豆粕：中东地缘事件影响情绪，或稳中偏强；豆一：关注国内商品市场情绪，或稳中偏强

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The price of soybean meal may be stable with a slight upward trend due to the impact of geopolitical events in the Middle East on market sentiment [1]. - The price of soybean No.1 may also be stable with a slight upward trend, and attention should be paid to the sentiment in the domestic commodity market [1]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Prices: DCE soybean No.1 2605 closed at 4,708 yuan/ton during the day session, up 16 yuan (+0.34%), and 4,687 yuan at night, down 26 yuan (-0.55%); DCE soybean meal 2605 closed at 2,833 yuan/ton during the day session, unchanged (+0.00%), and 2,826 yuan at night, down 2 yuan (-0.07%); CBOT soybean 05 closed at 1,170 cents/bushel, up 6.5 cents (+0.56%); CBOT soybean meal 05 closed at 320 dollars/short ton, down 0.9 dollars (-0.28%) [1]. - Spot Prices: In Shandong, the spot price of soybean meal was 3,050 - 3,140 yuan/ton, down 60 yuan to unchanged from the previous day; in East China, it was 3,070 yuan/ton (Taizhou Huifu), down 20 yuan; in South China, it was 3,080 - 3,260 yuan/ton, down 60 yuan to up 20 yuan. The soybean net - grain purchase price in Harbin's Wuchang, Shangzhi, Binxian, and Bayan was 4,540 yuan/ton [1]. - Industry Data: The trading volume of soybean meal was 0.95 million tons/day, compared with 3.65 million tons/day in the previous two trading days; the inventory was not available, compared with 80.89 million tons/week in the previous two trading weeks [1]. 3.2 Macro and Industry News - On February 27, 2026, CBOT soybean futures closed slightly higher, with the benchmark contract up 0.6%, reaching the highest level since mid - June 2024. The clear outlook for US biofuel demand was the main driver, but the demand for US soybeans from China remained uncertain [3]. - On February 28, the US and Israel launched a military strike on Iran, and China called for an immediate halt to the military action to avoid the escalation of tensions and restore dialogue [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is +1, and that of soybean No.1 is +1, indicating a slightly upward trend in the main - contract futures prices during the day session on the report day [3].