Macroeconomics

1. [Fiscal Policy] A comprehensive package of fiscal and financial policies to stimulate domestic demand has been released. This includes the first-ever establishment of a 500 billion RMB special guarantee plan for private investment, guiding banks to provide an additional 500 billion RMB in loans to small and medium-sized enterprises (SMEs) for private investment. For the first time, interest subsidies for SME loans will be implemented, covering 14 "key industrial chains and upstream and downstream industries," productive service industries, and related agricultural, forestry, animal husbandry, and fishery sectors. Policies such as interest subsidies for service industry businesses, personal consumption loans, and equipment upgrade loans will be optimized, and personal credit card installment payments will be included in the subsidy scope.

2. [US-EU Agreement on Hold] The European Parliament announced the freezing of the approval process for the trade agreement reached with the United States last July. This is seen as the EU's first response to Trump's latest pressure tactics. Trump had previously threatened to impose tariffs on eight European countries until an agreement was reached on the US "purchase of Greenland."

Agricultural Products

1. [Soybean Meal] According to the National Grain and Material Reserve Data Center on January 20th:  Domestic oil mills' soybean crushing volume has decreased month-on-month so far in January, resulting in reduced soybean meal production.  Coupled with increased demand due to pre-Chinese New Year stocking, inventory continues to decline, falling below one million tons by the 16th. Imported soybean arrivals decreased in January, and the total soybean crushing volume for the month is expected to decrease to around 8 million tons.  Soybean meal inventory will continue to decline in the second half of the month, and oil mill soybean meal inventory may fall to around 800,000 tons by the end of the month.

2. [Pigs] According to data from the National Bureau of Statistics, in 2025, the national livestock production situation was good, with meat production (pork, beef, lamb, and poultry) exceeding 100 million tons, reaching 100.72 million tons, an increase of 4.09 million tons or 4.2% compared to the previous year. Of this, pork production was 59.38 million tons, an increase of 2.32 million tons or 4.1%, reaching a historical high.

3. [Pigs] According to data from the National Bureau of Statistics, in 2025, the national pig slaughter volume was 719.73 million heads, an increase of 17.16 million heads or 2.4% compared to the previous year. At the end of 2025, the national pig inventory was 429.67 million heads, an increase of 2.24 million heads or 0.5% compared to the end of the previous year. Of this, the breeding sow inventory was 39.61 million heads, a decrease of 1.16 million heads or 2.9%, currently at 101.6% of the normal holding capacity.

4. [Sugar] According to statistics from the General Administration of Customs, in 2025, my country's total imports of sugar syrup and solid mixtures were 1.1836 million tons, a significant decrease of 1.1931 million tons compared to 2.3767 million tons in 2024, a decrease of 50.2%.

5. [Sugar] According to the latest data released by the Eurasian Sugar Association, as of January 19th, the 2025/26 beet sugar production season in the Eurasian economic region has entered its final stage. The cumulative total amount of processed sugar beets in various countries has reached 49.5 million tons, with a sugar production of 6.69 million tons. 6. [Soybean Oil] According to USDA data, the estimated US soybean oil consumption in January was 13.2 million tons, a decrease of 0.249 million tons compared to the December estimate, but an increase of 1 million tons compared to the previous year.

7. [Rapeseed] A rapeseed market report released by consulting firm Lachstock shows that Australian rapeseed production in the 2025/26 season exceeded initial expectations, reaching 7.65 million tons, higher than the 7.23 million tons predicted by the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) on December 2nd.  Production in Western Australia is expected to reach a record high.

8. [Palm Oil] According to the independent inspection agency AmSpec, Malaysia's palm oil exports from January 1st to 20th totaled 892,428 tons, an increase of 8.64% compared to the 821,442 tons exported during the same period last month.

9. [Palm Oil] According to data released by MPOB, Malaysia's palm oil inventory at the end of December increased by 7.56% compared to the previous month, reaching 3.05 million tons.

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