豆粕：美豆偏强、连粕偏弱，谨防超跌反弹，豆一：豆类市场氛围影响，短线偏弱

Report Overview - Title: "Soybean Meal: US Soybeans Strong, Dalian Soybean Meal Weak, Guard Against Oversold Rebound; Soybean No.1: Affected by the Soybean Market Atmosphere, Short - term Weak" [1] - Author: Wu Guangjing [1] 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints - The US soybean futures on the Chicago Board of Trade (CBOT) showed a slight increase due to the news of a Chinese trade representative's upcoming visit to the US, but the expected large - scale harvest of US soybeans restricted the upside potential [3]. - The soybean meal futures on the Dalian Commodity Exchange (DCE) were weak, and there was a need to guard against an oversold rebound; the soybean No.1 futures were short - term weak under the influence of the soybean market atmosphere [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Prices - DCE Soybean No.1 2511: The daytime closing price was 3974 yuan/ton, down 24 yuan (- 0.60%); the night - session closing price was 3961 yuan/ton, down 27 yuan (- 0.68%) [1]. - DCE Soybean Meal 2601: The daytime closing price was 3081 yuan/ton, down 29 yuan (- 0.93%); the night - session closing price was 3047 yuan/ton, down 50 yuan (- 1.61%) [1]. - CBOT Soybean 11: The closing price was 1049 cents/bushel, up 1.25 cents (+ 0.12%) [1]. - CBOT Soybean Meal 12: The closing price was 293.1 dollars/short ton, up 2.5 dollars (+ 0.86%) [1]. 3.1.2 Spot Prices - Shandong Region: The soybean meal price was 3080 - 3100 yuan/ton, down 30 yuan to unchanged compared to the previous day. Different delivery periods had different basis levels relative to M2601 [1]. - East China Region: The basis levels of soybean meal in different months relative to M2601 remained unchanged [1]. - South China Region: The soybean meal price was 3000 - 3050 yuan/ton, down 30 - 10 yuan compared to the previous day. Different companies and delivery periods had different basis levels relative to M2601 [1]. 3.1.3 Main Industry Data - Trading Volume: The trading volume of soybean meal was 7.95 million tons/day on the previous trading day, compared with 11.1 million tons/day two trading days ago [1]. - Inventory: The inventory of soybean meal was 98.55 million tons/week on the previous trading day, compared with 97.4 million tons/week two trading days ago [1]. 3.2 Macro and Industry News - On August 26, 2025, CBOT soybean futures closed slightly higher. The news of a Chinese trade representative's upcoming visit to Washington improved market sentiment, but the expected large - scale harvest of US soybeans restricted the upside potential [3]. 3.3 Trend Intensity - The trend intensity of soybean meal was 0, and the trend intensity of soybean No.1 was 0, referring only to the price fluctuations of the main - contract futures on the daytime session of the reporting day [3].