油脂油料早报-20250919

Report Industry Investment Rating - Not provided Core Viewpoints - Conab anticipates Brazil's 2025/26 soybean production to rise by 3.6% to 177.67 million tons, with the planting area expanding by 3.7% to 49.08 million hectares; corn production is expected to be 138.28 million tons, and the planting area is estimated at 22,630 tons [1]. - Conab predicts Brazil's 2025/26 soybean exports to reach a record 112.12 million tons, mainly driven by exports to China; corn exports are expected to be 4.65 million tons [1]. - The USDA reports that for the week ending September 11, US 2025/26 market - year soybean export sales net increased by 92.30 million tons, meeting expectations; exports loaded were 83.71 million tons, up 31% from the previous week and 70% from the four - week average [1]. - China's customs data shows that in August, palm oil imports were 340,000 tons (up 16.5% year - on - year), soybean oil imports were 100,000 tons (up 113.9% year - on - year), and rapeseed and mustard oil imports were 140,000 tons (up 18.7% year - on - year) [1]. Summary by Related Catalogs Overnight Market Information - Conab's first forecast for the 2025/2026 crop year shows an increase in Brazil's soybean production and planting area, and a slight decrease in corn production; soybean and corn exports are expected to rise [1]. - The USDA's export sales report indicates the situation of US soybean export sales and shipments for the week ending September 11 [1]. - China's customs data reveals the import volume and year - on - year changes of palm oil, soybean oil, and rapeseed and mustard oil in August and from January to August [1]. Spot Prices - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from September 12 to September 18, 2025, are presented, showing price fluctuations [2]. Protein Meal Basis and Oil Basis - Not provided with specific content Oilseed and Oil Futures Price Spreads - Not provided with specific content