豆粕：隔夜美豆微跌，连粕或低位震荡，豆一：震荡

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Overnight US soybeans slightly declined, and Dalian soybean meal may fluctuate at a low level; soybeans No.1 will fluctuate [1] - The CBOT soybean futures closed lower for the sixth consecutive trading day, hitting the lowest level since October 24th, due to sufficient supply and doubts about Chinese demand, which prompted speculative funds to continue to liquidate long positions [1][3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: DCE soybeans No.1 2605 closed at 4084 yuan/ton during the day session, up 5 yuan (+0.12%), and 4090 yuan/ton at night, up 7 yuan (+0.17%); DCE soybean meal 2605 closed at 2735 yuan/ton during the day session, down 10 yuan (-0.36%), and 2738 yuan/ton at night, up 2 yuan (+0.07%); CBOT soybeans 01 closed at 1049 cents/bushel, down 3.25 cents (-0.31%); CBOT soybean meal 03 closed at 301.3 dollars/short ton, down 1.0 dollar (-0.33%) [1] - Spot Prices and Basis: In Shandong, the spot price of soybean meal (43%) is 3025 - 3090 yuan/ton, with different basis levels for different periods; in East China and South China, there are also corresponding spot prices and basis levels, and most of them are flat or slightly changed compared with the previous day [1] - Industrial Data: The trading volume of soybean meal was 11.48 million tons per day on the previous trading day, compared with 17.25 million tons per day on the day before; the inventory was 100.92 million tons per week on the day before [1] 3.2 Macro and Industry News - On December 19th, CBOT soybean futures closed lower for six consecutive days. The supply is sufficient and there are doubts about Chinese demand, which makes speculative funds continue to liquidate long positions [1][3] - Since the trade truce agreement between Beijing and Washington, it is unclear when China can achieve the goal of purchasing 12 million tons of US soybeans, which puts pressure on the soybean market, especially when Brazilian soybeans will have another bumper harvest in early 2026 [3] - The US Department of Agriculture reported that private exporters sold 134,000 tons of soybeans to China for delivery in the 2025/26 season [3] - Farmers are delaying sales, waiting for details of the $12 billion aid plan to be announced by the Trump administration next week [3] 3.3 Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybeans No.1 is 0, mainly referring to the price fluctuations of the main contract in the day session on the report day [3]