豆粕：关税情绪影响，震荡，豆一：关税情绪影响，震荡

Report Summary 1. Industry Investment Rating - The investment ratings for both soybean meal and soybean No. 1 are “Oscillating” due to the influence of tariff sentiment [1][2] 2. Core View - The market sentiment has improved in the short - term due to China's decision to suspend retaliatory tariffs on some US products and cut tariffs on some agricultural products starting from November 10, 2025. However, the fundamental outlook remains cautious, and the sustainability of the price rebound depends on China's actual procurement scale and the export rhythm of US soybeans. There is uncertainty about the actual procurement willingness as US soybeans still face a 13% tariff [4] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices - DCE soybean No. 1 2601 (yuan/ton): The day - session closing price was 4123, up 47 (+1.15%); the night - session closing price was 4139, up 62 (+1.52%) [2] - DCE soybean meal 2601 (yuan/ton): The day - session closing price was 3073, up 45 (+1.49%); the night - session closing price was 3076, up 37 (+1.22%) [2] - CBOT soybean 01 (cents/bushel): The closing price was 1134.5, up 14.25 (+1.27%) [2] - CBOT soybean meal 12 (dollars/short ton): The closing price was 324.9, up 7.8 (+2.46%) [2] - Spot Prices - In Shandong, the spot price of soybean meal (43%) was 3020 - 3090 yuan/ton, with various basis changes compared to the previous day [2] - In East China, the spot price was 2980 - 3100 yuan/ton, with price changes ranging from - 20 to +10 yuan/ton compared to the previous day [2] - In South China, the spot price was 3010 - 3130 yuan/ton, with price increases of 10 - 40 yuan/ton compared to the previous day [2] - Main Industry Data - The trading volume of soybean meal was 10.2 million tons per day on the previous trading day, compared to 5.8 million tons two trading days ago [2] - The inventory of soybean meal was 105.93 million tons per week, compared to 100.44 million tons two trading weeks ago [2] 3.2 Macro and Industry News - On November 5, CBOT soybean futures closed slightly higher as China confirmed tariff cuts on some US products. China will suspend retaliatory tariffs on some US products for one year and cut tariffs on some agricultural products starting from November 10, refocusing the market on potential procurement commitments under the China - US trade truce. US officials said that Beijing promised to buy about 12 million tons of US soybeans from November to December, but it's hard to verify the actual trading volume due to the suspension of the USDA's export sales reports during the government shutdown [4] - Traders said that China ordered 20 cargoes of Brazilian soybeans in the past four days, with half to be shipped in December and the other half between March and July 2026. China also bought soybeans from the US recently, but details are unclear due to the government shutdown [4] 3.3 Trend Intensity - The trend intensity of soybean meal is 0, and that of soybean No. 1 is also 0, indicating a neutral trend for both on the day - session of the main contract futures price [4]