豆粕：调整震荡，豆一：回落调整

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The short - term trends of soymeal and soybeans are adjustment and shock, with soymeal showing an adjustment shock trend and soybeans showing a decline and adjustment trend [1]. - The CBOT soybean futures closed lower on September 9, 2025, due to lack of Chinese demand and position adjustment before the major report. The market is waiting for the USDA's global supply - demand report on Friday [1][3]. Summary by Directory 1. Fundamental Tracking Futures - DCE soybeans 2511 closed at 3968 yuan/ton during the day session, down 5 yuan (-0.13%), and 3937 yuan/ton during the night session, down 34 yuan (-0.86%) [1]. - DCE soymeal 2601 closed at 3075 yuan/ton during the day session, down 4 yuan (-0.13%), and 3066 yuan/ton during the night session, down 10 yuan (-0.33%) [1]. - CBOT soybeans 11 closed at 1030.5 cents/bushel, down 3.5 cents (-0.34%) [1]. - CBOT soymeal 12 closed at 288.6 dollars/short - ton, up 3.4 dollars (+1.19%) [1]. Spot - In Shandong, the spot price of soymeal was 3060 - 3070 yuan/ton, flat; different delivery - period prices had various relationships with the futures contract M2601 [1]. - In East China, the spot price and different delivery - period prices of soymeal also had different relationships with the futures contract M2601, with some prices down compared to the previous day [1]. - In South China, the spot price of soymeal was 3020 - 3030 yuan/ton, down 10 yuan compared to the previous day; different delivery - period prices had different relationships with the futures contract M2601 [1]. Main Industry Data - The trading volume of soymeal was 15.25 million tons two trading days ago, and the inventory was 106.39 million tons in the previous week and 101.49 million tons two weeks ago [1]. 2. Macro and Industry News - On September 9, 2025, CBOT soybean futures closed lower because China continued to avoid US supplies, and traders adjusted positions before the USDA's supply - demand report. The USDA has continuously downgraded the ratings of corn and soybean crop conditions, and the market expects a reduction in the yield forecast in the upcoming report. Analysts expect the US soybean yield to reach 42.71 billion bushels, and some also expect a reduction in US soybean export expectations. The weather in the Midwest next week is suitable for crop harvest [1][3]. 3. Trend Intensity - The trend intensity of soymeal is 0, and that of soybeans is - 1, mainly referring to the price fluctuations of the main - contract futures during the day session on the report day [3].