豆粕：美豆微跌，连粕或低位震荡，豆一，抛储影响，偏弱震荡

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View - The report predicts that soybean meal may experience low - level fluctuations due to a slight decline in US soybeans, while soybean No.1 may show weak fluctuations under the influence of state reserve sales [1] 3. Summary by Related Catalogs Fundamental Tracking - Futures Prices: DCE soybean No.1 2601 closed at 4090 yuan/ton during the day session, down 12 yuan (-0.29%), and 4053 yuan/ton at night, down 39 yuan (-0.95%); DCE soybean meal 2605 closed at 2756 yuan/ton during the day, down 7 yuan (-0.25%), and 2746 yuan/ton at night, down 20 yuan (-0.72%); CBOT soybean 01 closed at 1058.5 cents/bushel, down 4.75 cents (-0.45%); CBOT soybean meal 03 closed at 301.8 dollars/short ton, down 4.5 dollars (-1.47%) [1] - Spot Prices: The spot basis of soybean meal (43%) is M2605 + 370, with prices in different regions and time periods showing various changes, such as in Shandong, East China, and South China. Some prices are flat compared to the previous day, while others have small increases or decreases [1] - Industrial Data: The trading volume of soybean meal was 13.95 million tons per day on the previous trading day, compared to 1.35 million tons per day two days ago. The inventory was 100.92 million tons per week on the previous trading day, compared to 104.55 million tons per week two days ago [1] Macro and Industry News - On December 17, 2025, CBOT soybean futures fell for the fourth consecutive day due to concerns about Chinese demand. Although there were new export deals announced, including 19.8 million tons sold to China and 12.5 million tons sold to unknown destinations in the 2025/26 season, the prices still closed lower [1][3] Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybean No.1 is 0, referring to the price fluctuations of the main - contract futures on the day of the report [3]