Macroeconomics

1. [Automobiles] According to the China Association of Automobile Manufacturers (CAAM), China's automobile exports reached 672,000 units in February, a decrease of 1.4% month-on-month but an increase of 52.4% year-on-year. Among them, exports of new energy vehicles reached 282,000 units, a decrease of 6.6% month-on-month but an increase of 110% year-on-year; exports of traditional fuel vehicles reached 391,000 units, an increase of 2.8% month-on-month and an increase of 26.2% year-on-year.

2. [Automobiles] According to CAAM, in February, my country's automobile production and sales reached 1.672 million and 1.805 million units respectively, a decrease of 31.7% and 23.1% month-on-month, and a decrease of 20.5% and 15.2% year-on-year.

3. [US CPI] The latest US inflation data shows that the seasonally adjusted CPI rose 0.3% month-on-month and 2.4% year-on-year in February, while the core CPI rose 0.2% month-on-month and 2.5% year-on-year, both in line with market expectations. However, the market generally believes that the February data did not reflect the impact of the surge in oil prices caused by the Iranian situation, and more data is still needed to determine when the Federal Reserve will cut interest rates again.

Agricultural Products

1. [Vegetable Oils] Customs data shows that China's edible vegetable oil imports in February 2026 reached 605,000 tons, with cumulative imports from January to February totaling 1.335 million tons, a year-on-year increase of 48.8%.

2. [Soybean Meal] The USDA's supply and demand report indicates that due to an upward revision in crushing estimates, the US 2025/26 soybean meal production forecast was slightly revised upward to 61.077 million short tons this month. However, this adjustment was offset by an increase in domestic consumption, so the soybean meal ending stocks forecast remains unchanged at 450,000 short tons. Soybean meal exports are also unchanged at 19.4 million short tons.

3. [Soybean Oil] The USDA's supply and demand report shows that US soybean oil production in March was slightly revised downward to 29.92 billion pounds. Soybean oil usage in the biofuel industry was expected to be lowered by 800 million pounds to 14 billion pounds, and US soybean oil ending stocks were slightly revised upward to 1.782 billion pounds. The 2025/26 US soybean oil price forecast was raised by 2 cents to 55 cents per pound.

4. [Soybeans] Data released by SECEX shows that Brazilian soybean exports in the first week of March 2026 were slower than the same period last year. From March 1st to 6th, Brazilian soybean exports totaled 3.309 million tons, compared to 14.658 million tons for the entire month of March 2025.

5. [Corn] Brazil's National Supply Company (CONAB) stated that as of March 7th, the progress of Brazil's first-quarter corn harvest for the 2025/26 marketing year was 29.5%, compared to 24.9% the previous week, 34.5% at the same time last year, and a five-year average of 27.3%.

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