豆粕：反弹震荡，等待中美经贸会谈指引，豆一，调整震荡

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The report indicates that the price of soybean meal will experience a rebound and fluctuate, awaiting guidance from the China - US economic and trade talks, while the price of soybean No.1 will be in an adjustment and fluctuation phase [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures - DCE Soybean No.1 2601 closed at 4,104 yuan/ton during the day session, up 23 yuan (+0.56%), and 4,098 yuan during the night session, down 12 yuan (-0.29%) [1] - DCE Soybean Meal 2601 closed at 2,933 yuan/ton during the day session, up 17 yuan (+0.58%), and 2,949 yuan during the night session, up 9 yuan (+0.31%) [1] - CBOT Soybean 01 closed at 1,060.5 cents/bushel, down 1.5 cents (-0.14%) [1] - CBOT Soybean Meal 12 closed at 293.9 dollars/short - ton, up 1.6 dollars (+0.55%) [1] 3.1.2 Spot - In Shandong, the price of soybean meal (43%) was 2,990 - 3,020 yuan/ton, up 20 or 40 yuan compared to the previous day. The spot basis was M2601 + 80, unchanged from the previous day [1] - In East China, the price of soybean meal in Taizhou Huifu was 2,920 yuan/ton, up 30 yuan compared to the previous day. The basis was M2601 + 50, down 20 yuan from the previous day [1] - In South China, the price of soybean meal was up 20 - 50 yuan compared to the previous day, reaching 2,980 yuan/ton [1] 3.1.3 Main Industry Data - The trading volume of soybean meal was 5.4 million tons per day on the previous trading day, compared to 9.4 million tons per day two trading days ago [1] - The inventory of soybean meal was 104.67 million tons per week two trading days ago, while the data for the previous trading day was not available [1] 3.2 Macroeconomic and Industry News - On October 24, 2025, CBOT soybean futures fell slightly from a one - month high, mainly due to the decline of international crude oil futures and farmers' selling. The market was waiting for the China - US trade talks [3] - US President Donald Trump will meet with Chinese leaders in South Korea next week, and soybean procurement will be a key topic. High - level economic officials from the US and China will meet in Malaysia to prevent the escalation of the trade war [3] - Analysts pointed out that a trade agreement may help US farmers avoid huge losses, but the window period for China to import soybeans from the US is narrowing. If an agreement is reached in early November, China can purchase soybeans with a shipment date in mid - December or January next year [3] 3.3 Trend Intensity - The trend intensity of soybean meal and soybean No.1 is 0, indicating a neutral trend for the main contract futures prices during the day session on the reporting day [3]