豆粕：移仓换月，震荡，豆一：震荡

Report Industry Investment Rating - Not provided Core Viewpoints - The trend of soybean meal is shifting positions and fluctuating, while soybean is fluctuating [1][2] - The trend intensity of soybean meal and soybean is 0, indicating a neutral market sentiment [3] Summary by Relevant Catalogs Fundamental Tracking - Futures Prices: DCE soybean No.1 2601 closed at 4108 yuan/ton during the day session, down 31 yuan (-0.75%), and 4107 yuan/ton at night, down 10 yuan (-0.24%); DCE soybean meal 2601 closed at 3013 yuan/ton during the day session, up 8 yuan (+0.27%), and 3020 yuan/ton at night, up 11 yuan (+0.37%); CBOT soybean 01 closed at 1124 cents/bu, up 2.75 cents (+0.25%); CBOT soybean meal 01 closed at 320.5 dollars/short ton, up 2.6 dollars (+0.82%) [1] - Spot Prices: In Shandong, the price of soybean meal (43%) was 3020 - 3100 yuan/ton, remaining flat or up 20 yuan compared to the previous day; in East China, it was 2990 - 3080 yuan/ton, remaining flat; in South China, it was 2990 - 3100 yuan/ton, remaining flat [1] - Main Industry Data: The trading volume of soybean meal was 70,000 tons/day, and the inventory was 1.0565 million tons/week [1] Macro and Industry News - On November 25, CBOT soybean futures closed slightly higher as the US government's statement boosted market expectations of China's further soybean purchases under the bilateral trade truce agreement. However, factors such as the lack of new details, fierce competition from cheaper Brazilian soybeans, and uncertainties about China's commitment to buying US agricultural products limited the upside potential of soybean prices [3]