豆粕：贸易预期变化，美豆偏弱、连粕或偏强，豆一：低位震荡，关注豆类市场氛围

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - On September 19, 2025, CBOT soybean futures closed lower, hitting a one - week low, as the call between US President Donald Trump and Chinese leaders failed to reach an agreement on soybean exports. The market had hoped for more positive results from the negotiation, but the lack of short - term US soybean sales put pressure on the market [1][2] - The trend strength of soybean meal is +1, and that of soybean No.1 is 0, referring to the price fluctuations of the main contract in the daytime session on the report day [2] Group 3: Summary According to Related Catalogs Futures - The closing price of DCE soybean No.1 2511 in the daytime session is 3904 yuan/ton, up 12 yuan (+0.31%), and 3901 yuan in the night session, down 5 yuan (-0.13%) [1] - The closing price of DCE soybean meal 2601 in the daytime session is 3014 yuan/ton, up 13 yuan (+0.43%), and 3019 yuan in the night session, up 15 yuan (+0.50%) [1] - The closing price of CBOT soybean 11 is 1026 cents/bushel, down 11.50 cents (-1.11%) [1] - The closing price of CBOT soybean meal 12 is 284.2 dollars/short ton, down 1.2 dollars (-0.42%) [1] Spot - In Shandong, the spot price of soybean meal is 2980 - 3010 yuan/ton, with different basis prices for different months compared to M2601 [1] - In East China, the spot price of soybean meal has different basis prices for different months compared to M2601, and most are unchanged from the previous day [1] - In South China, the spot price of soybean meal in different regions has different basis prices for different months compared to M2601, and some prices have changed [1] Main Industry Data - The trading volume of soybean meal in the previous trading day was 9.3 million tons per day, compared with 5.36 million tons per day in the day before the previous trading day [1] - The inventory of soybean meal in the previous week was 110.85 million tons, and the data for the week before the previous week is not available [1]