豆粕：低位震荡，豆一，震荡

Report Summary 1. Report Industry Investment Rating - The report gives an investment rating of "low-level oscillation" for soybean meal and "oscillation" for soybean No. 1 [3] 2. Core Viewpoints - The CBOT soybean futures closed lower on December 16, 2025, due to concerns about US export demand and the promising harvest of Brazilian soybeans, which led to some long - position liquidation. The slow pace of China's soybean purchases from the US disappointed traders. The weak energy market also cast a shadow on the soybean market, and the improved outlook for Brazilian soybean production increased the pressure on soybean futures [2][4] 3. Summary by Directory 3.1 Fundamental Tracking - Futures Prices: DCE soybean No. 1 2601 closed at 4090 yuan/ton during the day session, down 52 yuan (-1.26%), and 4084 yuan/ton at night, down 18 yuan (-0.44%); DCE soybean meal 2605 closed at 2777 yuan/ton during the day session, up 15 yuan (+0.54%), and 2768 yuan/ton at night, up 5 yuan (+0.18%); CBOT soybean 01 closed at 1063.25 cents/bu, down 9.75 cents (-0.91%); CBOT soybean meal 01 closed at 302.7 dollars/short ton, down 1.2 dollars (-0.39%) [2] - Spot Prices: In Shandong, the price of soybean meal (43%) was 3050 - 3120 yuan/ton, with different basis levels compared to M2605; in East China, it was 3050 - 3120 yuan/ton; in South China, it was 3100 - 3190 yuan/ton. The price changes compared to the previous day varied from region to region [2] - Main Industry Data: The trading volume of soybean meal was 1.35 million tons/day, and the inventory was 100.92 million tons/week, showing a decrease compared to the previous data [2] 3.2 Macro and Industry News - On December 16, 2025, CBOT soybean futures fell to a seven - week low. The reasons included concerns about US soybean export demand, the promising harvest of Brazilian soybeans, and the slow pace of China's soybean purchases from the US. The weak energy market and the improved rainfall in Brazilian soybean - producing areas also contributed to the decline [2][4] 3.3 Trend Intensity - The trend intensity of soybean meal and soybean No. 1 is 0, indicating a neutral trend for the day - session main - contract futures prices on the reporting day [4]