油脂油料早报-20260317

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The overnight market information shows that the US soybean export inspection volume and soybean crushing volume in February 2026 exceeded expectations, and the soybean oil inventory increased [1]. - Brazil's soybean exports in the first two weeks of March and the progress of the 2025/26 soybean harvest are reported, and Malaysia's palm oil exports from March 1 - 15 increased significantly [1]. 3. Summary by Related Catalogs Overnight Market Information - US soybean export inspection volume: As of the week ending March 12, 2026, the US soybean export inspection volume was 966,082 tons, higher than the market expectation of 400,000 - 800,000 tons, and the previous week was 887,003 tons. The export inspection volume to the Chinese mainland was 545,858 tons, accounting for 56.5% of the total. The cumulative export inspection volume this crop year is 28,061,287 tons, compared with 39,123,071 tons in the same period of the previous year [1]. - US soybean crushing volume: In February 2026, the soybean crushing volume of NOPA member units was 208.785 million bushels, a year - on - year increase of 17.4%. The daily crushing volume was 7.457 million bushels, exceeding the previous record. The soybean oil inventory increased to 208 million pounds, a 9.5% increase from the end of January and a 38.4% increase from the same period last year [1]. - Brazil's soybean exports: In the first two weeks of March, Brazil exported 6,507,349.57 tons of soybeans, with a daily average export volume of 650,734.96 tons, a 16% decrease compared with the daily average export volume in March of the previous year [1]. - Brazil's soybean harvest progress: As of last Thursday, the harvest of Brazil's 2025/26 soybean was 61% complete, a 10 - percentage - point increase from the previous week but lower than 70% in the same period last year. The harvest pace is the slowest since the 2020/21 season [1]. - Malaysia's palm oil exports: From March 1 - 15, Malaysia's palm oil product exports were 921,606 tons, a 56.9% increase compared with the same period last month [1]. Spot Prices - The spot prices of bean粕 in Jiangsu, rapeseed粕 in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from March 10 - 16, 2026 are provided [2].