豆粕：隔夜美豆微涨，连粕或震荡；豆一：盘面偏强，关注持仓变化

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Overnight US soybeans rose slightly, and Dalian soybean meal futures may fluctuate; the soybean No.1 futures market is strong, and attention should be paid to changes in positions [1] - The price of CBOT soybean futures closed higher on February 11, mainly affected by technical buying and expectations of Chinese demand. The prospect of China purchasing more US soybeans under the trade truce agreement boosted the futures market, but the uncertainty of China's procurement remains the main factor affecting the market [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Prices - DCE soybean No.1 2605 closed at 4,519 yuan/ton during the day session, up 60 yuan (+1.35%), and 4,563 yuan at night, up 62 yuan (+1.38%) [1] - DCE soybean meal 2605 closed at 2,773 yuan/ton during the day session, up 40 yuan (+1.46%), and 2,768 yuan at night, up 10 yuan (+0.36%) [1] - CBOT soybean 03 closed at 1,123.5 cents/bushel, up 0.25 cents (+0.02%) [1] - CBOT soybean meal 03 closed at 302.7 dollars/short ton, up 1.7 dollars (+0.56%) [1] 3.1.2 Spot Prices - In Shandong, the price of soybean meal (43%) is 3,060 - 3,100 yuan/ton, up 10 - 20 yuan from the previous day. Rizhao Bangji offers M2609 + 20, and the delivery from post - holiday to the end of March is M2605 + 310 [1] - In East China, the price of soybean meal at Taizhou Huifu is 3,050 yuan/ton, unchanged. Zhangjiagang Dafei offers different premiums for different delivery periods, all unchanged [1] - In South China, the price of soybean meal is 3,060 - 3,190 yuan/ton, up 10 - 30 yuan from the previous day. Dongguan Bangji and Qinzhou Gangqing offer different premiums for different delivery periods [1] 3.1.3 Main Industry Data - The trading volume of soybean meal was 4.54 million tons per day on the previous trading day, compared with 4.53 million tons two trading days ago [1] - The inventory of soybean meal was 88.16 million tons per week on the previous trading day, compared with 89.95 million tons two trading days ago [1] 3.2 Macro and Industry News - On February 11, CBOT soybean futures closed higher due to technical buying and expectations of Chinese demand. Traders have been evaluating the possibility of China increasing purchases of US soybeans. Brazil has started harvesting a record - breaking soybean crop, but the prospect of China's potential purchases of US soybeans boosted the market. The uncertainty of China's procurement remains a major factor. Heavy rainfall in Brazil's Mato Grosso state has raised concerns about soybean quality [3] 3.3 Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybean No.1 is +1, referring to the price fluctuations of the main - contract futures on the day session of the reporting day [3]