油脂油料早报 研究中心农产品团队 2026/03/02 隔 夜 市 场 信 息 ： 分析师预计美国1月大豆压榨量为2.263亿蒲式耳据 分析师预测，美国大豆加工商1月份大豆压榨量或达678.9万短吨，即2.263亿蒲式耳。若7位分析师预测均值兑现， 当月压榨量将较12月的2.298亿蒲式耳下降1.5%，但较2025年1月的2.125亿蒲式耳增长6.5%。这也将是史上最高的1月压 榨量，以及有记录以来单月第三高压榨量。压榨量预估区间为2.259亿~2.270亿蒲式耳，中位数为2.262亿蒲式耳。 据4位分析师平均预估，截至1月31日，美国豆油库存预计为24.18亿磅，预估区间23.00亿~25.00亿磅，中位数 24.35亿磅。该预估较12月底的21.79亿磅增长11.0%，较2025年1月底的18.17亿磅大幅增长33.1%。 Safras调降巴西大豆产量预估，而荷兰合作银行则上调预估 受南里约格兰德州的不利天气影响，农业咨询机构Safras&Mercado周五下调巴西2025/26年度大豆产量预估，但荷 兰合作银行的分析师则是上调这一预估，理由是单产整体有利。 Safras表示，预计巴西本年度将生产1.77 ...

油脂油料早报 研究中心农产品团队 2026/02/13 隔 夜 市 场 信 息 ： 2月5日止当周美国大豆出口销售合计净增28.31万吨，不及预期 USDA出口销售报告显示，2月5日止当周，美国当前市场年度大豆出口销售净增28.18万吨，较之前一周减少36%，较 前四周均值减少80%。市场预估为净增30-110万吨。其中，对中国大陆出口销售净增28.61万吨。 当周，美国大豆出口装船112.88万吨。较之前一周减少19%，较前四周均值减少20%。其中，对中国大陆出口装船 74.61万吨。 当周，美国当前市场年度大豆新销售37.76万吨，下一市场年度大豆新销售0.13万吨。 2月5日止当周美国豆粕出口销售合计净增35.7万吨，符合预期 USDA报告显示，2月5日止当周，美国当前市场年度豆粕出口销售净增35.7万吨，较之前一周减少4%，较前四周均值 减少10%。市场预估为净增20-45万吨。 当周，美国豆粕出口装船32.64万吨。较之前一周增加8%，较前四周均值减少8%。 当周，美国当前市场年度豆粕新销售38.87万吨，下一市场年度豆粕新销售0万吨。 民间出口商报告向埃及出售销售10.8万吨大豆 USDA公布，民 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - As of the week of January 30, the soybean harvest progress in Mato Grosso state in the 2025/26 season reached 24.97% of the sown area, much higher than 12.20% in the same period last year and also exceeding the five - year average. The single - week harvest progress advanced 11.09 percentage points, and the harvest in all regions of the state is accelerating [1]. - Consulting firm Expana raised the forecast of the EU's 2026/27 rapeseed production from the initial estimate of 20.8 million tons at the end of November 2025 to 20.9 million tons, an increase of 0.38%. It is 2% higher than the 20.5 million tons in the previous year due to a significant increase in the sown area [1]. - Indonesia set the reference price of crude palm oil in February at $918.47 per ton, higher than $915.64 per ton in January. The export tariff of crude palm oil in February remains at $74 per ton, and an additional 10% special export tax is also levied [1]. 3. Summary by Related Catalogs Overnight Market Information - **Soybean Harvest in Mato Grosso**: As of January 30, the 2025/26 soybean harvest progress in Mato Grosso was 24.97% of the sown area, with a single - week progress of 11.09 percentage points. The fastest - harvesting regions are the north - central (35.41%) and western (36.70%) parts of the state [1]. - **EU Rapeseed Production Forecast**: Expana raised the EU's 2026/27 rapeseed production forecast to 20.9 million tons. The sown area is expected to increase by 6.6% to 6.5 million hectares, while the yield per hectare is expected to decrease by 5.9% to 3.2 tons per hectare [1]. - **Indonesian Palm Oil**: Indonesia raised the February reference price of crude palm oil to $918.47 per ton, with an export tariff of $74 per ton and an additional 10% special export tax [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 January 26 to January 30, 2026 [2]. Protein Meal Basis No detailed information provided [3]. Fat Basis No detailed information provided [6]. Fat and Oil Futures Spread No detailed information provided [8].

