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 - The core point of the article indicates that Malaysia's palm oil production is estimated to decrease by 14.43% for the period from January 1 to January 20 [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - Malaysia's palm oil exports from December 1 - 25, 2025, showed significant growth, with SGS reporting a 41.25% increase to 824,276 tons compared to the same period last month, and AmSpec reporting a 3.0% increase to 1,017,897 tons [1] - Malaysia's palm oil production from December 1 - 25, 2025, decreased by 9.12% compared to the previous period, with a 8.49% decline in fresh fruit bunch yield and a 0.12% decrease in oil extraction rate [1] 3. Summary by Related Catalogs Overnight Market Information - SGS data showed that Malaysia's palm oil product exports from December 1 - 25, 2025, were 824,276 tons, a 41.25% increase from the same period last month [1] - AmSpec data showed that Malaysia's palm oil product exports from December 1 - 25, 2025, were 1,017,897 tons, a 3.0% increase from the same period last month [1] - SPPOMA data showed that Malaysia's palm oil production from December 1 - 25, 2025, decreased by 9.12% compared to the previous period, with a 8.49% decline in fresh fruit bunch yield and a 0.12% decrease in oil extraction rate [1] Spot Prices - From December 22 - 26, 2025, the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu showed different degrees of change [2] Protein Meal Basis - No specific data provided Fat Basis - No specific data provided Fat and Oil Futures Spread - No specific data provided

Market Review - Domestic oilseed market showed weak fluctuations, with palm oil futures for the 2605 contract falling by 0.72% to 8276 yuan/ton [1] Fundamental Summary - Global sustainable development requirements, including new EU regulations, are increasing pressure on palm oil producers, potentially leading them to shift exports to markets with looser standards [2] - According to shipping survey agency ITS, Indonesia's palm oil exports in November decreased by 13.4% month-on-month to 1.748 million tons [2] - MPOC forecasts that Indonesia's palm oil exports will rise to 16.2 million tons by 2026, while production is expected to grow moderately to 19.7 million tons after a natural rest period following a bumper harvest in 2025 [2] Institutional Perspectives - Zhonghui Futures noted a decline in Malaysian palm oil exports in the first half of December, coupled with government comments on expected inventory accumulation, leading to bearish market sentiment; a cautious approach is advised for short-selling operations due to the upcoming production reduction season in Southeast Asia [4] - Ningzheng Futures indicated that despite Indonesia's B50 entering road testing, there was no significant boost to the market; the weak trend for Malaysian palm oil remains unchanged, with seasonal demand for oilseeds being low and downstream purchasing lacking momentum; short-selling is recommended during price rebounds [4]

Core Viewpoint - The data from the Southern Peninsula Palm Oil Millers Association (SPPOMA) indicates a decline in palm oil production metrics in Malaysia for the period of December 1-15, 2025, compared to the previous month [1] Group 1: Production Metrics - Malaysia's palm oil yield per hectare decreased by 2.55% compared to the same period last month [1] - The extraction rate of palm oil also saw a slight decline of 0.08% compared to the previous month [1] - Overall production volume dropped by 2.97% compared to the same period last month [1]

Core Insights - Malaysia's palm oil production is projected to increase by 3.24% for the period of November 1-20 according to the Malaysian Palm Oil Association (MPOA) [1] Group 1 - The Malaysian Palm Oil Association (MPOA) has released data indicating an increase in palm oil production [1]

Core Insights - Malaysia's palm oil production in October reached 2,043,886 tons, reflecting a month-on-month increase of 11.02% [1] - Palm oil exports from Malaysia amounted to 1,692,895 tons in October, showing a month-on-month growth of 18.58% [1] - As of the end of October, Malaysia's palm oil inventory stood at 2,464,452 tons, which is a month-on-month increase of 4.44% [1]

Report Industry Investment Rating - The investment strategy for the oil and fat industry is neutral [4] Core Viewpoint - The prices of the three major oils fluctuated yesterday. South American soybean sowing progress is good, with some producing areas setting new records. There are strong expectations of a bumper harvest in North America, and the global soybean supply is sufficient. Palm oil production remains at a relatively high level. Although the biodiesel policy may provide some support for prices, the market is currently a mix of long and short factors, resulting in a volatile market [3] Summary by Related Catalogs Futures and Spot Market Conditions - Futures: The closing price of the palm oil 2601 contract yesterday was 9,364 yuan/ton, a decrease of 74 yuan or 0.78% from the previous day; the closing price of the soybean oil 2601 contract was 8,268 yuan/ton, a decrease of 34 yuan or 0.41%; the closing price of the rapeseed oil 2601 contract was 10,022 yuan/ton, a decrease of 39 yuan or 0.39% [1] - Spot: In the Guangdong region, the spot price of palm oil was 9,220 yuan/ton, a decrease of 220 yuan or 2.33% from the previous day, with a spot basis of P01 + -144 yuan, a decrease of 146 yuan. In the Tianjin region, the spot price of first - grade soybean oil was 8,430 yuan/ton, a decrease of 90 yuan or 1.06%, with a spot basis of Y01 + 162 yuan, a decrease of 56 yuan. In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10,320 yuan/ton, a decrease of 10 yuan or 0.10%, with a spot basis of OI01 + 298 yuan, an increase of 29 yuan [1] Market Information Aggregation - Brazilian Crop Sowing: As of last Thursday, the sowing rate of Brazil's 2025/26 soybean crop had reached 14%, making it the third - fastest sowing progress in the same period. The current sowing progress is higher than 9% a week ago and 8% in the same period last year. The sowing area of Brazil's 2025/26 first - crop corn has reached 45% of the planned planting area in the central - southern region, higher than 41% in the same period last year [2] - Inventory: As of October 10, 2025, the commercial inventory of soybean oil in key regions across the country was 1.2651 million tons, an increase of 16,400 tons or 1.31% from the previous week. The commercial inventory of palm oil in key regions was 547,600 tons, a decrease of 4,600 tons from the previous week [2] - Malaysian Palm Oil Production: From October 1 - 10, 2025, the yield per unit area of Malaysian palm oil increased by 6.02% compared to the same period last month, the oil extraction rate increased by 0.11%, and the output increased by 6.59% [2] - Import Prices: There were various price adjustments for imported agricultural products, including decreases in the C&F prices of Canadian rapeseed, American and Brazilian soybeans, and some adjustments in the C&F prices of Argentine soybean oil and Canadian rapeseed oil [2]

Group 1 - The core point of the article highlights a decrease in palm oil production metrics in Malaysia for the period of September 1-25, 2025, compared to the previous month [1] Group 2 - Malaysia's palm oil yield per hectare decreased by 3.19% month-on-month [1] - The extraction rate of palm oil also saw a decline of 0.18% compared to the same period last month [1] - Overall production volume of palm oil in Malaysia dropped by 4.14% month-on-month [1]

Group 1 - The core point of the article indicates that Malaysia's palm oil production metrics have shown a decrease in yield and production for the period of August 1-25, 2025, compared to the previous month [1] Group 2 - Malaysia's palm oil yield per hectare decreased by 3.26% compared to the same period last month [1] - The extraction rate for palm oil increased by 0.4% compared to the same period last month [1] - Overall production volume decreased by 1.21% compared to the same period last month [1]