豆粕：隔夜美豆微涨，连粕或略有反弹，豆一，反弹震荡

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Overnight US soybeans rose slightly, and Dalian soybean meal futures may have a slight rebound; Dalian soybean futures are expected to rebound and fluctuate [1]. - The trend strength of soybean meal is +1, and that of soybeans is 0, indicating the price fluctuation of the main - contract futures on the day - trading session of the report date [3]. 3. Summary by Relevant Contents 3.1 Fundamental Tracking - Futures Prices: - DCE soybean 2511 closed at 3935 yuan/ton during the day session, up 5 (+0.13%), and 3938 yuan/ton at night, down 2 (-0.05%) [1]. - DCE soybean meal 2601 closed at 2937 yuan/ton during the day session, down 24 (-0.81%), and 2936 yuan/ton at night, down 13 (-0.44%) [1]. - CBOT soybean 11 closed at 1014 cents/bushel, up 1.75 (+0.17%) [1]. - CBOT soybean meal 12 closed at 274.9 dollars/short - ton, up 1.7 (+0.62%) [1]. - Spot Prices: - In Shandong, the spot price of soybean meal (43%) is 2960 - 3000 yuan/ton, with different basis levels compared to M2601 [1]. - In East China, prices vary by region and delivery time, such as 2900 yuan/ton in Taizhou Huifu and different basis levels compared to M2601 [1]. - In South China, the price is 2920 - 2990 yuan/ton, also with different basis levels compared to relevant futures contracts [1]. - Industrial Data: - The trading volume of soybean meal was 8.05 million tons/day on the previous trading day, compared to 7.35 million tons/day two days ago [1]. - The inventory of soybean meal was 117.04 million tons/week two weeks ago, and the data was not available for the previous week [1]. 3.2 Macro and Industry News - On September 26, 2025, CBOT soybean futures closed slightly higher but fell for the second consecutive week. China's large - scale purchase of Argentine soybeans and insufficient purchase of US supplies, along with the impact of the Sino - US trade war and tariffs, led to the pressure on US soybean futures prices [1][3]. - After Argentina suspended the export tax on grains at the beginning of the week, about 40 ships of Argentine soybeans were registered for export in November and December, mostly to China. Argentina resumed the export tax on Thursday [3]. - When asked about China's purchase of US soybeans, the Chinese Ministry of Commerce spokesperson said that the US should cancel the unreasonable tariffs on Chinese products [3].