3145 yuan/ton during the night session, down 1 yuan (-0.03%) [1] - CBOT soybean 11 closed at 1035.5 cents/bushel, up 2.25 cents (+0.22%) [1] - CBOT soybean meal 12 closed at 297 dollars/short ton, up 1.3 dollars (+0.44%) [1] Spot - In Shandong, the price of soybean meal (43%) was flat to up 30 yuan/ton compared to the previous day, ranging from 3080 to 3100 yuan/ton. The spot basis for delivery before August 24 was M2509 - 60, down 10 yuan compared to the previous day [1] - In East China, the basis for September was M2509 + 10, and the basis for October - November 2026 was M2601 + 60, remaining unchanged [1] - In South China, the price of soybean meal (43%) was 3050 - 3070 yuan/ton, remaining unchanged [1] Main Industry Data - The trading volume of soybean meal was 9.55 million tons per day, compared to 9.65 million tons per day in the previous two trading days [1] - The inventory of soybean meal was 974,000 tons per week, compared to 960,900 tons per week in the previous two trading weeks [1] 2. Macro and Industry News - On August 20, 2025, CBOT soybean futures closed higher, following the upward trend of the Chicago soybean meal market. Traders continued to closely monitor the results of the field inspection in the US Midwest [3] - On August 19, 2025, US soybean growers wrote to President Donald Trump, urging him to reach a trade agreement with China to ensure an important soybean purchase agreement [3] - The results of the second - day of the highly - watched Midwest crop inspection on August 19 showed that the number of soybean pods in Indiana was slightly lower than that in 2024, while the number of soybean pods in Nebraska reached the highest level in at least 22 years [3] - The basis quotation of soybeans shipped to the US Gulf via barges remained basically stable on August 20, after a decline due to insufficient Chinese purchases in the recent period. China has not yet ordered new - crop US soybeans [3] 3. Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybean No.1 is 0, referring only to the price fluctuations of the main - contract futures during the day session on the report day [3]