豆粕：震荡，等待USDA供需报告指引，豆一，贸易情绪反复，盘面震荡

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Last week (11.03 - 11.07), US soybean futures prices fluctuated due to trade sentiment. Domestic soybean meal and soybean No.1 futures prices showed a strong - side oscillation. Next week (11.10 - 11.14), Dalian soybean meal and soybean No.1 futures prices are expected to oscillate, with attention on trade sentiment and the USDA report [1][5]. 3. Summary by Relevant Catalogs International Soybean Market - US situation: The US government shutdown continued, and the export sales report was suspended [1]. - Brazil situation: - The import cost of Brazilian soybeans increased week - on - week, while the CNF premium and the average crushing profit decreased week - on - week [1][8][11]. - As of the week of October 30, the planting progress of Brazilian soybeans in the 2025/26 season was about 47%, slower than the previous week (36%) and last year's same period (about 54%) [1][8]. - According to the November 7 weather forecast, in the next two weeks (November 8 - 21), the precipitation and temperature in the main soybean - producing areas of Brazil will be basically normal, while in Argentina, the precipitation will be less and the temperature will be "initially low and then gradually return to normal" [1]. Domestic Soybean Meal - Futures: The main m2601 contract of soybean meal had a weekly increase of 1.22% in the week of November 7, possibly due to doubts about China's procurement scale of US soybeans [1]. - Spot: - The trading volume and提货 volume of soybean meal decreased week - on - week. As of the week of November 7, the average daily trading volume of mainstream oil mills in China was about 90,000 tons (compared with about 110,000 tons in the previous week), and the average daily提货 volume of major oil mills was about 180,000 tons (compared with about 196,000 tons in the previous week) [2]. - The basis of soybean meal (Zhangjiagang) increased slightly week - on - week. As of the week of November 7, the weekly average basis was about 0 yuan/ton (compared with about - 0.2 yuan/ton in the previous week) [2]. - The inventory of soybean meal increased week - on - week and year - on - year. As of the week of October 31, the inventory of mainstream oil mills in China was about 1.02 million tons, with a week - on - week increase of 8% and a year - on - year increase of about 16% [2]. - The soybean crushing volume decreased week - on - week and is expected to increase next week. As of the week of November 7, the domestic weekly soybean crushing volume was about 1.81 million tons (compared with 2.25 million tons in the previous week), and the operating rate was about 50%. Next week (November 8 - 14), the crushing volume is expected to be about 2.16 million tons, and the operating rate will be 59% [2][3]. Domestic Soybean No.1 - Futures: The main a2601 contract of soybean No.1 had a weekly increase of 0.39% in the week of November 7, also affected by trade sentiment [1]. - Spot: - The soybean price was stable with a slight upward trend. In some northeastern regions, the purchase price of clean soybeans was in the range of 3,940 - 4,040 yuan/ton, up 0 - 60 yuan/ton from the previous week; in some inland regions, it was in the range of 4,800 - 5,040 yuan/ton, up 100 - 180 yuan/ton; in the northern sales areas, the selling price of edible soybeans was in the range of 4,440 - 4,660 yuan/ton, up 20 - 40 yuan/ton [4]. - The state - reserve purchase started, and the purchase prices for some protein standards were slightly higher than the market price, which was a positive factor [4]. - In the early part of the week (before the storage policy was announced), farmers' hoarding mentality weakened, and traders were on the sidelines. In the later part of the week (after the storage policy was announced and the futures trend was strong), some trading entities' purchase mentality became positive again, while farmers continued to hoard [4]. - The demand in the northern sales areas was fair, while the southern market was flat. The sales of northeastern soybeans in the northern market were okay due to the decrease in temperature and the increase in vegetable prices, while the terminal demand for soybean products in the southern market was weak, and downstream markets purchased as needed [4].