豆粕：美豆收涨，连粕偏强震荡，豆一：调整震荡

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - CBOT soybean futures rose for the second consecutive trading day on December 11, 2025, mainly due to active technical buying, U.S. soybean sales to China, and price support from neighboring corn and wheat futures [1][3]. - As of the week ending November 13, 2025, the net sales volume of U.S. soybeans for the 2025/26 marketing year was 695,598 tons, close to the lower limit of market expectations. Traders continued to focus on China's purchasing situation [3]. - The trend strength of soybean meal is +1, indicating a relatively strong trend, while the trend strength of soybean No. 1 is 0, indicating a neutral trend [3]. 3) Summary by Related Catalogs [Fundamental Tracking] - Futures Prices: DCE soybean meal 2605 closed at 2750 yuan/ton during the day session and 2770 yuan/ton during the night session, with a daily increase of 0 (+0.00%) and a night - session increase of 16 (+0.58%); DCE soybean No. 1 2601 closed at 4173 yuan/ton during the day session and 4148 yuan/ton during the night session, with a decrease of 19 (-0.46%). CBOT soybean 01 closed at 1093.75 cents per bushel, up 1.75 (+0.16%); CBOT soybean meal 01 closed at 302.2 dollars per short ton, up 1.3 (+0.43%) [1]. - Spot Basis: The spot basis of soybean meal in different regions varied. For example, in Shandong, the basis for 12 - January was M2601 + 30/+60, up 20 to 50 compared to the previous day; in Zhangjiagang Dafu, the price was 3040 - 3090 yuan/ton [1]. - Industrial Data: The trading volume of soybean meal was 12.85 million tons per day, compared with 14.67 million tons per day in the previous trading day. The inventory was 104.55 million tons per week, compared with 107.34 million tons per week in the previous week [1]. [Macroeconomic and Industry News] - According to Beijing Derunlin on December 12, 2025, CBOT soybean futures rose on December 11 due to active technical buying, U.S. soybean sales to China, and price support from neighboring corn and wheat futures [1][3]. - As of the week ending November 13, 2025, the net sales volume of U.S. soybeans for the 2025/26 marketing year was 695,598 tons, compared with 510,554 tons in the previous week. The U.S. Department of Agriculture confirmed that private exporters reported sales of 26.4 million tons of U.S. soybeans to China and 22.6 million tons to unknown destinations for delivery in the 2025/26 marketing year [3]. [Trend Strength] - The trend strength of soybean meal is +1, and the trend strength of soybean No. 1 is 0, mainly referring to the price fluctuations of the main - contract futures during the day session on the reporting day [3].