油脂油料早报-20260326

Report Summary 1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The U.S. is expected to expand its soybean planting area in 2026, while soybean inventory at the beginning of Q1 2026 may reach a six - year high. Brazil is likely to have a bountiful soybean harvest in the 2025/26 season. Malaysian palm oil exports from March 1 - 25, 2026, increased significantly compared to the previous month [1] 3. Summary by Relevant Catalogs 3.1 U.S. Crop Information - The average forecast of analysts is that the U.S. soybean planting area in 2026 will reach 85.549 million acres, higher than 81.215 million acres last year and the 85 million acres predicted by the USDA Outlook Forum. The expected corn planting area in 2026 is 94.371 million acres, lower than in 2025 but slightly higher than the Outlook Forum's prediction [1] - The average analyst expectation is that the U.S. soybean inventory on March 1, 2026, will be 2.063 billion bushels, the highest in six years and an 8% increase from the same period in 2025 [1] - From the week ending March 19, 2026, U.S. soybean export sales are expected to increase by 20 - 60 tons, with 20 - 50 tons for the 2025 - 26 season and 0 - 10 tons for the 2026 - 27 season. U.S. soybean meal export sales are expected to increase by 15 - 40 tons, and soybean oil export sales are expected to range from a net decrease of 2 tons to a net increase of 2.4 tons [1] 3.2 Brazilian Crop Information - Agroconsult reported that Brazilian farmers are expected to harvest 184.7 million tons of soybeans in the 2025/2026 season, a 0.9% increase from the early - March forecast. The company adjusted the planting area to 49.1 million hectares and the average national yield to 62.7 bags per hectare. South Rio Grande do Sul is the main area with reduced production, while most other major producing states are performing well [1] 3.3 Malaysian Palm Oil Information - According to ITS, Malaysian palm oil exports from March 1 - 25, 2026, were 1,414,990 tons, a 38.4% increase from the same period last month. According to AmSpec, exports were 1,389,549 tons, a 50.6% increase from the same period last month [1] 3.4 Spot Prices - Spot prices of various products from March 19 - 25, 2026, are provided, including prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu. For example, on March 19, 2026, the soybean meal price in Jiangsu was 3300, and on March 25, it dropped to 3190 [1][2]