油脂油料早报-20251212

1. Core Insights - US soybean export sales net increase was 695,600 tons in the week ending November 13, at the lower end of the forecast range, up 36% from the previous week and down 35% from the four - week average, with a net decrease of 100,000 tons in exports to the Chinese mainland; exports were loaded at 1,552,800 tons, up 67% from the previous week and 24% from the four - week average; new sales were 812,500 tons for the current market year and 0 tons for the next market year [1] - US soybean meal export sales net increase was 357,900 tons in the week ending November 13, in line with expectations, up 283% from the previous week and down 4% from the four - week average; exports were loaded at 415,800 tons, up 92% from the previous week and 44% from the four - week average; new sales were 377,700 tons for the current market year and 0 tons for the next market year [1] - Conab lowered the forecast of Brazil's 2025/26 soybean production by about 550,000 tons to 177.12 million tons, but it would still set a record high if the forecast came true; the estimated export volume was 112 million tons [1] - BGE estimated Brazil's 2025 soybean production at 165.96 million tons, a 14.5% year - on - year increase; the 2026 production was estimated to increase by 1.0% compared to the 2025 forecast [1] - SPPOMA data showed that Malaysia's palm oil production from December 1 - 10, 2025, increased by 6.87% month - on - month, with a 7.24% increase in fresh fruit bunch yield and a 0.07% decrease in oil extraction rate [1] 2. Summary by Relevant Catalogs Overnight Market Information - Private exporters reported sales of 226,000 tons of soybeans to unknown destinations and 264,000 tons to China for the 2025/2026 market year [1] US Soybean and Soybean Meal Export Sales - In the week ending November 13, US soybean export sales and loading data showed specific changes compared to the previous week and four - week average, with a net decrease in exports to the Chinese mainland [1] - In the same week, US soybean meal export sales and loading data also showed significant changes compared to the previous week and four - week average [1] Brazil's Soybean Production and Export Forecast - Conab adjusted Brazil's 2025/26 soybean production and export forecasts due to irregular rainfall in some areas last month [1] - BGE estimated Brazil's 2025 and 2026 soybean production, showing year - on - year and sequential increases [1] Malaysia's Palm Oil Production - Malaysia's palm oil production from December 1 - 10, 2025, had a month - on - month increase, along with changes in fresh fruit bunch yield and oil extraction rate [1] Spot Prices - Spot prices of soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil in different regions from December 5 - 11, 2025, were provided [1]