豆粕：盘面情绪偏强，谨防冲高回落；豆一：产区现货稳定，盘面反弹震荡

1. Report's Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The sentiment in the soybean meal futures market is strong, but there is a need to be cautious of a potential pull - back after a sharp rise [1]. - The spot prices in the soybean - producing areas are stable, and the soybean futures market is in a rebound and consolidation phase [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: - DCE soybean 2605 closed at 4849 yuan/ton during the day session, up 49 yuan (+1.02%), and 4903 yuan/ton at night session, up 46 yuan (+0.95%) [1]. - DCE soybean meal 2605 closed at 3054 yuan/ton during the day session, up 22 yuan (+0.73%), and 3143 yuan/ton at night session, up 69 yuan (+2.24%) [1]. - CBOT soybean 05 closed at 1225.75 cents/bushel, up 11.5 cents (+0.95%) [1]. - CBOT soybean meal 05 closed at 319.6 dollars/short ton, up 3.3 dollars (+1.04%) [1]. - Spot Prices: - In Shandong, the soybean meal spot price is 3330 - 3350 yuan/ton, up 60 - 90 yuan from the previous day. The spot basis is M2605 + 300 [1]. - In East China, the price is 3280 - 3340 yuan/ton, up 60 - 110 yuan from the previous day [1]. - In South China, the price of Dongguan Fuyuan is 3400 yuan/ton, up 100 yuan from the previous day [1]. - In the Northeast soybean - producing area, the net soybean purchase price in Harbin and other places is 4760 yuan/ton [1]. - Industrial Data: - The trading volume of soybean meal was 9.54 million tons per day on the previous trading day, compared with 20.4 million tons two days ago [1]. - The inventory of soybean meal was 73.52 million tons per week on the previous trading day, compared with 71.72 million tons two days ago [1]. 3.2 Macro and Industry News - On March 12th, CBOT soybean futures closed higher, reaching a 21 - month high. The rise was due to the continued strength of international crude oil futures, and a major grain trader suspending the export of Brazilian soybeans to China [3]. - The intensification of the war in Iran has led to concerns about the long - term Middle East conflict, causing a further surge in crude oil prices. Optimism about the upcoming China - US trade negotiations also boosted soybean prices [3]. - Cargill temporarily stopped exporting Brazilian soybeans to China and buying soybeans in Brazil due to changes in inspection rules by the Brazilian government, which may shift more business to the US [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybeans is 0, referring to the price fluctuations of the main - contract futures during the day session on the reporting day [3].