豆粕：隔夜美豆小幅收涨，连粕或震荡，豆一，现货跟随期货调价，盘面调整

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Overnight, U.S. soybeans closed slightly higher, and the Dalian soybean meal futures may fluctuate. The spot price of soybeans follows the futures price adjustment, and the futures price is adjusted [1]. - The soybean futures on the Chicago Board of Trade (CBOT) closed slightly higher on March 23, 2026. The market weighed the remarks of Donald Trump on the Iran war and the strong export demand. The U.S. soybean export sales are strong, providing strong support for the soybean market. The market is closely watching the planting intention report to be released by the U.S. Department of Agriculture next week [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Prices: The closing price of DCE soybean No. 1 2605 is 4770 yuan/ton, down 10 yuan (-0.21%) during the day session and down 46 yuan (-0.96%) during the night session; the closing price of DCE soybean meal 2605 is 3007 yuan/ton, down 23 yuan (-0.76%) during the day session and down 31 yuan (-1.03%) during the night session; the closing price of CBOT soybean 05 is 1164.5 cents/bu, up 4.00 cents (+0.34%); the closing price of CBOT soybean meal 05 is 326.7 dollars/short ton, down 1.3 dollars (-0.40%) [1]. - Spot Prices: The spot price of soybean meal in major producing areas is 3300 - 3360 yuan/ton, down 30 - 20 yuan compared with the previous day; the spot basis is M2605 + 300, unchanged. The spot price of soybeans in the Northeast producing area: the net grain purchase price of soybeans in Harbin (Wuchang, Shangzhi, Binxian, Bayan) is 4780 yuan/ton, down 40 yuan compared with the previous two trading - days, and the trading volume is 8.3 tons/day [1]. 3.2 Macro and Industry News - On March 23, 2026, CBOT soybean futures closed slightly higher. Trump announced the postponement of the strike against Iran, which led to a sharp drop in oil prices, but Iran denied the dialogue with Washington, curbing the decline of oil prices and prompting the agricultural product market to recover some losses. The U.S. soybean export sales are strong. As of the week of March 19, 2026, the U.S. soybean export inspection volume was 1,101,730 tons, up 12% from the previous week and about 32% from the same period last year. Private exporters reported selling 161,120 tons of soybeans to Mexico for delivery in the 2025/26 season. As of last Thursday, the Brazilian soybean harvesting was 68% completed, 12 percentage points behind the same period last year. AgMarket.net expects the U.S. soybean planting area this spring to reach 86.1 million acres, higher than the 85 million acres predicted by the U.S. Department of Agriculture in February [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybeans is 0, mainly referring to the price fluctuation of the main contract of the day - session on the reporting day. The range of trend intensity is an integer in the [-2, 2] interval, with -2 being the most bearish and 2 being the most bullish [3].