Report Overview - Report Date: July 23, 2025 [1] - Report Title: "Soybean Meal: Market sentiment is strong, and the market fluctuates strongly; Soybean No.1: Technically fluctuates strongly" [1] - Analyst: Wu Guangjing [1] Industry Investment Rating - Not provided in the report Core Viewpoints - The market sentiment of soybean meal is strong, and the market fluctuates strongly; the technical aspect of soybean No.1 fluctuates strongly [1] - The core factors affecting soybean prices in the near term are Sino-US trade dynamics and weather conditions [3] Summary by Directory 1. Fundamental Tracking Futures - DCE Soybean No.1 2509: The daytime closing price was 4,232 yuan/ton, up 56 yuan (+1.34%); the night session closing price was 4,241 yuan/ton, up 28 yuan (+0.66%) [1] - DCE Soybean Meal 2509: The daytime closing price was 3,086 yuan/ton, up 27 yuan (+0.88%); the night session closing price was 3,092 yuan/ton, up 16 yuan (+0.52%) [1] - CBOT Soybean 11: The price was 1,026 cents/bushel, down 0.75 cents (-0.07%) [1] - CBOT Soybean Meal 12: The price was 286.9 dollars/short ton, up 2 dollars (+0.70%) [1] Spot - Shandong: The price of soybean meal (43%) was 2,930 - 2,950 yuan/ton, M2509 + 0/+30, basically flat to up 20 yuan compared to the previous day [1] - East China: The price of soybean meal in Taizhou Huifu was 2,910 yuan/ton, up 10 yuan compared to the previous day [1] - South China: The price of soybean meal was 2,930 - 2,970 yuan/ton, M2601 + 90, down 20 yuan to up 20 yuan compared to the previous day [1] Main Industry Data - Trading volume: The trading volume of soybean meal was 12.15 million tons/day, compared with 14.95 million tons/day two days ago [1] - Inventory: The inventory of soybean meal was 90.83 million tons/week, compared with 84.29 million tons/week two days ago [1] 2. Macro and Industry News - On July 22, CBOT soybean futures closed lower. The good weather in the US Midwest boosted the crop yield outlook, putting pressure on prices [3] - Sino-US trade negotiations are about to resume, which improves market sentiment and provides support [3] - The US Treasury Secretary announced that he will meet with the Chinese Finance Minister in Stockholm next week to discuss the possibility of reaching a trade agreement before August 12 to avoid the implementation of high tariffs [3] - The market is also waiting to see if the US will implement the tariff deadline for global trading partners on August 1 [3] 3. Trend Intensity - The trend intensity of soybean meal is +1; the trend intensity of soybean No.1 is +1 (only referring to the price fluctuation of the main contract in the daytime session on the report day) [3]