豆粕：美豆收涨，连粕或超跌反弹，豆一：豆类市场情绪修复，反弹震荡

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - The soybean market sentiment has recovered, showing a rebound and oscillation. The CBOT soybean futures closed slightly higher due to technical overselling, despite facing factors such as insufficient Chinese demand and increased competition from Argentina [1][3]. - The soybean meal and soybean markets have different price trends. The DCE soybean meal futures and spot prices have declined, while the CBOT soybean futures have a slight increase [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: The DCE soybean 2511 closed at 3,878 yuan/ton during the day session, down 33 yuan (-0.84%), and 3,886 yuan/ton during the night session, up 10 yuan (+0.26%). The DCE soybean meal 2601 closed at 2,928 yuan/ton during the day session, down 102 yuan (-3.37%), and 2,917 yuan/ton during the night session, down 37 yuan (-1.25%). The CBOT soybean 11 closed at 1,012.5 cents/bushel, up 1.25 cents (+0.12%), and the CBOT soybean meal 12 closed at $277/short ton, down $3.2 (-1.14%) [1]. - Spot Prices: In Shandong, the soybean meal spot price is 2,980 yuan/ton (Yantai Yihai), with the basis M2601 + 0, up 30 yuan compared to the previous day. In East China, the price is 2,960 yuan/ton (Taizhou Huifu), with the basis M2601 - 20, remaining flat compared to the previous day. In South China, the price ranges from 2,950 to 2,980 yuan/ton, with the basis M2601 + 0, down 70 to 40 yuan compared to the previous day [1]. - Industrial Data: The trading volume of soybean meal was 24.96 million tons per day, and the inventory was 117.04 million tons per week, showing an increase compared to the previous two trading days [1]. 3.2 Macro and Industry News - On September 23, the CBOT soybean futures closed slightly higher due to technical overselling. The market was affected by insufficient Chinese demand and increased competition from Argentina, but it rebounded technically at the end of the session [1][3]. - Argentina temporarily cancelled the export tariffs on soybeans, grains, and their products, as well as beef and poultry on Monday to boost overseas sales and obtain dollars to support the peso. Chinese buyers then ordered at least 10 ships of Argentine soybeans, which is a blow to US farmers [3]. - Crop expert Dr. Michael Cordonnier lowered the US soybean yield forecast by 0.5 bushels to 52 bushels per acre and estimated the soybean production to be 4.17 billion bushels [3]. 3.3 Trend Intensity - The trend intensity of soybean meal and soybean is 0, indicating a neutral state for the main - contract futures price fluctuations on the reporting day [3].