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]

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 - The core viewpoint of the news is that CBOT soybean oil futures are experiencing narrow fluctuations, with a slight increase in price observed on December 30 [1] - On December 29, the opening price of soybean oil was 49.29 cents per pound, with a closing price of 49.25 cents, reflecting a decrease of 0.06% [2] - The highest price reached on December 29 was 49.44 cents per pound, while the lowest was 49.02 cents per pound [2] Group 2 - As of December 26, 2025, the commercial inventory of soybean oil in key regions of the country was 1.089 million tons, a decrease of 34,500 tons from the previous week, representing a decline of 3.07% [2] - The C&F price for Argentine soybean oil for February shipment remained stable at $1,140 per ton, while the April shipment price was also stable at $1,075 per ton [2] - According to the industry journal "Oil World," Argentina's soybean oil export volume in November was 524,000 tons, down from 646,000 tons in the previous month and 687,000 tons in November of the previous year [2]