Macroeconomics

1. [Anti-Circumvention Investigation] The Ministry of Commerce announced the ruling in China's first anti-circumvention investigation, determining that US exporters circumvented China's anti-dumping measures on US non-dispersion-shifted single-mode optical fiber products by exporting relevant cut-off wavelength-shifted single-mode optical fiber to China. The Ministry of Commerce decided to implement anti-circumvention measures starting September 4th. The Ministry of Commerce stated that this case is China's first anti-circumvention investigation and has groundbreaking significance in enriching China's trade remedy investigation tools.

2. [US-Japan Trade Agreement] The White House announced that Trump signed an executive order formally implementing the US-Japan Trade Agreement. The order will reportedly clarify tariff adjustments to ensure that Japanese imports previously subject to higher tariffs will not be subject to double taxation, while goods previously subject to tariffs below 15% will be adjusted to the new rates. Furthermore, the White House stated that Japan is committed to accelerating its plan to increase US rice purchases by 75%.

3. [US ADP Employment] US ADP employment increased by 54,000 in August, significantly below market expectations of 68,000 and a significant slowdown from the revised 104,000 increase in July.

4. [Indian Taxation] Indian Finance Minister Sitharaman announced tax cuts on hundreds of consumer goods, from soap to small cars, to stimulate domestic demand and offset the economic headwinds from US tariffs. The Indian Goods and Services Tax (GST) panel approved lowering tax rates on a range of everyday items, streamlining them to 5% and 18%. The tax cuts will take effect on September 22.

Agricultural and Sideline Products

1. [Wheat] The latest data from the National Grain and Material Reserves Administration shows that as of August 31, various grain operators nationwide had purchased a cumulative 95.97 million tons of wheat, 5.46 million tons of rapeseed, and 10.59 million tons of early indica rice. (The total summer grain purchases during the same period in 2024 were 65.07 million tons).

2. [Sugar] The Guangxi Sugar Association reports that Guangxi's total sugarcane crushing volume for the 2024/25 crushing season reached 48.5954 million tons, a year-on-year decrease of 2.5847 million tons. The production of mixed sugar reached 6.4650 million tons, a year-on-year increase of 283,600 tons. The sugar yield rate reached 13.30%, a year-on-year increase of 1.22 percentage points. As of the end of August, Guangxi's cumulative sugar sales reached 5.7563 million tons, a year-on-year increase of 299,700 tons. The production-sales ratio reached 89.04%, a year-on-year increase of 0.62 percentage points.

3. [Corn] The U.S. Department of Agriculture's weekly export inspection report shows that U.S. corn export inspections exceeded the upper end of the expected range last week, increasing by 5% month-on-month and 46% year-on-year. U.S. corn export inspections for the week ending August 28, 2025, totaled 1,407,050 tons, compared to a revised 1,338,532 tons the previous week and 966,544 tons in the same period last year.

4. [Soybeans] The USDA's export inspection report showed that U.S. soybean export inspections were at the high end of market expectations, up 20% from a week earlier but down 6% from the same period last year. U.S. soybean export inspections for the week ending August 28, 2025, totaled 472,914 tons, compared to a revised 393,189 tons the previous week and 502,934 tons in the same period last year.

5. [Soybean Meal] The USDA reported that private exporters reported sales of 185,000 tons of soybean meal to the Philippines for delivery in the 2025/26 marketing year (beginning October 1).

6. [Soybean Meal] According to the European Commission, EU soybean meal imports for the 2025/26 marketing year were 3.12 million tons as of August 31, compared to 3.25 million tons in the same period last year.

7. [Palm Oil] According to the European Commission, as of August 31, the EU's palm oil imports in 2025/26 were 420,000 tons, compared with 580,000 tons in the same period last year.

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