豆粕：贸易情绪反复，观望，豆一：震荡

Report Industry Investment Rating - The investment rating for soybean meal is to wait and see due to fluctuating trade sentiment, and for soybean No. 1 is to expect a sideways movement [3] 2. Core Viewpoints - On November 6, CBOT soybean futures closed lower as Chinese demand was limited, dampening optimism about new demand after the trade truce. The slow progress of Chinese purchases and the lack of details in the soybean procurement signing ceremony in Shanghai increased market caution. Chinese buyers may be concerned about profit margins and supply. Currently, US soybean FOB quotes are slightly higher than Brazilian ones, and in February 2026, Brazilian soybeans will be nearly $1 per bushel cheaper. Traders are also watching the upcoming November USDA supply - demand report. In the long run, Citigroup believes China will resume large - scale purchases of US soybeans, which may push prices up to $11.50 per bushel in the next three months and $12.50 in the next 12 months. New biofuel policies are also expected to support prices [4] 3. Summary by Related Catalogs 3.1 Fundamental Data - Futures Prices: DCE soybean No. 1 2601 had a day - session closing price of 4149 yuan/ton (+69, +1.69%), and a night - session closing price of 4146 yuan/ton (+8, +0.19%); DCE soybean meal 2601 had a day - session closing price of 3068 yuan/ton (+29, +0.95%) and a night - session closing price of 3058 yuan/ton (-12, -0.39%); CBOT soybean 01 was at 1108 cents per bushel (-26.5, -2.34%); CBOT soybean meal 12 was at $312.8 per short ton (-12.1, -3.72%) [2] - Spot Basis: The spot basis for soybean meal was M2601 + 40, down 10 from the previous day. Different regions and time periods had various basis levels, such as in Shandong, 12 - 1 months were at 3010 - 3120 yuan/ton, and different mills in different regions had their own basis adjustments [2] - Industrial Data: The trading volume of soybean meal was 4.15 million tons per day (down from 10.2 million tons the previous trading day), and the inventory was 105.93 million tons per week (up from 100.44 million tons the previous week) [2] 3.2 Trend Intensity - The trend intensity for soybean meal and soybean No. 1 was 0, indicating a neutral situation for the day - session main - contract futures price fluctuations on the reporting day [4]