Macroeconomics

1. [Macroeconomic Policy] The People's Bank of China held a macroeconomic prudential work conference in 2026, emphasizing the gradual expansion of the coverage of macroeconomic prudential policies, proactively assessing systemic financial risks, innovating and enriching the policy toolkit, and maintaining the stable operation of the financial market and the overall stability of the financial system.

2. [Industrial Enterprise Profits] According to data from the National Bureau of Statistics, in 2025, the total profits of industrial enterprises above designated size nationwide reached 7,398.2 billion RMB, a year-on-year increase of 0.6%. In 2025, the mining industry achieved total profits of 834.51 billion RMB, a decrease of 26.2% year-on-year; the manufacturing industry achieved total profits of 5,691.57 billion RMB, an increase of 5.0%; and the electricity, heat, gas, and water production and supply industries achieved total profits of 872.12 billion RMB, an increase of 9.4%.

3. [US-South Korea Tariffs] On January 26, Trump announced on social media that because the South Korean parliament had not yet approved the trade agreement previously reached between the two governments, the US tariffs on imports of South Korean automobiles, timber, pharmaceuticals, and other "reciprocal tariffs" would be increased from 15% to 25%.

Agricultural Products

1. [Soybeans] According to the U.S. Department of Agriculture's weekly export sales report, as of January 15, 2026, U.S. soybean exports to China (mainland China) for the 2025/26 marketing year (beginning September 1) totaled 2.686 million tons, compared to 2.093 million tons the previous week, and lower than the 17.621 million tons during the same period last year. 593,400 tons of soybeans were shipped to China during that week, compared to 901,200 tons the previous week.

2. [Soybean Meal] The U.S. Department of Agriculture's weekly export sales report shows that for the week ending January 15, 2026, U.S. net sales of soybean meal for the 2025/26 marketing year totaled 412,700 tons, a 21% increase from the previous week and an 82% increase from the four-week average. Total soybean meal export sales to date this year have reached 9.806 million tons, a 11% increase year-on-year, while the USDA forecasts a 6.2% increase in exports for the entire year.

3. [Corn] The U.S. Department of Agriculture's weekly export inspection report shows that U.S. corn export inspections last week decreased by 1% compared to the previous week and by 4% compared to the same period last year. As of the week ending January 15, 2026, US corn export inspections totaled 1,483,622 tons, compared to a revised 1,503,923 tons the previous week and 1,542,329 tons in the same period last year.

4. [Grains] According to the Ukrainian Ministry of Economic Development and Agriculture, as of January 22, 2026, Ukraine had harvested 59.067 million tons of grains (including legumes), from an area of ​​11.15 million hectares (equivalent to 96% of the planned harvest area), with an average yield of 5.3 tons per hectare.

5. [Rapeseed] Agriculture and Agri-Food Canada (AAFC) released its first supply and demand forecast for the 2026/27 season in its January report.  Rapeseed planted area is expected to increase in the next year, but with yields returning to average levels, rapeseed production will decrease year-on-year. Rapeseed planted area in 2026/27 is projected to increase by 1.9% to 8.915 million hectares. However, due to yields returning to average levels, production is expected to decrease from the record 21.804 million tons in 2025/26 to 19.2 million tons.

6. [Rapeseed] The Canadian Grain Commission reported that as of the week ending January 18, Canadian rapeseed exports totaled 288,200 tons, higher than the 113,000 tons the previous week. Year-to-date exports are 3.21 million tons, a decrease of 37.4% year-on-year. Domestic rapeseed consumption year-to-date is 5.583 million tons, an increase of 0.6% year-on-year. Farmers have delivered 8.606 million tons, a decrease of 11.6% year-on-year.

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