Report Summary 1. Report's Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The soybean market is expected to continue to fluctuate in the short - term. Spot buyers are advised to actively fix prices at lower levels, and attention should be paid to the release of the estimated planting area of US soybeans at the end of the month [1]. - The oil and fat sector remains strong. Future focus should be on the US biofuel blending obligation volume and the development of the Middle East situation [2]. 3. Summary by Related Catalogs 3.1. Soybean Meal - The 2025/26 Brazilian soybean production is estimated to reach 184.7 million tons, with the planting area estimated at 49.1 million hectares (an increase of 300,000 hectares from the previous forecast) and the national average soybean yield rising from 62.5 bags per hectare to 62.7 bags per hectare [1]. - The estimated soybean export volume from Brazil in March 2026 is 15.87 million tons, a 0.9% increase from March 2025. The export volume from March 15 - 21 was 3.53 million tons, and the expected export volume from March 22 - 28 is 4.26 million tons. The total export volume in the first three months of this year is 27.11 million tons [1]. - Trump's visit to China in May 14 - 15, 2026, provides a framework for US soybean demand. The resumption of Brazilian soybean shipments and the expected increase in the planting area of US soybeans put pressure on US soybeans [1]. 3.2. Oils - The ongoing conflict in the Middle East, as Iran rejects the US cease - fire request, supports oil prices and boosts the demand for BMD crude palm oil in the biofuel industry. The support level for BMD crude palm oil futures is estimated at 4,454 ringgit per ton [2]. - The export volume of Malaysian palm oil from March 1 - 25 was 1,414,990 tons, a 38.4% increase from the same period last month [2]. - Trump's social media messages influence the short - term trends of crude oil and the oil and fat sector. The situation of Iran and the upcoming announcement of US biofuels affect the market [2].

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core Views - **Protein Meal**: Night trading of soybean and rapeseed meal showed a strong trend. Brazilian soybean harvest progress is slower than the same period, and the USDA report data is neutral to bullish, leading to a rebound in US soybean futures prices. In China, rising oil prices and increased shipping costs support the price of imported soybeans, and the rumor of state reserve replenishment also drives up the futures price of soybean meal. However, due to sufficient domestic soybean and soybean meal inventories and the expected increase in soybean supply after April, the upward space of the medium - term price is expected to be limited [3]. - **Fats and Oils**: Night trading of fats and oils was strong. The MPOB report shows that Malaysia's palm oil production, exports, and imports in February had significant changes, and the de - stocking rate was lower than expected, with slow relief of inventory pressure. The rise in crude oil prices drives up the futures price of vegetable oils, and the short - term price volatility of fats and oils is expected to be large due to the complex macro - environment [3]. 3. Market Data Summary 3.1 Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of soybean oil, palm oil, and rapeseed oil were 8632, 9684, and 9769 respectively, with price changes of 62, 158, and - 9, and percentage changes of 0.72%, 1.66%, and - 3.15% respectively. The previous day's closing prices of soybean meal, rapeseed meal, and peanuts were 3054, 2326, and 8844 respectively, with price changes of - 14, 39, and 26, and percentage changes of - 0.46%, 1.71%, and 0.29% respectively [2]. - **Spreads and Ratios**: The current spreads and ratios of various varieties have changed compared to the previous values. For example, the Y9 - 1 spread is now 18 (previous value 20), and the M9 - 1 spread is now - 58 (previous value - 56) [2]. 3.2 International Futures Market - **Prices and Changes**: The previous day's closing prices of BMD palm oil, CBOT soybeans, CBOT US soybean oil, and CBOT US soybean meal were 4400 ringgit/ton, 1226 cents/bushel, 67.22 cents/pound, and 320 dollars/ton respectively, with price changes of 90.0, 11.5, 0.0, and 3.3, and percentage changes of 2.09%, 0.95%, 0.06%, and 1.04% respectively [2]. 