豆粕：美豆收跌，连粕或跟随偏弱震荡，豆一：盘面震荡

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The report predicts that the Dalian Commodity Exchange (DCE) soybean meal may follow the decline of US soybeans and show a weak and volatile trend, while the DCE soybean No.1 will fluctuate on the disk. The decline of CBOT soybeans is due to the uncertainty of Chinese demand under the China - US trade truce agreement [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: DCE soybean No.1 2601 closed at 4075 yuan/ton during the day session, down 45 yuan (-1.09%), and 4081 yuan at night, down 7 yuan (-0.17%); DCE soybean meal 2605 closed at 2821 yuan/ton during the day session, down 10 yuan (-0.35%), and 2819 yuan at night, down 9 yuan (-0.32%); CBOT soybean 01 closed at 1105.25 cents/bu, down 14.25 cents (-1.27%); CBOT soybean meal 01 closed at 307.4 dollars/short ton, down 3.8 dollars (-1.22%) [1]. - Spot Prices: In Shandong, the soybean meal spot price was 3010 - 3070 yuan/ton, with different basis levels for different months; in East China, it was 3010 - 3080 yuan/ton; in South China, it was 3030 - 3140 yuan/ton. The prices in different regions had different changes compared to the previous day, and the basis levels for different delivery months also varied [1]. - Main Industry Data: The trading volume of soybean meal was 21.45 tons/day on the previous trading day, compared with 6.25 tons/day on the day before. The inventory was 107.34 tons/week [1]. 3.2 Macro and Industry News - On December 5, 2025, CBOT soybean futures closed lower as the scale of Chinese demand for US soybeans under the China - US trade truce agreement was uncertain. The USDA confirmed that private exporters reported selling 46.2 tons of US soybeans to China for delivery in the 2025/26 season. Analysts expect the USDA to slightly raise the ending stock forecast of US soybeans for the 2025/26 season in the December supply - demand report [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is -1, indicating a weak trend; the trend intensity of soybean No.1 is 0, showing a neutral trend. This mainly refers to the price fluctuations of the main - contract futures on the day session of the report day [3].