1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Brazil's 2025/26 soybean harvest progress is faster than last year, with a national harvest rate of 16.55% and Mato Grosso state reaching 39.61% as of February 6, but there are regional differences in progress [1] - Despite slow farmer sales, Brazil's soybean exports in February 2026 are expected to soar, with an estimated 1 - 2 month export volume of 14 million tons and a projected annual export of 112 million tons [1] - Canada's rapeseed inventory increased by 18.1% year - on - year to 15.6 million tons as of December 31, 2025, while exports decreased by 36.1% to 2.8 million tons [1] - Malaysia's palm oil production from February 1 - 5, 2026, increased by 7.65% month - on - month [1] 3. Summary by Related Catalogs Overnight Market Information - Brazil's 2025/26 soybean harvest rate is 16.55%, higher than 9.84% last year, with good yield in most regions but harvest in the central - north and Parana state being affected [1] - Mato Grosso's 2025/26 soybean harvest rate reached 39.61% as of February 6, far higher than last year and the five - year average, with a 14.64 - percentage - point increase this week [1] - Brazil's soybean exports in February 2026 are expected to increase. Although farmer sales are slow, the 1 - 2 month export volume may reach 14 million tons, and the annual export is expected to be 112 million tons. The current sales rate is lower than the historical average [1] - Canada's rapeseed inventory increased by 18.1% year - on - year to 15.6 million tons as of December 31, 2025, mainly due to a 21.2% increase in farm inventory. Exports decreased by 36.1% to 2.8 million tons, likely due to Chinese tariffs [1] - Malaysia's palm oil production from February 1 - 5, 2026, increased by 7.65% month - on - month, with a 5.71% increase in fresh fruit bunch yield and a 0.37% increase in oil extraction rate [1] Spot Prices - Spot prices of soymeal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from February 2 - 6, 2026, are provided, with price fluctuations during this period [2] Other Information - Information on main - producing country precipitation, imported soybean crushing profit, and grease import profit is mentioned, but no specific data is provided [1] - Information on grease basis, grease - oilseed price difference, and protein meal basis is mentioned, but no specific data is provided [6][8][12]

Group 1: Report Core View - From January 22 - 29, US soybean export sales net increase was 43.74 million tons, in line with expectations; export shipments were 138.77 million tons, up 9% from the previous week and 4% from the four - week average; new sales for the current market year were 44.46 million tons, and 0.04 million tons for the next market year [1] - From January 22 - 29, US soybean meal export sales net increase was 38.03 million tons, in line with expectations; export shipments were 30.78 million tons, down 7% from the previous week and 24% from the four - week average; new sales for the current market year were 42.35 million tons, and 0 for the next market year [1] - Anec forecasts Brazil's soybean exports in February to be 11.42 billion tons, a significant increase from 9.73 billion tons in the same period last year; soybean meal exports are expected to be 1.63 billion tons, compared to 1.5 billion tons last year [1] - Secex data shows Brazil exported 1,876,531.75 tons of soybeans in January, a 75.51% increase year - on - year [1] - MPOA data indicates Malaysia's crude palm oil production in January decreased 14.03% month - on - month to 1.57 billion tons [1] - Analysts estimate Canada's rapeseed inventory as of December 31, 2025, to be 15.758 billion tons, up from 13.223 billion tons at the end of 2024 [1] Group 2: Spot Price - 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 30 to February 5, 2026, are presented in a table [2] Group 3: Others - There are mentions of protein meal basis, grease basis, and grease and oil futures price spreads, but no specific data is provided [2][5][9]

