1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The global market is significantly affected by the geopolitical situation in the Middle East, with asset prices showing high volatility. The A - share market is in an oscillating pattern, and the bond market is expected to oscillate in the short - term. Different commodity prices are affected by factors such as the Middle East conflict, supply - demand relationships, and cost factors [2][3] - The end - of - war signals between the US and Iran have led to a rebound in risk appetite in the overseas market, and the prices of various metals and agricultural products have shown different trends. The price trends of different varieties are mainly affected by factors such as the geopolitical situation, supply - demand fundamentals, and cost [4][6][23] 3. Summary of Each Section 3.1 Macro - Overseas: The US - Iran situation is in the stage of "fighting while negotiating, using pressure to promote negotiation". China and Pakistan call for cooling down the situation in the Middle East, and the market risk appetite has rebounded. The Nasdaq rose nearly 4%, oil prices fell about 3%, precious metals continued to recover, the US bond yield fell below 4.4%, and the US dollar index dropped to 99.7 [2] - Domestic: In March, China's official PMI rebounded overall, and the manufacturing PMI returned to the expansion range. However, the recovery sustainability is restricted. The A - share market is in an oscillating pattern, and the bond market is expected to oscillate in the short - term [3] 3.2 Precious Metals - International precious metal futures prices rose sharply on Tuesday. The end - of - war signals from the US and Iran have eased market concerns, but the geopolitical signals are still changing, and the precious metal prices are expected to oscillate in the short - term [4][5] 3.3 Copper - The copper price rebounded. The overall conflict situation is cooling down, the overseas risk appetite has rebounded, and the US dollar has fallen, which has boosted the metal market. The mine supply is still tight, and the refined copper production capacity expansion is restricted. The copper price is expected to continue to rebound in the short - term [6][7] 3.4 Aluminum - The aluminum price remained strong. Although there are expectations of conflict mitigation in the Middle East, the conflict is still expected to continue for some time. The domestic spot consumption is recovering seasonally, and the aluminum price is expected to maintain a strong performance [8][9] 3.5 Alumina - The alumina price oscillated. The overseas alumina surplus has increased, and the domestic new - production capacity is gradually being released, putting pressure on the price. However, the cost provides support, and it is expected to oscillate within a range [10] 3.6 Cast Aluminum - The cast aluminum price is in a relatively strong operation. The cost provides support, the supply is limited, and the demand is weak and stable. It is mainly dominated by macro and cost factors and is expected to perform strongly [11] 3.7 Zinc - The zinc price had a weak rebound. The end - of - war signals between the US and Iran have led to a rebound in market sentiment. The overseas zinc mine supply is tightening, the cost support is stable, the supply and demand are both increasing, and the zinc price is expected to have a weak rebound in the short - term [12][13] 3.8 Lead - The lead price oscillated at a low level. The supply of electrolytic lead is increasing steadily, and the supply of recycled lead is decreasing. The demand recovery is weak, the short - term supply - demand contradiction is dull, and the lead price is expected to oscillate at a low level [14] 3.9 Tin - The tin price had a weak rebound. The end - of - war signals have led to a rebound in market sentiment. The tin mine supply is gradually recovering, the refined tin supply is increasing steadily, and the short - term fundamental contradiction is limited. The tin price is expected to maintain a weak rebound pattern [15] 3.10 Nickel - The nickel price oscillated narrowly. The overall conflict situation is cooling down, the overseas risk appetite has rebounded, and the US dollar has fallen, which has boosted the metal market. The cost support of high - nickel iron is strong, but the downstream demand recovery is less than expected, and the nickel price is expected to oscillate in the short - term [16][17] 3.11 Lithium Carbonate - The lithium carbonate price oscillated widely. The market sentiment has cooled down, the supply is increasing, the demand resistance to high - priced raw materials is increasing, and the inventory is at a low level. The futures market is expected to oscillate widely [18] 3.12 Steel and Iron - Steel: The steel price is expected to oscillate. The PMI has returned to the expansion range, the terminal demand is in a weak recovery, and the supply and demand situation of different varieties is different [19] - Iron Ore: The iron ore price is expected to oscillate at a high level. The overseas port inventory has decreased, the iron water production has increased, the steel mill profit has recovered, and the raw material demand is rising [20][21] 3.13 Coking Coal and Coke - The coking coal and coke prices are expected to oscillate. The end - of - war signals between the US and Iran have led to a decline in energy prices, which has affected the coking coal and coke prices. The upstream production is increasing steadily, the downstream demand is warming up, and the inventory is decreasing [22] 3.14 Soybean and Rapeseed Meal - The soybean and rapeseed meal prices are expected to oscillate weakly. The new - season US soybean planting area estimate is slightly lower than expected, the spill - over effect of the Middle East conflict on fertilizer and fuel prices is emerging, and the domestic soybean supply is increasing. The soybean and rapeseed meal prices are expected to oscillate weakly in the short - term [23][24] 3.15 Palm Oil - The palm oil price is expected to oscillate at a high level. Indonesia will restart the B50 bio - diesel policy, which has greatly boosted market sentiment. The Malaysian palm oil export demand in March was good, which is conducive to inventory reduction [25][26] 3.16 Metal Trading Data - The trading data of various metals on the previous day, including contract closing prices, price changes, trading volumes, and open interest, are provided [27] 3.17 Industrial Data - The industrial data of various metals, such as inventory, spot price, and basis, on March 31 and March 30 are provided, including the comparison of data changes between the two days [28][31][33]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The report presents comprehensive information on the overnight market of oilseeds and oils, including data on soybean inventory, planting area, export volume, and palm - oil related policies and export data [1] 3. Summary by Related Catalog 3.1 US Soybean Data - The US 2026 March 1st quarterly soybean inventory was 2.104803 billion bushels, higher than the analyst estimate of 2.067 billion bushels and the 2025 March 1st inventory of 1.910924 billion bushels. Farm - inside inventory was 900 million bushels, and farm - outside inventory was 1.204803 billion bushels [1] - The US 2026 soybean planting area was estimated at 84.7 million acres, lower than the market expectation of 85.549 million acres, but higher than the 2025 actual planting area of 81.215 million acres [1] - Analysts predicted that the US soybean processors' February 2026 soybean crush might reach 214.3 million bushels. If the average prediction was accurate, it would be a 5.9% decrease from January and a 13.1% increase from February 2025. The average daily crush in February would reach 7.654 million bushels, a record high [1] - Based on the average prediction of five analysts, the US soybean oil inventory as of February 28, 2026, was expected to be 2.626 billion pounds, a 8.0% increase from the end of January and a 36.5% increase from the end of February 2025 [1] 3.2 Brazilian Soybean Data - Anec data showed that Brazil's March 2026 soybean export volume was estimated at 15.86 million tons, slightly lower than the previous week's prediction. The March 2026 soybean meal export volume was estimated at 2.24 million tons, also lower than the previous week's prediction [1] 3.3 Malaysian Palm - Oil Data - AmSpec data showed that Malaysia's March 1 - 31, 2026, palm - oil product export volume was 1,607,065 tons, a 56.7% increase from the previous month [1] - ITS data showed that Malaysia's March 2026 palm - oil product export volume was 1,658,021 tons, a 44.3% increase from the previous month [1] 3.4 Indonesian Palm - Oil Data - Indonesia will increase the mandatory blending ratio of palm - oil - based biodiesel from 40% to 50% (B50) starting from July 1, 2026, which is part of a broader plan to deal with the Iran war risk and will reduce fossil - fuel use by 4 million kiloliters per year [1] - Indonesia set the April 2026 crude palm - oil reference price at $989.63 per ton, higher than the March price. The March export tax will be raised to $148 per ton, and an additional 10% special export tax is imposed [1] 3.5 Spot Prices - The report provides 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 March 25 to March 31, 2026 [5] 3.6 Other Information - The report also mentions the precipitation in major producing countries, the import soybean crushing profit on the futures market, and the import profit of oils, as well as the basis of oils and protein meals, and the price spread of oilseeds and oils on the futures market. However, specific data is not provided [1][7][9]

