豆一：市场情绪稳定，盘面或震荡；豆粕：隔夜美豆收跌，连粕或震荡

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content. 2. Core View - The market sentiment for DCE Bean No. 1 is stable, and the market may fluctuate [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: DCE Bean No. 1 2605 closed at 4,810 yuan/ton during the day session, down 22 yuan (-0.46%), and 4,778 yuan at night, down 2 yuan (-0.04%); DCE Soybean Meal 2605 closed at 3,029 yuan/ton during the day session, down 24 yuan (-0.79%), and 3,012 yuan at night, down 18 yuan (-0.59%); CBOT Soybean 05 closed at 1,160.5 cents/bushel, down 8 cents (-0.68%); CBOT Soybean Meal 05 closed at 328 dollars/short ton, down 4.5 dollars (-1.35%) [1]. - Spot Prices: In Shandong, the spot price of soybean meal is 3,290 - 3,380 yuan/ton, unchanged; in East China, it is 3,290 - 3,320 yuan/ton; in South China, it is 3,320 - 3,550 yuan/ton. The spot price of soybeans in the Northeast region, such as in Harbin, is 4,820 yuan/ton [1]. - Industrial Data: The trading volume of soybean meal was 8.6 tons/day, compared with 11.15 tons/day two days ago. The inventory was not available, compared with 61.9 tons/week two days ago [1]. 3.2 Macro and Industry News - On March 20, 2026, CBOT soybean futures closed lower due to pre - weekend long - position profit - taking. The postponement of the meeting between Chinese and US leaders to mid - May has made the future of soybean procurement uncertain. From January to February 2026, China imported 1.5 million tons of US soybeans, a year - on - year decrease of 84%, while importing 6.56 million tons of Brazilian soybeans, a year - on - year increase of 83%. The weather in the US is warm and dry, which is ideal for spring plowing. The excellent - good rate of Argentine soybean crops reached 38%, up 3 percentage points from the previous week [3]. 3.3 Trend Intensity - The trend intensity of soybean meal and DCE Bean No. 1 is 0, indicating a neutral state for the day - session main - contract futures price fluctuations on the report day [3].