Group 1: Report Summary - The report is an oil and meal daily report released by Guantong Futures on March 16, 2026, focusing on the soybean meal and oil markets [1]. Group 2: Soybean Meal - Marex reported that this week's Brazilian soybean sales to China dropped to only five vessels, even lower than the six - vessel level during the usually quiet Spring Festival. Sales this week dropped about four - fold compared to last week, with about 1.5 million tons sold this Friday (March 13) compared to about 6 million tons last week [1]. - The sharp decline reflects the impact of the change in inspection procedures for grain shipments to China by the Brazilian Ministry of Agriculture. The Brazilian government is sending an official to China to discuss inspection procedures and phytosanitary regulations [1]. - CONAB's sixth survey of the year predicts Brazil's 2025/26 soybean production at a record 177.847 million tons, down 1.38 million tons from last month's forecast, but up 3.7% from last year [2]. - The soybean planting area is 48.435 million hectares, slightly higher than last month's prediction, and up 2.3% year - on - year. The expected yield per hectare is 3,672 kg, down from last month's prediction and up 1.4% year - on - year [2]. - Brazil temporarily canceled a quarantine measure, allowing soybean loading to resume. After last week's high, the market has fallen but the issue is unresolved, and the premium remains. Short - term high - level fluctuations are expected [2]. Group 3: Oils - According to AmSpec, Malaysia's palm oil exports from March 1 - 15 were 921,606 tons, a 56.89% increase from the same period last month [2]. - Indonesia's president called on coal, crude palm oil and derivative producers and distributors to prioritize domestic demand before exporting, and the government will implement stricter export controls. The DMO obligation for Indonesian palm oil since August 2024 has been 250,000 tons per month [3]. - With the rise in crude oil prices, bio - fuel policies in Indonesia (B50) and the US are pending. Short - term oil prices are expected to remain strong, but the Middle - East situation at the end of the month should be watched [3].

Report Industry Investment Rating - The investment rating for the palm oil industry is neutral [3] Core Viewpoints - The under - expected palm oil production in both Malaysia and Indonesia has supported the price increase of palm oil, but attention should be paid to whether the export demand can sustain the current price [4] - As of August 8, 2025, South American soybean prices strengthened on a weekly basis, while those in the US Gulf were weak, and rapeseed prices in many regions declined [7] - As of August 8, 2025, Argentine soybean oil prices dropped by over $50/ton on a weekly basis, and US Gulf soybean oil prices fell by $41/ton, while Malaysian and Indonesian palm oil prices rose slightly [10] Summary by Related Catalogs Supply - side Information - In July, Malaysian palm oil production increased by 7.09% month - on - month to 1.812417 million tons, lower than the institutional estimate of 1.83 million tons. Exports increased by 3.82% month - on - month to 1.31 million tons, higher than the estimate of 1.3 million tons. End - of - July inventory reached 2.11 million tons, lower than the estimate of 2.23 - 2.25 million tons [3] - In July, rainfall in many parts of Malaysia was lower than normal, and the oil extraction rate of palm fruit decreased instead of increasing [3] Price Information - The price difference between Argentine soybean oil and Indonesian crude palm oil was - $10/ton, compared with $51.5/ton the previous week, lower than the historical average of $124.4/ton [19] - The price difference between Indian port soybean oil and crude palm oil was $28/ton, lower than $67/ton the previous week. The price difference between crude sunflower oil and crude palm oil was $18/ton, compared with $115/ton the previous week. The price difference between refined soybean oil and refined palm oil was $23/ton, compared with $54/ton the previous week [24] Purchase and Demand Information - There were no reports of palm oil purchases last week [26] - Last week, domestic buyers purchased 3000 tons each of Dubai rapeseed oil for the October/November shipment, and there were rumors that domestic oil mills purchased rapeseed for the September shipment [33] - Last week, far - month soybean oil transactions remained high, especially against the backdrop of domestic non - procurement of US soybeans [127] Profit and Margin Information - Subsidies decreased, and processing and blending losses increased [120] - European RME prices weakened, but European rapeseed oil prices declined more, and RME processing profit remained at the average level [123] - Palm oil and rapeseed oil basis were stable, while soybean oil basis weakened again [131] Balance Sheet Information - The report provides monthly balance sheets for various oils, including overall oils, rapeseed oil, and palm oil, covering data from 2024 to 2025, showing information on beginning inventory, production, imports, total supply, exports, demand, end - inventory, inventory changes, inventory - to - consumption ratios, and surplus amounts [146]