Report Industry Investment Rating - Not provided Core Viewpoints - For soymeal, due to Brazil's temporary cancellation of a quarantine measure, Brazilian soybean shipments have returned to normal, and the soybeans will arrive in China to resolve quarantine issues. Although the U.S. soybeans hit the daily limit down overnight, the decline of the domestic market was less than that of the external market due to concerns about near - month arrivals. It is expected to fluctuate at a high level in the short term, and attention should be paid to near - month arrivals and the schedule of imported soybean auctions [2]. - For oils, the sharp rise in crude oil has made major biofuel - producing countries eager to act. Policy - related benefits such as Indonesia's B50 and the U.S. new biofuel policy are expected to gradually materialize with high crude oil prices. It is estimated that oils will continue to be strong in the short term, but the changes in the Middle East situation around the end of the month need to be vigilant [2]. Summary by Related Content Soymeal - As of March 14, Brazil's soybean harvest rate was 59.2%, compared with 50.6% last week, 69.8% in the same period last year, and a five - year average of 58.4% [1]. - In the second week of March 2026 (10 working days), Brazil cumulatively shipped 6.5073 million tons of soybeans, with a daily average shipment of 650,700 tons/day, a 15.65% decrease compared to 771,500 tons/day in March last year. It cumulatively shipped 636,400 tons of soymeal, with a daily average shipment of 63,600 tons/day, a 36.95% decrease compared to 100,900 tons/day in March last year [1]. - In the 11th week of 2026, the soybean inventory of major domestic oil mills was 5.4861 million tons, a decrease of 240,600 tons (4.20%) from last week and an increase of 2.3181 million tons (73.17%) compared to last year. The soymeal inventory was 627,300 tons, a decrease of 133,200 tons (17.51%) from last week and a decrease of 55,700 tons (8.16%) compared to last year [1]. Oils - The NOPA reported that the U.S. soybean oil inventory in February was 2.08 billion pounds, higher than the market expectation of 1.93 billion pounds and 1.9 billion pounds in January. The U.S. soybean crushing volume in February was 208.785 million bushels, higher than the market expectation of 202.73 million bushels and lower than 221.564 million bushels in January [2]. - On March 13, the domestic commercial inventory of soybean oil was 910,000 tons, a decrease of 10,000 tons week - on - week, 50,000 tons month - on - month, and 10,000 tons year - on - year. The rapeseed oil inventory was 270,000 tons, an increase of 20,000 tons week - on - week, 30,000 tons month - on - month, and a decrease of 470,000 tons year - on - year. The palm oil inventory was 870,000 tons, an increase of 20,000 tons week - on - week, 130,000 tons month - on - month, and 440,000 tons year - on - year [2].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - The market is uncertain about the later-stage state reserve release schedule, and the recent premium transactions of imported soybeans indicate a supply gap and strong short - term demand. Near - month soybean meal is expected to fluctuate strongly, while far - month contracts may weaken due to the bearish effect of the USDA report and could decline further if South American harvest progresses well [1]. - In 2026, palm oil production is predicted to grow 1.0% moderately, but due to weak demand, exports will remain low at 15.1 million tons and ending stocks will stay high at 3.18 million tons. Palm oil prices are expected to be between 4,200 - 4,250 ringgit per ton, with a mild increase in the second half of the year. Palm oil's price advantage, upcoming festivals, and the low - production season will support prices. The purchase of Canadian rapeseed by a Chinese importer may affect Australia's sales. Although the Indonesian palm oil B50 plan has failed and the upside potential is limited, there is significant buying support. The cost of crushing Canadian rapeseed under a 15% tariff is still high, providing strong support for rapeseed oil prices [2]. 3) Summaries by Related Content Soybean Meal - As of January 16, 2026, the soybean harvest progress in Brazil's 2025/26 season was 1.39%, up from 0.53% a week ago, compared to 0.23% last year and 2.38% in 2024, with a five - year average of 1.02% [1]. - The South Atlantic Convergence Zone (SACZ) will bring continuous rainfall to most parts of Brazil in the next few weeks, affecting the harvest and sowing in major production areas until the second half of January [1]. Vegetable Oils - MBSB predicts a 1.0% moderate growth in palm oil production in 2026, with exports at 15.1 million tons and ending stocks at 3.18 million tons. The price is expected to be 4,200 - 4,250 ringgit per ton, with a mild increase in the second half of the year [2]. - A Chinese importer bought a 60,000 - ton Panamax cargo of Canadian rapeseed after the Canadian Prime Minister's visit to Beijing, which may boost Canadian exports and weaken Australia's sales. The cargo is expected to be shipped after March [2]. - The failure of Indonesia's palm oil B50 plan limits the upside potential, but there is significant buying support. The high crushing cost of Canadian rapeseed under a 15% tariff provides strong support for rapeseed oil prices [2].

1. Report Industry Investment Rating - The report does not explicitly mention an industry - wide investment rating [1][2][3] 2. Core View of the Report - The oil and meal market is expected to be in a relatively strong and volatile state. It is recommended to actively set prices at low levels and mainly buy on dips in the medium - term [1][2][3] 3. Summary by Related Content 3.1. Soybean Meal - The Buenos Aires Stock Exchange (Bolsa de Comercio) predicts that most agricultural belts in Argentina will receive heavy rainfall, increasing soil moisture and benefiting soybeans and corn in the critical growth stage. The Rosario Stock Exchange (Rofex) forecasts that Argentina's 25/26 corn production will reach a record 61 million tons and soybeans will reach 47 million tons [1] - There are rumors of pre - Chinese New Year auctions of imported soybeans, causing the premium of 01 - 03 contracts to decline significantly, but the rumors are unconfirmed [1] - Near - month contracts are affected by policy. Due to the concentrated ownership of imported soybeans and the unclear auction schedule, soybean meal is expected to run strongly until the specific auction schedule is announced. Attention should be paid to policy guidance [1] 3.2. Fats and Oils - Indonesia's palm oil biodiesel consumption in 2025 was 14.2 million kiloliters, a 7.6% increase from the previous year. Indonesia plans to increase the biodiesel blending ratio to 50% this year, likely starting in the second half. The B50 road test began in December and the Energy Ministry has allocated a blending quota of 15.65 million kiloliters of palm - based biodiesel for this year [2] - There are rumors that Indonesia may raise the crude palm oil export fee from 10% to 15% from February to March 2026 to fund the B50 project [2] 3.3. International Trade and Market Impact - Canadian Prime Minister Mark Carney will visit China from January 13th to 17th. As part of the consultations, Canada may suspend tariffs on Chinese electric vehicles for one year, and China may temporarily cancel the 100% additional tariffs on Canadian rapeseed meal and rapeseed oil, but trade restrictions on Canadian rapeseed will remain [3] - The palm oil biofuel policy may support future palm oil demand, leading to a strong performance. However, the possible import of Canadian rapeseed due to the prime minister's visit has caused a significant decline in the premium of rapeseed oil. Soybean oil is affected by the near - month soybean supply issue and has no obvious driving force for the time being [3]