Macroeconomics

1. [Federal Reserve] Federal Reserve Chairman Bostic believes there is little reason for further interest rate cuts and predicts only one rate cut in 2025.

2. [Turkey-US Tariffs] Turkey announced it would end the additional tariffs imposed on some US imports since 2018, including passenger cars and fruit. These tariffs were in retaliation for US tariffs imposed on Turkey during Trump's first term.

3. [Eurozone Consumer Confidence Index] The preliminary Eurozone consumer confidence index for September was -14.9, compared to an expected -15.0 and a previous reading of -15.5.

Agricultural and Sideline Products

1. [Soybeans] National Grain and Oils Information Center: As of the week of September 19, major domestic soybean crushing mills crushed 2.43 million tons, up 70,000 tons week-on-week, 160,000 tons month-on-month, 380,000 tons year-on-year, and 520,000 tons compared to the three-year average. Since May 23, domestic soybean crushing has exceeded 2 million tons for 18 consecutive weeks. This week, mill utilization rates are expected to remain high, with crushing volumes around 2.4 million tons.

2. [Rapeseed] Trade sources revealed that following China's imposition of provisional anti-dumping duties on Canadian canola in August, COFCO Group has purchased up to nine cargoes of canola from Australia. Estimated at 60,000 tons per cargo, China purchased approximately 540,000 tons of Australian canola, equivalent to approximately 8% of last year's total canola imports. Australian brokers familiar with these transactions stated that all cargoes are scheduled for shipment between November and January.

3. [Corn] A report released by S&P Global Commodity Insights predicts that US farmers will plant 94.5 million acres of corn in 2026, a 4.3% decrease year-over-year; and 84 million acres of soybeans, a 3.6% increase compared to this year.

4. [Soybean Meal] The Argentine government announced on September 22 that it would eliminate export tariffs on soybeans and finished products from now until October 31, putting pressure on the US soybean meal market. Argentina is the world's largest exporter of soybean meal and soybean oil.

5. [Soybean Meal] According to data from the Brazilian National Association of Cereal Exporters, Brazil's soybean exports in September are expected to be 7.53 million tons, up from 7.43 million tons the previous week; and soybean meal exports are expected to be 2.19 million tons, up from 2.11 million tons the previous week.

6. [Palm Oil] A statement released by the Malaysian Palm Oil Board (MPOB) indicated that the country has raised its October crude palm oil reference price, a level that will maintain the export tariff at 10%.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.