豆粕：震荡，规避节日风险，豆一，节前避险，谨慎观望

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Report's Core View - For soymeal, the market is expected to be volatile, and investors are advised to avoid holiday - related risks [1]. - For soybeans, investors are advised to hedge risks before the holiday and observe the market cautiously [2]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices: DCE soybeans 2605 closed at 4224 yuan/ton in the day - session, up 65 yuan (+1.56%), and 4237 yuan/ton in the night - session, up 33 yuan (+0.78%); DCE soymeal 2605 closed at 2778 yuan/ton in the day - session, down 10 yuan (-0.36%), and 2771 yuan/ton in the night - session, up 3 yuan (+0.11%); CBOT soybeans 03 closed at 1060.75 cents/bushel, down 3.0 cents (-0.28%); CBOT soymeal 03 closed at 302.3 dollars/short - ton, down 1.2 dollars (-0.40%) [2]. - Spot Prices: In Shandong, the spot price of soymeal (43%) was 3060 - 3140 yuan/ton, with different basis prices for different months; in East China, it was 3040 - 3140 yuan/ton; in South China, it was 3120 - 3200 yuan/ton [2]. - Industrial Data: The trading volume of soymeal was 20.37 million tons per day, compared with 5.07 million tons two days ago; the inventory was 110.22 million tons per week, compared with 105.63 million tons two weeks ago [2]. 3.2 Macro and Industry News - On December 30, CBOT soybean futures closed lower due to the clear production outlook of South American soybeans. Year - end closing will be the main theme in the market in the next few days. The market will focus on the weekly export sales report and position report on Wednesday. Private exporters reported selling 13.6 million tons of soybeans to China and 23.1 million tons to unknown destinations in the 2025/26 season. Soybean harvesting is underway in Brazil's Paraná and Mato Grosso states, and nearly 76% of soybean planting in Argentina has been completed [4]. 3.3 Trend Intensity - The trend intensity of soymeal and soybeans is 0, indicating a neutral situation for the day - session's main contract futures price fluctuations on the reporting day [4].