Report Summary 1. Core Viewpoints - The U.S. agricultural counselor maintains the forecast of Argentina's 2025/26 soybean production at 48 million tons, a 5% decrease from the 2024/25 season but still the fourth - highest in the past decade. The soybean export forecast is reduced by 500,000 tons, and the import forecast is lowered by 200,000 tons to 7 million tons. Brazil's 2025/26 soybean production is predicted to be below 180 million tons due to bad weather in Rio Grande do Sul. Strong U.S. soybean exports and potential production cuts in Brazil and Argentina support the upward trend of U.S. soybeans in the external market, and the domestic market shows a strong and volatile trend. Attention should be paid to near - month arrivals, soybean auctions, and basis repair processes [1]. - Indian importers cancelled about 25,000 tons of Russian soybean oil orders and 6,000 - 8,000 tons of South American soybean oil orders due to the increasing premium of soybean oil over palm oil. Palm oil imports in India increased by 10.1% in February compared to January, reaching the highest level since August 2025. The shift from soybean oil to palm oil purchases supports palm oil demand, leading to a significant price increase and a wider spread between soybean oil and palm oil. The situation in the Middle East is tense, and its development needs to be monitored [2]. 2. Summary by Related Content 2.1. Soybean Meal - Argentina's 2025/26 soybean production forecast remains at 48 million tons, down 5% from 2024/25, but the fourth - highest in the past decade. The soybean crushing forecast stays at 43 million tons, a year - on - year increase of 1 million tons. The export forecast is cut by 500,000 tons, and the import forecast is reduced by 200,000 tons to 7 million tons, the second - highest in history [1]. - Brazilian consulting agencies predict that Brazil's 2025/26 soybean production will be below 180 million tons due to bad weather in Rio Grande do Sul, the third - largest soybean - producing state in Brazil [1]. - Strong U.S. soybean exports and potential production cuts in Brazil and Argentina support the upward trend of U.S. soybeans in the external market. The domestic market shows a strong and volatile trend. Attention should be paid to near - month arrivals, soybean auctions, and basis repair processes [1]. 2.2. Edible Oils - Indian importers cancelled about 25,000 tons of Russian soybean oil orders and 6,000 - 8,000 tons of South American soybean oil orders due to the increasing premium of soybean oil over palm oil [2]. - In February, Indian palm oil imports increased by 10.1% to 844,000 tons compared to January, reaching the highest level since August 2025. Soybean oil imports increased by 8.7% to 303,000 tons, and sunflower oil imports decreased by 45.3% to 146,000 tons [2]. - The shift from soybean oil to palm oil purchases supports palm oil demand, leading to a significant price increase and a wider spread between soybean oil and palm oil. The situation in the Middle East is tense, and its development needs to be monitored [2].