豆粕：低位震荡，或超跌反弹，豆一：低位震荡

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On September 18, 2025, CBOT soybean futures closed lower due to seasonal harvest pressure, a stronger US dollar index, and a decline in soybean oil prices. The uncertainty of the US EPA's biofuel plan also limited biodiesel production. The net sales volume of US soybeans in the 2025/26 and 2026/27 seasons increased compared to the previous week, and the market is concerned about the outcome of the call between the US and Chinese presidents regarding soybean trade [2][3] Group 3: Summary by Relevant Catalogs 1. Fundamental Data of Soybean Meal/Soybean No.1 - Futures: DCE Soybean No.1 2511 closed at 3904 yuan/ton during the day session, down 10 yuan (-0.26%), and 3898 yuan/ton at night, up 6 yuan (+0.15%); DCE Soybean Meal 2601 closed at 2993 yuan/ton during the day session, down 26 yuan (-0.86%), and 2992 yuan/ton at night, down 9 yuan (-0.30%); CBOT Soybean 11 closed at 1038.75 cents/bushel, down 5.25 cents (-0.50%); CBOT Soybean Meal 12 closed at 285.4 dollars/short ton, down 0.1 dollars (-0.04%) [2] - Spot: In Shandong, the price of soybean meal (43%) was 2980 - 3000 yuan/ton, down 30 - 10 yuan compared to the previous day; in East China, the price was 2960 - 3020 yuan/ton, down 20 yuan; in South China, the price varied by supplier and delivery time [2] - Main Industry Data: The previous trading day's soybean meal trading volume was not available, and the volume two trading days ago was 13.60 million tons/day; the previous week's inventory was 1108500 tons, and the inventory two weeks ago was 1063900 tons [2] 2. Macro and Industry News - On September 18, 2025, CBOT soybean futures closed lower due to seasonal harvest pressure, a stronger US dollar index, and a decline in soybean oil prices. The uncertainty of the US EPA's biofuel plan also limited biodiesel production [2][3] - As of the week ending September 11, 2025, the net sales volume of US soybeans in the 2025/26 season was 923,000 tons, up from 541,100 tons the previous week; the net sales volume in the 2026/27 season was 2,300 tons, compared to no sales the previous week. Egypt, Mexico, Spain, Bangladesh, and the Netherlands were the top five export destinations [2][3] - The market is closely watching the call between US President Donald Trump and Chinese President Xi Jinping on September 19, 2025, to see if it can progress soybean trade [3] 3. Trend Intensity - The trend intensity of soybean meal was 0, and the trend intensity of soybean No.1 was 0, mainly referring to the price fluctuations of the main - contract futures during the day session on the report day [3]