豆粕：美豆收涨，或跟随反弹，豆一：反弹震荡

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The price of soybean meal is expected to follow the upward trend of US soybeans and rebound, while the price of soybean No.1 is expected to fluctuate in a rebound [1]. - The trend strength of soybean meal is +1, indicating a relatively strong upward trend, while the trend strength of soybean No.1 is 0, indicating a neutral trend [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices: - DCE soybean No.1 2601 closed at 4,116 yuan/ton during the day session, down 9 yuan (-0.22%), and 4,138 yuan/ton during the night session, up 24 yuan (+0.58%) [1]. - DCE soybean meal 2601 closed at 3,063 yuan/ton during the day session, up 12 yuan (+0.39%), and 3,051 yuan/ton during the night session, unchanged (+0.00%) [1]. - CBOT soybean 01 closed at 1,127.5 cents/bushel, up 10.25 cents (+0.92%) [1]. - CBOT soybean meal 12 closed at 319.1 dollars/short ton, up 2.1 dollars (+0.66%) [1]. - Spot Prices: - In Shandong, the spot price of soybean meal (43%) was 3,010 - 3,100 yuan/ton, with a basis of M2601 + 10 to +60, and the price was flat to up 10 yuan compared to the previous day [1]. - In East China, the spot price was 3,010 - 3,100 yuan/ton, with a basis of M2601 + 10, and the price was flat to up 10 yuan compared to the previous day [1]. - In South China, the spot price was 3,030 - 3,120 yuan/ton, with a basis of M2601 + 10 to +40, and the price was flat to up 10 yuan compared to the previous day [1]. - Industrial Data: - The trading volume of soybean meal was 15.75 million tons per day on the previous trading day, compared to 4.7 million tons two days ago [1]. - The inventory of soybean meal was not available on the previous trading week, compared to 105.93 million tons two weeks ago [1]. 3.2 Macro and Industry News - On November 10, CBOT soybean futures rose for the second consecutive day, mainly due to the progress of the US government shutdown and the expectation of the recovery of US soybean exports to China [3]. - The market is waiting for the USDA's November supply and demand report, which will include the first US crop production forecast since mid - September [3]. - The planting progress of Brazilian soybeans is 61%, behind last year's 67% due to irregular rainfall [3].