油脂油料早报-20260121

Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The report presents various data on the oilseeds and oils industry, including US soybean export inspection, Brazilian soybean export forecasts, Malaysian palm oil exports, and China's imports of soybeans, palm oil, rapeseed, etc. [1] 3. Summary by Related Catalogs Overnight Market Information - From January 1 - 15, 2026, the US soybean export inspection volume was 1,336,684 tons, meeting market expectations (previous estimate: 1,000,000 - 1,400,000 tons). The export inspection volume to China was 611,983 tons, accounting for 45.78% of the total. The cumulative export inspection volume for the current crop - year is 19,335,069 tons, compared to 32,314,423 tons in the same period last year. [1] - A private exporter reported a 190,000 - ton soybean meal export sale to the Philippines in the 2025/2026 market year. [1] - Anec slightly increased the forecast of Brazilian soybean exports in January 2026 to 3.79 million tons (previously 3.73 million tons), and the forecast of soybean meal exports remained at 1.82 million tons. [1] - According to ITS, Malaysia's palm oil exports from January 1 - 20, 2026, increased by 11.4% month - on - month to 947,939 tons. According to AmSpec, the exports increased by 8.64% month - on - month to 892,428 tons. [1] - In 2025, China's soybean imports reached a record 111.83 million tons, a 6.5% year - on - year increase. Brazil supplied 82.32 million tons (up 10.3% year - on - year), Argentina supplied 7.89 million tons (up 92.4% year - on - year), while the US supply decreased by 24% to 16.82 million tons, accounting for only 15% of China's total imports (down from 21% in the previous year). [1] - In December 2025, China's palm oil imports were 277,162.70 tons, a 17.03% month - on - month decrease and a 12.96% year - on - year decrease. The imports from Indonesia were 247,735.25 tons (down 5.73% month - on - month, up 1.25% year - on - year), and from Malaysia were 25,361.92 tons (down 62.29% month - on - month, down 65.60% year - on - year). [1] - In December 2025, China's rapeseed imports were 55,553.17 tons, a 2680.03% month - on - month increase and a 90.79% year - on - year decrease. The imports from Canada were 48,348.72 tons (down 91.78% year - on - year), and from Kazakhstan were 3,995.10 tons (up 130.72% month - on - month). [1] - In December 2025, China's rapeseed meal imports were 238,210.15 tons, a 10.93% month - on - month increase and a 22.59% year - on - year decrease. The imports from the UAE were 61,608.03 tons (up 24.63% month - on - month, up 11.97% year - on - year), and from Russia were 60,415.10 tons (down 32.18% month - on - month, up 414.67% year - on - year). [1] - In December 2025, China's rapeseed oil imports were 219,519.16 tons, a 32.99% month - on - month increase and a 2.89% year - on - year increase. The imports from Russia were 160,012.15 tons (up 46.49% month - on - month, up 2.97% year - on - year), and from Belarus were 23,241.41 tons (up 53.27% month - on - month, down 13.25% year - on - year). [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 January 14 - 20, 2026, are presented in a tabular format, showing price fluctuations during this period. [4] Protein Meal Basis - No specific content provided Oils Basis - No specific content provided Oils and Oilseeds Futures Price Spreads - No specific content provided