豆粕：调整震荡，豆一：现货稳定，盘面调整震荡

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The soybean meal market is in an adjustment and oscillation state, and the soybean No.1 market has stable spot prices and an adjustment and oscillation in the futures market [1]. - The CBOT soybean futures market closed lower on November 19, 2025, mainly due to long - position closing pressure. Traders are closely watching whether China's purchasing spree will continue after the China - US trade truce agreement. The impact of China's soybean purchases has been mostly reflected in market prices, and factors such as farmer selling and investor profit - taking may have increased market pressure [1][3]. - The trend intensity of both soybean meal and soybean No.1 is 0, indicating a neutral state in the price fluctuation of the main - contract futures on the reporting day [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: - DCE soybean No.1 2601 closed at 4145 yuan/ton during the day session, down 32 yuan (-0.77%), and 4128 yuan/ton at night, down 23 yuan (-0.55%) [1]. - DCE soybean meal 2601 closed at 3022 yuan/ton during the day session, down 35 yuan (-1.14%), and 3018 yuan/ton at night, down 13 yuan (-0.43%) [1]. - CBOT soybean 01 closed at 1135.25 cents per bushel, down 15.25 cents (-1.33%), and CBOT soybean meal 01 closed at 320.8 dollars per short - ton, down 7.3 dollars (-2.22%) [1]. - Spot Prices and Basis: - In Shandong, the spot price of soybean meal (43%) is 3000 - 3100 yuan/ton, with different basis levels for different months compared to futures contracts, showing various changes compared to the previous day [1]. - In East China, the spot price range is 2990 - 3010 yuan/ton, and the basis for different months also has corresponding changes [1]. - In South China, the spot price range is 3120 - 3130 yuan/ton, and the basis for different months has different changes compared to the previous day [1]. - Main Industry Data: - The trading volume of soybean meal was 41.4 million tons per day on the previous trading day, compared to 18.3 million tons two days ago [1]. - The inventory of soybean meal was 95.45 million tons per week on the previous trading day, compared to 96.31 million tons two weeks ago [1]. 3.2 Macro and Industry News - On November 19, 2025, the CBOT soybean futures market closed lower due to long - position closing pressure. Traders are concerned about the sustainability of China's purchasing spree after the China - US trade truce agreement. China bought 79.2 million tons of US soybeans on Tuesday and 33 million tons on Wednesday, but the impact of these purchases has been mostly reflected in prices. Farmer selling and investor profit - taking may have increased market pressure, and the market is considered slightly overbought [1][3]. 3.3 Trend Intensity - The trend intensity of soybean meal and soybean No.1 is 0, indicating a neutral state in the price fluctuation of the main - contract futures on the reporting day [3].