豆粕：美豆优良率降幅较大，影响偏多，豆一：反弹震荡，关注豆类市场氛围

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - The significant decline in the good-to-excellent rate of US soybeans has a positive impact on the soybean meal market [1]. - The soybean No.1 market shows a rebound and oscillation trend, and attention should be paid to the overall atmosphere of the soybean market [1]. 3) Summary by Related Catalogs Fundamental Tracking - Futures Prices: DCE soybean No.1 2511 closed at 3970 yuan/ton during the day session, up 9 yuan (+0.23%), and 3968 yuan/ton during the night session, down 1 yuan (-0.03%); DCE soybean meal 2601 closed at 3050 yuan/ton during the day session, down 10 yuan (-0.33%), and 3056 yuan/ton during the night session, unchanged (+0.00%); CBOT soybean 11 closed at 1040 cents/bushel, down 13 cents (-1.23%); CBOT soybean meal 12 closed at 283.3 dollars/short ton, down 5.4 dollars (-1.87%) [1]. - Spot Basis: In Shandong, the spot basis of soybean meal is M2601 + 40/+50/+80, with some adjustments compared to the previous day; in East China, it is relatively stable; in South China, there are also various basis levels and adjustments [1]. - Industrial Data: The trading volume of soybean meal was 13.45 million tons per day on the previous trading day, compared with 11.4 million tons two days ago; the inventory was 101.49 million tons per week, compared with 98.55 million tons two weeks ago [1]. Macro and Industry News - On September 2, CBOT soybean futures closed lower, hitting the lowest level in a week and a half. The reasons include China's lack of interest in US new-season soybeans and improved rainfall in the Midwest, which is beneficial for the growth of late-sown crops [3]. - The US - China trade negotiation has made limited progress recently, and China's hosting of a non - Western leaders' summit has further dampened the optimistic sentiment for the demand of new - crop soybeans [3]. - The increased rainfall forecast in the US Midwest may improve the growth of late - stage crops and strengthen the expectation of a bumper harvest, putting downward pressure on soybean prices [3]. - As of August 31, the good - to - excellent rate of US soybeans was 65%, down from 69% a week ago and the same as last year's 65%. Analysts had expected 68% before the report [3]. Trend Intensity - The trend intensity of soybean meal is +1, and that of soybean No.1 is +1, mainly referring to the price fluctuations of the main contracts in the day session on the report day [3].