豆粕：反弹震荡，等待美豆进一步指引，豆一：反弹震荡

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - Both soybean meal and soybean No. 1 are in a rebound and consolidation phase, waiting for further guidance from US soybeans [1]. - The trend strength of soybean meal and soybean No. 1 is +1, indicating a moderately positive trend in the day - trading session of the main contract futures prices on the reporting day [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices: DCE soybean No. 2511 closed at 3965 yuan/ton during the day - session, up 32 yuan (+0.81%), and 3980 yuan/ton at night - session, up 19 yuan (+0.48%); DCE soybean meal 2601 closed at 3054 yuan/ton during the day - session, up 7 yuan (+0.23%), and 3066 yuan/ton at night - session, up 6 yuan (+0.20%). CBOT markets were closed on September 1st due to the Labor Day holiday [1]. - Spot Prices: In Shandong, the spot price of soybean meal was 3070 - 3090 yuan/ton, with different basis spreads for different months; in East China, it was 3030 yuan/ton (Taizhou Huifu), and in South China, it was 2990 - 3010 yuan/ton. The price changes compared to the previous day varied by region [1]. - Industrial Data: The trading volume of soybean meal was 11.4 million tons per day on the previous trading day, down from 25.75 million tons two days ago. The inventory data was not available, and the previous week's inventory was 98.55 million tons [1]. 3.2 Macro and Industry News - The CBOT grain and oilseed markets were closed on September 1st, 2025, due to the US Labor Day holiday, and trading resumed on September 2nd [1]. - Analysts expect the US soybean crushing volume in July to reach 207.1 million bushels, setting a record high for the same period. This is higher than 197.1 million bushels in June and 193.46 million bushels in July last year, with a prediction range from 204.8 to 212 million bushels [3].