油脂油料早报-20260225

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Anec forecasts Brazil's soybean exports in February to be 1,069 million tons, lower than the previous week's prediction of 1,146 million tons, and the country's February soybean meal exports are expected to be 173 million tons, lower than the previous week's prediction of 182 million tons [1] - Malaysia maintains the export tariff for March shipments of crude palm oil at 9% due to weak palm oil prices, with the tax rate based on a reference price of 3,896.09 Malaysian ringgit (999.38 US dollars) per ton for March [1] - Conab data shows that as of the week of February 21, 2026, the harvest rate of Brazil's 2025/26 soybean crop is 32.3%, up from 24.7% the previous week, but lower than 36.4% in the same period last year and the five - year average of 36.6% [1] 3. Summary by Related Catalogs Overnight Market Information - Anec's forecasts for Brazil's February soybean and soybean meal exports [1] - Malaysia's decision to keep the March crude palm oil export tariff at 9% [1] - Conab's data on Brazil's 2025/26 soybean harvest rate [1] Spot Prices - Spot prices of various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from February 10 to February 24, 2026 are provided [3] Others - Information on the precipitation conditions in major producing countries, import soybean crushing profit on the futures market, and grease import profit is mentioned, but no detailed data is given [1] - Protein meal basis, grease basis, and grease - oilseed price spreads on the futures market are mentioned, but no detailed data is given [3]