Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View - The US soybean and soybean meal export sales and shipment data for the week ending January 22 showed mixed performance, with soybean exports decreasing and soybean meal exports increasing. The expected US soybean crush volume in December is likely to reach a high level due to increased demand for soybean oil in biofuel production [1] 3. Summary by Relevant Catalog Overnight Market Information - US Soybean Export Sales - For the week ending January 22, US current - market - year soybean export sales net increased by 81.90 million tons, down 67% from the previous week and 50% from the four - week average, meeting the market's expected range of 40.0 - 180.0 million tons. The export shipment was 126.96 million tons, down 5% from the previous week and 4% from the four - week average. The current - market - year new sales were 82.98 million tons, and next - market - year new sales were 0 tons [1] Overnight Market Information - US Soybean Meal Export Sales - For the week ending January 22, US current - market - year soybean meal export sales net increased by 46.43 million tons, up 13% from the previous week and 82% from the four - week average, within the market's expected range of 22.5 - 50.0 million tons. The export shipment was 33.06 million tons, down 32% from the previous week and 15% from the four - week average. The current - market - year new sales were 46.82 million tons, and next - market - year new sales were 0.01 million tons [1] Overnight Market Information - US Soybean Crush Volume Forecast - Before the USDA's monthly report, analysts expected the US soybean crush volume in December to be 6.914 million short tons (about 230.4 million bushels). If realized, it would be 5.9% higher than November 2024's 217.7 million bushels and 4.5% higher than November's 220.5 million bushels, reaching the second - highest monthly crush record. The forecast range was 227 - 234.5 million bushels, with a median of 230 million bushels [1] Overnight Market Information - US Soybean Oil Inventory Forecast - A survey of four industry analysts showed that as of December 31, US soybean oil inventory was expected to be 2.279 billion pounds, with a forecast range of 2.25 - 2.3 billion pounds and a median of 2.283 billion pounds [1] Spot Price - From January 23 to January 29, 2026, the spot prices of bean粕 in Jiangsu remained at 3070, while the prices of菜粕 in Guangdong increased from 2390 to 2480,豆油 in Jiangsu increased from 8570 to 8790,棕榈油 in Guangzhou increased from 8880 to 9310, and菜油 in Jiangsu increased from 9810 to 10240 [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The USDA January supply - demand report maintained the 2025/26 US soybean yield at 53 bushels per acre, higher than market expectations. It further reduced US soybean exports to 1.575 billion bushels and raised the global soybean ending inventory to 124.11 million tons, which is bearish. The US soybean quarterly stocks report also showed that the December quarterly inventory was 3.29 billion bushels, higher than expected and bearish. With no significant weather - driven speculation in South America in the short term, and Brazil starting harvest, the impact of January harvest selling pressure on Brazilian CNF premiums should be monitored. The domestic market is expected to oscillate weakly. The recent full - premium auction of imported soybeans reflects the market's expectation of a soybean shortage in March, but the large auction volume will supplement the domestic soybean supply in Q1 [9][10]. 3. Summary by Relevant Categories 3.1 Basis Data - On January 13th, the basis of the soybean meal main contract in Zhangjiagang was 379, up 19; the 43% soybean meal spot basis against the main contract in Rizhao was 399, up 29; in Tianjin was 439, up 29; in Dongguan was 359, up 9; in Zhanjiang was 419, up 29; in Fangcheng was 419, up 19; the rapeseed meal spot basis in Guangdong was 90; M3 - 2 was 356, up 29 [6]. 3.2 Inventory and Production - related Data - Data on China's port soybean inventory, national major oil mills' soybean meal inventory, feed enterprises' soybean meal inventory days, national major oil mills' soybean crushing volume, and national major oil mills' operating rate are presented in the form of historical trend charts from 2018 - 2025 [7][8]. 3.3 Spread and International Data - Spread data includes RM1 - 5, the spot spread of soybean meal - rapeseed meal in Guangdong, and the futures spread of soybean meal - rapeseed meal in the main contract. International data shows the 2025 Brazilian soybean CNF premium trend chart and the 2025 imported soybean futures gross margin [12].

Core Viewpoint - The Chicago Board of Trade (CBOT) soybean oil futures prices experienced slight fluctuations, with a current price of 49.34 cents per pound, reflecting a 0.04% increase from the opening price [1] Group 1: Soybean Oil Futures Market Overview - On January 2, CBOT soybean oil futures opened at 48.48 cents, reached a high of 49.30 cents, a low of 48.26 cents, and closed at 49.24 cents, marking a 1.25% increase [1] - The highest price during the current trading session was 49.43 cents, while the lowest was 49.28 cents [1] Group 2: USDA Report Insights - The USDA's monthly oilseed report indicates that the U.S. soybean crush for November 2025 is projected at 6.62 million tons (221 million bushels), down from 7.09 million tons (236 million bushels) in October [1] - Notably, soybean oil stocks surged to 1.697 billion pounds, representing a 25% month-over-month increase [1] Group 3: Current Soybean Oil Prices - As of January 4, the spot price for first-grade soybean oil was reported at 8,340 yuan per ton, remaining unchanged from the previous day [1] - Over the past week, the price of first-grade soybean oil has increased by 20 yuan per ton, a rise of 0.24% [1] - However, in the last month, the price has decreased by 206.67 yuan per ton, reflecting a decline of 2.42% [1] Group 4: Agricultural Policy Developments - The Ministry of Agriculture and Rural Affairs has proposed a multi-oil strategy to enhance soybean oil production capacity and self-sufficiency, emphasizing the development of modern livestock and aquaculture industries [1]

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - The report presents recent data and trends in the agricultural commodities market, including soybean, palm oil, and related products, which can help investors understand the current market situation and potential investment opportunities [1] Group 3: Summary by Related Catalogs Soybean - The U.S. soybean crush volume in August was 198 million bushels (5.94 million tons), slightly higher than the analysts' forecast of 196.9 million bushels [1] - Brazil's 2025/26 soybean planting rate reached 79.61%, lower than the same period last year but higher than the 2023/24 season and the five - year average. Irregular rainfall in most regions may lead to lower yields [1] Palm Oil - Malaysia's palm oil product exports from November 1 - 20, 2025, were 471,222 tons, a 40.6% decrease from the same period last month [1] Import Profits - The report provides historical data on the import profits of soybean oil, palm oil, and rapeseed oil from 2016 - 2025 for July and August [1] Spot Prices - Spot prices of various agricultural products such as rapeseed meal, soybean meal, soybean oil, palm oil, and rapeseed oil in different regions from November 17 - 21, 2025, are presented [1] Basis - The report shows the basis data of protein meals (soybean meal and rapeseed meal) and oils (soybean oil, palm oil, and rapeseed oil) in different months and regions over multiple seasons [1] Price Spreads - Seasonal price spreads of various agricultural products, including soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil, are provided, which can help investors analyze market trends and potential trading opportunities [1]

Core Insights - The U.S. soybean crushing volume has set records for three consecutive times, indicating strong demand for U.S. soybeans [1] Group 1: Soybean Industry Performance - The continuous record-breaking soybean crushing volume suggests robust demand dynamics in the soybean market [1] - The article raises questions about the sustainability of this high demand for U.S. soybeans [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].