Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The soybean meal market is in an adjustment and oscillation phase, waiting for new news; the soybean No.1 market has a fair auction transaction, and the market is also in an adjustment and oscillation state [2] - The CBOT soybean futures fluctuated on March 26, 2026, with strong export sales and rising international crude oil futures. The market is evaluating China's demand prospects, watching for potential announcements on US biofuel targets, and awaiting the USDA's planting intention report [4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking Futures Data - DCE soybean No.1 2605 closed at 4627 yuan/ton, up 9 (+0.19%) during the day and down 25 (-0.54%) at night [2] - DCE soybean meal 2605 closed at 2952 yuan/ton, up 8 (+0.27%) during the day and down 14 (-0.47%) at night [2] - CBOT soybean 05 closed at 1171 cents/bushel, down 2.5 (-0.21%) [2] - CBOT soybean meal 05 closed at 321.7 dollars/short ton, up 1.2 (+0.37%) [2] Spot Data - In Shandong, the spot basis of soybean meal is M2605+100/+120, etc., with different price arrangements for different months [2] - In East China, the spot price of soybean meal in some regions is 3250 - 3350 yuan/ton, with different price premiums for different delivery times [2] Industrial Data - The trading volume of soybean meal was 4.9 million tons per day in the previous trading day and 2.6 million tons per day two trading days ago [2] - The inventory of soybean meal was 64.18 million tons per week in the previous trading day and 61.9 million tons per week two trading days ago [2] 2. Macro and Industry News - As of the week ending March 19, 2026, the net sales volume of US soybeans in the 2025/26 season was 668,900 tons, a significant increase from the previous week and 89% higher than the four - week average, exceeding market expectations. The net sales volume in the 2026/27 season was 27,000 tons [4] - The market is evaluating China's demand prospects. Trump's scheduled visit to Beijing in May has re - triggered speculation about China's potential new round of soybean purchases, but analysts are cautious [4] - Traders are watching for potential announcements on revised US biofuel targets at a White House event on Friday [4] - The market is awaiting the USDA's planting intention report next Tuesday, with an average expected soybean planting area of 85.55 million acres, an increase of 4.33 million acres from the previous year [4] - Rising fertilizer and fuel prices due to the Middle East war may impact Brazil's 2026/27 soybean production [4] 3. Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybean No.1 is 0, indicating a neutral state based on the daily - session main - contract futures price fluctuations on the reporting day [4]