豆粕：隔夜美豆小幅反弹，连粕或反弹震荡；豆一：产区现货稳定，盘面或调整震荡

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Overnight US soybeans rebounded slightly, and Dalian soybean meal futures may rebound and fluctuate [1] - The spot price of soybeans in the producing areas is stable, and the futures price may adjust and fluctuate [1] Summary by Relevant Catalogs Fundamental Tracking - Futures prices: DCE soybean No.1 2605 closed at 4,856 yuan/ton, down 58 yuan (-1.18%); DCE soybean meal 2605 closed at 3,036 yuan/ton, down 8 yuan (-0.26%); CBOT soybean 05 closed at 1,163.75 cents/bushel, up 7.25 cents (+0.63%); CBOT soybean meal 05 closed at 321.7 dollars/short ton, up 9.4 dollars (+3.01%) [1] - Spot prices: In Shandong, the price of soybean meal is 3,300 - 3,380 yuan/ton, down 20 yuan to flat compared with the previous day; in East China, it is 3,360 - 3,380 yuan/ton, down 20 yuan to up 40 yuan; in South China, it is 3,340 - 3,550 yuan/ton, down 10 yuan to up 20 yuan. The net purchase price of soybeans in the Northeast producing area is 4,840 yuan/ton [1] - Industrial data: The trading volume of soybean meal was 22.9 tons/day, and the inventory was 61.9 tons/week [1] Macro and Industry News - On March 18, CBOT soybean futures closed higher, driven by active fund buying and the strengthening of Brent crude oil [4] - The threat of retaliatory attacks by Iran on energy facilities in the Middle East has increased the risk of further disruption to energy supply in the region, leading to a rise in Brent crude oil prices [4] - The inflation data released on Wednesday was stronger than expected, providing support to the market. When inflation expectations rise, funds flow into the grain and oilseed sectors [4] - The PPI in the US in February reached its largest increase in seven months, and future inflation growth may accelerate due to the rising oil prices in the Middle East [4] - The Brazilian Minister of Agriculture will discuss the safety requirements and inspection and quarantine issues of Brazilian soybeans exported to China [4] - The estimated soybean planting area in the US this year is 85.66 million acres, an increase of 4.46 million acres compared with last year, and higher than the 85 million acres predicted by the USDA at the annual forum [4] Trend Intensity - The trend intensity of soybean meal is 0, and that of soybean No.1 is 0, indicating a neutral trend for both on the day of the report [4]