Report Summary 1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The U.S. is expected to expand its soybean planting area in 2026, while soybean inventory at the beginning of Q1 2026 may reach a six - year high. Brazil is likely to have a bountiful soybean harvest in the 2025/26 season. Malaysian palm oil exports from March 1 - 25, 2026, increased significantly compared to the previous month [1] 3. Summary by Relevant Catalogs 3.1 U.S. Crop Information - The average forecast of analysts is that the U.S. soybean planting area in 2026 will reach 85.549 million acres, higher than 81.215 million acres last year and the 85 million acres predicted by the USDA Outlook Forum. The expected corn planting area in 2026 is 94.371 million acres, lower than in 2025 but slightly higher than the Outlook Forum's prediction [1] - The average analyst expectation is that the U.S. soybean inventory on March 1, 2026, will be 2.063 billion bushels, the highest in six years and an 8% increase from the same period in 2025 [1] - From the week ending March 19, 2026, U.S. soybean export sales are expected to increase by 20 - 60 tons, with 20 - 50 tons for the 2025 - 26 season and 0 - 10 tons for the 2026 - 27 season. U.S. soybean meal export sales are expected to increase by 15 - 40 tons, and soybean oil export sales are expected to range from a net decrease of 2 tons to a net increase of 2.4 tons [1] 3.2 Brazilian Crop Information - Agroconsult reported that Brazilian farmers are expected to harvest 184.7 million tons of soybeans in the 2025/2026 season, a 0.9% increase from the early - March forecast. The company adjusted the planting area to 49.1 million hectares and the average national yield to 62.7 bags per hectare. South Rio Grande do Sul is the main area with reduced production, while most other major producing states are performing well [1] 3.3 Malaysian Palm Oil Information - According to ITS, Malaysian palm oil exports from March 1 - 25, 2026, were 1,414,990 tons, a 38.4% increase from the same period last month. According to AmSpec, exports were 1,389,549 tons, a 50.6% increase from the same period last month [1] 3.4 Spot Prices - Spot prices of various products from March 19 - 25, 2026, are provided, including prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu. For example, on March 19, 2026, the soybean meal price in Jiangsu was 3300, and on March 25, it dropped to 3190 [1][2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The soybean export sales and shipments in the US for the week ending March 12 were lower than expected, while the export sales of US soybean meal met expectations [1] - Allendale predicts that US farmers will reduce corn planting area by 5.2% and increase soybean planting area by 5.5% in 2026 [1] - Abiove expects Brazil's 2025/26 soybean production to reach 177.85 million tons, with increased soybean crushing, bean - meal and soybean oil production [1] - SPPOMA data shows that Malaysia's palm oil production from March 1 - 15, 2026 decreased by 5.28% month - on - month [1] 3. Summary by Related Catalogs Overnight Market Information - For the week ending March 12, US current - market - year soybean export sales net increased by 29.82 million tons, 35% less than the previous week and 42% less than the four - week average, with a market forecast of 35 - 80 million tons. The export shipments were 90.65 million tons, 9% less than the previous week and 14% less than the four - week average. The new sales for the current market year were 31.77 million tons, and 0.66 million tons for the next market year. The net export sales to China were 7.99 million tons, and the export shipments to China were 54.59 million tons [1] - For the week ending March 12, US current - market - year soybean meal export sales net increased by 22.09 million tons, 33% more than the previous week and 25% less than the four - week average, meeting the market forecast of 15 - 30 million tons. The export shipments were 39.76 million tons, 10% more than the previous week and 6% more than the four - week average. The new sales for the current market year were 23.46 million tons, and 0.14 million tons for the next market year [1] Planting Area Forecast - Allendale's survey shows that US farmers plan to reduce corn planting area by 5.2% and increase soybean planting area by 5.5% in 2026. The expected corn planting area is 93.678 million acres, and the soybean planting area is 85.659 million acres. USDA's February forecast was 94 million acres for corn and 85 million acres for soybeans. Farmers have sold 83% of