Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The export sales of US soybeans, soybean meal, and soybean oil are expected to increase in different ranges in the weeks ending January 1, 2026 [1]. - The average institutional expectation for US soybean inventory as of December 1, 2026, is 3.25 billion bushels, a 4.8% increase from the same period last year, reaching the highest level since 2019 [1]. - Brazil's soybean exports in 2026 are expected to reach a record - high of 112 million tons, with a forecast of 24 million tons of soybean meal exports. However, exports to China may decrease by 10 million tons compared to 2025 [1]. - Malaysia's palm oil production in December 2025 decreased by 4.64% month - on - month. The 2025/26 annual production is expected to increase, with end - of - period inventory decreasing [1]. - Indonesia's 2025/26 palm oil production forecast remains unchanged at 51.2 million tons [1]. 3. Summary by Related Catalogs Overnight Market Information - US soybean export sales in the week ending January 1, 2026, are expected to net increase by 7.5 - 16 million tons, with 7.5 - 13 million tons for the 2025 - 26 season and 0 - 3 million tons for the 2026 - 27 season. US soybean meal export sales are expected to net increase by 1 - 3.5 million tons, and US soybean oil export sales are expected to net increase by 0 - 0.3 million tons [1]. - The average institutional expectation for US soybean inventory as of December 1, 2026, is 3.25 billion bushels, a 4.8% increase from the same period last year, the highest since 2019. The USDA will release the quarterly grain inventory report on January 13, 2026 (Beijing time) [1]. - Brazil's soybean exports in 2026 are expected to reach a record - high of 112 million tons, with exports to China expected to be 77 million tons, a decrease of 10 million tons from 2025. Brazil is also expected to export 24 million tons of soybean meal in 2026 [1]. - Malaysia's palm oil production in December 2025 decreased by 4.64% month - on - month to 1.84 million tons. The 2025/26 annual production is expected to be 19.7 million tons, with total supply of 22.56 million tons, exports of about 16.2 million tons, and end - of - period inventory decreasing from 2.36 million tons to 2.16 million tons [1]. - A commodity survey shows that Malaysia's 2025/26 palm oil production is expected to be 19.6 million tons, a 2.1% increase from the previous forecast. Indonesia's 2025/26 palm oil production forecast remains unchanged at 51.2 million tons [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 December 30, 2025, to January 7, 2026, are presented in a table, showing price fluctuations during this period [5].
油脂油料早报-20260108
Yong An Qi Huo·2026-01-08 01:29