Group 1: Industry Investment Rating - No information provided Group 2: Core Views - Safras&Mercado lowered Brazil's 2025/26 soybean production forecast to 178.76 million tons, a reduction of over 2 million tons from the September prediction, but still a 4% increase from the previous year [1] - The decrease in production forecast is mainly due to lower yields in the Matopiba soybean - growing region in north - central Brazil, affected by irregular rainfall and delayed sowing [1] - Despite the adjustment, 2026 is expected to have a record soybean harvest, and the planting area is projected to increase by 1.4% to 48.31 million hectares [1] - On November 19, 2025, private exporters reported selling 330,000 tons of soybeans to China for the 2025/2026 market year [1] Group 3: Summary by Related Catalogs Overnight Market Information - Safras&Mercado adjusted Brazil's 2025/26 soybean production forecast due to irregular rainfall and adverse weather conditions in some regions, with the yield in Tocantins dropping from 3,800 kg/ha to 3,660 kg/ha, and Paraná's production forecast adjusted to 21.7 million tons [1] - Private exporters reported selling 330,000 tons of soybeans to China for the 2025/2026 market year [1] Spot Prices - From November 13 - 19, 2025, the spot prices of soymeal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu fluctuated [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The Brazilian soybean production in 2025 is expected to increase, while the US soybean crushing volume in March was lower than expected, and the Malaysian palm oil exports from April 1 - 15 increased [1][2]. 3) Summary by Related Contents Brazil Soybean - IBGE estimates Brazil's 2025 soybean production at 164.26 million tons, a 13.3% increase from the previous year, with a planting area of 47.362525 million hectares, a 2.9% increase from the previous month's estimate and unchanged from the previous year [1]. - Conab reports that as of April 13, the 2024/25 soybean harvest rate in Brazil reached 88.3%, 3 percentage points higher than the previous week, 5.2 percentage points faster than the same period last year, and 0.9 percentage points faster than the five - year average [1]. US Soybean - NOPA reports that the US soybean crushing volume in March was 194.551 million bushels, a 9.4% increase from February but a 0.9% decrease from March 2024, and lower than analysts' estimates [1]. - The daily average soybean crushing volume in March was 6.276 million bushels, the lowest since September [1]. - As of March 31, NOPA member units' soybean oil inventory was 1.498 billion pounds, a 0.2% decrease from the end of February and a 19.1% decrease from the same period last year, also lower than analysts' estimates [1]. Malaysian Palm Oil - SGS data shows that Malaysia's palm oil product exports from April 1 - 15, 2025, were 376,584 tons, a 7.05% increase from the same period of the previous month [1][2]. 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 April 10 - 16, 2025, are provided [7].