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - As of the week ending January 22, US soybean export sales are expected to net increase by 40 - 190 million tons, with 40 - 180 million tons in the 2025 - 26 season and 0 - 10 million tons in the 2026 - 27 season [1] - US soybean meal export sales are expected to net increase by 22.5 - 50 million tons in the 2025 - 26 season, and 0 tons in the 2026 - 27 season [1] - US soybean oil export sales are expected to net increase by 0 - 2.6 million tons in the 2025 - 26 season, and 0 tons in the 2026 - 27 season [1] - The predicted value of Australia's rapeseed production in the 2025/26 season is raised by 10% to 7.2 billion tons, with an estimated range of 7 - 7.4 billion tons [1] 3. Summary by Relevant Catalogs Overnight Market Information - US soybean export sales forecast: 40 - 190 million tons (40 - 180 million tons in 2025 - 26, 0 - 10 million tons in 2026 - 27) [1] - US soybean meal export sales forecast: 22.5 - 50 million tons in 2025 - 26, 0 tons in 2026 - 27 [1] - US soybean oil export sales forecast: 0 - 2.6 million tons in 2025 - 26, 0 tons in 2026 - 27 [1] - Australia's rapeseed production forecast: increased by 10% to 7.2 billion tons, range 7 - 7.4 billion tons [1] Spot Prices | Date | Soybean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | --- | --- | --- | --- | --- | --- | | 2026/01/22 | 3070 | 2400 | 8600 | 8910 | 9840 | | 2026/01/23 | 3070 | 2390 | 8570 | 8880 | 9810 | | 2026/01/26 | 3070 | 2430 | 8660 | 9060 | 9990 | | 2026/01/27 | 3070 | 2430 | 8670 | 9210 | 10130 | | 2026/01/28 | 3070 | 2460 | 8740 | 9240 | 10160 | [4] Protein Meal Basis - Not detailed in the provided content [5] Oil Basis - Not detailed in the provided content [5] Oil and Oilseed Futures Spreads - Not detailed in the provided content [7]

Report Investment Rating The report does not provide an overall industry investment rating. Core Views - Palm oil is expected to experience high - level fluctuations due to multiple factors [2][4]. - For soybean oil, the US 45Z subsidy is about to be implemented, and the oil - meal ratio is expected to rise [2][4]. - Overnight, US soybeans closed lower, and Dalian soybean meal futures may follow the adjustment [2][9]. - The spot price of soybeans is stable with a slight upward trend, and the futures market is in an adjustment and volatile state [2][9]. - Corn is expected to show a slightly upward trend in a volatile manner [2][12]. - Sugar is mainly in a low - level consolidation phase [2][16]. - Cotton is in a consolidation phase, waiting for new driving factors [2][20]. - Before the Spring Festival, the spot price of eggs is strong due to the peak season [2][26]. - The demand during the peak season for hogs is lower than expected, and supply contradictions are emerging [2][29]. - Peanuts are expected to move in a volatile manner [2][33]. Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: Palm oil's daily - session closing price was 9,092 yuan/ton with a 2.04% increase, and the night - session closing price was 9,162 yuan/ton with a 0.77% increase. Soybean oil's daily - session closing price was 8,226 yuan/ton with a 1.63% increase, and the night - session closing price was 8,202 yuan/ton with a - 0.29% decrease [4]. - **News**: Malaysia's palm oil production from January 1 - 20 decreased by 14.43%. Brazil's soybean sowing rate as of January 24 was 99.1%, and the harvesting rate was 6.6%. Argentina is facing drought, which may affect soybean production [5][7]. - **Trend Intensity**: Palm oil and soybean oil both have a trend intensity of 0 [8]. Soybean Meal and Soybeans - **Fundamentals**: DCE soybean meal 2605's daily - session closing price was 2,769 yuan/ton with a 0.36% increase, and the night - session closing price was 2,768 yuan/ton with a 0.07% increase. DCE soybeans 2605's daily - session closing price was 4,384 yuan/ton with a 0.62% increase, and the night - session closing price was 4,364 yuan/ton with a - 0.71% decrease [9]. - **News**: On January 26, CBOT soybean futures closed lower due to the upward adjustment of Brazil's soybean production forecast and concerns about China's future purchases. AgRural raised Brazil's 2025/26 soybean production forecast by 600,000 tons to 181 million tons [9][11]. - **Trend Intensity**: The trend intensity of soybean meal is - 1, and that of soybeans is 0 [11]. Corn - **Fundamentals**: The closing price of