Macroeconomics

1. [Federal Reserve Rate Cut] The Federal Reserve lowered the target range for the federal funds rate by 25 basis points to between 4.00% and 4.25%, in line with market expectations. This marked the first rate cut in nine months, following the December 2024 rate cut.

2. [Canadian Rate Cut] The Bank of Canada announced a 25 basis point rate cut, lowering its policy rate from 2.75% to 2.50%, its first rate cut since March.

3. [Brazil Interest Rate] On September 17th, the Monetary Policy Committee of the Central Bank of Brazil announced that it would maintain the benchmark interest rate at 15%.

4. [Eurozone CPI] The final Eurozone CPI for August increased by 2% year-on-year, compared to the previous reading of 2.1%, and by 0.1% month-on-month, compared to the previous reading of 0.2%.

5. [Japanese Exports] Japan's exports fell by 0.1% year-on-year in August, marking the fourth consecutive month of decline. The trade deficit for the month was 242.5 billion yen.

Agricultural and Sideline Products

1. [Soybean Meal] The latest data from the European Commission shows that as of September 14, the EU's soybean meal imports for the 2025/26 fiscal year were 3.76 million tons, a year-on-year decrease of 4.6%.

2. [Soybean Meal] The Brazilian National Association of Cereal Exporters (Anec) announced that Brazil's soybean exports are expected to rise to 7.53 million tons in September, compared to 7.43 million tons the previous week. Brazil's soybean meal exports are expected to reach 2.19 million tons in September, compared to 2.11 million tons the previous week. Brazil's corn exports are expected to reach 7.12 million tons in September, compared to 6.96 million tons the previous week.

3. [Soybeans] SECEX data shows that Brazil's soybean exports have continued to lag behind the same period last year. From September 1 to 12, Brazil exported 2.718 million tons of soybeans, compared to 6.106 million tons for the entire month of September last year.

4. [Wheat] Monitoring data from the Russian Grain Union (RGU) shows that Russia exported 1.732 million tons of wheat from September 1 to 10, a 17% decrease from the same period last year. However, the union noted that Russian exports to Turkey have begun to increase, and transshipment through the port of Novorossiysk has also increased. The director of the RGU's analytical department stated that from September 1 to 10, Russian grain exports were 1.91 million tons, a 22.4% year-on-year decrease. Barley exports fell 46.6% from 306,000 tons in the same period last year to 163,000 tons, while corn exports fell 77.3% from 62,000 tons to 14,100 tons. In August, Russia's grain exports fell 35% year-on-year, while wheat exports dropped 33%.

5. [Palm Oil] Data from shipping research firm ITS shows that Malaysia exported 742,648 tons of palm oil between September 1 and 15, a 2.55% increase from the previous month.

6. [Rapeseed] According to foreign media reports, FEDIOL, the European vegetable oil and protein meal industry organization, stated that rapeseed crushing in the EU27+UK will reach 1.8 million tons in August 2025, compared to 1.348 million tons in July and 1.785 million tons in August of the previous year. Soybean crushing in the EU27+UK will reach 1.136 million tons in August 2025, compared to 1.046 million tons in July and 1.188 million tons in August of the previous year. The total oilseed crush in Europe in August was 3.187 million tons, up from 2.591 million tons in July and 3.36 million tons in August of the previous year. The companies involved in FEDIOL account for 80% of the total crushing volume of soybeans, sunflower seeds and rapeseed in the 27 EU countries and the United Kingdom.

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