豆粕：市场情绪影响，暂时观望，豆一：市场情绪影响，暂时观望

Report Industry Investment Rating - The report does not provide an investment rating for the soybean meal and soybean industries. Instead, it suggests a "wait - and - see" approach due to market sentiment [1] Core View - Due to market sentiment, it is advisable to take a wait - and - see approach for both soybean meal and soybean markets. The price movements of related futures and spot markets are influenced by factors such as China's soybean purchases and the expected decline in Brazil's soybean exports to China [1][3] Summary by Relevant Content 1. Fundamental Tracking - Futures Data: DCE soybean 2605 closed at 4404 yuan/ton during the day session, up 140 yuan (+3.28%), and 4388 yuan at night, up 42 yuan (+0.97%); DCE soybean meal 2605 closed at 2811 yuan/ton during the day, up 48 yuan (+1.74%), and 2807 yuan at night, up 16 yuan (+0.57%); CBOT soybean 03 closed at 1066 cents/bushel, up 9.5 cents (+0.90%); CBOT soybean meal 03 closed at 305.3 dollars/short - ton, up 6.2 dollars (+2.07%) [1] - Spot Data: In Shandong, the spot price range is 3100 - 3170 yuan/ton, up 10 - 30 yuan compared to the previous day; in different regions and time periods, the spot prices are related to different contract premiums. For example, in January, it is M2605 + 350/+380. In East China, the price range is 3090 - 3170 yuan/ton, up 10 - 25 yuan compared to the previous day [1] - Industrial Data: The daily trading volume of soybean meal (43%) is 16.35 million tons, and the weekly inventory is 105.05 million tons, showing a decrease compared to the previous period [1] 2. Macro and Industry News - On January 7, 2026, CBOT soybean futures closed higher as the US Department of Agriculture confirmed that China continued to purchase US soybeans. Private exporters reported selling 33.6 million tons of US soybeans to China for delivery in the 2025/26 season. It is estimated that China has purchased more than 1000 million tons of US soybeans. However, once China's purchase volume reaches 1200 million tons, the demand for US soybeans may slow down. The head of the Brazilian Grain Exporters Association (ANEC) said that the US soybean sales to China will suppress Brazil's soybean demand this year, and ANEC estimates that Brazil's soybean exports to China will drop to 7700 million tons in 2026, a year - on - year decrease of 1000 million tons [3] 3. Trend Intensity - The trend intensity of soybean meal and soybean is 0, indicating a neutral situation in the main contract price fluctuations of the day session on the reporting day [3]