C2603 was 2,293 yuan/ton with a - 0.22% daily decrease, and the night - session closing price was 2,287 yuan/ton with a - 0.26% decrease. The closing price of C2605 was 2,290 yuan/ton with a 0.09% daily increase, and the night - session closing price was 2,284 yuan/ton with a - 0.26% decrease [13]. - **News**: The northern corn bulk shipping port price is 2300 - 2310 yuan/ton, and the container - shipped first - class grain port price is 2330 - 2350 yuan/ton, 10 yuan/ton higher than last Friday [14]. - **Trend Intensity**: The trend intensity of corn is 1 [15]. Sugar - **Fundamentals**: The raw sugar price is 14.79 cents/pound, the mainstream spot price is 5,290 yuan/ton, and the futures main - contract price is 5,172 yuan/ton [16]. - **News**: As of January 15, the sugar production in the 25/26 season in India increased by 22% year - on - year. Brazil exported 2.91 million tons in December, a 2.9% year - on - year increase. China imported 580,000 tons of sugar in December, an increase of 190,000 tons [16]. - **Trend Intensity**: The trend intensity of sugar is 0 [19]. Cotton - **Fundamentals**: The closing price of CF2605 was 14,650 yuan/ton with a - 0.31% daily decrease, and the night - session closing price was 14,580 yuan/ton with a - 0.48% decrease. The closing price of CY2603 was 20,515 yuan/ton with a 0.05% daily increase, and the night - session closing price was 20,435 yuan/ton with a - 0.39% decrease [20]. - **News**: The cotton spot trading is generally light, and the basis is mostly stable. The cotton textile market is also in a weak state, with some downstream factories starting to take holidays [21]. - **Trend Intensity**: The trend intensity of cotton is 1 [24]. Eggs - **Fundamentals**: The closing price of egg 2602 was 3,069 yuan/500 kg with a 0.33% increase, and the closing price of egg 2603 was 3,069 yuan/500 kg with a 0.16% increase [26]. - **Trend Intensity**: The trend intensity of eggs is 0 [27]. Hogs - **Fundamentals**: The Henan spot price is 13,180 yuan/ton, the Sichuan spot price is 12,950 yuan/ton, and the Guangdong spot price is 13,360 yuan/ton. The price of hog 2603 futures is 11,465 yuan/ton, the price of hog 2605 futures is 11,760 yuan/ton, and the price of hog 2607 futures is 12,425 yuan/ton [30]. - **Trend Intensity**: The trend intensity of hogs is - 2 [31]. Peanuts - **Fundamentals**: The closing price of PK603 was 8,042 yuan/ton with a 0.63% increase, and the closing price of PK605 was 7,900 yuan/ton with a 0.15% increase [33]. - **News**: In the spot market, the supply of peanuts in various regions is not large, and the prices are generally stable [34]. - **Trend Intensity**: The trend intensity of peanuts is 0 [35].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - Palm oil: Short - term negative factors are limited, and attention should be paid to the rhythm of production cuts [1] - Soybean oil: There are insufficient themes for US soybeans, and the rebound height is limited [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Prices**: Palm oil's daytime closing price was 8,648 yuan/ton with a - 0.30% change, and night - time closing price was 8,710 yuan/ton with a 0.72% change; soybean oil's daytime closing price was 7,996 yuan/ton with a - 0.25% change, and night - time closing price was 8,006 yuan/ton with a 0.13% change; rapeseed oil's daytime closing price was 8,902 yuan/ton with a - 1.78% change, and night - time closing price was 8,922 yuan/ton with a 0.22% change. Malaysian palm oil's daytime closing price was 4,054 ringgit/ton with a 1.86% change, and night - time closing price was 4,093 ringgit/ton with a 0.64% change. CBOT soybean oil's closing price was 52.51 cents/pound with a - 0.19% change [1] - **Trading Volume and Open Interest**: Palm oil's trading volume was 358,548 lots with a decrease of 212,017 lots, and open interest was 413,122 lots with a decrease of 1,957 lots; soybean oil's trading volume was 209,449 lots with a decrease of 155,259 lots, and open interest was 716,725 lots with an increase of 584 lots; rapeseed oil's trading volume was 367,634 lots with a decrease of 95,047 lots, and open interest was 253,596 lots with a decrease of 16,032 lots [1] - **Spot Prices**: The spot price of 24 - degree palm oil in Guangdong was 8,700 yuan/ton with no change; the spot price of first - grade soybean oil in Guangdong was 8,600 yuan/ton with a 20 - yuan increase; the spot