Group 1: Report's Investment Rating - No relevant information provided Group 2: Core Viewpoints - Before the USDA's February agricultural product supply - demand report, analysts made various predictions about soybean production and inventory in 2025 - 26, including those of the US, Brazil, and Argentina, as well as global soybean inventory [1]. - In the week ending January 29, US soybean, soybean meal, and soybean oil export sales are expected to increase within certain ranges [1]. - Malaysia's palm oil inventory is expected to end ten consecutive months of increase in January due to decreased production and increased exports [1]. Group 3: Summary by Related Content Soybean Production and Inventory Forecast - The average forecast for the US 2025 - 26 soybean year - end inventory is 347 million bushels, with a forecast range of 265 - 375 million bushels, compared to the 350 million bushels predicted in the January report [1]. - The average forecast for Brazil's 2025 - 26 soybean production is 179.39 million tons, with a forecast range of 178 - 181.6 million tons, compared to 178 million tons in the January report [1]. - The average forecast for Argentina's 2025 - 26 soybean production is 48.38 million tons, with a forecast range of 47 - 50.5 million tons, compared to 48.5 million tons in the January report [1]. - The average forecast for the global 2025 - 26 soybean year - end inventory is 125.3 million tons, with a forecast range of 121.8 - 127 million tons, compared to 124.41 million tons in the January report [1]. US Soybean, Soybean Meal, and Soybean Oil Export Sales Forecast - As of the week ending January 29, US soybean export sales are expected to increase by 40 - 165 million tons, with the current market year expected to increase by 40 - 160 million tons and the next market year by 0 - 5 million tons [1]. - US soybean meal export sales are expected to increase by 25 - 50 million tons, all in the current market year [1]. - US soybean oil export sales are expected to increase by 0 - 2.5 million tons, all in the current market year [1]. Malaysia Palm Oil Situation - Malaysia's palm oil inventory is expected to drop to 2.91 million tons in January, a 4.64% decrease from December [1]. - Palm oil production is expected to drop 12% to 1.61 million tons, the third consecutive month of decline but still possibly the highest January production since 2019 [1]. - Palm oil product exports are expected to increase 7.48% to 1.42 million tons, the second consecutive month of growth [1]. Price and Basis Information - The report provides historical data on import crushing profits of Brazilian soybeans, import profits of various oils, spot prices of oils and meals, basis of protein meals, basis of oils, and various price spreads in the oil and oilseed market [1].

Group 1: Report Core View - As of January 10, 2026, Brazil's soybean harvest rate was 0.6%. The dry weather in the next two weeks is conducive to the harvest, and the expected shipment volume in January is higher than last year [8]. - As of January 14, Argentina's soybean sowing progress was 93.9%, slightly behind last year. The proportion of good - rated soybean crops was 60%. The dry weather since January has led to a decline in the excellent - good rate, and the dry weather will continue in the next two weeks [8]. - Domestic soybean and soybean meal inventories are still high, and the de - stocking speed is expected to accelerate before the Spring Festival. Feed enterprises' soybean meal inventory has increased slightly, and the far - month trading volume of soybean meal has increased recently. The提货 performance is normal. Due to the price drop of rapeseed meal caused by the easing of China - Canada relations, the feeding cost - effectiveness of soybean meal has decreased [8]. - Overall, as Brazil's harvest progresses, the Brazilian QR premium is expected to reflect the selling pressure of soybean production. Pay attention to the subsequent weather in Argentina. The NO5 is expected to fluctuate weakly in the short term [8]. Group 2: Market Data Spot Basis - For 43% soybean meal spot basis (against the main contract): In Dalian, it was 493; in Tianjin, 433; in Zhangjiagang, 373; in Dongguan, 373; in Zhanjiang, 423; in Fangcheng, 433. The rapeseed meal spot basis in Guangdong was 193, with a change of 36 [4]. Spread Data - The spot spread between soybean meal and rapeseed meal in Guangdong was 600, and the spread of the main contract was 506 [10]. Inventory and Supply - related Data - The inventory data includes China's port soybean inventory, feed enterprises' soybean meal inventory days, national major oil mills' soybean inventory, and national major oil mills' soybean meal inventory [5][6][9][10]. - The开机 and压榨 situation includes national major oil mills' soybean crushing volume, national major oil mills' startup rate, and downstream提货 volume [7]. International Data - The 2025 soybean CNF premium chart for continuous months and the 2025 imported soybean's gross profit per ton are presented, with details of premiums and exchange rates [10].

