豆粕：隔夜美豆收涨，连粕或跟随反弹震荡；豆一：现货稳定，盘面震荡

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core Viewpoints - Overnight US soybeans closed higher, and the Dalian soybean meal futures may follow with a rebound and fluctuate; the spot price of soybeans is stable, and the futures price will fluctuate [1] - Despite the bearish USDA February supply and demand data, the soybean price still closed higher, and some brokers are optimistic about the increase in US soybean exports and tightening of inventory [1][3] Group 3: Summary by Directory 1. Fundamental Tracking - Futures: DCE soybean No.1 2605 closed at 4,499 yuan/ton during the day session, up 107 yuan (+2.44%), and 4,483 yuan/ton at night session, up 24 yuan (+0.54%); DCE soybean meal 2605 closed at 2,734 yuan/ton during the day session, down 11 yuan (-0.40%), and 2,748 yuan/ton at night session, up 15 yuan (+0.55%); CBOT soybean 03 closed at 1,123.25 cents/bushel, up 13.5 cents (+1.22%); CBOT soybean meal 03 closed at 301 dollars/short ton, up 3.4 dollars (+1.14%) [1] - Spot: In Shandong, the price of soybean meal (43%) is 3,040 - 3,100 yuan/ton, unchanged from the previous day; in East China, the price in Taizhou Huifu is 3,050 yuan/ton, unchanged; in South China, the price is 3,040 - 3,050 yuan/ton, down 10 yuan to unchanged from the previous day [1] - Main Industry Data: The trading volume of soybean meal is 4.53 million tons per day, and the inventory is 88.16 million tons per week [1] 2. Macro and Industry News - On February 10, CBOT soybean futures closed higher due to the optimistic outlook for US soybean demand. The USDA raised Brazil's soybean production forecast to 180 million tons, maintained Argentina's at 48.5 million tons, and raised the global soybean ending stocks to 125.51 million tons. The USDA kept the US soybean ending stocks forecast at 350 million bushels [1][3] - Some brokers are optimistic that US soybean exports will increase due to China's increased purchase target. Brazilian soybeans in Mato Grosso have quality problems due to excessive rainfall [3] 3. Trend Strength - The trend strength of soybean meal is +1, and that of soybean No.1 is 0, referring to the price fluctuations of the main contracts during the day session on the reporting day [3]