油脂油料早报-20260319

Report Industry Investment Rating - No relevant information provided Core Viewpoints - As of the week ending March 12, US soybean export sales are expected to increase by 35 - 90 million tons, with 35 - 80 million tons in the 2025 - 26 fiscal year and 0 - 10 million tons in the 2026 - 27 fiscal year. US soybean meal export sales are expected to increase by 15 - 35 million tons, with 15 - 30 million tons in the 2025 - 26 fiscal year and 0 - 5 million tons in the 2026 - 27 fiscal year. US soybean oil export sales are expected to decrease by 2 million tons to an increase of 2.2 million tons, with a decrease of 1 million tons to an increase of 1.2 million tons in the 2025 - 26 fiscal year and a decrease of 1 million tons to an increase of 1 million tons in the 2026 - 27 fiscal year [1] - A private exporter reported the sale of 120,000 tons of soybean cake and soybean meal to an unknown destination for delivery in the 2026/2027 market year [1] - According to customs data released on March 18, China's edible oil imports in February were 860,000 tons, a year - on - year increase of 31.7%; edible vegetable oil imports from January to February were 1.89 million tons, a year - on - year increase of 45.3%. China's soybean oil imports in February were 10,000 tons, a year - on - year decrease of 17.5%, and the cumulative imports from January to February were 10,000 tons, a year - on - year decrease of 2%. China's palm oil imports in February were 260,000 tons, a year - on - year increase of 168.9%, and the cumulative imports from January to February were 520,000 tons, a year - on - year increase of 142.4%. China's rapeseed oil and mustard oil imports in February were 200,000 tons, a year - on - year decrease of 13.8%, and the cumulative imports from January to February were 450,000 tons, a year - on - year increase of 16.2% [1] Summary by Directory Overnight Market Information - US soybean export sales are expected to increase by 35 - 90 million tons, with 35 - 80 million tons in the 2025 - 26 fiscal year and 0 - 10 million tons in the 2026 - 27 fiscal year. US soybean meal export sales are expected to increase by 15 - 35 million tons, with 15 - 30 million tons in the 2025 - 26 fiscal year and 0 - 5 million tons in the 2026 - 27 fiscal year. US soybean oil export sales are expected to decrease by 2 million tons to an increase of 2.2 million tons, with a decrease of 1 million tons to an increase of 1.2 million tons in the 2025 - 26 fiscal year and a decrease of 1 million tons to an increase of 1 million tons in the 2026 - 27 fiscal year [1] - A private exporter reported the sale of 120,000 tons of soybean cake and soybean meal to an unknown destination for delivery in the 2026/2027 market year [1] - China's edible oil imports in February were 860,000 tons, a year - on - year increase of 31.7%; edible vegetable oil imports from January to February were 1.89 million tons, a year - on - year increase of 45.3%. China's soybean oil imports in February were 10,000 tons, a year - on - year decrease of 17.5%, and the cumulative imports from January to February were 10,000 tons, a year - on - year decrease of 2%. China's palm oil imports in February were 260,000 tons, a year - on - year increase of 168.9%, and the cumulative imports from January to February were 520,000 tons, a year - on - year increase of 142.4%. China's rapeseed oil and mustard oil imports in February were 200,000 tons, a year - on - year decrease of 13.8%, and the cumulative imports from January to February were 450,000 tons, a year - on - year increase of 16.2% [1] Spot Prices - The table shows the 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 March 12 to March 18, 2026 [2] Protein Meal Basis - No relevant information provided Fat Basis - No relevant information provided Fat and Oil Futures Spread - No relevant information provided