豆粕：隔夜美豆收涨，连粕或反弹震荡，豆一：现货补涨，盘面震荡

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - Overnight US soybeans closed higher, and Dalian soybean meal futures may rebound and fluctuate. The spot price of soybeans has risen to catch up, and the futures price is fluctuating [1]. - The market is concerned about China's demand. The concerns about the potential impact of the US tariff policy turmoil on sales to China have temporarily eased, and the domestic soybean demand is strong, which supports the soybean price [3]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Prices: DCE soybean No.1 2605 closed at 4,633 yuan/ton during the day session, down 24 yuan (-0.52%), and 4,659 yuan/ton during the night session, up 27 yuan (+0.58%); DCE soybean meal 2605 closed at 2,781 yuan/ton during the day session, down 19 yuan (-0.68%), and 2,799 yuan/ton during the night session, up 5 yuan (+0.18%); CBOT soybean 05 closed at 1,154.5 cents/bu, up 4.25 cents (+0.37%); CBOT soybean meal 05 closed at 314.4 dollars/short ton, up 2.2 dollars (+0.70%) [1]. - Spot Prices: In Shandong, the spot basis of soybean meal is M2605 + 380, with prices ranging from 3,100 to 3,160 yuan/ton; in East China, prices range from 3,070 to 3,160 yuan/ton; in South China, the price in Beihai Bohai is 3,080 yuan/ton, and the basis in Zhanjiang Zhongfang is M2605 + 280 [1]. - Industrial Data: The trading volume of soybean meal is not available, and the inventory was 88.16 tons in the week before the Spring Festival (February 6) [1]. 3.2 Macro and Industry News - On February 24, CBOT soybean futures closed higher, with the benchmark contract up 0.4%, hovering near a three - month high. The market is concerned about China's reaction to the US tariff policy. There are unconfirmed reports that China is seeking soybean offers from the US Pacific Northwest, which boosts the soybean price. Crop expert Michael Cordonnier has lowered the Brazilian soybean production forecast by 1 million tons to 178 million tons [3]. 3.3 Trend Intensity - The trend intensity of soybean meal and soybean No.1 is 0, indicating a neutral trend for the day - session main - contract futures prices on the reporting day [3].