豆粕：震荡，关注市场情绪波动，豆一：震荡，关注两会政策情绪

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - On March 4, CBOT soybean futures closed slightly lower due to concerns about China's demand prospects and the expected bumper harvest of soybeans in South America. Uncertainty over whether China will continue to buy US soybeans in the face of a Brazilian soybean harvest has curbed price increases. However, high crude oil prices due to conflicts provide some support to the agricultural product market as soybeans are used in biofuel production. The upcoming USDA 3 - month supply - demand report is unlikely to have significant changes, and traders are also watching excessive rainfall in northern Mato Grosso, Brazil, which may cause soybean mildew and rot. [3] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Prices: DCE Bean 1 2605 closed at 4650 yuan/ton, up 48 (+1.03%) in the night - session and down 16 (-0.34%) in the day - session; DCE Bean Meal 2605 closed at 2831 yuan/ton, down 14 (-0.49%); CBOT Soybean 05 was at 1166.25 cents/bu, down 5.25 (-0.45%); CBOT Bean Meal 05 was at 309.4 dollars/short ton, down 5.8 (-1.84%) [1] - Spot Prices: Bean meal (43%) prices varied by region. In major producing areas, it was 3020 - 3110 yuan/ton, with a change of - 20 to + 20 compared to the previous day. Different regions had different price ranges and basis levels. For example, in Shandong, it was 2990 - 3120 yuan/ton, with a change of - 20 to - 10. In the Northeast, the soybean net - grain purchase price in Harbin and some counties was 4580 yuan/ton, unchanged from the previous day [1] - Industry Data: The daily trading volume of bean meal was 1.8 million tons, and the weekly inventory was 80.89 million tons [1] 3.2 Macro and Industry News - On March 4, CBOT soybean futures declined due to concerns about China's demand and the expected South American soybean harvest. High crude oil prices due to conflicts support the agricultural product market, and the upcoming USDA report is unlikely to have major changes. Traders are also watching rainfall issues in Brazil [3] 3.3 Trend Intensity - The trend intensity of bean meal was 0, and that of bean 1 was 0, indicating the day - session main - contract futures price fluctuations on the report day. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [3]