豆粕：隔夜美豆收涨，或反弹震荡；豆一：关注两会政策情绪，盘面或反弹震荡

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Overnight US soybeans closed higher, and the market may rebound and fluctuate. For soybeans, attention should be paid to the policy sentiment of the Two Sessions, and the futures price may rebound and fluctuate [1] - The trend intensity of soybean meal is +1, and that of soybeans is 0, indicating the price fluctuation of the main contracts on the day of the report [3] 3. Summary by Relevant Catalogs a. Fundamental Tracking - Futures Prices: DCE soybean 2605 closed at 4,623 yuan/ton during the day session, down 61 yuan (-1.30%), and 4,649 yuan at night, up 4 yuan (+0.09%); DCE soybean meal 2605 closed at 2,836 yuan/ton during the day session, up 10 yuan (+0.35%), and 2,838 yuan at night, down 5 yuan (-0.18%); CBOT soybean 05 closed at 1,171.5 cents/bushel, up 9.75 cents (+0.84%); CBOT soybean meal 05 closed at 315.2 dollars/short ton, up 2.7 dollars (+0.86%) [1] - Spot Prices: In Shandong, the soybean meal price is 3,040 - 3,120 yuan/ton; in East China, it is 3,010 - 3,130 yuan/ton; in South China, it is 3,060 - 3,260 yuan/ton. The soybean purchase price in the Northeast is 4,580 yuan/ton [1] - Industrial Data: The trading volume of soybean meal was 11.75 million tons per day, and the inventory was 71.72 million tons per week [1] b. Macro and Industry News - On March 3, CBOT soybean futures closed mixed, with the benchmark contract higher, supported by the strength of international crude oil futures. The price fluctuated sharply, mainly due to the continuous conflict in the Middle East driving up the crude oil market. The expected meeting between Chinese and US officials this month alleviated concerns about the breakdown of Sino - US trade negotiations. However, concerns about China's demand for US soybeans and competition from Brazilian soybeans limited the upside of soybean prices [3]