豆粕：跟随美豆反弹，等待USDA供需报告，豆一，反弹震荡

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - CBOT soybean futures closed higher on September 11, 2025, with the benchmark contract up 0.9%, ending a two - day losing streak as traders adjusted positions ahead of the USDA's monthly global supply - demand report on September 12 [3]. - Analysts expect the USDA to lower the US soybean and corn production forecasts in the report due to late - summer drought, with the soybean yield forecast to be cut to 53.3 bushels per acre from 53.6 bushels last month, but the production is still expected to be 4.271 billion bushels, one of the largest in US history [3]. - Some analysts expect the USDA to lower the 2025/26 US soybean export forecast in the report because of weak Chinese demand for US soybeans due to the Sino - US trade war [3]. 3) Summary by Related Catalogs [Fundamental Tracking] - Futures Prices: DCE Bean No.1 2511 closed at 3911 yuan/ton during the day session (down 60 yuan or 0.13%) and 3957 yuan/ton at night (up 31 yuan or 0.79%); DCE Soybean Meal 2601 closed at 3066 yuan/ton during the day session (down 10 yuan or 0.33%) and 3090 yuan/ton at night (up 15 yuan or 0.49%); CBOT Soybean 11 closed at 1034 cents/bushel (up 9 cents or 0.88%); CBOT Soybean Meal 12 closed at 287.7 dollars/short ton (up 2 dollars or 0.70%) [1]. - Spot Prices: In Shandong, the spot price of soybean meal (43%) was 3050 - 3070 yuan/ton, flat compared to the previous day; in East China and South China, different price spreads relative to futures contracts were reported, mostly remaining unchanged [1]. - Industrial Data: The trading volume of soybean meal was 10.6 million tons per day on the previous trading day, and the inventory was 106.39 million tons per week [1]. [Macro and Industry News] - On September 11, 2025, CBOT soybean futures rose as traders adjusted positions ahead of the USDA's monthly global supply - demand report, which will include US corn and soybean production forecasts [3].