豆粕：或跟随美豆反弹，谨防霜冻风险，豆一：反弹震荡

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views - On September 4, 2025, most contracts of CBOT soybean futures closed higher, with the benchmark contract up 0.1%. The market rebounded due to technical buying at the end of the session, despite concerns over China's insufficient purchases of US new - crop soybeans. There are rumors that this year's US soybean production may be lower than the government's August forecast, but if exports to China are limited, it may not matter. According to StoneX, the estimated US soybean yield is 53.2 bushels per acre, and the production is 4.257 billion bushels, lower than last month's forecast [3]. - Meteorologists warn that potential frost weather threatens US corn and soybean crops as there have been several days of low - temperature weather in the north - central part of North America and southern Canada [3]. 3. Summary by Relevant Catalogs 3.1 Futures Data - DCE Bean No.1 2511: The daytime closing price was 3,965 yuan/ton, up 1 yuan (+0.03%); the night - session closing price was 3,971 yuan/ton, up 5 yuan (+0.13%) [1]. - DCE Bean Meal 2601: The daytime closing price was 3,048 yuan/ton, down 9 yuan (-0.29%); the night - session closing price was 3,050 yuan/ton, down 13 yuan (-0.42%) [1]. - CBOT Soybean 11: The price was 1,033.25 cents per bushel, up 1.5 cents (+0.15%) [1]. - CBOT Bean Meal 12: The price was 284.1 dollars per short ton, up 1.3 dollars (+0.46%) [1]. 3.2 Spot Data - Shandong: The price of 43% bean meal was 3,060 - 3,070 yuan/ton, flat to up 10 yuan compared to the previous day. Different delivery months had different spreads to M2601 [1]. - East China: Different delivery months of bean meal had different spreads to M2601, and most were flat compared to the previous day [1]. - South China: The price of bean meal was 3,010 - 3,070 yuan/ton, flat to up 10 yuan compared to the previous day. Different regions and delivery months had different spreads to M2601 [1]. 3.3 Main Industry Data - Bean meal trading volume: The previous trading day was 6.7 million tons per day, and the day before was 6.5 million tons per day [1]. - Bean meal inventory: The previous week was 101.49 million tons, and the week before was 98.55 million tons [1]. 3.4 Trend Intensity - The trend intensity of bean meal was +1, and that of bean No.1 was 0, mainly referring to the price fluctuations of the main - contract futures on the daytime session of the reporting day [3].