1. Report Industry Investment Ratings - The investment rating for the soybean meal industry is cautiously bearish [4] - The investment rating for the corn industry is neutral [6] 2. Core Views - For the soybean meal market, although the current port inventory is high and the overall supply is sufficient, the market is still worried about the soybean arrival in the first quarter. Coupled with the recent general rise in commodities, the soybean meal price has been running strongly recently. However, the supply pressure brought by the bumper harvest of Brazilian soybeans in the future is the most important influencing factor, and attention should be paid to the growth of Brazilian soybeans and USDA reports [3] - For the corn market, the inventories of deep - processing and feed enterprises are gradually increasing and are currently mainly purchasing on demand, but they are still lower than the historical average. With the approaching of the Spring Festival, there will still be certain stocking needs in the future. Attention should be paid to spot purchase and sales, imports, and grain auctions [5] 3. Summary by Related Catalogs 3.1 Soybean Meal and Rapeseed Meal Market News and Important Data - Futures: The closing price of the soybean meal 2605 contract was 2761 yuan/ton, down 29 yuan/ton or 1.04% from the previous day; the closing price of the rapeseed meal 2605 contract was 2314 yuan/ton, down 16 yuan/ton or 0.69% from the previous day [1] - Spot: In Tianjin, the soybean meal spot price was 3170 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 3080 yuan/ton, down 10 yuan/ton; in Guangdong, it was 3100 yuan/ton, down 20 yuan/ton. In Fujian, the rapeseed meal spot price was 2530 yuan/ton, down 30 yuan/ton [1] - Market Information: Brazil exported 646,000 tons of soybeans in the first two weeks of January, with a daily average export volume of 108,000 tons, a 121% increase from the daily average in January last year. As of last Thursday, the harvest progress of Brazilian soybeans in the 2025/26 season was 0.6%, exceeding 0.3% in the same period last year. The US soybean export inspection volume in the week ending January 8, 2026, was 1.53 million tons, higher than the market expectation of 800,000 - 1.275 million tons. The US soybean inventory in the quarter ending December 1, 2025, was 3.29 billion bushels, a 6% increase from the same period in 2024 [2] Market Analysis - The current high port inventory and sufficient supply, along with concerns about the first - quarter soybean arrival and the general rise in commodities, have led to a recent strong performance in soybean meal prices. However, the future supply pressure from the bumper harvest of Brazilian soybeans is the key factor [3] Strategy - Cautiously bearish [4] 3.2 Corn and Corn Starch Market News and Important Data - Futures: The closing price of the corn 2603 contract was 2284 yuan/ton, down 6 yuan/ton or 0.26% from the previous day; the closing price of the corn starch 2603 contract was 2561 yuan/ton, down 5 yuan/ton or 0.19% from the previous day [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2620 yuan/ton, unchanged from the previous day [4] - Market Information: Brazil exported 1.674 million tons of corn in the first two weeks of January, with a daily average export volume of 279,000 tons, a 71% increase from the daily average in January last year. The US corn export inspection volume in the week ending January 8, 2026, was 1.49 million tons, within the market expectation of 900,000 - 1.575 million tons. The US corn inventory in the quarter ending December 1, 2025, was 13.282 billion bushels, a 10% increase from the same period in 2024 [4] Market Analysis - The inventories of deep - processing and feed enterprises are gradually increasing and are currently purchasing on demand, but they are still lower than the historical average. With the approaching Spring Festival, there will be stocking needs, and attention should be paid to spot purchase and sales, imports, and grain auctions [5] Strategy - Neutral [6]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report presents the latest data and trends in the global oilseeds and oils market, including soybean, palm oil, and rapeseed. There are changes in production, inventory, and export data of major countries, which will have an impact on the market supply and demand situation [1]. 3. Summary by Relevant Catalogs 3.1 2025/26 Annual US Soybean Information - The estimated ending inventory of US soybeans in 2025/26 is 350 million bushels, up from 290 million bushels in December [1]. - The estimated planted area is 81.2 million acres, and the harvested area is 80.4 million acres, both slightly increased compared to December [1]. - The estimated yield per acre is 53 bushels, the same as in December [1]. - The estimated production is 4.262 billion bushels, up from 4.253 billion bushels in December [1]. - The estimated export volume is 1.575 billion bushels, down from 1.635 billion bushels in December [1]. 