豆粕：缺乏新销售、美豆收跌，连粕调整震荡，豆一：现货稳中偏强，支撑盘面

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - CBOT soybean futures closed slightly lower on December 1 due to lack of soybean sales to China, and the market is still skeptical about China's purchase of 12 million tons of soybeans by the end of 2025. The slowdown in US soybean sales to China remains a focus. Competition from South America is also a concern, although StoneX has slightly lowered its forecast for Brazil's soybean production, which is still expected to reach a record high if achieved [3]. - The spot price of DCE bean - one is stable with a slight upward trend, supporting the futures price. DCE bean - meal futures are in an adjustment and oscillation state [1]. 3) Summary by Relevant Catalogs [Fundamental Tracking] - Futures Prices: DCE bean - one 2601 closed at 4126 yuan/ton during the day session, up 11 yuan (+0.27%), and 4141 yuan/ton at night, up 23 yuan (+0.56%); DCE bean - meal 2601 closed at 3039 yuan/ton during the day session, down 11 yuan (-0.36%), and 3040 yuan/ton at night, down 4 yuan (-0.13%); CBOT soybean 01 closed at 1127.25 cents per bushel, down 10 cents (-0.88%); CBOT bean - meal 01 closed at 314.5 dollars per short ton, down 4.1 dollars (-1.29%) [1]. - Spot Prices: In various regions, the spot price of bean - meal (43%) ranges from 3000 - 3140 yuan/ton, with price changes of - 20 to +10 yuan compared to the previous day. The spot basis and forward basis have different levels in different months and regions [1]. - Industrial Data: The trading volume of bean - meal was 6.55 million tons per day, compared to 5.85 million tons the day before. The inventory data for the previous week was 105.65 million tons, and the data for the previous week was not available [1]. [Macro and Industry News] - On December 1, CBOT soybean futures closed lower due to lack of sales to China. The market doubts China's purchase plan. South American competition is a concern, and StoneX has lowered its forecast for Brazil's soybean production to 177.2 million tons, while AgRural estimates that as of November 27, 89% of Brazil's 2025/26 soybean planting has been completed, slightly lower than the same period last year [3]. [Trend Intensity] - The trend intensity of bean - meal and bean - one is 0, indicating a neutral trend for the day - session main - contract futures prices on the reporting day [3].