price of fourth - grade imported rapeseed oil in Guangxi was 9,900 yuan/ton with a 100 - yuan decrease; the FOB price of Malaysian palm oil was 1,035 US dollars/ton with a 15 - dollar increase [1] - **Basis**: The basis of palm oil in Guangdong was 52 yuan/ton; the basis of soybean oil in Guangdong was 604 yuan/ton; the basis of rapeseed oil in Guangxi was 998 yuan/ton [1] - **Price Spreads**: The spread between rapeseed oil and palm oil futures was 254 yuan/ton (previous trading day), compared to 389 yuan/ton two trading days ago; the spread between soybean oil and palm oil futures was - 652 yuan/ton, compared to - 658 yuan/ton previously; the 5 - 9 spread of palm oil was 26 yuan/ton, compared to 12 yuan/ton previously; the 5 - 9 spread of soybean oil was 120 yuan/ton, compared to 130 yuan/ton previously; the 5 - 9 spread of rapeseed oil was - 21 yuan/ton, compared to 53 yuan/ton previously [1] 3.2 Macro and Industry News - It is expected that the average price of palm oil in 2026 will be 4,125 ringgit/ton, a year - on - year decrease of 2.55%. Malaysia's palm oil production in 2026 is expected to be 19.75 million tons, a year - on - year decrease of 2.61%. Indonesia's palm oil production in 2026 is expected to reach a record 51.2 million tons, a year - on - year increase of 0.39% [2] 3.3 Brazilian Agricultural Situation - As of last Thursday, the soybean harvest rate in Brazil's 2025/26 season was 2%, a 1.4 - percentage - point increase from the previous week and slightly higher than 1.7% in the same period last year. The soybean harvest in Mato Grosso is in the leading position, while the harvest in Paraná is lagging behind the historical average. The planting progress of second - crop corn has reached 1.1% of the estimated total area, compared to 0.3% in the same period last year. The harvest rate of first - crop corn is 1.6%, significantly lower than 4.1% in the same period last year [5] - It is expected that Brazil's soybean exports in 2026 will be 105 million tons (last year's exports were 108.2 million tons), the soybean crushing volume will be 60 million tons (higher than the previous year's estimated 58.5 million tons), the total soybean supply will reach 183.79 million tons, a 5% increase from the previous year. The estimated soybean meal production in 2026 is 47.4 million tons, a 2% increase from the previous year, and the estimated soybean meal exports are 24.7 million tons [5] 3.4 Trend Intensity - Palm oil trend intensity: 0; soybean oil trend intensity: 0 [6]

Group 1 - The core viewpoint of the news indicates that the main contract for late indica rice futures remains stable at 2535.00 yuan/ton as of December 25 [1] Group 2 - A report from an institution forecasts Argentina's corn production for the 2025/26 season to be 54.1 million tons, a 1% decrease from the previous estimate, with a range between 46.8 million and 59.9 million tons due to drought risks in the Pampas region [2] - As of December 23, Argentina has completed 81% of its total corn planting progress, slightly behind last year's 82% [3] - In the United States, 50% of major corn-producing states are expected to experience temperatures below normal levels in the next 6-10 days, while 50% of the areas are likely to see precipitation close to normal levels [3]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report presents comprehensive information on the overnight market of oilseeds and oils, including the export inspection, sales, and shipment data of US soybeans and soybean products, the production and export data of Brazilian soybeans, and the import data of various oils and oilseeds in China, as well as the price and basis data of related products [1]. 3. Summary by Relevant Catalogs Overnight Market Information - **US Soybean Export Inspection**: As of the week ending December 18, 2025, the US soybean export inspection volume was 870,199 tons, meeting expectations. The export inspection volume to the Chinese mainland was 386,010 tons, accounting for 44.36% of the total. So far in this crop year, the cumulative US soybean export inspection volume is 14,586,856 tons, compared with 27,027,931 tons in the same period of the previous year [1]. - **US Soybean Export Sales**: As of the week ending December 4, 2025, the net increase in US soybean export sales in the current market year was 1.5521 million tons, a 40% increase from the previous week and a 