油脂油料早报-20260305

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Analysts expect the average year - end soybean inventory in the US for the 2025 - 26 period to be 344 million bushels, with a forecast range between 265 - 350 million bushels, compared to the 350 million bushels predicted in the USDA's February supply - demand report [1] - Analysts expect the average global year - end soybean inventory for the 2025 - 26 period to be 124.74 million tons, with a forecast range between 123.3 - 126 million tons, compared to the 125.51 million tons predicted in the USDA's February supply - demand report [1] - As of the week ending February 26, US soybean export sales are expected to increase by 30 - 110 tons, with the 2025/26 market year expected to increase by 30 - 100 tons and the 2026/27 market year by 0 - 10 tons [1] - US soybean meal export sales are expected to increase by 20 - 55 tons, with the current market year increasing by 20 - 45 tons and the next market year by 0 - 10 tons [1] - US soybean oil export sales are expected to decrease by 2 tons to an increase of 2.6 tons, with the current market year decreasing by 1 ton to an increase of 1.6 tons and the next market year decreasing by 1 ton to an increase of 1 ton [1] - Anec states that Brazilian soybean exports in March are expected to be 16.1 million tons, higher than the 15.7 million tons in the same period last year. February exports were 8.9 million tons, over 1 million tons lower than expected due to rainfall [1] - MPOA data shows that Malaysia's February crude palm oil production decreased by 16.24% month - on - month to 1.32 million tons, but it is still at the highest level in the same period in seven years [1] - Due to floods in major production areas, Malaysia's February palm oil production is expected to have the largest month - on - month decline in over a year. The median estimate of 12 industry participants shows a 16% decrease to 1.33 million tons, the largest decline since January 2025 and the fourth consecutive monthly decline [1] - Malaysia's February palm oil inventory decreased by 6% month - on - month to 2.65 million tons, the second consecutive monthly decline and the lowest level in four months. Exports are estimated to have decreased by 20% month - on - month to 1.19 million tons [1] Summary by Relevant Catalogs Overnight Market Information - Analysts predict US and global soybean year - end inventories for 2025 - 26 and US soybean, soybean meal, and soybean oil export sales as of February 26 [1] - Anec forecasts Brazilian soybean exports in March and reports February exports [1] - MPOA reports Malaysia's February palm oil production decline, and surveys show production, inventory, and export changes [1] Spot Prices - 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 February 26 to March 4 are presented [1]