豆粕：震荡，等待中美经贸磋商指引，豆一，震荡，等待国储收购启动

Group 1: Market Trends - Last week (Oct 20 - 24), US soybean futures prices mainly rose due to China-US economic and trade consultations and China's potential purchase of US soybeans, with the main January 2026 contract of US soybeans rising 2.19% and the main December 2025 contract of US soybean meal rising 4.59% on a weekly basis [2] - Domestic soybean meal futures prices rebounded from a low level, and soybean No. 1 futures prices were relatively strong. The main January 2026 contract of soybean meal rose 2.27%, and the main January 2026 contract of soybean No. 1 rose 1.89% on a weekly basis [3] Group 2: International Soybean Market Fundamentals - The US government shutdown continued, and USDA reports were still suspended, with little impact [3] - The import cost of Brazilian soybeans increased week-on-week, which was a bullish factor. The average CNF premium of Brazilian soybeans for December delivery decreased week-on-week, while the average import cost increased, and the average crushing profit on the futures market decreased [3] - The planting progress of new Brazilian soybeans was relatively fast, which was a bearish factor. As of the week of Oct 16, the planting progress of Brazilian soybeans in the 2025/26 season was about 24%, compared with 14% the previous week and about 18% in the same period last year [3] - The weather forecast for the main soybean-producing areas in Brazil showed that precipitation would be slightly less than normal in the next two weeks (Oct 25 - Nov 7), and the temperature would fluctuate around the average, with a neutral impact [3] Group 3: Domestic Soybean Meal Spot Market - The weekly average daily trading volume of soybean meal decreased. As of the week of Oct 24, the average daily trading volume of mainstream oil mills in China was about 100,000 tons, compared with about 150,000 tons the previous week [4] - The weekly average daily pick-up volume of soybean meal increased. As of the week of Oct 24, the average daily pick-up volume of major oil mills was about 200,000 tons, compared with about 187,000 tons the previous week [4] - The basis of soybean meal decreased week-on-week. As of the week of Oct 24, the weekly average basis of soybean meal in Zhangjiagang was about 12 yuan/ton, compared with about 21 yuan/ton the previous week and about 35 yuan/ton in the same period last year [5] - The inventory of soybean meal decreased week-on-week and was basically flat year-on-year. As of the week of Oct 17, the inventory of mainstream oil mills in China was about 850,000 tons, a week-on-week decrease of 9% [5] - The weekly soybean crushing volume increased week-on-week and was expected to slightly decrease next week. As of the week of Oct 24, the domestic weekly soybean crushing volume was about 2.37 million tons, and the operating rate was about 65%. Next week (Oct 25 - 31), the expected crushing volume was about 2.34 million tons, and the operating rate was 64% [5] Group 4: Domestic Soybean No. 1 Spot Market - The soybean prices were divided, with prices in the Northeast producing area being relatively strong and prices of new soybeans in the Inner Pass area falling. The purchase price of clean soybeans in the Northeast increased by 40 - 80 yuan/ton, while that in the Inner Pass area decreased by 360 - 460 yuan/ton, and the selling price in the southern sales area increased by 20 - 60 yuan/ton [6] - Farmers in the Northeast producing area were reluctant to sell, and the purchase price was slightly increased [6] - The demand in the southern sales area was expected to improve due to the cooling weather [6] Group 5: Market Outlook - Next week (Oct 27 - 31), the prices of Dalian soybean meal and soybean No. 1 futures were expected to fluctuate, waiting for guidance from China-US economic and trade consultations [6]