3.2 2025/26 Annual Global Soybean Information - Brazil's estimated soybean production in 2025/26 is 178 million tons, up from 175 million tons in December, and the estimated export volume is 114 million tons, up from 112.5 million tons in December [1]. - Argentina's estimated soybean production is 48.5 million tons, and the estimated export volume is 8.25 million tons, both unchanged from December [1]. - China's estimated soybean import volume is 112 million tons, unchanged from December [1]. - The global estimated soybean production is 425.68 million tons, up from 422.54 million tons in December, and the estimated ending inventory is 124.41 million tons, up from 122.37 million tons in December [1]. 3.3 US Soybean Inventory on December 1, 2025 - The total soybean inventory in the US on December 1, 2025, was 3.29 billion bushels, a 6% increase from 3.1 billion bushels on December 1, 2024 [1]. - The on - farm inventory was 1.576 billion bushels, a 2% increase from the previous year, and the off - farm inventory was 1.714 billion bushels, a 10% increase from the previous year [1]. - The apparent consumption of soybeans from September to November 2025 was 1.3 billion bushels, a 20% decrease from the previous year [1]. 3.4 US Soybean Export Inspection Volume - As of the week ending January 8, 2026, the US soybean export inspection volume was 1,529,707 tons, higher than the market expectation of 800,000 - 1,275,000 tons [1]. - The export inspection volume to the Chinese mainland was 901,118 tons, accounting for 58.91% of the total [1]. - So far this crop year, the cumulative US soybean export inspection volume is 17,934,546 tons, compared with 31,324,934 tons in the same period of the previous year [1]. 3.5 Brazil's Soybean Harvest and Export - As of last Thursday, Brazil's 2025/26 soybean harvest rate was 0.6%, better than 0.3% in the same period of the previous year [1]. - Brazil exported 645,737.53 tons of soybeans in the first two weeks of January, with an average daily export volume of 107,622.92 tons, a 121% increase from the average daily export volume in January of the previous year [1]. 3.6 Malaysia's Palm Oil Situation - From January 1 - 10, 2026, Malaysia's palm oil export volume increased by 18% compared to the same period of the previous month, while the production decreased by 20.49% [1]. - Malaysia's palm oil inventory at the end of December 2025 soared to a nearly seven - year high, reaching 3.05 million tons, a 7.58% increase from the previous month [1]. - The palm oil production in December decreased by 5.46% to 1.83 million tons, but it was still the highest output in December in eight years [1]. - The palm oil export in December increased by 8.52% to 1.32 million tons, reversing the decline of the previous month [1]. 3.7 Global Rapeseed Situation - The estimated global rapeseed production in 2025/26 is 95.172 million tons, an increase of 9.174 million tons year - on - year, and the estimated ending inventory is 12.184 million tons, an increase of 2.384 million tons year - on - year [1]. - The estimated global rapeseed oil production is 35.65 million tons, an increase of 1.482 million tons year - on - year, and the estimated ending inventory is 3.299 million tons, an increase of 0.09 million tons year - on - year [1]. - The estimated global rapeseed meal production is 50.912 million tons, an increase of 1.846 million tons year - on - year, and the estimated ending inventory is 1.561 million tons, an increase of 0.125 million tons year - on - year [1]. - Canada's estimated rapeseed export volume in 2025/26 is 7.2 million tons, a decrease of 2.131 million tons year - on - year; the rapeseed oil export volume is 3.375 million tons, an increase of 0.035 million tons year - on - year; the rapeseed meal export volume is 5.6 million tons, a decrease of 0.199 million tons year - on - year [1]. 3.8 Spot Prices - From January 6 - 12, 2026, 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 fluctuated [2][3].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - There are multiple updates on the soybean and palm oil markets, including export sales, harvest progress, and inventory levels [1]. 3) Summary by Related Catalogs Soybean - A private exporter reported the sale of 198,000 tons of soybeans for the 2025/2026 market year to an unknown destination [1]. - Brazilian farmers have harvested 0.53% of the 2025/26 soybean crop, compared to 0.05% last year and a five - year average of 0.39% [1]. - In Brazil's Mato Grosso state, the 2025/26 soybean harvest started slightly earlier, with 1.98% of the total area harvested as of Friday, up 1.28 percentage points from 2025 and ahead of the historical average of 1.09% [1]. - On January 13, 2026, the National Grain and Material Reserves Bureau's Grain Trading Coordination Center will organize a competitive trading of imported soybeans, with a quantity of 1.1396 million tons at 13:30 [1]. Palm Oil - Malaysia's palm oil exports from January 1 - 10 were 504,400 tons, a 29.2% increase from the same period last month [1]. - A survey shows that Malaysia's palm oil inventory at the end of December was 2.97 million tons, the highest since January 2019. December production is expected to decline 8.7% month - on - month to 1.77 million tons, while exports are expected to increase 2.9% month - on - month to 1.245 million tons [1]. Spot Prices - Spot prices of various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from January 5 - 9, 2026 are provided [6].

