豆粕：美豆微跌、连粕技术性反弹，豆一：震荡

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - On August 27, CBOT soybean futures closed lower due to the expected high - yield of US soybeans this fall, but the optimistic sentiment of Sino - US trade negotiations restricted the decline [3] - The soybean market is shifting its focus to potential Sino - US trade negotiations, and the undetermined results may affect the US domestic ending inventory and change the market sentiment from extremely bearish to extremely bullish [3] 3) Summary by Relevant Catalogs [Fundamental Tracking] - Futures Prices: DCE Bean 1 2511 closed at 3935 yuan/ton during the day session, down 53 yuan (-1.33%), and 3940 yuan/ton at night, down 16 yuan (-0.40%); DCE Bean Meal 2601 closed at 3045 yuan/ton during the day, down 52 yuan (-1.68%), and 3063 yuan/ton at night, up 8 yuan (+0.26%); CBOT Soybean 11 closed at 1048.25 cents/bushel, down 0.75 cents (-0.07%); CBOT Bean Meal 12 closed at 288.7 dollars/short ton, down 4.4 dollars (-1.50%) [1] - Spot Prices: In Shandong, the spot price of 43% bean meal was 3060 - 3090 yuan/ton, with different basis levels for different months; in East China, it was 3020 yuan/ton (Taizhou Huifu), and in South China, it was 2970 - 3030 yuan/ton, with various basis adjustments compared to the previous day [1] - Main Industry Data: The trading volume of bean meal was 9.35 million tons/day, compared with 7.95 million tons/day in the previous two trading days; the inventory was 98.55 million tons/week, compared with 97.4 million tons/week in the previous two trading weeks [1] [Trend Intensity] - The trend intensity of bean meal and bean one was 0, indicating a neutral state for the day - session main - contract futures price fluctuations on the reporting day [3]