油脂油料早报-20260213

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The U.S. soybean and soybean meal export sales and shipment data for the week ending February 5th showed mixed results, with soybean exports falling short of expectations and soybean meal exports meeting expectations [1] - Conab raised its forecast for Brazil's 2025/26 soybean production, exports, and yield [1] - Malaysia's palm oil exports from February 1 - 10th decreased, and the country raised the reference price for March crude palm oil while keeping the export tariff unchanged [1] - China extended the anti - dumping investigation period on Canadian rapeseed imports until March 9, 2026 [1] 3. Summary by Related Catalogs Overnight Market Information - U.S. soybean export sales net increase for the week ending February 5th was 28.31 million tons, less than the expected 30 - 110 million tons. Exports to the Chinese mainland increased by 28.61 million tons. Export shipments were 112.88 million tons, a 19% decrease from the previous week and a 20% decrease from the four - week average. New sales were 37.76 million tons for the current market year and 0.13 million tons for the next market year [1] - U.S. soybean meal export sales net increase for the week ending February 5th was 35.7 million tons, meeting the expected range of 20 - 45 million tons. Export shipments were 32.64 million tons, an 8% increase from the previous week and an 8% decrease from the four - week average. New sales were 38.87 million tons for the current market year and 0 million tons for the next market year [1] - A private exporter reported selling 108,000 tons of soybeans to Egypt for the 2025/2026 market year [1] Production Forecast - Conab expected Brazil's 2025/26 soybean production to reach a record - high 177.98 million tons, up from the January forecast of 176.12 million tons. The yield was expected to be 3,675 kg/ha, up from 3,620 kg/ha in January, and exports were expected to be 112.19 million tons, up from 108.18 million tons in January [1] Palm Oil Information - SGS data showed that Malaysia's palm oil exports from February 1 - 10th, 2026 were 273,472 tons, a 16.10% decrease from the same period last month [1] - Malaysia raised the reference price of March crude palm oil to 3,896.09 Malaysian ringgit per ton (996.95 US dollars), while keeping the export tariff at 9%. The February reference price was 3,846.84 Malaysian ringgit per ton [1] Anti - Dumping Investigation - China extended the anti - dumping investigation period on Canadian rapeseed imports to March 9, 2026. The Ministry of Commerce will make an objective and fair final ruling based on facts and evidence [1] Spot Prices | Date | Soybean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | --- | --- | --- | --- | --- | --- | | 2026/02/06 | 3030 | 2440 | 8500 | 8980 | 9920 | | 2026/02/09 | 3020 | 2430 | 8500 | 8960 | 9900 | | 2026/02/10 | 3020 | 2430 | 8480 | 8890 | 9870 | | 2026/02/11 | 3060 | 2440 | 8490 | 8850 | 9880 | | 2026/02/12 | 3060 | 2450 | 8490 | 8720 | 9860 | [2]