Macroeconomics

1. [Total Social Logistics Volume] According to data from the China Federation of Logistics and Purchasing, the total social logistics volume in China reached 368.2 trillion RMB in 2025, a year-on-year increase of 5.1% at comparable prices. Logistics demand growth remained stable throughout the year. Looking at the long-term trend, the total social logistics volume is projected to grow at an average annual rate of 5.7% during the 14th Five-Year Plan period, exceeding the GDP growth rate for the same period, demonstrating the strong driving effect of logistics on the real economy.

2. [US Tariffs] The United States is working to lower the so-called reciprocal tariffs imposed on Bangladeshi goods and provide new exemptions for textiles. Trump will reduce the overall reciprocal tariffs on Bangladeshi goods to 19%, following a reduction from 37% to 20% last year. The agreement also includes a mechanism allowing certain textiles to receive full tariff exemptions, which will support Bangladesh's garment industry.

Agricultural By-products

1. [Corn] The Food and Agriculture Organization of the United Nations (FAO) released a global supply and demand briefing, showing that global cereal consumption in 2025/26 is expected to increase by 61.8 million tons, or 2.2%, year-on-year, reaching 2.938 billion tons. This upward revision is mainly due to a 3.0% increase in corn consumption, while consumption of wheat, sorghum, and barley is also expected to increase. Global cereal consumption has been slightly revised upward since the December supply and demand report.

2. [Soybean Oil] The USDA's monthly crushing report shows that as of the end of December, US soybean oil stocks were 2.179 billion pounds, an increase of 11.5% month-on-month and 29.1% year-on-year. However, this figure is lower than the average analyst expectation of 2.279 billion pounds before the report was released.

3. [Soybeans] Data from the European Commission shows that EU imports of oilseeds and vegetable oils in 2025/26 are generally lower than last year, reflecting an increase in domestic oilseed production and crushing expectations. As of February 1st, soybean imports by the EU-27 for the 2024/25 marketing year (beginning July 1st) totaled approximately 7.29 million tons, a 13% decrease compared to the same period in the 2024/25 marketing year, and a 13% decrease year-on-year last week.

4. [Rapeseed] A report from the Canadian Grain Council shows that as of the week ending February 1st, Canadian rapeseed exports totaled 132,000 tons, down from 241,000 tons the previous week. Year-to-date exports are 3.58 million tons, a 34.7% decrease year-on-year. Domestic rapeseed consumption year-to-date is 6.052 million tons, a 2% increase year-on-year. Farmers have delivered 9.63 million tons, a 9.8% decrease year-on-year.

5. [Sugar] In the first half of January, sugarcane crushing volume in Brazil's south-central region was 605,090 tons, an increase of 304,090 tons year-on-year; sugar production was 7,320 tons, a decrease of 3,680 tons year-on-year.

6. [Soybean Meal] Data released by the Brazilian Foreign Trade Secretariat (SECEX) shows that Brazil's soybean meal exports in January 2026 led the same period last year. Soybean meal exports from January 1 to 31 totaled 1.974 million tons, compared to 1.727 million tons for the entire month of January 2025.

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