Group 1: Palm Oil and Soybean Market - On February 26, the Malaysian Derivatives Exchange (BMD) saw palm oil futures prices close lower due to declining international crude oil prices, weak palm oil exports, and a stronger ringgit. The benchmark crude palm oil contract closed at 4005 MYR/ton, down 48 MYR or 1.2% [1] - The Chicago Board of Trade (CBOT) reported a decline in soybean futures prices, with the benchmark contract down 0.20% primarily due to weak soybean export sales and profit-taking by bulls. The March contract fell by 0.50 cents to close at 1147.75 cents/bushel [1] - The USDA's weekly export sales report indicated that as of February 19, total U.S. soybean sales for the 2025/26 marketing year reached 35.65 million tons, an 18.8% decrease from 43.89 million tons in the same period last year. Sales to China were 10.664 million tons, down 49.1% from 20.95 million tons year-on-year [1] Group 2: Argentine Soybean Sales and Oilseed Prices - The Argentine Ministry of Agriculture reported an acceleration in the sales pace of new season soybeans, with farmers pre-selling 5.35 million tons for the 2025/26 marketing year as of February 18, an increase of 170,000 tons from the previous week [2] - On February 26, CBOT soybean oil futures prices closed higher, with the benchmark contract up 1.8% due to the EPA's plan to transfer half of the biofuel obligations previously exempted for small refineries to larger refineries. The March contract rose by 1.03 cents to close at 61.29 cents/pound [2] - The Intercontinental Exchange (ICE) reported that Canadian canola futures prices closed higher, following the trend of CBOT soybean oil prices. The March contract increased by 0.9 CAD to close at 680.6 CAD/ton [2] Group 3: Corn and Wheat Market Trends - On February 26, CBOT corn futures prices increased, with the May contract rising by 3.5 cents to close at 443.5 cents/bushel. The upcoming biofuel policy to be determined by the U.S. at the end of March is expected to benefit the corn market [3] - U.S. wheat futures prices showed mixed results on February 26. The May contract for soft red winter wheat rose by 6 cents to close at 571.75 cents/bushel, while the May contract for hard red winter wheat fell by 2 cents to close at 562.25 cents/bushel [3] - The USDA's weekly wheat export sales report indicated that as of February 19, net sales for the 2025/26 marketing year were 243,000 tons, a 16% decrease week-on-week and a 43% decrease from the four-week average. The export volume for the week was 540,000 tons, a 67% increase week-on-week [3] Group 4: Pakistan Rice Exports - According to the Pakistan Bureau of Statistics, rice exports for the 2025/26 marketing year decreased by 40.5% to 1.31 billion USD due to India's return to the international market, which has squeezed Pakistan's market share. Non-Basmati rice exports fell from 3.15 million tons last year to 2 million tons [4] - In response, Pakistan's Ministry of Commerce announced in January a 9% rebate on the FOB price for Basmati rice exports priced above 750 USD/ton to alleviate pressure on exporters and enhance competitiveness [4]

Core Viewpoint - Malaysian Investment Bank reports a decline in palm oil prices during the Asian morning session amid low market sentiment during the Chinese New Year holiday [1] Group 1: Price Analysis - Technical analysis suggests that crude palm oil futures may continue to decline [1] - The resistance level for crude palm oil futures is identified at 4,201 Malaysian Ringgit per ton, while the support level is at 3,976 Malaysian Ringgit per ton [1] - The outlook remains negative as long as prices stay below the resistance level [1] Group 2: Market Performance - The May delivery contracts on the Malaysian derivatives exchange fell by 4 Malaysian Ringgit to 4,042 Malaysian Ringgit per ton [1]

Group 1 - The Malaysian Derivatives Exchange (BMD) crude palm oil futures are expected to open higher, reflecting the strength in the external vegetable oil market [1] - The Trump administration plans to finalize the 2026 biofuel blending quotas in early March, which has boosted Chicago soybean oil futures, positively impacting Malaysian crude palm oil futures [1] - Malaysian palm oil exports have improved, with a reported increase of 17.5% to 18.6% in export volume for the first half of January [1] Group 2 - However, international crude oil futures have declined, and Indonesia has canceled its planned B50 biodiesel program for this year, which may limit the upward momentum of Malaysian palm oil prices [1] - The increase in Malaysian palm oil inventory is also expected to constrain price growth [1]

