豆粕：美豆偏强，连粕或反弹，豆一：震荡

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The price of CBOT soybeans is expected to be strong, and the price of DCE soybean meal may rebound; the price of DCE soybeans is expected to fluctuate [2][4] Group 3: Summary According to Related Catalogs 1. Fundamental Tracking - Futures Prices: DCE soybean 2511 closed at 3959 yuan/ton during the day session, up 33 yuan (+0.84%), and 3956 yuan/ton during the night session, unchanged; DCE soybean meal 2601 closed at 3070 yuan/ton during the day session, up 4 yuan (+0.13%), and 3066 yuan/ton during the night session, down 21 yuan (-0.68%); CBOT soybean 11 closed at 1045.25 cents/bushel, up 11.75 cents (+1.14%); CBOT soybean meal 12 closed at 288.3 dollars/short ton, up 0.6 dollars (+0.21%) [3] - Spot Prices: In Shandong, the price of soybean meal (43%) was 3060 - 3090 yuan/ton, up 10 - 20 yuan compared to the previous day; in East China, the price in Taizhou Huifu was 2990 yuan/ton; in South China, the price was 3030 - 3110 yuan/ton, up 10 - 20 yuan compared to the previous day [3] - Industrial Data: The trading volume of soybean meal was 10.6 million tons two trading days ago, and the inventory was 106.39 million tons two trading weeks ago [3] 2. Macro and Industry News - On September 12, 2025, CBOT soybean futures closed higher, with the benchmark contract up 1.1%. The USDA's supply - demand report showed that the estimated planting area of US soybeans was 81.1 million acres, and the harvested area was 80.3 million acres, both up 200,000 acres from the previous month. The yield per acre was 53.5 bushels, lower than the previous month. The production was slightly increased by 9 million bushels to 4.301 billion bushels. The estimated crush was increased by 15 million bushels to a record 2.555 billion bushels, while exports were decreased by 20 million bushels to 1.685 billion bushels, the lowest in six years. The estimated ending inventory was increased by 10 million bushels, but some analysts said the increase was lower than market expectations [3][6] - On September 12, 2025, the spokesperson of the Ministry of Commerce confirmed that Vice - Premier He Lifeng would lead a delegation to Spain from September 14 - 17 to hold talks with the US side on issues such as US unilateral tariff measures, abuse of export controls, and TikTok [6] 3. Trend Intensity - The trend intensity of soybean meal is +1, and the trend intensity of soybeans is 0, mainly referring to the price fluctuations of the main contracts of the day session on the reporting day [6]