豆粕：调整震荡，等待USDA报告，豆一，反弹震荡

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The soybean market is in a state of rebound and shock, and the market is waiting for the planting intention report. The soybean futures on the Chicago Board of Trade (CBOT) were mixed on March 30, 2026, with cautious trading as investors adjusted their positions ahead of two key USDA reports [1][3]. - Due to the expected strong growth in biofuel demand and the increase in fertilizer costs caused by the war, it is likely to prompt US farmers to expand soybean planting area and reduce corn planting area this spring. Analysts expect the US soybean planting area in 2026 to increase to 85.55 million acres, significantly higher than last year's 81.215 million acres [3]. - As of March 26, the Brazilian soybean harvest progress has reached 75%, and the agency expects Brazil's soybean production this year to reach 178.4 million tons, an increase of 400,000 tons from the previous estimate [3]. Group 3: Summary by Related Catalogs 1. Fundamental Tracking - Futures Prices: DCE Bean No. 1 2605 closed at 4,574 yuan/ton during the day session, down 6 yuan (-0.13%), and 4,611 yuan/ton during the night session, up 44 yuan (+0.96%); DCE Soybean Meal 2605 closed at 2,937 yuan/ton during the day session, up 4 yuan (+0.14%), and 2,921 yuan/ton during the night session, down 16 yuan (-0.54%); CBOT Soybean 05 closed at 1,158.75 cents/bushel, down 0.75 cents (-0.06%); CBOT Soybean Meal 05 closed at 314.6 dollars/short ton, down 0.4 dollars (-0.13%) [1]. - Spot Prices: In Shandong, the soybean meal price was 3,200 - 3,240 yuan/ton, with different basis levels for different delivery times; in East China, the price and basis also varied by delivery time; in South China, the price was 3,220 - 3,340 yuan/ton, with corresponding basis levels [1]. - Industrial Data: The trading volume of soybean meal was 84,900 tons/day, and the previous two - day trading volume was 27,500 tons/day. The inventory was not available for the previous day, and the previous two - week inventory was 641,800 tons [1]. 2. Macro and Industry News - On March 30, 2026, CBOT soybean futures were narrowly fluctuating, and the market was waiting for the planting intention report. The market was cautious, and investors adjusted their positions ahead of the USDA's planting intention report and quarterly inventory report [1][3]. - Analysts expect the US soybean planting area in 2026 to increase to 85.55 million acres, and the soybean inventory on March 1 to be 2.067 billion bushels, higher than the same period last year [3]. - As of March 26, the Brazilian soybean harvest progress was 75%, and the expected production was 178.4 million tons, an increase of 400,000 tons from the previous estimate [3]. 3. Trend Intensity - The trend intensity of soybean meal and Bean No. 1 is 0, indicating a neutral state for the main contract futures price fluctuations on the reporting day [3].