Macroeconomics

1. [US Tariffs] The US Department of Commerce announced it will impose countervailing duties on crystalline silicon solar cell modules imported from India, Indonesia, and Laos, arguing that manufacturers benefit from government subsidies, weakening the competitiveness of US products. According to the preliminary ruling, the general subsidy rate for Indian producers/exporters is set at 125.87%, Indonesia at 104.38%, and Laos at 80.67%.

2. [US Tariffs] US Trade Representative Jamison Greer stated on February 25 that the US's "global import tariffs" on some countries will increase from the recently implemented 10% to 15% or higher, but he did not disclose any specific trading partners or other details.

3. [Thailand Interest Rate Cut] The Bank of Thailand announced on February 25 a 25 basis point cut to its policy rate to 1.00%, aiming to further support the economy facing multiple challenges. This is the bank's sixth rate cut since October 2024, with a cumulative reduction of 150 basis points.

Agricultural Products

1. [Soybean Meal] Monitoring data from the National Grain and Oil Information Center shows that as of February 20th, soybean meal inventory at major oil mills nationwide was 800,000 tons, basically unchanged week-on-week, down 120,000 tons month-on-month, up 290,000 tons year-on-year, and up 180,000 tons compared to the average of the same period over the past three years.

2. [Soybean Meal] Data released by the Brazilian Foreign Trade Secretariat (SECEX) shows that Brazilian soybean meal exports in the third week of February 2026 led the same period last year. Soybean meal exports from February 1st to 20th totaled 1.512 million tons, compared to 1.722 million tons for the entire month of February 2025.

3. [Sugar] Sugar production in Brazil's south-central region for the 2026/27 season is projected to reach 40.5 million tons, unchanged from the previous year. Sugarcane production is expected to increase to 630 million tons, higher than the previous year's 610 million tons.

4. [Rapeseed] The Union of Agricultural Cooperatives of Ukraine (UAC) stated on Wednesday that the CPT price for Ukrainian rapeseed exports for July-August delivery in 2026 has risen to $530-540 per ton, up from $510-520 per ton a month ago, due to weather conditions potentially leading to a decline in rapeseed production.

5. [Palm Oil] Data released by ITS shows that Malaysian palm oil exports totaled 863,358 tons between February 1st and 20th, 2026, a decrease of 8.92% compared to 947,939 tons in the same period of January.

6. [Wheat] Kazakh Agriculture Minister Aidarbek Saparov stated that the government has approved the 2026 planting area structure, which will significantly reduce wheat planting area and increase the planting area for feed crops, oilseeds, and legumes. The wheat planting area in 2026 will decrease by 125,000 hectares to 12.1 million hectares. In comparison, the planting area for oilseeds increased by 55,000 hectares, forage crops by 242,000 hectares, barley by 94,000 hectares, and corn by 90,000 hectares to 265,000 hectares.

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