1. Report's Core Views Palm Oil - Internationally, the Malaysian BMD crude palm oil futures show an obvious sign of breaking downward, pressured by concerns of increased production and slowed exports. It is expected to seek support between 4,000 - 4,100 ringgit. The potential increase in end - month inventory may further dampen the market [3]. - Domestically, the Dalian palm oil futures are dragged down by the Malaysian market, with short - term pressure to decline to 8,500 yuan. It may follow the upward trend after the Malaysian palm oil stabilizes around 4,000 ringgit, maintaining a near - weak and far - strong pattern [3]. Soybean Oil - Domestically, the supply of soybean oil is abundant while demand is weak, and high soybean import costs support the oil mills. The January contract of Dalian soybean oil reached a low of 8,066 yuan today. It is supported at 8,000 yuan in the short term. Its trend depends on the movement of CBOT soybeans and soybean oil [4]. Bean Meal - The Dalian bean meal 01 contract fluctuates upward, influenced by import costs and the weak performance of the oil sector. It follows the movement of US soybeans, and there is a risk of profit - taking causing a price dip to test the 3,000 - yuan support. The overall upward trend remains. Spot prices are adjusted within the range of 3,000 - 3,200 yuan/ton [16]. 2. Price and Spread Information Palm Oil - Futures spreads: P 1 - 5 is - 50 yuan/ton, down 4 yuan; P 5 - 9 is 202 yuan/ton, down 18 yuan; P 9 - 1 is - 152 yuan/ton, up 22 yuan [5]. - Spot and futures prices: BMD palm oil主力 is 4,097 ringgit/ton, down 2.61%; Guangzhou 24 - degree palm oil is 8,550 yuan/ton, down 70 yuan [7]. Soybean Oil - Futures spreads: Y 1 - 5 is 170 yuan/ton, unchanged; Y 5 - 9 is 92 yuan/ton, unchanged; Y 9 - 1 is - 262 yuan/ton, unchanged [5]. - Spot and futures prices: CBOT soybean oil主力 is 48.62 cents/pound, down 1.94%; Shandong first - grade soybean oil spot is 8,270 yuan/ton, down 30 yuan [13]. Bean and Rapeseed Meal - Futures prices: Bean meal 01 is 3,026 yuan, up 5 yuan (0.17%); Rapeseed meal 01 is 2,491 yuan, up 103 yuan (4.31%) [17]. - Spreads: M01 - 05 is 208 yuan, unchanged; RM01 - 05 is 46 yuan, down 20 yuan [18].

Market Review - Domestic oilseed market showed a strong fluctuation on Monday, with palm oil futures for the 2601 contract rising by 1.67% to 9482 CNY/ton [1] Fundamental Summary - As of August 29, 2025, the commercial inventory of palm oil in key regions of China reached 610,100 tons, an increase of 28,000 tons (4.81%) from the previous week, and a year-on-year increase of 1.65% from 593,700 tons [2] - The Planters' Association of Ceylon reiterated its call for lifting the palm oil planting ban, with the current government showing positive acceptance of their proposal [2] - AmInvestment Bank reported on September 2 that crude palm oil futures are expected to trend downward due to seasonal production increases and cautious market sentiment, with support at 4,353 MYR/ton and resistance at 4,429 MYR/ton [2] Institutional Perspectives - Zhengxin Futures noted that palm oil production in Malaysia decreased in August while exports increased, leading to a slowdown in inventory accumulation; Indonesia's palm oil inventory fell to 2.5 million tons, with cumulative exports up by 10.95% year-on-year [3] - Zhonghui Futures highlighted that policies in Indonesia and Malaysia are favorable for palm oil market consumption expectations, with demand from China and India; the outlook remains bullish, suggesting a buying strategy on dips [3] - The potential reduction of export tariffs on Indonesian palm oil to the U.S. may negatively impact palm oil prices, but strong export data from Malaysia in August warrants caution against aggressive short positions [3]

Group 1 - The core viewpoint of the article highlights the recent fluctuations in the palm oil market, particularly focusing on the Malaysian BMD crude palm oil futures, which are currently under pressure due to increased production, with short-term resistance around 4250 MYR [1] - The domestic palm oil market in China shows that Dalian palm oil futures are maintaining high-level fluctuations, with expectations to consolidate around 9000 CNY, contingent on whether it can effectively hold above this level [1] - In the soybean oil sector, recent factory transactions have improved as some market participants are bullish, with expectations of reduced inventory in the latter half of the month due to seasonal demand from school openings and the Mid-Autumn Festival [1] Group 2 - The article emphasizes the importance of monitoring the 20-day moving average and the ability of Malaysian palm oil to stabilize above 4250 MYR, as failure to do so may lead to a decline towards 4000 MYR [1] - Among the three major oils, soybean oil is noted for its price advantage, which supports its substitution for palm oil and canola oil, indicating a bullish medium to long-term outlook [1]