Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - Overnight US soybeans closed lower, and Dalian soybean meal futures may fluctuate; Dalian soybeans are expected to move sideways [1] - The soybean market is focusing on the USDA's January supply - demand report on January 12 and capital flows from the annual adjustment of commodity indices [3] Group 3: Summary by Related Catalogs Fundamental Tracking - **Futures Prices** - DCE soybean No.1 2605 closed at 4276 yuan/ton during the day session, up 17 yuan (+0.40%), and 4280 yuan/ton at night, up 16 yuan (+0.38%) [1] - DCE soybean meal 2605 closed at 2776 yuan/ton during the day session, up 30 yuan (+1.09%), and 2789 yuan/ton at night, up 26 yuan (+0.94%) [1] - CBOT soybeans 03 closed at 1056.5 cents/bushel, down 5.75 cents (-0.54%) [1] - CBOT soybean meal 03 closed at 299.1 dollars/short - ton, down 0.6 dollars (-0.20%) [1] - **Spot Prices** - In Shandong, the spot price of soybean meal was M2605 + 340/+350/+360/+370 yuan/ton, up 15 - 40 yuan from the previous day, ranging from 3065 - 3160 yuan/ton [1] - In East China, different enterprises had different spot price quotes relative to futures contracts, with prices showing various adjustments [1] - In South China, the spot price of soybean meal was also quoted relative to futures contracts, with some prices remaining flat or having small increases [1] - **Industrial Data** - The trading volume of soybean meal was 32.55 million tons per day on the previous trading day, compared with 29.3 million tons two days ago [1] - The inventory of soybean meal was 105.05 million tons per week, compared with 110.22 million tons the previous week [1] Macro and Industry News - On January 6, CBOT soybean futures closed lower, falling from the one - week high in the morning session, mainly due to long - position profit - taking [3] - China increased its purchase of US soybeans. Private exporters reported selling 33.6 million tons of soybeans to China in the 2025/26 fiscal year, and COFCO bought about 60 million tons of US soybeans this week [3] Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybean No.1 is 0, indicating a neutral trend for the day - session main - contract futures prices on the reporting day [3]