豆粕：隔夜美豆休市，连粕跟随菜粕回调，豆一，现货稳定，盘面调整震荡

Report Summary 1. Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints - Overnight, the U.S. soybean market was closed for the Martin Luther King Day. The Dalian soybean meal futures followed the rapeseed meal in a correction, while the soybean futures showed a stable spot price and a fluctuating adjustment in the futures market [1]. - As of January 15th, the 2025/26 Brazilian soybean harvest progress reached 2%, up from 0.6% the previous week and higher than 1.7% in the same period last year. The overall harvest outlook is positive, but rainfall in Rio Grande do Sul and Matopiba regions needs close monitoring [3]. 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - Futures Prices: DCE soybean No.1 2605 closed at 4321 yuan/ton during the day session, down 14 yuan (-0.32%), and 4316 yuan/ton at night, down 6 yuan (-0.14%); DCE soybean meal 2605 closed at 2727 yuan/ton during the day, down 7 yuan (-0.26%), and 2715 yuan/ton at night, down 13 yuan (-0.48%). Due to the holiday, CBOT soybean 03 and CBOT soybean meal 03 prices were not available [1]. - Spot Prices: In different regions, soybean meal spot prices were mostly stable or slightly decreased compared to the previous day. For example, in Shandong, the price range was 3120 - 3150 yuan/ton, down 20 yuan to unchanged. Different delivery - period basis prices in various regions were also mostly stable [1]. - Industry Data: The trading volume of soybean meal was 24.7 tons per day on the previous trading day, slightly lower than 25.15 tons per day two days ago. The inventory data from two days ago was 101.88 tons per week [1]. 3.2 Macro and Industry News - The U.S. market was closed on Monday for the Martin Luther King Day, and there was no CBOT agricultural product daily review [1]. - According to AgRural, as of January 15th, the Brazilian soybean harvest progress was 2%. Mato Grosso led the harvest, while Paraná's progress was behind the historical average. The overall harvest outlook is good, but rainfall in Rio Grande do Sul and Matopiba needs attention [3]. 3.3 Trend Intensity - The trend intensity of soybean meal and soybean No.1 was 0, indicating a neutral trend for the day - session main - contract futures prices on the reporting day [3].