豆粕：调整震荡，等待USDA报告；豆一：现货补涨，盘面调整震荡

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The soybean market presents a situation of spot price increase and futures price adjustment and oscillation. The DCE soybean futures prices showed significant fluctuations, with the DCE soybean 2605 rising by 3.28% during the day session and falling by 0.70% during the night session. Market sentiment has cooled down, and investors are closely watching the USDA's March supply - demand report [1][3]. 3. Summary by Directory 3.1 Fundamental Tracking - Futures Prices: The closing price of DCE soybean 2605 was 4815 yuan/ton during the day session, up 153 yuan (+3.28%), and 4798 yuan/ton during the night session, down 34 yuan (-0.70%); DCE soybean meal 2605 was 2995 yuan/ton during the day session, up 102 yuan (+3.53%), and 2994 yuan/ton during the night session, down 12 yuan (-0.40%); CBOT soybean 05 was 1196.5 cents/bushel, down 5.5 cents (-0.46%); CBOT soybean meal 05 was 314.3 dollars/short - ton, down 3.1 dollars (-0.98%) [1]. - Spot Prices: In terms of soybean meal, in Shandong, the price was 3230 - 3330 yuan/ton, up 130 - 150 yuan compared to the previous day; in East China, the price was 3250 yuan/ton (Taizhou Huifu), up 40 yuan compared to the previous day; in South China, the price was 3270 - 3340 yuan/ton, up 120 - 170 yuan compared to the previous day. For soybeans in the Northeast production area, the net - grain purchase price in Harbin, Wuchang, Shangzhi, and Binxian was 4760 yuan/ton (the previous trading day), compared to 4600 yuan/ton two trading days ago [1]. - Industrial Data: The trading volume of soybean meal was 22.15 tons/day on the previous trading day, compared to 10.85 tons/day two trading days ago; the inventory was not available on the previous trading day, compared to 71.72 tons/week two trading days ago [1]. 3.2 Macro and Industry News - On March 9, CBOT soybean futures closed with mixed results, with the benchmark contract down 0.4% due to profit - taking by long positions and active technical selling. The soaring crude oil price caused by the Middle - East conflict initially drove up soybean futures, but then both crude oil and grain prices declined due to concerns about inflation and economic slowdown. The market is waiting for the USDA's March supply - demand report, with analysts expecting only minor adjustments to US and global supply forecasts, a downward adjustment to Brazil's soybean production, and an upward adjustment to Brazil's corn production. As of last Thursday, Brazil's 2025/26 soybean harvest was 51% complete, 10 percentage points lower than the same period last year [3]. 3.3 Trend Intensity - The trend intensity of soybean meal and soybean is 0, indicating a neutral state, mainly referring to the price fluctuations of the main - contract futures on the day of the report [3].