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豆粕：隔夜美豆收跌，连粕或调整震荡，豆一：偏弱震荡
Guo Tai Jun An Qi Huo·2025-08-26 03:14

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - Overnight, US soybeans closed lower, and Dalian soybean meal futures may adjust and fluctuate; Dalian soybean futures are expected to fluctuate weakly [1]. - On August 25, CBOT soybean futures declined due to weakened expectations of Chinese demand and the evaluation of US refineries' biodiesel exemption applications. The US soybean good-to-excellent rate as of August 25 was 69%, up from 68% last week and 67% in the same period last year [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices: DCE soybean No.1 2511 closed at 3,992 yuan/ton during the day session, up 3 yuan (+0.08%), and 3,991 yuan/ton at night, down 7 yuan (-0.18%); DCE soybean meal 2601 closed at 3,117 yuan/ton during the day session, up 23 yuan (+0.74%), and 3,112 yuan/ton at night, up 2 yuan (+0.06%); CBOT soybean 11 closed at 1,047.75 cents/bushel, down 10.5 cents (-0.99%); CBOT soybean meal 12 closed at 290.6 dollars/short ton, down 0.4 dollars (-0.14%) [1]. - Spot Prices: In Shandong, the spot price of soybean meal (43%) was 3,080 - 3,130 yuan/ton, flat to up 20 yuan compared to the previous day; in East China, it was 3,000 - 3,080 yuan/ton, up 20 yuan or flat; in South China, it was 3,030 - 3,050 yuan/ton, up 20 yuan [1]. - Industrial Data: The trading volume of soybean meal was not available on the previous trading day, compared to 13.1 million tons two trading days ago; the inventory was not available, compared to 97.4 million tons two trading days ago [1]. 3.2 Macro and Industry News - On August 25, CBOT soybean futures declined as industry insiders lost confidence in Chinese buyers purchasing US soybeans. The US - China trade tension and the evaluation of US refineries' biodiesel exemption applications contributed to the decline [3]. - The US Department of Agriculture's crop weekly report showed that as of August 25, the US soybean good - to - excellent rate was 69%, up from 68% last week and 67% in the same period last year [3]. 3.3 Trend Intensity - The trend intensity of soybean meal and soybean No.1 was 0, indicating neutrality for the day - session main - contract futures price fluctuations on the report day [3].