豆粕：美豆优良率低于预期，或有反弹，豆一：豆类市场情绪影响，低位震荡

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The CBOT soybean futures closed lower, with the benchmark contract down 1.4% to a six - week low due to insufficient Chinese purchases and no progress in Sino - US agricultural product export negotiations after the leaders' call. Argentina's plan to cancel all grain export taxes by October 31 also pressured Chicago corn and soybean futures. As of September 21, the US soybean harvest was 9% complete, with a 61% good - to - excellent rate [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: DCE Bean No.1 2511 closed at 3912 yuan/ton during the day session (+6, +0.15%) and 3884 yuan/ton at night (-27, -0.69%); DCE Soybean Meal 2601 closed at 3034 yuan/ton during the day session (+30, +1.00%) and 2983 yuan/ton at night (-47, -1.55%); CBOT Soybean 11 closed at 1011.25 cents/bu (-14.75, -1.44%); CBOT Soybean Meal 12 closed at 280.2 dollars/short ton (-4.0, -1.41%) [1]. - Spot Prices: In Shandong, the spot price range was 3010 - 3040 yuan/ton, with different basis levels for different months compared to M2601. In Zhangjiagang Dafu and other regions in East China and South China, there were also specific basis levels for different months [1]. - Industrial Data: The trading volume of soybean meal was 130,000 tons per day, and the inventory was 1.1085 million tons per week [1]. 3.2 Macro and Industry News - The call between US President Donald Trump and Chinese President Xi Jinping did not bring news about Sino - US agricultural product trade. Argentina will cancel all grain export taxes by October 31. As of September 21, the US soybean harvest was 9% complete (5% last week, 12% last year, 9% five - year average), and the good - to - excellent rate was 61% (63% last week, 64% last year) [1][3]. 3.3 Trend Intensity - The trend intensity of soybean meal and bean No.1 was 0, referring to the price fluctuations of the main contracts during the day session on the report day [3].