Macroeconomics

1. [PPI] National Bureau of Statistics: In March 2026, the national Producer Price Index (PPI) for manufactured goods turned from a year-on-year decline of 0.9% in the previous month to an increase of 0.5%; on a month-on-month basis, it rose by 1.0%, an increase of 0.6 percentage points compared to the previous month. The purchasing price index for industrial producers shifted from a year-on-year decline of 0.7% in the previous month to an increase of 0.8%; on a month-on-month basis, it rose by 1.2%, an increase of 0.5 percentage points compared to the previous month. For the first quarter, the PPI for manufactured goods declined by 0.6% year-on-year, while the purchasing price index for industrial producers declined by 0.5%.

2. [CPI] National Bureau of Statistics: In March 2026, the national Consumer Price Index (CPI) rose by 1.0% year-on-year and declined by 0.7% month-on-month. On average, from January to March, the national CPI rose by 0.9% compared to the same period of the previous year.

3. [US Initial Jobless Claims] Last week, the number of initial claims for unemployment benefits in the United States stood at 219,000, compared to an expectation of 210,000 and a previous reading of 202,000.

Agricultural Products

1. [Palm Oil] National Data Center for Grain and Material Reserves: This week, international CNF quotes for palm oil fell sharply, resulting in a significant decline in my country's palm oil import costs. On April 8, CNF import quotes for 24-degree palm oil—scheduled for shipment in May and June—stood at $1,208/ton and $1,218/ton, respectively; these figures represent a decline of $44–$45/ton compared to the same period last week. In terms of fully tax-paid landed costs in the South China region, these figures translate to 9,920 RMB/ton and 9,980 RMB/ton—a decrease of 390–400 RMB/ton from the previous week.

2. [Palm Oil] Indonesia has accelerated the implementation of its B50 biodiesel blending program. The initiative is expected to officially launch on July 1, 2026, at which point the palm oil blending ratio in biodiesel will be raised from 40% to 50%. This change implies an additional annual demand for 3 to 4 million tons of crude palm oil.

3. [White Sugar] Data from the German sugar industry indicates that for the 2025/26 crushing season, the beet cultivation area in Germany has declined to 348,678 hectares—a reduction of nearly 10% compared to the previous season. Sugar production in Germany for the 2025/26 season is projected at 4.42 million tons, representing a year-on-year decrease of approximately 5% relative to the previous season.

4. [Soybeans] Weekly survey data released by Brazil's National Association of Grain Exporters (ANEC) shows that Brazil's soybean exports in March 2026 totaled 15.8 million tons. This figure is slightly lower than the 15.86 million tons projected a week earlier, yet slightly higher than the 15.73 million tons exported in March 2025.

5. [Corn] Statistical data released by Secex indicates that in March 2026, the pace of Brazil's corn exports outstripped levels recorded during the same period last year. From March 1 to March 31, Brazil exported 983,000 tons of corn, compared to 871,000 tons exported in March 2025.

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