豆粕：美国贸易言论，影响盘面波动，豆一：中美贸易情绪缓和，盘面或调整震荡

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The price of soybeans on the Chicago Board of Trade (CBOT) closed higher on February 25, with the benchmark contract up 0.9%, reaching a three - month high. This was mainly boosted by the clear prospects of US biofuel production and optimistic sentiment about export demand to China [3]. - The US Environmental Protection Agency will submit a new biofuel blending mandate proposal to the White House, expected to be finalized by the end of March, which is a major factor driving soybean oil demand [3]. - There are rumors that China is interested in soybeans shipped from the US Pacific Northwest, although it was not confirmed by the US Department of Agriculture on Wednesday, but similar discussions still exist in the market [3]. - The US Trade Representative said that the Trump administration does not plan to raise tariffs on Chinese goods, which also supports soybean prices [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices: - DCE Bean No.1 2605: The closing price in the day session was 4679 yuan/ton, up 46 (+0.99%); in the night session, it was 4670 yuan/ton, down 4 (-0.09%) [1]. - DCE Soybean Meal 2605: The closing price in the day session was 2831 yuan/ton, up 50 (+1.80%); in the night session, it was 2821 yuan/ton, down 3 (-0.11%) [1]. - CBOT Soybean 05: The price was 1165.25 cents/bushel, up 10.75 (+0.93%) [1]. - CBOT Soybean Meal 05: The price was 321.8 dollars/short - ton, up 7.4 (+2.35%) [1]. - Spot Prices: - For soybean meal (43%): In different regions, prices and basis varied. For example, in the East China region, the price range was 3080 - 3200 yuan/ton, up 10 - 40 yuan compared to the previous day, with different basis settings for different months [1]. - For Northeast China's soybean purchase price: The net - grain purchase price of soybeans in the northeast production area (protein about 39.5%) was 4480 yuan/ton in some counties [1]. - Industry Data: - The inventory of soybean meal was 80.89 million tons in the week of February 20 and 88.16 million tons in the week of February 6 [1]. - The trading volume of soybean meal on February 25 was 7.9 million tons, compared with 1.05 million tons on February 24 [1]. 3.2 Macro and Industry News - On February 25, CBOT soybean futures closed higher, reaching a three - month high, driven by the clear prospects of US biofuel production and optimistic sentiment about export demand to China [3]. - The US Environmental Protection Agency will submit a new biofuel blending mandate proposal to the White House, expected to be finalized by the end of March [3]. - There are rumors about China's interest in US soybeans, and the US Trade Representative's statement about not raising tariffs on Chinese goods also supports soybean prices [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of Bean No.1 is 0, mainly referring to the price fluctuations of the main - contract futures on the day session of the reporting day [3].