豆粕：美豆收跌，连粕或跟随调整，豆一：调整震荡

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The price of CBOT soybeans closed lower on December 12, 2025, mainly due to concerns about the slowdown of US soybean export demand and the upcoming harvest of Brazilian soybeans, which triggered a wave of long - position liquidation [1][3]. - The DCE soybean meal may follow the adjustment of the US soybean price, and the DCE soybeans are in a state of adjustment and oscillation [1]. - The trend intensity of both soybean meal and soybeans is -1, indicating a bearish outlook on the report - day's daytime main - contract futures price fluctuations [3]. 3. Summary According to the Directory 3.1 Fundamental Data Tracking - Futures Data: The closing price of DCE soybeans 2601 was 4138 yuan/ton, down 29 yuan (-0.70%) during the day session and also down 29 yuan (-0.70%) during the night session. The closing price of DCE soybean meal 2605 was 2770 yuan/ton, up 16 yuan (+0.58%) during the day session and down 8 yuan (-0.29%) during the night session. The closing price of CBOT soybeans 01 was 1076.25 cents/bushel, down 17.25 cents (-1.58%), and the closing price of CBOT soybean meal 01 was 302 dollars/short ton, down 0.1 dollars (-0.03%) [1]. - Spot Data: In Shandong, the spot price of soybean meal (43%) was 3070 - 3130 yuan/ton, up 10 - 30 yuan compared to the previous day. In the East China region, the price was 3060 - 3130 yuan/ton, up 20 - 40 yuan. In the South China region, the price was 3090 - 3190 yuan/ton, up 20 - 30 yuan. Different regions and time - periods had different basis levels compared to futures contracts [1]. - Industrial Data: The trading volume of soybean meal was 7.6 tons/day on the previous trading day, compared with 12.85 tons/day on the day before the previous trading day. The inventory was 104.55 tons/week on the day before the previous trading day, and the data for the previous trading day was not available [1]. 3.2 Macro and Industry News - On December 12, 2025, CBOT soybean futures closed lower. Traders were worried that the US soybean export window was about to close, and the upcoming harvest of Brazilian soybeans led to a long - position liquidation. Although the US Department of Agriculture confirmed a sale of 13.2 tons of US soybeans to China, analysts were concerned that US soybean export demand might dry up as South American soybean supplies increased [1][3]. - The weather outlook in South America is "nearly ideal" for crops in Brazil and Argentina. Brazil has near - normal or above - normal rainfall and no extreme heat, and in Argentina, there may be showers and thunderstorms starting from December 19, with more regular rainfall later. If the rainy weather pattern persists until the first half of January, private institutions may raise their South American production forecasts [3].