油粕日报：油粕分化-20260303

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The export of US soybeans continues to show a strong trend, while the production in Brazil is slightly reduced. The expected dry weather in Argentina also supports the strong market trend. Before the soybean reserve release is confirmed, the market will mainly remain volatile [2]. - The tense situation in the Middle East has driven up crude oil prices, which in turn has led to a rebound in the oil market. It is expected that the oil market will remain strong in the short - term, but attention should be paid to the development of the Middle East situation [3] 3. Summary by Related Content 3.1 Soybean Meal - As of March 3, 2026, AgRural reported that the 2025/26 soybean harvest in Brazil was 39% complete, far lower than 50% in the same period last year. Due to the drought in Rio Grande do Sul, AgRural lowered the national soybean production forecast by 3 million tons to 178 million tons, but it will still be a record high, a year - on - year increase of 3.8% [1]. - According to the USDA压榨月报, the soybean crushing volume in the US in January 2026 was 227.8 million bushels, a month - on - month decrease of 0.9% and a year - on - year increase of 7%, slightly higher than the market expectation of 226.3 million bushels [1]. - As of the end of January 2026, the US soybean oil inventory was 2.433 billion pounds, a month - on - month increase of 11.7% and a year - on - year surge of 33.9%, the highest level since April 2023 and exceeding market expectations [1]. - As of the week ending February 26, 2026, the US soybean export inspection volume was 1,137,582 tons, compared with the revised 681,545 tons last week and 702,160 tons in the same period last year. As of now in the 2025/26 season, the total US soybean export inspection volume has reached 26,182,723 tons, a year - on - year decrease of 32.2%, and the US soybean exports have reached 58.4% of the annual export target [1]. 3.2 Oils - According to five industry traders, India's palm oil imports in February increased 10.1% month - on - month to 844,000 tons, reaching a six - month high. India's soybean oil imports in February increased 8.7% month - on - month to 303,000 tons, while its sunflower oil imports in February decreased 45.3% month - on - month to 146,000 tons. India's total edible oil imports in February decreased 1.4% month - on - month to 1.29 million tons [2]. - EIA data showed that about 2.8 billion pounds of renewable raw materials were used to produce biodiesel, renewable diesel, and sustainable aviation fuel in December, similar to November but significantly lower than nearly 3.4 billion pounds in December 2024 [2].