豆粕：隔夜美豆小幅收涨，连粕或反弹震荡，豆一：反弹震荡

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - Overnight, US soybeans closed slightly higher, and the Dalian Commodity Exchange (DCE) soybean meal may rebound and fluctuate; DCE soybeans No.1 are expected to rebound and fluctuate [1] - The rise of CBOT soybeans is mainly due to the strong rebound of Chicago soybean oil, the rumor that China may resume purchasing US soybeans, and the good performance of US soybean weekly export sales. The potential increase in demand has temporarily outweighed concerns about abundant supply [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: DCE soybeans No.1 2511 closed at 3,985 yuan/ton during the day session, down 28 yuan (-0.70%), and 3,996 yuan/ton during the night session, up 7 yuan (+0.18%); DCE soybean meal 2601 closed at 3,088 yuan/ton during the day session, down 40 yuan (-1.28%), and 3,108 yuan/ton during the night session, up 14 yuan (+0.45%); CBOT soybeans 11 rose 2.25 cents (+0.21%) to 1,058.25 cents/bushel; CBOT soybean meal 12 closed at 291 dollars/short ton, down 2.8 dollars (-0.95%) [1] - Spot Prices: In Shandong, the price of soybean meal (43%) was 3,060 - 3,110 yuan/ton, down 20 yuan to unchanged from the previous day; in East China, it was 2,980 - 3,080 yuan/ton; in South China, it was down 30 or 20 yuan from the previous day. Different regions had different basis prices for different months [1] - Industrial Data: The trading volume of soybean meal was 13.1 million tons per day, compared with 13.8 million tons per day in the previous trading day; the inventory was not available, while it was 97.4 million tons per week in the previous two trading days [1] 3.2 Macro and Industry News - On August 22, CBOT soybean futures continued to rise, with the benchmark contract up 0.2%, reaching a two - month high since June 23. The main driving forces were the strong rise of soybean oil and the rumor of Chinese buyers inquiring about US soybeans, which enhanced the market's expectation of improved demand [3] 3.3 Trend Intensity - The trend intensity of soybean meal and soybeans No.1 was 0, indicating a neutral trend for the day - session main contract futures prices on the reporting day [3]