豆粕：隔夜美豆涨幅较大，连粕或反弹，豆一：反弹震荡

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core Viewpoints - Overnight, CBOT soybeans rose significantly, and DCE soybean meal may rebound; DCE soybeans are expected to fluctuate in a rebound [1]. - The trend strength of soybean meal is +1, and that of soybeans is 0 (only referring to the price fluctuations of the main - contract futures on the day - session of the reporting day) [3]. 3) Summary by Relevant Catalogs [Fundamental Tracking] - Futures Prices - DCE soybeans 2511 closed at 3999 yuan/ton during the day - session, down 23 yuan (-0.57%), and 3995 yuan/ton at night - session, down 18 yuan (-0.45%) [1]. - DCE soybean meal 2601 closed at 3113 yuan/ton during the day - session, down 33 yuan (-1.05%), and 3105 yuan/ton at night - session, down 23 yuan (-0.74%) [1]. - CBOT soybeans 11 closed at 1055 cents/bushel, up 19.5 cents (+1.88%) [1]. - CBOT soybean meal 12 closed at 293.8 dollars/short - ton, down 3.2 dollars (-1.08%) [1]. - Spot Basis - In Shandong, the spot basis of soybean meal has different ranges and changes for different months, mostly remaining flat or with minor adjustments [1]. - In East China, the spot basis of soybean meal also shows different levels for different months, remaining mostly flat [1]. - In South China, the spot basis of soybean meal varies by region and month, with some prices down 10 yuan compared to the previous day [1]. - Industrial Data - The trading volume of soybean meal was 13.8 million tons per day on the previous trading day, compared with 9.55 million tons two trading days ago [1]. - The inventory of soybean meal was 97.4 million tons per week on the previous trading week, compared with 96.09 million tons two trading weeks ago [1]. [Macro and Industry News] - On August 21, 2025, CBOT soybean futures closed higher, with the benchmark contract up 1.9%, driven by short - covering and bargain - hunting. However, the good growth of the US soybean crop and the heavy supply outlook still overshadow the market [3]. - The results of the third - day of the Midwest crop inspection showed that the soybean yield potential in Illinois and western Iowa was above average. Traders are waiting for the report of the fourth - day inspection [3]. - The USDA's weekly export sales report showed that for the week ending August 14, 2025, the net sales of US soybeans in the 2024/25 season decreased by 5,700 tons, while the net sales in the 2025/26 season were 1,142,600 tons, exceeding market expectations [3].