Macroeconomics

1. [Direct Green Power Connection] The National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) have issued a *Notice on Matters Concerning the Orderly Promotion of Multi-User Direct Green Power Connections*. With the rapid growth of installed capacity for new energy generation, the capacity of the main power grid in certain regions to accommodate new energy sources is approaching its limit. Consequently, new energy faces a dilemma of having "nowhere to go," creating an urgent need to innovate methods for new energy consumption and expand the scope for its development and utilization. The "direct green power connection" model has emerged as an effective pathway to resolve these challenges.

2. [Public Budget Revenue] Ministry of Finance: From January to April, national general public budget revenue totaled 8,340.4 billion RMB, a year-on-year increase of 3.5%. Of this total, national tax revenue amounted to 6,809.7 billion RMB, up 3.9% year-on-year; non-tax revenue stood at 1,530.7 billion RMB, up 1.6% year-on-year.

3. [Japan PMI] Japan's preliminary Manufacturing PMI for May came in at 54.5, down from the previous reading of 55.1. The preliminary Services PMI for May was 50, down from the previous reading of 51. Japan's preliminary Composite PMI for May stood at 51.1, down from the previous reading of 52.2.

4. [Indonesia Rate Hike] Bank Indonesia announced that it has raised its benchmark interest rate by 50 basis points to 5.25%, exceeding market expectations of 5%.

Agricultural Products

1. [Live Pigs] In April 2026, China imported 70,000 tons of pork, a decrease of 12.5% ​​compared to the same period last year. From January to April 2026, China's cumulative pork imports totaled 250,000 tons, down 30.1% year-on-year.

2. [Rapeseed oils] In April 2026, my country imported 486,000 tons of edible rapeseed oils, an increase of 5,000 tons (1.1%) year-on-year. From January to April 2026, my country's cumulative imports of edible rapeseed oils reached 2.427 million tons, up 398,000 tons (19.6%) year-on-year.

3. [Refined Sugar] The International Sugar Organization (ISO) has released its latest forecast, pegging global sugar production for the 2026/27 season at 180 million tons—a year-on-year decline of 1.1%. A global supply deficit of 262,000 tons is projected, primarily due to the potential impact of the El Niño climate phenomenon on sugarcane harvests in India and Thailand.

4. [Refined Sugar] According to the latest data released in May by the National Union of Sugarcane Growers of Mexico, Mexico's sugar production for the 2025/26 crushing season reached 4.6 million tons, an increase of 4.9% year-on-year. During the 2025/26 season, the total volume of sugarcane crushed nationwide in Mexico amounted to 42.58 million tons, up 1.2% compared to the same period in the previous season.

5. [Soybeans] A weekly survey released by Brazil's National Association of Grain Exporters (ANEC) indicates that soybean exports from Brazil are projected to reach 16.1 million tons in May 2026—an upward revision from the 16.0 million tons estimated just one week prior. While this figure remains below the single-month record of 16.24 million tons set in April, it represents a 13.5% increase over the 14.18 million tons exported in May 2025.

6. [Soybean Meal] Data released by Brazil's Secretariat of Foreign Trade (SECEX) shows that soybean meal exports in the first half of May 2026 are outpacing those of the same period last year. From May 1 to May 15, soybean meal exports totaled 1.381 million tons, compared to the 2.33 million tons exported over the entire month of May 2025.

7. [Corn] According to statistics from Secex, the pace of Brazilian corn exports during the first half of May 2026 significantly outpaced levels recorded during the same period last year. From May 1 to May 15, Brazil exported 135,000 tons of corn, compared to 39,000 tons for the entire month of May 2025.

8. [Palm Oil] Data from the Southern Peninsula Palm Oil Millers' Association (SPPOMMA) indicates that from May 1 to May 15, 2026, palm oil production in Southern Malaysia declined by 16.42% month-on-month; specifically, fresh fruit bunch (FFB) yields fell by 12.47%, while the oil extraction rate (OER) decreased by 0.75%.

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