豆粕：盘面创下阶段高点后回落，调整震荡；豆一：现货稳定，盘面调整震荡

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Viewpoints - The soybean meal futures hit a phased high and then declined, with an adjustment and oscillation. The soybean futures had stable spot prices and an adjustment and oscillation in the futures market. The CBOT soybean futures rose for the second consecutive day on March 11, mainly due to the rebound of international crude oil futures from the previous day's slump. The market is also concerned about the possible new renewable fuel blending regulations from the US EPA [1][3] Group 3: Summary by Directory Fundamental Tracking - Futures Prices: DCE soybean No.1 2605 closed at 4,834 yuan/ton during the day session, up 71 yuan (+1.49%), and 4,837 yuan at night, up 37 yuan (+0.77%); DCE soybean meal 2605 closed at 3,068 yuan/ton during the day session, up 106 yuan (+3.58%), and 3,047 yuan at night, up 15 yuan (+0.49%); CBOT soybean 05 closed at 1,214.25 cents/bu, up 11.0 cents (+0.91%); CBOT soybean meal 05 closed at 316.3 dollars/short ton, up 1.2 dollars (+0.38%) [1] - Spot Prices: In Shandong, the soybean meal (43%) price was 3,240 - 3,290 yuan/ton, with different adjustments in basis; in East China, the price in Taizhou Huifu was 3,230 yuan/ton, up 80 yuan; in South China, the price in Dongguan Fuyuan was 3,300 yuan/ton, up 70 yuan. In the Northeast soybean - producing area, the net - grain purchase price in some areas of Harbin was 4,760 yuan/ton [1] - Industrial Data: The trading volume of soybean meal was 20.4 million tons per day (compared with 11.65 million tons the previous day), and the inventory was 73.52 million tons per week (compared with 71.72 million tons the previous week) [1] Macro and Industry News - On March 11, CBOT soybean futures rose for the second consecutive day as international crude oil futures rebounded from the previous day's slump. The market is also worried about the potential impact of the US - Israel war. There is a rumor that the US EPA will issue new renewable fuel blending regulations, which may require large - scale refineries to make up 70% of the bio - fuel blending exemption quota [3] Trend Intensity - The trend intensity of soybean meal and soybean No.1 is 0, indicating a neutral trend for the day - session main - contract futures prices on the reporting day [3]