Group 1: Soybean Market Overview - Soybeans are experiencing losses of 5 to 7 cents across most contracts, with the national average cash bean price at $10.60, down 4.5 cents [1] - Soymeal futures have decreased by $3.00 to $3.50, while soy oil futures have increased by 23 to 35 points [1] Group 2: Export Data - USDA reported soybean export shipments at 920,194 MT (33.81 million bushels) for the week ending November 27, which is 56.4% lower than the same week in 2024 but up 13.8% from the previous week [2] - No shipments were made to China, with Italy being the top destination at 201,766 MT, followed by Egypt at 126,925 MT and Mexico at 83,620 MT [2] - Cumulative exports for the marketing year 2025/26 are at 11.87 MMT (436.27 million bushels), down 45.6% compared to the same period last year [2] Group 3: Sales and Crop Estimates - For the week ending October 23, soybean sales were reported at 1.45 MMT, which is 30.8% higher than the previous week but still 37.1% lower than last year [3] - Soybean meal sales reached 640,021 MT for the week of October 23, exceeding trade expectations, while bean oil sales were at 29,820 MT, also surpassing estimates [4] - AgRural estimates that the Brazilian soybean crop is 89% planted as of Thursday, compared to 91% during the same period last year [4] - StoneX has revised the Brazilian soybean crop estimate to 177.2 MMT, a decrease of 1.7 MMT from their previous forecast [4]

Industry Insights - As of November 22, Brazil's soybean planting rate reached 78%, up from 69% the previous week, but down from 83.3% year-on-year and slightly above the five-year average of 75.8% [1] - Increased rainfall in the main production area of Mato Grosso has reached over 60% of normal levels, while the southeastern region has experienced the highest rainfall at over 110% of normal levels; conversely, the southern region, particularly Rio Grande do Sul, has seen rainfall at only 60% of normal levels [1] Planting Conditions - Large 48-row seeders are being utilized for planting in Mato Grosso [3] - A comparison video shows the planting conditions between a farm in Decatur, Illinois, and the Tapira Natural Forest Reserve in Mato Grosso [3] - Soybeans in Cordoba Province, Argentina, have already germinated [3]

1. Report Industry Investment Rating - The report gives a neutral strategy for the oil and fat industry [4] 2. Core View of the Report - The weather in the US soybean production areas is favorable, with a decreasing drought rate and good growth. As the weather window gradually closes, there are strong expectations of a bumper harvest, which puts pressure on the oil and fat market, leading to an oscillatory adjustment [1][3] 3. Summary by Relevant Catalogs Market Analysis - **Futures**: The closing price of the palm oil 2509 contract was 8,950 yuan/ton, a decrease of 20 yuan or 0.22% compared to the previous day; the soybean oil 2509 contract closed at 8,406 yuan/ton, unchanged from the previous day; the rapeseed oil 2509 contract closed at 9,496 yuan/ton, a decrease of 66 yuan or 0.69% [1] - **Spot**: In the Guangdong region, the spot price of palm oil was 8,940 yuan/ton, a decrease of 40 yuan or 0.45%, with a spot basis of P09 + -10 yuan, a decrease of 20 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,510 yuan/ton, a decrease of 20 yuan or 0.23%, with a spot basis of Y09 + 104 yuan, a decrease of 20 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,610 yuan/ton, a decrease of 60 yuan or 0.62%, with a spot basis of OI09 + 114 yuan, an increase of 6 yuan [1] Recent Market Information Summary - **US Drought**: As of the week ending August 5, about 3% of the US soybean planting area was affected by drought, down from 5% the previous week and 4% last year [2] - **Brazilian Soybeans**: The 2025/26 soybean planting area in Brazil is expected to grow at the slowest pace in nearly 20 years, with an estimated planting area of 48.13 million hectares (118.9 million acres), a 1.43% increase from the previous year, the smallest increase since the 2006/07 season. The estimated production is 166.56 million tons, lower than the previous year's 168.74 million tons. Brazil's soybean exports in August are expected to reach 8.15 million tons, compared to 7.98 million tons last year [2] - **US Soybean Exports**: The net sales of US soybean exports in the 2024/2025 season were 468,000 tons, up from 349,000 tons the previous week; the net sales in the 2025/2026 season were 545,000 tons, up from 429,000 tons the previous week [2] - **Brazilian Exports**: Brazilian soybean exports in August are expected to reach 8.15 million tons, compared to 7.98 million tons last year; soybean meal exports are expected to be 1.74 million tons, compared to 2.1 million tons last year; corn exports are expected to be 7.58 million tons, compared to 6.42 million tons last year [2] - **Import Prices**: Canadian rapeseed (October shipment) C&F price is $561/ton, down $7/ton; Canadian rapeseed (December shipment) C&F price is $551/ton, down $7/ton. Argentine soybean oil (September shipment) C&F price is $1,141/ton, down $12/ton; Argentine soybean oil (November shipment) C&F price is $1,120/ton, down $21/ton [2]