1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Overnight US soybeans closed lower, and the Dalian soybean meal futures may follow the adjustment. The spot price of soybeans is stable with a slight upward trend, and the futures price is in an adjustment and oscillation state [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: The closing price of DCE soybean 2605 during the day session was 4384 yuan/ton, up 27 yuan (+0.62%), and at night it was 4364 yuan/ton, down 31 yuan (-0.71%); DCE soybean meal 2605 closed at 2769 yuan/ton during the day session, up 10 yuan (+0.36%), and at night it was 2768 yuan/ton, up 2 yuan (+0.07%); CBOT soybean 03 closed at 1060 cents/bushel, down 7.5 cents (-0.70%); CBOT soybean meal 03 closed at 294 dollars/short ton, down 6.1 dollars (-2.03%) [1]. - **Spot Prices**: In Shandong, the spot price of soybean meal (43%) was 3095 - 3150 yuan/ton, with different premiums over the futures contract M2605; in East China, it was 3050 - 3150 yuan/ton; in South China, it was 3130 - 3200 yuan/ton, with some price adjustments compared to the previous day [1]. - **Industrial Data**: The trading volume of soybean meal was 13.93 million tons per day, and the previous trading day's volume was 11.45 million tons. The inventory was 94.41 million tons per week [1]. 3.2 Macro and Industry News - On January 26, CBOT soybean futures closed lower. The benchmark contract dropped 0.7% from a multi - week high, mainly due to the upward adjustment of Brazil's soybean production forecast and concerns about China's future purchases. AgRural raised its 2025/26 Brazilian soybean production forecast by 600,000 tons to 181 million tons. As of last Thursday, 4.9% of Brazil's soybean harvest was completed, higher than 3.9% in the same period last year. Analysts said that China has fulfilled its 12 - million - ton US soybean purchase commitment, but the shipping speed is still slow. With the harvest and listing of new Brazilian soybeans, China may turn to Brazilian soybeans [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is - 1, and that of soybeans is 0, mainly referring to the price fluctuations of the main contract during the day session on the reporting day [3].