油脂油料早报-20260327

Report Industry Investment Rating - Not provided Core Viewpoints - The 2025/26 Brazilian soybean production and exports are expected to reach record highs, further consolidating Brazil's dominant position in the global soybean market, while the US share has declined but remains an important player [1] - The US soybean and soybean meal export sales in the week ending March 19, 2026, were higher than expected [1] - The palm oil production in Malaysia from March 1 - 25, 2026, decreased by 11.21% month - on - month [1] Summary by Relevant Catalogs Overnight Market Information - In the week ending March 19, US current - market - year soybean export sales net increased by 66.89 million tons, up 124% from the previous week and 89% from the four - week average, with market expectations of 20 - 50 million tons. Exports to the Chinese mainland net increased by 26.3 million tons. The export shipment was 134.42 million tons, up 48% from the previous week and 45% from the four - week average, with 66.5 million tons shipped to the Chinese mainland. New sales were 68.02 million tons for the current market year and 2.7 million tons for the next market year [1] - In the week ending March 19, US current - market - year soybean meal export sales net increased by 50.76 million tons, up 130% from the previous week and 123% from the four - week average, with market expectations of 15 - 35 million tons. Next - year export sales net increased by 12.16 million tons, with market expectations of 0 - 5 million tons. The export shipment was 37.95 million tons, down 5% from the previous week but up 2% from the four - week average. New sales were 51.69 million tons for the current market year and 12.16 million tons for the next market year [1] Brazilian Soybean Situation - In the 2025/26 season, Brazil's soybean production is expected to reach a record 182 million tons, accounting for 42.2% of global production (a record high share, compared to 30.3% a decade ago). Exports are expected to reach 112 million tons, accounting for 59.2% of global soybean trade (almost the same as in 2022/23, compared to 38.8% a decade ago). As of March 18, 64% of the nearly 50 million hectares of planted area had been harvested [1] - In the 2025/26 season, US soybean production is expected to be 116 million tons, accounting for 26.9% of global production (down from 33.8% in 2015/16). Exports are expected to be 42.9 million tons, accounting for 22.6% of global exports (down from 39.8% a decade ago) [1] Malaysian Palm Oil Situation - From March 1 - 25, 2026, Malaysian palm oil production decreased by 11.21% month - on - month, with the fresh fruit bunch yield per unit area down 9.74% and the oil extraction rate down 0.28% [1] Spot Prices - The spot prices of various products (including soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu) from March 20 - 26, 2026, are presented in a table, showing price fluctuations during this period [2]