油脂油料早报-20260303

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Multiple institutions have revised down their forecasts for Brazil's 2025/26 soybean production due to adverse weather in Rio Grande do Sul, but the latest data still indicates a potential record - high output [1] - U.S. soybean export inspection volume in the week ending February 26, 2026, was better than expected, and the January 2026 soybean crushing volume also exceeded industry analysts' estimates [1] - In February 2026, Malaysia's palm oil production and export volume decreased, while Indonesia's palm oil export volume in January 2026 increased significantly year - on - year [1] 3. Summary by Related Catalogs Overnight Market Information - U.S. soybean export inspection volume in the week ending February 26, 2026, was 1,137,582 tons, better than the market forecast of 700,000 - 1,000,000 tons. The volume to China was 734,698 tons, accounting for 64.58% of the total. The cumulative export inspection volume this crop year is 26,182,723 tons, compared with 37,600,985 tons in the same period last year [1] - The U.S. January 2026 soybean crushing volume was 6.84 million short tons (227.8 million bushels), higher than the industry analysts' estimate of 6.789 million short tons [1] - StoneX lowered its forecast for Brazil's 2025/26 soybean production to 177.8 million tons, a 2.1% reduction from the previous forecast of 181.6 million tons [1] - AgRural also lowered its forecast for Brazil's 2025/26 soybean production to 178 million tons from the previous 181 million tons. As of last Thursday, 39% of the soybean crop has been harvested, 9 percentage points higher than the previous week but lower than 50% in the same period last year [1] - SPPOMA data shows that Malaysia's palm oil production in February 2026 decreased by 19.35% month - on - month, with a 19.20% decrease in fresh fruit bunch yield and a 0.03% decrease in oil extraction rate [1] - SGS data indicates that Malaysia's palm oil exports in February 2026 decreased by 9.76% month - on - month, while AmSpec data shows a 25.5% decrease [1] - Indonesia's palm oil exports in January 2026 were 2.24 million tons, a 77.07% year - on - year increase, with an export value of $2.29 billion [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 24 to March 2, 2026, are presented in a table [4] Protein Meal Basis No specific content provided, only the topic is mentioned [5] Fat Basis No specific content provided, only the topic is mentioned [8] Fat and Oil Futures Spread No specific content provided, only the topic is mentioned [10]