On the domestic front, DCE soybean meal futures (M2701 contract) closed at Yuan 3,335/tonne, down Yuan 18/tonne. Spot markets, however, performed firmly, with quotations across all regions rising yesterday, pushing the national average spot price to 3,263 yuan/tonne. According to Mysteel survey data, soybean meal inventories reached 1.1673 million tonnes in week 35, up 57,500 tonnes week-on-week; crusher operating rates stood at 65.84%, and sustained high crushing continued to build stocks. Downstream feed mills maintained hand-to-mouth purchasing, but as futures rose, basis costs climbed higher, strengthening crushers' willingness to hold prices firm, while tensions between traders and downstream buyers intensified. Overall, Dalian soybean meal futures are trading at elevated levels amid a tug-of-war between cost support from U.S. soybeans and domestic inventory accumulation pressure, and are expected to maintain a firmer trend with volatility in the near term.