the 2025 soybean harvest and 11% of the 2026 harvest [1] Production Forecast - Abiove expects Brazil's 2026 soybean crushing to reach a record 61.5 million tons, up from the previous estimate of 61 million tons. The 2025/26 soybean production is expected to reach 177.85 million tons, up from 177.12 million tons. The 2026 soybean exports are expected to be 111.5 million tons, the same as the previous estimate. The 2026 bean - meal production is expected to be 47.4 million tons, up from 47 million tons, and the soybean oil production is expected to be 12.35 million tons, up from 12.25 million tons [1] Palm Oil Production - SPPOMA data shows that Malaysia's palm oil production from March 1 - 15, 2026 decreased by 5.28% month - on - month, with a 2.96% decrease in fresh fruit bunch yield and a 0.44% decrease in oil extraction rate [1] Spot Prices - 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 March 13 - 19, 2026 are provided [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents overnight market information on the oilseeds and oils industry, including export volume forecasts, crop harvest progress, and export data, along with price data for related products [1] 3. Summary by Related Catalogs Overnight Market Information - Anec predicts Brazil's soybean exports in March to be 1,632 million tons, down from last week's forecast of 1,647 million tons; the expected soybean meal shipments are 266 million tons, down from 282 million tons last week [1] - Conab shows that as of the week of March 14, 2026, the harvest rate of Brazil's 2025/26 soybean crop is 59.2%, up from 50.6% the previous week, compared to 69.8% in the same period last year and a five - year average of 58.4% [1] - Deral reports that as of the week of March 16, the soybean harvest rate in Brazil's Paraná state is 70%, up from 60% the previous week but lower than 81% in the same period last year; the corn planting rate is 83% [1] - SGS indicates that the export volume of Malaysian palm oil products from March 1 - 15, 2025 is 443,812 tons, a 28.25% increase from 346,061 tons in the same period last month [1] Spot Price - The report provides 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 March 11 - 17, 2026 [2] Other Information - The report also mentions information on precipitation in major producing countries, import soybean crushing margins, oil import margins, protein meal basis, oil basis, and oilseeds and oils price spreads, but no detailed data is provided [1][5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The overnight market information shows that the US soybean export inspection volume and soybean crushing volume in February 2026 exceeded expectations, and the soybean oil inventory increased [1]. - Brazil's soybean exports in the first two weeks of March and the progress of the 2025/26 soybean harvest are reported, and Malaysia's palm oil exports from March 1 - 15 increased significantly [1]. 3. Summary by Related Catalogs Overnight Market Information - US soybean export inspection volume: As of the week ending March 12, 2026, the US soybean export inspection volume was 966,082 tons, higher than the market expectation of 400,000 - 800,000 tons, and the previous week was 887,003 tons. The export inspection volume to the Chinese mainland was 545,858 tons, accounting for 56.5% of the total. The cumulative export inspection volume this crop year is 28,061,287 tons, compared with 39,123,071 tons in the same period of the previous year [1]. - US soybean crushing volume: In February 2026, the soybean crushing volume of NOPA member units was 208.785 million bushels, a year - on - year increase of 17.4%. The daily crushing volume was 7.457 million bushels, exceeding the previous record. The soybean oil inventory increased to 208 million pounds, a 9.5% increase from the end of January and a 38.4% increase from the same period last year [1]. - Brazil's soybean exports: In the first two weeks of March, Brazil exported 6,507,349.57 tons of soybeans, with a daily average export volume of 650,734.96 tons, a 16% decrease compared with the daily average export volume in March of the previous year [1]. - Brazil's soybean harvest progress: As of last Thursday, the harvest of Brazil's 2025/26 soybean was 61% complete, a 10 - percentage - point increase from the previous week but lower than 70% in the same period last year. The harvest pace is the slowest since the 2020/21 season [1]. - Malaysia's palm oil exports: From March 1 - 15, Malaysia's palm oil product exports were 921,606 tons, a 56.9% increase compared with the same period last month [1]. Spot Prices - The spot prices of bean粕 in Jiangsu, rapeseed粕 in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from March 10 - 16, 2026 are provided [2].

