Core Viewpoint - The USDA is set to release the February supply and demand report, which is expected to primarily adjust the demand side for South American soybean production, while U.S. soybean supply data is likely to remain unchanged [1] Group 1: South American Soybean Production - The focus of the upcoming report will be on adjustments to South American soybean production, particularly due to weather conditions affecting Brazil and Argentina [2] - Brazil has experienced excessive rainfall and high temperatures in the south, while Argentina's central region faces drought, impacting soybean growth [4] - As of January 24, Brazil's soybean harvest progress for the 2025/2026 season was at 6.6%, higher than the previous week and last year, but slightly below the five-year average [2] - Multiple consulting firms have raised their estimates for Brazil's soybean production to an average of 178 million tons, a 4% increase from the previous year [2] Group 2: U.S. Soybean Balance Sheet - The January report indicated a reduction in U.S. soybean exports by 1.46 million tons to 42.86 million tons, but no further adjustments are expected in the February report [3] - The U.S. soybean balance sheet is anticipated to show minimal changes in the upcoming report, as the market awaits further sales data [3] Group 3: Argentina's Weather Issues - Argentina's central soybean-producing region has faced uneven rainfall and drought since December 2025, with 20% of soybean fields experiencing drought conditions [4] - Current estimates for Argentina's soybean production have been lowered by 2 million tons to 47 million tons, raising concerns about potential further reductions [4] - Argentina's soybean production accounts for about 10% of global output, and its export volumes are significantly lower than those of the U.S. and Brazil [4] Group 4: Market Expectations and Forecasts - Analysts expect Brazil's soybean production to exceed 180 million tons, which may limit price increases [8] - The USDA's February report is projected to show global soybean ending stocks at 125.3 million tons, with a range between 121.8 million and 127 million tons [11] - The U.S. soybean ending stocks for the 2025/26 season are estimated at 347 million bushels, with a range between 265 million and 375 million bushels [13]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Overnight US soybeans closed lower, and the Dalian soybean meal futures may follow the adjustment. The spot price of soybeans is stable with a slight upward trend, and the futures price is in an adjustment and oscillation state [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: The closing price of DCE soybean 2605 during the day session was 4384 yuan/ton, up 27 yuan (+0.62%), and at night it was 4364 yuan/ton, down 31 yuan (-0.71%); DCE soybean meal 2605 closed at 2769 yuan/ton during the day session, up 10 yuan (+0.36%), and at night it was 2768 yuan/ton, up 2 yuan (+0.07%); CBOT soybean 03 closed at 1060 cents/bushel, down 7.5 cents (-0.70%); CBOT soybean meal 03 closed at 294 dollars/short ton, down 6.1 dollars (-2.03%) [1]. - **Spot Prices**: In Shandong, the spot price of soybean meal (43%) was 3095 - 3150 yuan/ton, with different premiums over the futures contract M2605; in East China, it was 3050 - 3150 yuan/ton; in South China, it was 3130 - 3200 yuan/ton, with some price adjustments compared to the previous day [1]. - **Industrial Data**: The trading volume of soybean meal was 13.93 million tons per day, and the previous trading day's volume was 11.45 million tons. The inventory was 94.41 million tons per week [1]. 3.2 Macro and Industry News - On January 26, CBOT soybean futures closed lower. The benchmark contract dropped 0.7% from a multi - week high, mainly due to the upward adjustment of Brazil's soybean production forecast and concerns about China's future purchases. AgRural raised its 2025/26 Brazilian soybean production forecast by 600,000 tons to 181 million tons. As of last Thursday, 4.9% of Brazil's soybean harvest was completed, higher than 3.9% in the same period last year. Analysts said that China has fulfilled its 12 - million - ton US soybean purchase commitment, but the shipping speed is still slow. With the harvest and listing of new Brazilian soybeans, China may turn to Brazilian soybeans [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is - 1, and that of soybeans is 0, mainly referring to the price fluctuations of the main contract during the day session on the reporting day [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The U.S. soybean export inspection volume in the week ending January 22, 2026, was 1,324,408 tons, meeting market expectations, with 67.76% shipped to China. The cumulative export inspection volume this crop - year is 20,668,363 tons, lower than the same period last year [1]. - Brazil exported 1,521,682.57 tons of soybeans in the first four weeks of January 2026, with a 96% increase in the daily average export volume compared to January last year. Multiple institutions have raised Brazil's 2025/26 soybean production forecast, but the high - temperature and dry weather in Rio Grande do Sul needs attention [1]. - Argentina's 2025/26 soybean planting area is estimated at 17.4 million hectares, a 3.3% decrease from the previous year [1]. - Malaysia's palm oil export volume from January 1 - 25, 2026, increased compared to the same period last month, while the production from January 1 - 20 and January 1 - 25 decreased compared to the previous month [1]. 3. Summary by Relevant Catalogs Overnight Market Information - U.S. soybean export inspection volume in the week ending January 22, 2026, was 1,324,408 tons, within the market forecast range of 900,000 - 1,550,000 tons. The volume to China was 897,459 tons, accounting for 67.76% of the total. The cumulative export inspection volume this crop - year is 20,668,363 tons, compared to 33,052,451 tons in the same period last year [1]. - Brazil exported 1,521,682.57 tons of soybeans in the first four weeks of January 2026, with a daily average of 95,105.16 tons, a 96% increase from January last year's daily average of 48,598.48 tons [1]. - AgRural raised Brazil's 2025/26 soybean production forecast to 181 million tons from 180.4 million tons, with 4.9% of the harvest completed, higher than the previous week and the same period last year [1]. - Hedgepoint Global Markets raised Brazil's 2025/26 soybean production forecast to 179.5 million tons from 178 million tons due to favorable weather conditions [1]. - Argentina's 2025/26 soybean planting area is estimated at 17.4 million hectares, a 3.3% decrease from the previous year [1]. - Malaysia's palm oil export volume from January 1 - 25, 2026, increased by 9.97% (ITS data) and 7.97% (AmSpec data) compared to the same period last month. The production from January 1 - 20 decreased by 14.43% (MPOA data), and from January 1 - 25 decreased by 14.81% (SPPOMA data) [1]. Spot Prices - The 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 20 - 26, 2026, are presented in a table [5]. Other Sections - There are also sections about "Oil Basis", "Oil and Oilseed Futures Spread", "Oil Import Profit", and "Protein Meal Basis", but no specific content is provided in the given text [8][10][12]

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].