3.3 Domestic Spot Market - **Prices and Changes**: The current spot prices of various varieties have different percentage changes. For example, the spot prices of Tianjin and Guangzhou first - grade soybean oil are 8900 and 8850 respectively, with a percentage change of 1.37%. The spot prices of Nantong and Dongguan soybean meal are 3130 and 3180 respectively, with percentage changes of - 3.69% and - 2.75% [2]. - **Basis and Spreads**: The current spot basis and spreads of various varieties have also changed compared to the previous values. For example, the spot basis of Tianjin first - grade soybean oil is 456, and the spot spread between Guangzhou first - grade soybean oil and 24° palm oil is now - 170 (previous value - 120) [2]. 3.4 Import Profit and Warehouse Receipts - **Import Profit**: The current import profits of various varieties have changed compared to the previous values. For example, the import profit of near - month Malaysian palm oil is now - 703 (previous value 22) [2]. - **Warehouse Receipts**: The current warehouse receipts of various varieties have also changed compared to the previous values. For example, the current warehouse receipt of soybean oil is 25,714 (previous value 26,414) [2]. 4. Industry Information - **Indonesia**: In 2025, Indonesia's crude palm oil production increased by 7.3% year - on - year to 51.66 million tons. As of the end of 2025, the palm oil inventory was 2.07 million tons, a 25% decline from the previous month. The completion time of the road test of B50 biodiesel is expected to be later than the target set by the Energy Ministry [3]. - **Brazil**: As of last Thursday, the harvest progress of Brazil's 2025/26 soybean crop was 51%, an increase of 12% from last week but lower than 61% in the same period [3].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The geopolitical conflict between the United States, Israel, and Iran has intensified, impacting the Middle - East financial market and potentially causing significant fluctuations in the global financial market, including stocks, bonds, and oil prices [2][10][12] - The market's attitude towards bonds has changed due to various expected differences, such as the impact of the new economy led by AI on the traditional economy, inflation judgment, and better - than - expected bond supply - demand relationship [25] - In the short term, the A - share market is risk - controllable, and the tense Middle - East situation may bring investment opportunities to some sectors [26] Summary by Directory Macro Data Overview - In December 2025, GDP growth at constant prices was 4.5% year - on - year, down from 4.8% in the previous quarter and 5.4% in the same period of the previous year [1] - In January 2026, the manufacturing PMI was 49.3%, up slightly from 49.0% in the previous month, and the non - manufacturing PMI for business activities was 49.4%, down from 50.1% in the previous month [1] - In January 2026, the monthly value of social financing was 7220.8 billion yuan, a significant increase from 817.8 billion yuan in the previous month [1] - In January 2026, CPI was 0.2% year - on - year, the same as the previous month, and PPI was - 1.4% year - on - year, an improvement from - 2.1% in the previous month [1] Commodity Investment Reference Comprehensive - After the death of Iran's Supreme Leader Khamenei, the conflict between the United States, Israel, and Iran escalated, causing the Iranian stock market to halt trading and leading to declines in Saudi and Egyptian stock indices [2] - Shipping in the Strait of Hormuz has stopped, and major shipping companies have avoided the Persian Gulf [2] - Barclays Bank predicts that Brent crude prices could reach $100 per barrel, with a 35% upside [3] - The Dominican Republic may become a major supplier of rare earth minerals [3] Metals - On February 27, the price of battery - grade lithium carbonate decreased by 1160 yuan to 171,900 yuan per ton, while the price of lithium hydroxide decreased by 490 yuan to 162,600 yuan per ton [4] - Zhangyuan Tungsten Industry adjusted the prices of its cemented carbide products on March 1 [5] Energy and Chemicals - Due to the deteriorating security situation in the Middle - East, the IMX container shipping route has been redirected via the Cape of Good Hope [6] - OPEC+ agreed in principle to increase oil production by 206,000 barrels per day in April [6] - India plans to cut coal imports for power plants by at least 30% in 2026 [6] Agricultural Products - Indonesia raised the export tariff on crude palm oil to 12.5% starting from March 1 [7] Financial News Compilation Open Market - Last week, the central bank's open market had a net withdrawal of 611.4 billion yuan, and this week, 1525 billion yuan of reverse repurchases will mature [8] - On February 28, the central bank conducted 116 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 116 billion yuan on that day [9] Key News - The conflict between the United States, Israel, and Iran has intensified, and China has expressed its stance of opposing military actions and promoting dialogue [10][11] - Analysts predict that the military action may cause the global stock market to decline by 1% - 2% next Monday, the US Treasury yield to drop by 5 - 10 basis points, and oil prices to rise by 5% - 10% [12] - In 2025, China's GDP was 140.1879 trillion yuan, a 5.0% increase year - on - year [12] - The 4th session of the 14th National Committee of the Chinese People's Political Consultative Conference will be held in Beijing on March 4, 2026 [13] Bond Market Summary - On Saturday, due to the escalation of the conflict, the yields of major inter - bank interest - rate bonds declined by 1 - 2 basis points, and trading activity increased [20] - On Saturday, most money - market interest rates showed an upward trend, while short - term Shibor rates mostly declined, and inter - bank repurchase fixed - term rates and inter - bank repurchase rates among banks were mostly down [21][22] Foreign Exchange Market Express - On Friday, the on - shore RMB against the US dollar closed at 6.8559, down 162 basis points from the previous trading day [23] Research Report Highlights - CITIC Securities believes that three key signals will determine the impact on the global market [24] - CICC Fixed Income states that the market's attitude towards bonds has changed due to expected differences [25] - Shenwan Fixed Income suggests that the downward space of certificate of deposit rates may be limited, and the downward space of long - term bond yields may narrow [26] - Everbright Fixed Income believes that the A - share market is stable in the long - term and risk - controllable in the short - term, and the Middle - East situation may bring investment opportunities [26] Today's Reminders - On March 2, 85 bonds will be listed, 114 bonds will be issued, 49 bonds will make payments, and 414 bonds will repay principal and interest [27][28] Stock Market Key News - In the first two months of this year, the Hang Seng Tech Index fell 6.86%, but southbound funds continued to flow in, with Tencent, Xiaomi, and Meituan being the top net - bought stocks in the past 20 trading days [29]

1. Report Industry Investment Rating - No information provided 2. Core Views - Analysts predict that the soybean crushing volume of US soybean processors in January may reach 226.3 million bushels, down 1.5% from December but up 6.5% from January 2025, which will be the highest January crushing volume in history and the third - highest monthly crushing volume on record. The estimated range of crushing volume is 225.9 million - 227.0 million bushels, with a median of 226.2 million bushels [1] - As of January 31, the average estimate of US soybean oil inventory by 4 analysts is 2.418 billion pounds, with a range of 2.300 billion - 2.500 billion pounds and a median of 2.435 billion pounds. This estimate is 11.0% higher than that at the end of December and 33.1% higher than that at the end of January 2025 [1] - Due to adverse weather in Rio Grande do Sul, Safras & Mercado lowered the forecast of Brazil's 2025/26 soybean production to 177.72 million tons, while Rabobank raised the estimate to 181 million tons. Safras predicts Brazil's soybean exports to be 105 million tons and crushing volume to be 60 million tons, while Rabobank predicts exports to reach 112 million tons [1] - Indonesia raised the reference price of crude palm oil in March to $938.87 per ton, and the export tariff increased to $124 per ton, with an additional 10% export special tax [1] - From February 1 - 25, 2026, Malaysia's palm oil product exports were 718,603 tons, a 3.77% decrease compared to the same period last month [1] - China's Ministry of Commerce ruled that the anti - dumping duty rate for Canadian companies is 5.9%, and the final anti - dumping measures will be implemented from March 1 for a 5 - year period [1] 3. Summary by Relevant Catalogs Overnight Market Information - The predicted US soybean crushing volume in January is 226.3 million bushels, with a decrease compared to December but an increase compared to January 2025 [1] - The estimated US soybean oil inventory as of January 31 shows significant growth compared to previous periods [1] - Different institutions have different forecasts for Brazil's 2025/26 soybean production [1] - Indonesia raised the reference price and export tariff of crude palm oil in March [1] - Malaysia's palm oil exports from February 1 - 25, 2026 decreased compared to the same period last month [1] - China's Ministry of Commerce issued the final anti - dumping ruling on Canadian rapeseed [1] Spot Prices - The spot prices of soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil in different regions showed fluctuations from February 13 - 27, 2026 [2]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - Before the USDA report, analysts estimated that U.S. soybean export sales from February 1 to 19, 2026, would net increase by 40 - 110 tons, with the 2025/26 market year expected to net increase by 40 - 100 tons and the 2026/27 market year by 0 - 10 tons. U.S. soybean meal export sales are expected to net increase by 25 - 50 tons, and U.S. soybean oil export sales are expected to net decrease by 1 ton to net increase by 1.6 tons [1] - The U.S. Environmental Protection Agency will submit a new biofuel blending volume authorization proposal to the White House on Wednesday, and the rule may be finalized by the end of March [1] - MPOA data shows that Malaysia's crude palm oil production from February 1 to 20, 2026, decreased by 12.29% compared to the previous month, with varying decreases in different regions [1] - Independent inspection company AmSpecAgri reported that Malaysia's palm oil product exports from February 1 to 25, 2026, decreased by 16.1% compared to the previous month, while ship - cargo inspection agency ITS reported a 12.1% decrease [1] - Statistics Canada data shows that Canada's rapeseed crushing volume in January 2026 was 1,053,420 tons, a 2.17% decrease from the previous month and a 4.24% increase from the same period last year. Rapeseed oil and rapeseed meal production also had corresponding changes [1] Summary by Relevant Catalogs Overnight Market Information - U.S. soybean export sales from February 1 to 19, 2026, are expected to net increase by 40 - 110 tons, with different expectations for different market years. U.S. soybean meal export sales are expected to net increase by 25 - 50 tons, and U.S. soybean oil export sales are expected to net decrease by 1 ton to net increase by 1.6 tons [1] U.S. Biofuel Regulations - The U.S. Environmental Protection Agency will submit a new biofuel blending volume authorization proposal to the White House on Wednesday, and the rule may be finalized by the end of March [1] Malaysia's Palm Oil Production and Exports - Malaysia's crude palm oil production from February 1 to 20, 2026, decreased by 12.29% compared to the previous month, with different decreases in different regions [1] - Malaysia's palm oil product exports from February 1 to 25, 2026, decreased by 16.1% (AmSpecAgri data) and 12.1% (ITS data) compared to the previous month [1] Canada's Rapeseed Crushing - Canada's rapeseed crushing volume in January 2026 was 1,053,420 tons, a 2.17% decrease from the previous month and a 4.24% increase from the same period last year. Rapeseed oil and rapeseed meal production also had corresponding changes [1] Spot Prices - Spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from February 11 to 25, 2026, are provided [1][2]

Group 1: Report Core View - From January 22 - 29, US soybean export sales net increase was 43.74 million tons, in line with expectations; export shipments were 138.77 million tons, up 9% from the previous week and 4% from the four - week average; new sales for the current market year were 44.46 million tons, and 0.04 million tons for the next market year [1] - From January 22 - 29, US soybean meal export sales net increase was 38.03 million tons, in line with expectations; export shipments were 30.78 million tons, down 7% from the previous week and 24% from the four - week average; new sales for the current market year were 42.35 million tons, and 0 for the next market year [1] - Anec forecasts Brazil's soybean exports in