Macroeconomics
1. [US Tariffs] On January 29, US President Trump signed an executive order declaring a national emergency and threatening to impose ad valorem tariffs on goods imported from countries that supply oil to Cuba.
2. [Venezuelan Oil Law] It is reported that the Venezuelan National Assembly, the country's legislative body, passed a bill on January 29 reforming the oil law, including provisions allowing private and foreign investment in the Venezuelan oil industry.
3. [South African Auto Tariffs] South Africa is considering imposing tariffs of up to 50% on imported vehicles from China and India to counter the impact of the surge in low-priced imported vehicles on its domestic automotive industry in recent years.
Agricultural Products
1. [White Sugar] On January 29th, the new sugar price quoted by Guangxi sugar manufacturers and distributors was 5,280-5,360 RMB/ton (ex-factory price at Chongzuo, Nanning, Guigang, Liuzhou, and Fangchenggang sugar factories), an increase of 60 RMB/ton compared to the price on the 28th. As of December 31st, all 73 sugar factories in Guangxi for the 2025/26 crushing season had started operations, with a cumulative crushing of 16.23 million tons of sugarcane and a sugar production of 1.9419 million tons.
2. [Rapeseed] EU data shows that EU rapeseed imports in the 2025/26 season to date have decreased by 43% year-on-year, with significant decreases in imports from both Australia and Ukraine. As of January 23, 2026, Ukraine became the EU's top rapeseed supplier, with 1.159 million tons, a decrease of 46.8% year-on-year, and its share decreased from 57.7% to 53.6%.
3. [Soybeans] ANEC stated that Brazilian soybean exports in January 2026 are estimated at 3.23 million tons, lower than the 3.79 million tons estimated a week earlier.
4. [Corn] ANEC said that Brazilian corn exports in January will reach 3.39 million tons, lower than the 3.45 million tons estimated a week earlier, but still a 6.4% increase compared to 3.185 million tons in the same period last year.
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