豆粕：资金技术面交易，低位震荡，豆一：震荡

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The report focuses on the trading situation of soybeans and soybean meal futures. It indicates that soybean meal is in a low - level oscillation with capital and technical - based trading, while soybeans are in an oscillation state. The prices of related futures and spot products are presented, along with relevant macro and industry news [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices: DCE soybean 2601 closed at 4018 yuan/ton during the day session, up 30 yuan (+0.75%), and 4029 yuan/ton at night, up 9 yuan (+0.22%); DCE soybean meal 2601 closed at 2907 yuan/ton during the day session, down 7 yuan (-0.24%), and 2891 yuan/ton at night, down 24 yuan (-0.82%); CBOT soybean 11 closed at 1011.75 cents/bushel, up 4.75 cents (+0.47%); CBOT soybean meal 12 closed at 277.3 dollars/short ton, up 1.4 dollars (+0.51%) [1]. - Spot Prices: In Shandong, the price of soybean meal (43%) was 2960 - 2980 yuan/ton, remaining flat compared to the previous day; in East China, the price in Taizhou Huifu was 2910 yuan/ton, remaining flat; in South China, the price was 2940 - 2970 yuan/ton, remaining flat or up 10 yuan [1]. - Main Industry Data: The trading volume of soybean meal was 11.52 million tons/day, and the inventory was 104.67 million tons/week, compared with 11 million tons/day and 115.28 million tons/week in the previous period [1]. 3.2 Macro and Industry News - On October 16, 2025, CBOT soybean futures closed higher due to strong domestic demand, offsetting concerns about Sino - US trade tensions. Due to the government shutdown and the upcoming meeting between the US and Chinese leaders at the end of the month, key crop data has not been released, and trading remains cautious. China has not completed most of its soybean procurement for December and January shipments due to high Brazilian soybean premiums, which may prompt China to use national reserves to meet short - term demand. The US Agriculture Secretary said the US can supply soybeans to South American countries for crushing, but no details were provided [1][3]. 3.3 Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybeans is 0, mainly referring to the price fluctuations of the main - contract futures during the day session on the reporting day [3].