油脂油料早报-20260320

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The soybean export sales and shipments in the US for the week ending March 12 were lower than expected, while the export sales of US soybean meal met expectations [1] - Allendale predicts that US farmers will reduce corn planting area by 5.2% and increase soybean planting area by 5.5% in 2026 [1] - Abiove expects Brazil's 2025/26 soybean production to reach 177.85 million tons, with increased soybean crushing, bean - meal and soybean oil production [1] - SPPOMA data shows that Malaysia's palm oil production from March 1 - 15, 2026 decreased by 5.28% month - on - month [1] 3. Summary by Related Catalogs Overnight Market Information - For the week ending March 12, US current - market - year soybean export sales net increased by 29.82 million tons, 35% less than the previous week and 42% less than the four - week average, with a market forecast of 35 - 80 million tons. The export shipments were 90.65 million tons, 9% less than the previous week and 14% less than the four - week average. The new sales for the current market year were 31.77 million tons, and 0.66 million tons for the next market year. The net export sales to China were 7.99 million tons, and the export shipments to China were 54.59 million tons [1] - For the week ending March 12, US current - market - year soybean meal export sales net increased by 22.09 million tons, 33% more than the previous week and 25% less than the four - week average, meeting the market forecast of 15 - 30 million tons. The export shipments were 39.76 million tons, 10% more than the previous week and 6% more than the four - week average. The new sales for the current market year were 23.46 million tons, and 0.14 million tons for the next market year [1] Planting Area Forecast - Allendale's survey shows that US farmers plan to reduce corn planting area by 5.2% and increase soybean planting area by 5.5% in 2026. The expected corn planting area is 93.678 million acres, and the soybean planting area is 85.659 million acres. USDA's February forecast was 94 million acres for corn and 85 million acres for soybeans. Farmers have sold 83% of the 2025 soybean harvest and 11% of the 2026 harvest [1] Production Forecast - Abiove expects Brazil's 2026 soybean crushing to reach a record 61.5 million tons, up from the previous estimate of 61 million tons. The 2025/26 soybean production is expected to reach 177.85 million tons, up from 177.12 million tons. The 2026 soybean exports are expected to be 111.5 million tons, the same as the previous estimate. The 2026 bean - meal production is expected to be 47.4 million tons, up from 47 million tons, and the soybean oil production is expected to be 12.35 million tons, up from 12.25 million tons [1] Palm Oil Production - SPPOMA data shows that Malaysia's palm oil production from March 1 - 15, 2026 decreased by 5.28% month - on - month, with a 2.96% decrease in fresh fruit bunch yield and a 0.44% decrease in oil extraction rate [1] Spot Prices - 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 13 - 19, 2026 are provided [1]