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豆粕：震荡，等待中美元首会晤，豆一：震荡
Guo Tai Jun An Qi Huo·2025-10-30 07:13

Report Industry Investment Rating - The investment rating for soybeans is "oscillation" [1] Core View - On October 29, 2025, most contracts in the CBOT soybean market closed lower, with only the November contract slightly up, as China's first purchase of US autumn soybeans failed to boost traders' confidence. Traders are closely watching whether China will make more purchases or commit to future agreements ahead of the Sino - US leaders' summit. China may need 5 - 10 million tons of soybeans to fill the supply gap before receiving Brazil's new - season soybeans next year [1][2] Summary by Related Catalogs Fundamental Tracking - Futures Prices: DCE Bean No. 1 2601 closed at 4113 yuan/ton during the day session (+21, +0.51%) and 4107 yuan/ton at night (-9, -0.22%); DCE Soybean Meal 2601 closed at 2969 yuan/ton during the day session (+3, +0.10%) and 2975 yuan/ton at night (+1, +0.03%); CBOT Soybean 01 was at 1093.25 cents/bushel (-0.25, -0.02%); CBOT Soybean Meal 12 was at 308.7 dollars/short ton (+2.2, +0.72%) [1] - Spot Prices: In Shandong, soybean meal (43%) was 2970 - 3040 yuan/ton, with different basis levels for different periods; in East China, it was 2930 - 3040 yuan/ton; in South China, it was 2980 - 3060 yuan/ton, and basis levels also varied by region and period [1] - Industrial Data: The previous trading day's (week's) soybean meal trading volume was 5.95 million tons/day (compared to 6.52 million tons/day two days ago), and the inventory was 100.44 million tons/week (compared to 96.31 million tons/week two weeks ago) [1] Macro and Industry News - China's state - owned COFCO bought three ships of US soybeans. Traders are waiting to see if China will make more purchases or reach future agreements ahead of the Sino - US leaders' summit. China may need 5 - 10 million tons of soybeans to fill the supply gap before next year's Brazilian new - season soybeans arrive [2] Trend Intensity - The trend intensity of soybean meal and soybean No. 1 is 0, indicating a neutral state, mainly referring to the daily - session main - contract futures price fluctuations on the reporting day [2]