Market Performance - On the last trading day before the holiday, the Dalian japonica rice futures showed a strong performance, with the main contract slightly increasing by 0.30% to 3618.00 yuan/ton [1] Market News - According to the USDA, as of the week ending December 18, net sales of corn for the 2025/2026 marketing year were 2.202 million tons, up from 1.744 million tons the previous week; for the 2026/2027 marketing year, net sales were 21,000 tons, compared to 0 tons the prior week; corn export shipments for 2025/2026 reached 1.759 million tons, an increase from 1.446 million tons the week before [1] - The Algerian Ministry of Agriculture announced plans to import 1.15 million tons of feed corn by the end of February 2026 due to domestic supply shortages, aiming to establish a national feed corn inventory to ensure stable supply and market stability [1] - The Brazilian National Association of Grain Exporters (ANEC) projected that Brazil's corn exports in December would be 3.52 million tons, down from the previous week's estimate of 6.35 million tons [1]

Group 1: Overseas Market Insights - Brazil's soybean planting is nearing completion, with a progress rate of 94.1% as of December 13, slightly below last year's 96.8% but significantly above the 5-year average of 90.6%. The expected soybean production for the 2025/2026 season is projected to reach a record high of 177 million tons, a 3.3% increase year-on-year [1][8] - In Argentina, soybean planting has accelerated, reaching 58.6% as of December 10, an increase of 13.9 percentage points from the previous week, surpassing the 5-year average of 54.9%. The USDA maintains a production estimate of 48.5 million tons for Argentine soybeans [2][9] - The U.S. soybean sales for the 2025/2026 season are significantly lagging behind last year, with cumulative sales of 20.72 million tons as of November 20, a 38.4% year-on-year decline [2][9] Group 2: Domestic Market Conditions - China's soybean imports from January to November 2025 have exceeded 100 million tons, with a year-on-year increase of 6.9%. Despite high import levels, tightened customs inspection policies have extended the release cycle for imported soybeans, alleviating short-term supply pressures [3][10] - Domestic soybean oil inventory has risen to 1.13 million tons as of December 9, the highest level for this time of year in nearly seven years. However, the current price gap between soybean and palm oil remains inverted, and the demand for soybean oil is expected to remain high during the traditional consumption peak in Q4 [4][11] - The soybean crushing volume in major Chinese oil mills was 9.01 million tons in November, an increase of 830,000 tons year-on-year, with expectations of around 8.7 million tons for December. High crushing rates are leading to elevated soybean oil production, raising concerns about the rapid depletion of soybean oil inventories [3][10] Group 3: Palm Oil Market Dynamics - Malaysia's palm oil production in November was 1.94 million tons, a 5.3% month-on-month decline but still the highest for this period in six years. Exports fell sharply to 1.21 million tons, a 28.13% decrease, leading to a significant increase in palm oil inventory to 2.84 million tons, the highest since March 2019 [6][12] - The palm oil market is facing supply and demand imbalances, with expectations of further inventory increases in December, potentially exceeding 2.9 million tons, which may continue to suppress palm oil prices [6][12]

Group 1: Oilseeds and Oils - Domestic oilseeds and oils are experiencing strong performance driven by domestic supply disruptions, with soybean customs inspection times extended to over 20 days, facilitating faster domestic inventory reduction [2][11] - The state reserve soybean auction had a transaction rate of over 70%, indicating good sales performance, which has strengthened soybean meal basis and market prices [2][11] - Concerns over future supply arose due to issues with canola oil customs clearance, although the overall trend for canola oil supply remains unaffected [2][11] Group 2: International Market Dynamics - China continues to purchase U.S. soybeans, with the USDA reporting large sales, although there is still a significant gap in scale and targets [3][12] - Brazil's soybean planting is complete, with favorable weather conditions supporting crop growth, leading to maintained expectations of high yields [3][12] - The palm oil market is under pressure with Malaysian palm oil inventories rising to over 2.8 million tons, and export data indicating a decrease in exports and an increase in production [3][12] Group 3: Egg Market - Short-term bullish factors for eggs are limited, with futures prices experiencing a pullback due to insufficient supply-side improvements [5][14] - The average price of brown-shelled eggs in China is 3.09 yuan per jin, reflecting a slight increase, but overall price increases are limited due to ample supply [5][14] - The market is expected to see a slow decline in production capacity, with ongoing monitoring of breeding and culling intentions impacting future supply [5][15] Group 4: Corn Market - The corn market is showing a near-term strong and long-term weak price trend, with U.S. corn export forecasts being adjusted positively by the USDA [6][16] - Domestic corn prices have increased to an average of 2,321 yuan per ton, up 26 yuan from the previous week, although some regional prices have seen slight declines [6][17] - The market is experiencing a dynamic balance between supply and demand, with feed enterprises maintaining a cautious purchasing stance due to high inventory levels [6][17] Group 5: Pork Market - The pork market is under pressure with near-month contracts hitting new lows, while long-term contracts show a potential for upward movement due to disease and policy factors [8][18] - The average price of live pigs in China is 11.19 yuan per kilogram, reflecting a decrease from the previous week and a significant year-on-year decline [8][18] - The market is characterized by a supply-demand tug-of-war, with expectations of weak price trends in the near term [8][18]