34% increase from the average of the previous four weeks, meeting market expectations. The net increase in export sales to the Chinese mainland was 1.011 million tons. The soybean export shipment volume was 1.0711 million tons, a 33% increase from the previous week and a 6% increase from the average of the previous four weeks [1]. - **US Soybean and Product Export Sales Forecast**: Analysts expect that as of the week ending December 11, 2025, the net increase in US soybean export sales will be 1.8 - 2.9 million tons, the net increase in US soybean meal export sales will be 275,000 - 550,000 tons, and the net increase in US soybean oil export sales will be 50,000 - 240,000 tons [1]. - **Brazilian Soybean Production and Export**: AgRural raised its forecast for Brazil's 2025/26 soybean production to 180.4 million tons, up from the previous forecast of 178.5 million tons in November. Brazil exported 2,442,367.61 tons of soybeans in the first three weeks of December, with an average daily export volume of 162,824.51 tons, a 70% increase from the average daily export volume in December of the previous year [1]. - **China's Import Data**: In November 2025, China's palm oil imports were 334,052.37 tons, a 52.25% month - on - month increase and a 97.79% year - on - year increase. China's rapeseed imports were 1,998.30 tons, a 99.72% year - on - year decrease. China's rapeseed meal imports were 214,741.88 tons, a 2.44% month - on - month decrease and a 132.96% year - on - year increase. China's rapeseed oil imports were 165,541.10 tons, a 17.65% month - on - month increase and a 16.80% year - on - year decrease [1]. - **Malaysian Palm Oil Data**: According to SGS, Malaysia's palm oil product exports from December 1 - 20, 2025, were 676,674 tons, a 43.60% increase from the same period of the previous month. According to AmSpec, the exports were 821,442 tons, a 0.87% decrease from the same period of the previous month. The palm oil production from December 1 - 20, 2025, in Malaysia decreased by 7.15% month - on - month [1]. Spot Price The report provides 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 December 16 - 22, 2025 [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - Palm oil production reduction is not clear, and the rebound height is limited [1] - The driving force for US soybeans is insufficient, and soybean oil will mainly fluctuate [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices and Fluctuations**: Palm oil's day - session closed at 8,656 yuan/ton with a 1.33% increase, and night - session at 8,546 yuan/ton with a - 1.27% decrease; soybean oil's day - session closed at 8,268 yuan/ton with a 0.56% increase, and night - session at 8,000 yuan/ton with a - 3.24% decrease; rapeseed oil's day - session closed at 9,599 yuan/ton with a 1.65% increase, and night - session at 9,390 yuan/ton with a - 2.18% decrease. Malaysian palm oil's day - session closed at 4,064 ringgit/ton with a 0.07% increase, and night - session at 4,040 ringgit/ton with a - 0.57% decrease. CBOT soybean oil closed at 51.32 cents/pound with a - 0.56% decrease [1] - **Trading Volume and Open Interest**: Palm oil's trading volume decreased by 220,676 lots to 180,995 lots, and open interest decreased by 21,841 lots to 143,530 lots; soybean oil's trading volume decreased by 28,218 lots to 101,511 lots, and open interest decreased by 10,246 lots to 203,342 lots; rapeseed oil's trading volume increased by 43,222 lots to 203,904 lots, and open interest decreased by 14,228 lots to 75,900 lots [1] - **Spot Prices and Changes**: Palm oil in Guangdong was 8,680 yuan/ton with a 40 - yuan increase; first - grade soybean oil in Guangdong was 8,610 yuan/ton with a 50 - yuan increase; fourth - grade imported rapeseed oil in Guangxi was 10,170 yuan/ton with a 300 - yuan increase; Malaysian palm oil FOB was 1,030 dollars/ton with a 5 - dollar decrease [1] - **Basis**: Palm oil basis in Guangdong was 24 yuan/ton; soybean oil basis in Guangdong was 342 yuan/ton; rapeseed oil basis in Guangxi was 571 yuan/ton [1] - **Price Spreads**: Rapeseed - palm oil futures spread was 664 yuan/ton (previous two - day: 915 yuan/ton); soybean - palm oil futures spread was - 606 yuan/ton (previous two - day: - 528 yuan/ton); palm oil 1 - 5 spread was 14 yuan/ton (unchanged); soybean oil 1 - 5 spread was 232 yuan/ton (previous two - day: 222 yuan/ton); rapeseed oil 1 - 5 spread was 293 