豆粕：美豆小幅收跌，连粕或震荡，豆一：现货稳中偏强，盘面调整震荡

1. Report Industry Investment Rating - No relevant information provided in the content 2. Report's Core View - The price of US soybeans slightly declined, and DCE soybean meal may fluctuate. The spot price of DCE soybeans is stable with a slight upward trend, and the futures price is adjusting and fluctuating [1] 3. Summary by Relevant Catalog 3.1 Fundamental Tracking Futures - DCE soybean 2601 closed at 4130 yuan/ton during the day session, down 21 yuan (-0.51%), and 4084 yuan/ton during the night session, down 58 yuan (-1.40%) - DCE soybean meal 2605 closed at 2758 yuan/ton during the day session, down 15 yuan (-0.54%), and 2748 yuan/ton during the night session, down 14 yuan (-0.51%) - CBOT soybean 01 closed at 1073 cents/bushel, down 3.25 cents (-0.30%) - CBOT soybean meal 01 closed at 303.9 dollars/short - ton, up 1.9 dollars (+0.63%) [1] Spot - In Shandong, the price of 43% soybean meal is 3060 - 3160 yuan/ton. The basis for different months has different changes compared to the previous day - In East China, the price is 3050 - 3130 yuan/ton, and the basis for different months also has corresponding changes - In South China, the price is 3100 - 3190 yuan/ton, with specific basis changes for different periods [1] Main Industry Data - The trading volume of soybean meal was 13.15 million tons per day on the previous trading day, compared with 7.6 million tons on the day before the previous trading day. The inventory of the week before the previous trading day was 104.55 million tons, and the inventory of the previous trading week is not available [1] 3.2 Macro and Industry News - On December 15, CBOT soybean futures mostly declined. The market is worried about the slow export speed of US soybeans, and the expected bumper harvest of Brazilian soybeans has led to continued selling by traders - Private exporters reported selling 13.6 million tons of soybeans to China for delivery in the 2025/26 season. Since October 30, the total sales of US soybeans to China confirmed by the USDA through daily export bulletins have reached 351.6 million tons - The NOPA's member companies crushed 216.04 million bushels of soybeans in November, a 5.1% decrease from the record - high in October but an 11.83% increase from the same period last year, setting a new high for the same period - As of last Thursday, the soybean planting in Brazil for the 2025/26 season was 97% complete [1][3] 3.3 Trend Intensity - The trend intensity of soybean meal and soybeans is 0, indicating a neutral trend for the main - contract futures prices during the day session on the report day [3]