Archer Daniels Midland Company (ADM) 2026 Conference Call Summary Company Overview - **Company**: Archer Daniels Midland Company (NYSE: ADM) - **Date**: February 25, 2026 - **Participants**: - Chris Cuddy - President of Carbohydrate Solutions Segment - Greg Morris - President of Ag Services and Oilseeds Segment Key Highlights from the Call Carbohydrate Solutions Segment - **Steady Earnings**: The Carbohydrate Solutions business has experienced five consecutive years of steady earnings, aided by favorable ethanol margins [2][3] - **Pipeline Integration**: Successfully tied into the Trailblazer Pipeline in Nebraska, enhancing CO2 transportation capabilities [3][4] - **Biorefinery Leadership**: The Columbus, Nebraska facility is noted as the largest biorefinery with carbon capture and sequestration (CCS) [4] - **Growth Areas**: Focus on decarbonization, precision fermentation, and BioSolutions as key growth platforms [4][5] - **Operational Synergies**: Emphasized the competitive advantage of the interconnected operations between Ag Services and Carbohydrate Solutions [6] Ag Services and Oilseeds Segment - **Operational Challenges**: The previous year faced external challenges, including trade wars and biofuels policy uncertainty, impacting financial performance [8] - **Safety and Production Records**: Achieved the safest year in ADM history and set production records in Q4 for global crush volumes [9] - **Portfolio Optimization**: Exited underperforming assets and established joint ventures to enhance operational efficiency [9][10] - **Working Capital Management**: Focused on disciplined management of working capital to improve returns [10] Market Dynamics - **Crush Margins**: Discussion on the disparity between board crush margins and cash margins, attributed to increased crush capacity and lower basis values [11][12][13] - **Demand for Soybean Oil**: Anticipated increase in demand for soybean oil due to proposed Renewable Volume Obligations (RVOs) [18][19] - **Trade Flows**: Potential for the U.S. to become a net importer of soybean oil, with imports serving as a buffer for domestic supply [19][20] Biofuels and Ethanol - **Impact of Biofuel Policy**: The importance of clarity in biofuel policies for managing supply and farmer planting decisions [28][29] - **Ethanol Growth**: Noted a 13% growth in ethanol exports, with expectations for continued growth driven by favorable trade policies [29][30] - **45Z Credit**: The 45Z tax credit is seen as a significant tailwind for the industry, with projected benefits of around $100 million [30][31] Future Outlook - **Soybean Meal Demand**: Strong global demand for soybean meal is expected to continue, with record export volumes anticipated [26][27] - **Decarbonization Initiatives**: Ongoing projects in decarbonization, including renewable natural gas and sustainable aviation fuel, are part of ADM's growth strategy [39][40] - **Precision Fermentation**: Exploring innovative products through precision fermentation, leveraging low carbon intensity energy and corn as a carbohydrate source [40][41] Ag Services Strategy - **North American Focus**: ADM's Ag Services segment is heavily focused on North America, with opportunities for growth in fertilizer distribution and corn exports [49][51] - **Brazilian Market**: Recognizing Brazil's potential for increased crop production and biofuels, ADM is looking to expand its presence in the region [56][57] - **Logistics Challenges**: Acknowledgment of the complexities in Brazilian logistics and the need for best-in-class execution to manage growth effectively [59][60] Conclusion The conference call highlighted ADM's strategic focus on leveraging its integrated operations, addressing market challenges, and pursuing growth opportunities in biofuels, decarbonization, and global trade. The company remains optimistic about future performance, driven by strong demand dynamics and operational improvements.