yuan/ton (previous two - day: 290 yuan/ton) [1] 3.2 Macro and Industry News - SPPOMA: From December 1 - 10, 2025, Malaysian palm oil yield per unit area increased by 7.24% month - on - month, oil extraction rate decreased by 0.07% month - on - month, and production increased by 6.87% month - on - month [2] - CIMB Securities: Malaysia's December palm oil inventory is expected to increase by 3.0% month - on - month to 2.93 million tons, exports to increase moderately by 2.0% month - on - month, and production to decrease by 11% month - on - month to 1.72 million tons [3][4] - USDA: Private exporters reported selling 264,000 tons of soybeans to China and 226,000 tons to unknown destinations for delivery in 2025/2026 [4] - CONAB: Brazil's 2025/26 soybean production is expected to reach 177.1236 million tons, a 3.3% increase year - on - year (5.6431 million tons increase); the sowing area is expected to reach 48.9356 million hectares, a 3.4% increase year - on - year (1.5895 million hectares increase) [4] - IBGE: Brazil's 2025 soybean planting area is expected to be 47.691363 million hectares, unchanged from last month's estimate and a 3.6% increase from last year; the production is estimated to be 165.957783 million tons, unchanged from last month's estimate and a 14.5% increase from last year. Brazil's 2026 agricultural production is estimated to be 218.017021 million tons, a 0.8% increase from 2025. Brazil's 2026 soybean production is estimated to be 167.554994 million tons, a 1.0% increase from 2025 [5] 3.3 Trend Intensity - Palm oil trend intensity: 0; soybean oil trend intensity: 0. The trend intensity ranges from - 2 to 2, with - 2 being most bearish and 2 being most bullish [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The 12 - month USDA report shows stable data for 2025/26 US soybean production, area, and other aspects compared to November estimates [1]. - Global 2025/26 soybean production and ending stocks are slightly higher than November estimates [1]. - US soybean crush capacity has expanded, and analysts expect the US October soybean crush volume to reach a record high [1]. 3. Summary by Related Content 2025/26 US Soybean Information - Production: Estimated at 4253 million bushels, same as November estimate [1]. - Sown area: 81.1 million acres, unchanged from November [1]. - Harvested area: 80.3 million acres, same as November estimate [1]. - Yield: 53 bushels per acre, consistent with November [1]. - Exports: Estimated at 1635 million bushels, unchanged [1]. - Ending stocks: 290 million bushels, same as November [1]. 2025/26 Global Soybean Information - Brazil: Production estimated at 175 million tons, exports at 112.5 million tons, both unchanged from November [1]. - Argentina: Production estimated at 48.5 million tons, exports at 8.25 million tons, unchanged [1]. - China: Imports estimated at 112 million tons, same as November [1]. - Global: Production estimated at 422.54 million tons (up from 421.75 million tons in November), ending stocks at 122.37 million tons (up from 121.99 million tons in November) [1]. Other Information - Unplantable US soybean area: 1.268 million acres in December report, up from 1.262 million acres in September [1]. - US October soybean crush: Analysts expect it to reach a record - high 234.2 million bushels, 8.6% higher than in October 2024 [1]. - US October 31 soybean oil inventory: Based on average of three analysts, estimated at 1717 million pounds, 7.8% higher than in October 2024 [1]. - Brazil December soybean exports: Expected to be 3.33 million tons (up from 2.81 million tons last week) [1]. - Brazil December soybean meal exports: Expected to be 1.83 million tons (up from 1.33 million tons last week) [1]. - Argentina: Reduced soybean export tax from 26% to 24%, and soybean by - product export tax from 24.5% to 22.5% [1]. - Global 2025/26 rapeseed: Production estimated at 95.273 million tons (up 9.274 million tons year - on - year), ending stocks at 12.499 million tons (up 2.649 million tons year - on - year) [1]. Spot Prices | Date | Soybean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | --- | --- | --- | --- | --- | --- | | 2025/12/03 | 3020 | 2510 | 8580 | 8680 | 10000 | | 2025/12/04 | 3020 | 2520 | 8520 | 8620 | 9890 | | 2025/12/05 | 3020 | 2500 | 8540 | 8720 | 9870 | | 2025/12/08 | 3020 | 2500 | 8500 | 8660 | 9760 | | 2025/12/09 | 3000 | 2460 | 8450 | 8570 | 9630 | [2]