February to be 11.42 billion tons, a significant increase from 9.73 billion tons in the same period last year; soybean meal exports are expected to be 1.63 billion tons, compared to 1.5 billion tons last year [1] - Secex data shows Brazil exported 1,876,531.75 tons of soybeans in January, a 75.51% increase year - on - year [1] - MPOA data indicates Malaysia's crude palm oil production in January decreased 14.03% month - on - month to 1.57 billion tons [1] - Analysts estimate Canada's rapeseed inventory as of December 31, 2025, to be 15.758 billion tons, up from 13.223 billion tons at the end of 2024 [1] Group 2: Spot Price - 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 from January 30 to February 5, 2026, are presented in a table [2] Group 3: Others - There are mentions of protein meal basis, grease basis, and grease and oil futures price spreads, but no specific data is provided [2][5][9]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - As of the week of January 30, the soybean harvest progress in Mato Grosso state in the 2025/26 season reached 24.97% of the sown area, much higher than 12.20% in the same period last year and also exceeding the five - year average. The single - week harvest progress advanced 11.09 percentage points, and the harvest in all regions of the state is accelerating [1]. - Consulting firm Expana raised the forecast of the EU's 2026/27 rapeseed production from the initial estimate of 20.8 million tons at the end of November 2025 to 20.9 million tons, an increase of 0.38%. It is 2% higher than the 20.5 million tons in the previous year due to a significant increase in the sown area [1]. - Indonesia set the reference price of crude palm oil in February at $918.47 per ton, higher than $915.64 per ton in January. The export tariff of crude palm oil in February remains at $74 per ton, and an additional 10% special export tax is also levied [1]. 3. Summary by Related Catalogs Overnight Market Information - **Soybean Harvest in Mato Grosso**: As of January 30, the 2025/26 soybean harvest progress in Mato Grosso was 24.97% of the sown area, with a single - week progress of 11.09 percentage points. The fastest - harvesting regions are the north - central (35.41%) and western (36.70%) parts of the state [1]. - **EU Rapeseed Production Forecast**: Expana raised the EU's 2026/27 rapeseed production forecast to 20.9 million tons. The sown area is expected to increase by 6.6% to 6.5 million hectares, while the yield per hectare is expected to decrease by 5.9% to 3.2 tons per hectare [1]. - **Indonesian Palm Oil**: Indonesia raised the February reference price of crude palm oil to $918.47 per ton, with an export tariff of $74 per ton and an additional 10% special export tax [1]. Spot Prices - The table shows 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 from January 26 to January 30, 2026 [2]. Protein Meal Basis No detailed information provided [3]. Fat Basis No detailed information provided [6]. Fat and Oil Futures Spread No detailed information provided [8].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report comprehensively presents the overnight performance of global financial and commodity markets, important domestic and foreign macro - economic news, and the latest developments in various industries, offering a multi - faceted view of the current economic and market landscape [3][7][26] 3. Summary by Directory Overnight Night - Market Market Trends - International precious metal futures closed mixed, with COMEX gold futures rising 1.48% to $4836.20 per ounce and COMEX silver futures falling 1.78% to $92.95 per ounce [4] - U.S. oil and Brent oil futures both rose, with U.S. oil up 0.51% to $60.67 per barrel and Brent oil up 0.61% to $64.58 per barrel [5] - Most London base metals rose, such as LME tin up 3.81% to $51295.0 per ton and LME nickel up 2.05% to $17975.0 per ton [5] Important News Macroeconomic News - The Chinese Ministry of Foreign Affairs responded to U.S. trade negotiation intentions, emphasizing the implementation of the consensus between the two heads of state [8] - China's Ministry of Housing and Urban - Rural Development plans to stabilize the real estate market and support reasonable housing needs [8] - U.S. President Trump stated non - use of force for Greenland and reached a cooperation framework with NATO on Greenland, withdrawing tariff threats to 8 European countries [8] - The U.S. Supreme Court showed caution on Trump's attempt to fire a Fed governor, worrying about the impact on the Fed's independence and financial markets [9] Energy and Chemical Futures - The IEA raised the forecast of global oil demand growth but warned of supply exceeding demand, with demand increasing from 860,000 barrels per day to 930,000 barrels per day [12] - UAE's Fujairah Port's refined oil inventory increased to 21.357 million barrels in the week ending January 19, 2026 [12] - Japan's commercial crude oil and refined oil inventories decreased, and the refinery's average operating rate dropped to 89.7% [13] Metal Futures - In January, multiple leading polysilicon companies plan to cut production, and the market is expected to be in a weak - balance stalemate [15] - The Democratic Republic of the Congo submitted a short - list of state - owned mineral assets to the U.S. for investment evaluation [16] - Rio Tinto's bauxite production in Q4 2025 was stable, with annual production reaching 62.4 million tons, a 6% year - on - year increase [18] - In November 2025, the global refined copper market had a supply surplus, and Rio Tinto will cut 40% of the production of its Yarwun alumina refinery in 2026 [18][19] Black - Series Futures - As of the week ending January 21, national production of black - series futures decreased, social inventory increased, and apparent demand decreased [21] - BHP's iron ore production in Q4 2025 increased seasonally, with annual output in Western Australia reaching 292 million tons, a 0.8% year - on - year increase [21] - Handan will launch a Level Ⅱ emergency response for heavy pollution weather starting from January 22 [23] Agricultural Product Futures - The Malaysian Palm Oil Council expects February's crude palm oil price to fluctuate between 4000 - 4300 ringgit per ton [25] - From January 1 - 20, 2026, Malaysia's palm oil production decreased by 16.06% compared to the same period last month [25] - Brazil's sugar production in the second half of December 2025 decreased by 14.93% year - on - year, while ethanol production increased by 14.91% [25] Financial Markets Finance - A - shares fluctuated higher on Wednesday, with gold stocks surging, and the market turnover decreased to 2.62 trillion yuan [27] - Hong Kong's Hang Seng Index rose 0.37%, and southbound funds had a net purchase of 13.93 billion Hong Kong dollars [27] - The number of Hong Kong IPO - queuing companies exceeded 350 [28] - Many equity funds in 2025 had their scales doubled, and fund managers are optimistic about the 2026 A - share market [28] - "Top - flow" fund managers adjusted their positions in Q4 2025, with different buying and selling operations [28] - "Guotou Silver LOF" will be suspended on January 22, and further measures may be taken if the premium does not decline [30] - Cheung Kong responded to the spin - off rumor, stating that no decision has been made [30] Industry - China's first offshore liquid rocket launch and recovery test platform will be put into use around February 5 [31] - In 2025, China's commercial space industry developed rapidly, with 50 launches and 311 satellites put into orbit [31] - In 2025, China's AI core industry scale is expected to exceed 1.2 trillion yuan, and the 6G second - stage technology test has been launched [31] - The Ministry of Industry and Information Technology revised two review requirements for road motor vehicles [31] - By the end of December 2025, China's electric vehicle charging facilities exceeded 20 million [32] - The national electronic pricing scale intelligent measurement supervision platform has started trial operation [34] - China's 35,000 - ton heavy - haul train completed the world's first automatic formation driving test [35] - 20 cities in Guangdong adjusted the commercial housing mortgage policy, with the minimum down - payment ratio set at 30% [36] - Goldman Sachs expects the PCB and CCL industries to enter a super - cycle in 2026, with market growth of 113% and 142% respectively [36] Overseas - Russian President Putin will meet with a U.S. presidential envoy on January 22 and responded to Trump's remarks on Greenland [37] - Most economists expect the Fed to keep the benchmark interest rate unchanged this quarter and may cut rates at least twice later this year [37] - In December 2025, the number of Chinese tourists visiting Japan decreased by 45.3% year - on - year, and Japan may see a 3% decline in inbound tourists in 2026 [39] - Cambodian Prime Minister Hun Manet emphasized the importance of cracking down on online fraud [39] International Stock Markets - U.S. stocks rose across the board, with the Dow up 1.21%, the S&P 500 up 1.16%, and the Nasdaq up 1.18% [40] - European stocks closed mixed, with the German DAX down 0.51% and the French CAC40 up 0.08% [41] - Most Asia - Pacific stocks closed lower, except for the South Korean Composite Index, which reached a record high [41] - SpaceX is accelerating its listing preparation to deploy AI data centers in space [41] - Berkshire may "fully" reduce its stake in Kraft Heinz [41] Commodities - International precious metal futures closed mixed, with gold rising and silver falling [43] - U.S. and Brent oil futures rose due to supply concerns and increased demand expectations [43] - Most London base metals rose, with tin and nickel leading the gains [43] Bonds - China's bond market was strong, with long - term bond yields falling and bond futures rising [44] - Vanke's 1.1 - billion - yuan bond "21 Vanke 02" was successfully extended [44] - The U.S. national debt increased rapidly, and the yields of U.S. bonds fell across the board [44][46] - Japan's Sumitomo Mitsui Financial Group focused on Japanese bonds, and Japanese long - term bond yields fell [46] Foreign Exchange - The on - shore RMB against the U.S. dollar depreciated, and the U.S. dollar index rose [47] - South Korea's President expects the won to appreciate in the next month, but the exchange rate is affected by the yen [47] Upcoming Data and Events - Multiple important economic data from various countries will be released, including GDP, trade balance, and unemployment rate [49] - There are various events such as central bank meetings, press conferences, and corporate earnings reports [51]

Core Viewpoint - The outlook for Malaysia's plantation sector remains optimistic, providing a defensive buffer against market uncertainties due to the anticipated increase in palm oil demand from Indonesia's B50 biodiesel policy set to launch in the second half of the year [1] Summary by Category Market Outlook - The average crude palm oil price is expected to rise from 4,332 Malaysian Ringgit per ton last year to 4,400 Malaysian Ringgit per ton by 2026, supported by the B50 biodiesel policy [1] Policy Impact - Although the significant impact of the B50 policy is expected to be more pronounced from 2027, the news surrounding its implementation is likely to support prices in the interim [1] Company Preferences - Given the weak outlook for refining and oleochemical products, the company favors upstream businesses with larger exposure [1] - Malaysia Investment Bank maintains an "overweight" rating on the plantation sector, identifying SD Guthrie and Johor Plantations as preferred stocks [1]

Market Focus - Indonesia's Trade Ministry has set the reference price for crude palm oil at $915.64 per ton for January, down from $926.14 per ton in December, maintaining an export tax of $74 per ton and an additional 10% export levy [1] - OPEC+ has agreed to maintain stable oil production through the first quarter of 2026, with oil prices dropping over 18% in 2025 due to concerns of oversupply, marking the largest annual decline since 2020 [1] - Malaysia's palm oil exports for December 1-31 are reported at 1,240,587 tons, a decrease of 5.76% from the previous month, while exports for December 1-25 increased by 1.6% to 1,058,112 tons [1] - According to AmSpec, Malaysia's palm oil exports for December 1-31 are estimated at 1,197,434 tons, down 5.21% from the previous month [1] Inventory and Demand - Reuters reports that Malaysia's palm oil inventory is expected to rise to nearly a seven-year high, with a 4.7% month-on-month increase to 2.97 million tons, while production is expected to decline by 9% to 1.76 million tons [2] - India's palm oil imports fell to an eight-month low in December, estimated at 507,000 tons, a decrease of 20% month-on-month, which may increase inventories in major producing countries like Indonesia and Malaysia [3] Market Sentiment - The expectation of high palm oil inventories is putting downward pressure on Malaysian palm oil futures, leading to a bearish market sentiment [5] - Seasonal declines in production are anticipated in the coming months, which may influence market dynamics [5]