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Anec forecasts Brazil's soybean exports in February to be 1,069 million tons, lower than the previous week's prediction of 1,146 million tons, and the country's February soybean meal exports are expected to be 173 million tons, lower than the previous week's prediction of 182 million tons [1] - Malaysia maintains the export tariff for March shipments of crude palm oil at 9% due to weak palm oil prices, with the tax rate based on a reference price of 3,896.09 Malaysian ringgit (999.38 US dollars) per ton for March [1] - Conab data shows that as of the week of February 21, 2026, the harvest rate of Brazil's 2025/26 soybean crop is 32.3%, up from 24.7% the previous week, but lower than 36.4% in the same period last year and the five - year average of 36.6% [1] 3. Summary by Related Catalogs Overnight Market Information - Anec's forecasts for Brazil's February soybean and soybean meal exports [1] - Malaysia's decision to keep the March crude palm oil export tariff at 9% [1] - Conab's data on Brazil's 2025/26 soybean harvest rate [1] Spot Prices - Spot prices of various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from February 10 to February 24, 2026 are provided [3] Others - Information on the precipitation conditions in major producing countries, import soybean crushing profit on the futures market, and grease import profit is mentioned, but no detailed data is given [1] - Protein meal basis, grease basis, and grease - oilseed price spreads on the futures market are mentioned, but no detailed data is given [3]

Core Viewpoint - The Andersons, Inc. is recognized as a strong investment opportunity, particularly due to its growing ethanol business and easing challenges in its Agribusiness segment, with a positive long-term growth outlook [2][3]. Group 1: Company Overview - The Andersons, Inc. operates in diversified sectors including Agribusiness and Renewables, with activities in commodity merchandising, grain terminal operations, and the production and distribution of plant nutrient products [4]. Group 2: Analyst Coverage and Growth Projections - Benchmark analyst Benjamin Klieve initiated coverage with a Buy rating and a price target of $75, citing strong momentum in the ethanol business and high visibility into future growth [2]. - The company aims for a run-rate of $7.00 in earnings per share by the end of 2028, indicating a 36% compounded annual growth rate from $2.56 per share over the trailing twelve months ending September 30, 2025 [2]. Group 3: Strategic Investments - A significant $60 million investment is planned for the Clymers, Indiana ethanol plant, expected to add 30 million gallons of ethanol capacity by mid-2027 [3]. - The expansion of the export terminal at the Port of Houston is also underway, set for completion in 2026, which will enhance soybean meal exports and improve western grain export efficiency [3].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The export sales of US soybeans and soybean meal in the week ending January 15 met expectations, with significant increases in current - market - year sales. The export shipments of soybeans decreased compared to the previous week, while those of soybean meal increased. The Brazilian soybean production forecast was slightly raised, and the soybean harvest rate in Mato Grosso, Brazil, is higher than in previous years [1] Summary by Relevant Catalogs Overnight Market Information - US Soybean Export Sales - In the week ending January 15, US current - market - year soybean export sales net increased by 244.6 million tons, a 19% increase from the previous week and a 92% increase from the four - week average, reaching the highest level of the year. The market expected a net increase of 150 - 300 million tons. Exports to the Chinese mainland net increased by 130.35 million tons. Next - year's soybean export sales net increased by 0.9 million tons, with the market expecting 0 - 20 million tons. Exports to the Chinese mainland net decreased by 6.6 million tons [1] - US soybean export shipments in the same week were 133.77 million tons, an 18% decrease from the previous week but an 11% increase from the four - week average. Shipments to the Chinese mainland were 59.35 million tons [1] - US current - market - year soybean new sales were 246.83 million tons, and next - market - year new sales were 7.5 million tons [1] Overnight Market Information - US Soybean Meal Export Sales - In the week ending January 15, US current - market - year soybean meal export sales net increased by 41.27 million tons, a 21% increase from the previous week and an 82% increase from the four - week average. The market expected a net increase of 20 - 50 million tons [1] - US soybean meal export shipments in the same week were 48.47 million tons, a 59% increase from the previous week and a 33% increase from the four - week average [1] - US current - market - year soybean meal new sales were 42.37 million tons, and next - market - year new sales were 0 tons [1] Brazilian Soybean Production Forecast - A commodity research institution estimated that the 2025/26 Brazilian soybean production would be 178.7 million tons, with a forecast range of 175.2 - 183.6 million tons, an increase of less than 1% from the previous forecast. Good soil moisture in the core regions supports record - high yield and production expectations [1] Brazilian Soybean Harvest Rate - Imea data showed that the 2025/26 soybean harvest rate in Mato Grosso, Brazil, reached 13.88% of the planted area, a 7.19% increase from the previous week. It is also higher than the 4.38% in the same period in 2025 and the five - year average of 5.61% [1] Spot Prices - Spot prices of various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from January 19 - 23, 2026, are provided [1]