豆粕：美豆收涨，或跟随反弹震荡，豆一：现货稳定，盘面震荡

Industry Investment Rating - No information provided in the report Core Viewpoints - The price of CBOT soybeans closed slightly higher on November 12, 2025, with position adjustments by traders ahead of the USDA's supply - demand report, but the price increase was limited due to insufficient Chinese purchases [2][4] - Analysts expect the US soybean yield to be 53.1 bushels per acre, lower than the USDA's September 12 estimate of 53.5 bushels per acre [4] - The market is concerned about the change in yield data and China's progress in purchasing 12 million tons of US soybeans by the end of the year, and China is facing a situation of soybean surplus after months of record - high imports [4] - The trend strength of soybean meal is +1, and that of soybean No.1 is 0, mainly referring to the price fluctuations of the main - contract futures on the day of the report [4] Summary by Relevant Catalogs Fundamental Tracking - Futures Prices: DCE soybean No.1 2601 had a day - session closing price of 4127 yuan/ton, down 1 yuan, and a night - session closing price of 4113 yuan/ton; DCE soybean meal 2601 had a day - session closing price of 3059 yuan/ton, up 1 yuan, and a night - session closing price of 3052 yuan/ton, down 1 yuan; CBOT soybean 01 was at 1134 cents per bushel, up 7.25 cents (+0.64%); CBOT soybean meal 12 was at 322 dollars per short ton, up 5.2 dollars (+1.64%) [2] - Spot Basis: In Shandong, the spot basis of soybean meal is M2601 + 10, down 10 to flat compared to the previous day; in East China, it is flat; in South China, the spot basis of Fangchenggang Aojia is M2601 - 30, flat, and that of Hainan Aosika is M2601 + 40, flat [2] - Industrial Data: The trading volume of soybean meal was 210,500 tons per day, down from 234,000 tons in the previous period, and the inventory was 963,100 tons per week, down from 1,059,300 tons in the previous period [2] Macro and Industry News - On November 12, 2025, CBOT soybean futures closed slightly higher. Traders adjusted positions ahead of the USDA's supply - demand report, but the price increase was limited due to insufficient Chinese purchases [2][4] - Analysts expect the US soybean yield to be 53.1 bushels per acre, lower than the USDA's September 12 estimate of 53.5 bushels per acre [4] - The market is concerned about the change in yield data and China's progress in purchasing 12 million tons of US soybeans by the end of the year. Since the leaders' meeting last month, China has only made small - scale purchases of US agricultural products, and China is facing a situation of soybean surplus [4] Trend Strength - The trend strength of soybean meal is +1, and that of soybean No.1 is 0, mainly referring to the price fluctuations of the main - contract futures on the day of the report [4]