豆粕：生柴政策影响、美豆小涨，或反弹震荡，豆一：1号文件出台，盘面情绪稳定

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating in the report. 2. Core Viewpoints - The report focuses on the trends of soymeal and soybeans. The price of CBOT soybeans rose due to the introduction of biofuel tax - credit policies, and the market is still studying the new guidance on 45Z clean - fuel production tax credits. The U.S. reduced tariffs on Indian products, and India agreed to purchase over $500 billion of U.S. products [1][3]. - The trend intensity of soymeal is +1, and that of soybeans is 0, indicating the daily - trading main - contract futures price fluctuations on the reporting day [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices: DCE soybeans 2605 closed at 4384 yuan/ton during the day session (+11, +0.25%), and 4388 yuan/ton at night (-18, -0.41%); DCE soymeal 2605 closed at 2727 yuan/ton during the day session (-29, -1.05%), and 2728 yuan/ton at night (-8, -0.29%); CBOT soybeans 03 closed at 1066.75 cents/bushel (+6.75, +0.64%); CBOT soymeal 03 closed at 292.1 dollars/short - ton (-2.2, -0.75%) [1]. - Spot Prices: In Shandong, the spot price of soymeal (43%) was 3040 - 3120 yuan/ton, with different price premiums over futures contracts in different months. In East China, prices in different regions and time periods also had corresponding premiums and fluctuations. In South China, similar price - premium patterns were observed [1]. - Industrial Data: The trading volume of soymeal was 8.7 million tons per day on the previous trading day, compared with 12.11 million tons two trading days ago. The inventory was 89.95 million tons per week on the previous trading day, compared with 88.81 million tons two trading days ago [1]. 3.2 Macro and Industry News - On February 3, CBOT soybean futures closed higher, ending a three - day losing streak. The rise was due to the subsiding of the commodity - market selling wave and the U.S. Treasury's release of new guidance on biofuel tax credits. The 45Z proposed rule aims to regulate how biofuel producers can obtain a $1 - per - gallon tax credit for low - carbon fuels, and only raw materials from the U.S., Mexico, and Canada are eligible, with the credit extended to 2029 [3]. - The U.S. reduced tariffs on Indian products from 25% to 18%, and India agreed to purchase over $500 billion of U.S. energy, technology, agricultural products, coal, and other products [3].