豆粕：美豆稳定、连粕震荡，豆一：震荡

Group 1: Report Title and Date - The report is titled "Soybean Meal: Stable US Soybeans, Fluctuating Dalian Soybean Meal" and was released on August 29, 2025 [1] Group 2: Analyst Information - The analyst is Wu Guangjing, with an investment consulting qualification number of Z0011992 and an email of wuguangjing@gtht.com [2] Group 3: Futures and Spot Price Information Futures - DCE Soybean 2511 closed at 3927 yuan/ton during the day session, down 8 yuan (-0.20%), and 3924 yuan/ton at night, down 9 yuan (-0.23%) - DCE Soybean Meal 2601 closed at 3039 yuan/ton during the day session, down 6 yuan (-0.20%), and 3037 yuan/ton at night, down 9 yuan (-0.30%) - CBOT Soybean 11 closed at 1048.25 cents/bushel, unchanged (+0.00%) - CBOT Soybean Meal 12 closed at 287.8 dollars/short ton, down 0.9 dollars (-0.31%) [2] Spot - In Shandong, the price of soybean meal (43%) was 3050 - 3080 yuan/ton, unchanged; the spot basis was M2601 + 0/+30, unchanged - In East China, the price was 2990 yuan/ton (Taizhou Huifu), with various basis levels and changes as described - In South China, the price was 2970 - 3030 yuan/ton, with different basis levels and changes [2] Group 4: Main Industry Data - The trading volume of soybean meal was 11.6 million tons/day, and the inventory was 98.55 million tons/week [2] Group 5: Macro and Industry News - On August 28, CBOT soybean futures closed with mixed results, with the benchmark contract barely changing. US soybean export sales improved, but Chinese demand remained a limiting factor. As of August 21, 2025, the net sales of US soybeans in the 2024/25 season decreased by 189,200 tons, while the net sales in the 2025/26 season were 1,372,600 tons, a new high for the new crop and higher than the previous week and market expectations [2][4] Group 6: Trend Intensity - The trend intensity of soybean meal and soybean is 0, indicating a neutral trend for the main contract futures prices on the reporting day [4]