豆粕：贸易情绪略偏乐观，震荡，豆一，震荡

Report Summary 1. Industry Investment Rating - The rating for soymeal is "trading sentiment is slightly optimistic, with a sideways trend", and for soybeans it is "sideways" [3] 2. Core Views - The CBOT soybean futures rebounded on Friday due to bargain - hunting after a sharp decline on Thursday. Traders are still assessing the prospects of US soybean sales to China. China has resumed purchasing a small amount of US agricultural products, and has restored the qualification of three US companies to export soybeans to China. The soybean sowing in Argentina has completed 4.4%, 4 percentage points behind the same period last year [2][4] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - Futures Prices: DCE soybeans 2601 closed at 4118 yuan/ton, down 23 yuan (-0.56%) during the day session and down 7 yuan (-0.17%) at night; DCE soymeal 2601 closed at 3058 yuan/ton, down 12 yuan (-0.39%) during the day session and down 5 yuan (-0.16%) at night; CBOT soybeans 01 closed at 1117.25 cents/bushel, up 9.75 cents (+0.88%); CBOT soymeal 12 closed at 317 dollars/short - ton, up 4.3 dollars (+1.38%) [2] - Spot Prices: In Shandong, the spot price of soymeal was 2970 - 3100 yuan/ton, down 20 - 10 yuan compared to the previous day; in East China, it was 2970 - 3100 yuan/ton, down 30 yuan to flat; in South China, it was 3000 - 3120 yuan/ton, down 30 - 10 yuan. The spot basis and forward basis in different regions also had corresponding changes [2] - Industrial Data: The trading volume of soymeal was 4.7 million tons per day, compared to 4.15 million tons two days ago. The inventory of the previous week was 105.93 million tons [2] 3.2 Trend Intensity - The trend intensity of soymeal and soybeans is 0, indicating a neutral trend for the main - contract futures prices during the day session on the reporting day [4]