豆粕：隔夜美豆微跌，连粕或震荡，豆一：现货稳定，盘面偏强

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Overnight US soybeans slightly declined, and Dalian soybean meal may fluctuate; the spot price of soybeans is stable, and the futures price is strong [1] - On February 26, CBOT soybean futures closed slightly lower, with the benchmark contract down 0.2%. This was mainly due to long - position profit - taking and weak export sales. The soybean price once reached the highest level since mid - June 2024 but then fell back [3] Summary by Related Catalogs 1. Fundamental Tracking Futures - DCE soybean 2605 closed at 4702 yuan/ton during the day session, up 28 yuan (+0.60%), and 4720 yuan at night, up 28 yuan (+0.60%) - DCE soybean meal 2605 closed at 2834 yuan/ton during the day session, up 10 yuan (+0.35%), and 2830 yuan at night, down 3 yuan (-0.11%) - CBOT soybean 05 closed at 1163 cents/bushel, down 2.25 cents (-0.19%) - CBOT soybean meal 05 closed at 321.3 dollars/short ton, down 0.5 dollars (-0.16%) [1] Spot - In Shandong, the price of 43% soybean meal was 3120 - 3200 yuan/ton, down 10 yuan to flat compared with the previous day. The spot basis was M2605 + 380, flat - In East China, the price of soybean meal in Taizhou Huifu was 3090 yuan/ton, down 10 yuan compared with the previous day. Nanjing Bangji's price for August - September was M2609 + 0 - In South China, the price of soybean meal in Dongguan Jiajie for March was M2605 + 300, and for April was M2605 + 180. In Zhanjiang Zhongfang, the price for February - March was M2605 + 300 - In the Northeast, the net purchase price of soybeans in Harbin (Wuchang, Shangzhi, Binxian, Bayan) was 4480 yuan/ton [1] Industry Data - The trading volume of soybean meal was 3.65 million tons per day, compared with 7.9 million tons two days ago - The inventory of soybean meal was 80.89 million tons in the week of February 20, compared with 88.16 million tons in the week of February 6 [1] 2. Macro and Industry News - On February 26, CBOT soybean futures closed slightly lower. The benchmark contract was down 0.2% due to long - position profit - taking and weak export sales. The price once reached the highest level since mid - June 2024 but then fell back - The US government plans to re - allocate half of the biofuel blending obligations of small refineries to large refineries, which supports the market - As of the week of February 19, 2026, the net sales volume of US soybeans in the 2025/26 season was 407,100 tons, a 49% decrease from the previous week and a 30% decrease from the four - week average [3] 3. Trend Intensity - The trend intensity of soybean meal is 0; the trend intensity of soybeans is 0, mainly referring to the price fluctuation of the main contract in the day session on the reporting day [3]