Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The estimated soybean crush volume in the US in February 2026 may reach a record high for the month, with strong crush margins and abundant cheap soybean supply. The estimated crush volume is 202.725 million bushels, a decrease of 8.5% from January but a 14% increase from February 2025 [1]. - The estimated soybean production in Brazil in 2026 is 173.258 million tons, a 4.3% increase from the previous year. The soybean harvest rate in Brazil is 57.43%, behind last year's pace but in line with the five - year average [1]. - Conab slightly lowered the estimated soybean production in Brazil for the 2025/26 season to 177.85 million tons, but it is still at a record - high level. The estimated export volume is 114.38 million tons, higher than the February estimate [1]. - In 2025, Canada's rapeseed crush volume reached a record high of 11.6 million tons for the third consecutive year, with an increase in rapeseed production and a decrease in exports [1]. 3. Summary by Relevant Catalogs Overnight Market Information - US soybean crush volume in February 2026: The average prediction of 9 analysts is 202.725 million bushels. If the prediction comes true, it will be the highest February crush volume ever, with a daily average of 7.24 million bushels. The estimated range is from 199.4 million to 205.453 million bushels [1]. - US soybean oil inventory: As of February 28, the estimated inventory of NOPA members is 1.928 billion pounds, a 1.5% increase from the end of January, the highest since April 2023. The estimated range is from 1.701 billion to 2.1 billion pounds [1]. - Brazil's soybean production: IBGE estimates that the soybean planting area in Brazil in 2026 is 48.129883 million hectares, a 0.4% increase from the previous month's estimate and a 0.8% increase from the previous year. The production is estimated to be 173.25806 million tons, a 0.4% increase from the previous month's estimate and a 4.3% increase from the previous year [1]. - Brazil's soybean harvest rate: PatriaAgroNegocios reports that the harvest rate of the 2025/26 soybean crop in Brazil is 57.43%, lower than 66.03% in the same period last year but in line with the five - year average of 57.88%. Mato Grosso leads the country with a 96.4% harvest rate [1]. - Canada's rapeseed crush: In 2025, Canada's rapeseed crush volume is 11.6 million tons, a 1.6% increase from 2024. Rapeseed production increased by 13.3% in 2025, and exports decreased by 12.5%. Canola oil production increased by 1.1% to 4.9 million tons, and rapeseed meal production increased by 2.7% to 6.8 million tons [1]. - US oilseed crush: In 2025, US oilseed processors crushed 68.2 million tons of soybeans (a 7.4% increase from 2024) and 2 million tons of rapeseed (a 7.8% decrease from 2024). Soybean oil production was 13.4 million tons, canola oil production was 803,000 tons, soybean meal production was 50.5 million tons, and rapeseed meal production was 1.2 million tons [1]. Spot Prices | Date | Soybean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | --- | --- | --- | --- | --- | --- | | 2026/03/09 | 3210 | 2430 | 9100 | 9680 | 10770 | | 2026/03/10 | 3140 | 2400 | 8750 | 9380 | 10350 | | 2026/03/11 | 3250 | 2490 | 8760 | 9490 | 10350 | | 2026/03/12 | 3250 | 2530 | 8950 | 9640 | 10470 | | 2026/03/13 | 3330 | 2620 | 8990 | 9730 | 10540 | [5]