Macroeconomics

1. [Industrial Enterprise Profits] National Bureau of Statistics: From January to April, the total profits of industrial enterprises above designated size nationwide grew by 18.2%. During this period, among industrial enterprises above designated size, state-holding enterprises realized total profits of 827.15 billion RMB, a year-on-year increase of 17.1%; joint-stock enterprises realized total profits of 1,883.44 billion RMB, up 24.0%; enterprises with foreign, Hong Kong, Macao, or Taiwan investment realized total profits of 542.24 billion RMB, up 2.3%; and private enterprises realized total profits of 651.14 billion RMB, up 23.7%.

2. [Outbound Investment] Ministry of Commerce: From January to April, my country's outbound direct investment across all sectors amounted to 429.42 billion RMB, a year-on-year increase of 3.9%. Of this total, non-financial outbound direct investment stood at 315.74 billion RMB, a year-on-year decrease of 13.9%. Non-financial direct investment in countries participating in the "Belt and Road" Initiative reached 85.55 billion RMB, down 7% year-on-year.

3. [European Central Bank] ECB Executive Board member Schnabel stated that even if peace negotiations regarding Iran make progress, an interest rate hike should still be implemented in June, as the duration of the U.S.-Iran conflict has far exceeded expectations, and elevated energy prices are spilling over into broader sectors of the economy. ECB Chief Economist Lane indicated that the bank may revise its inflation forecasts upward in June.

Agricultural Products

1. [Soybeans] Monitoring data from the Grain and Oil Business Network indicates that, as of the end of Week 21 in 2026, the total domestic inventory of imported soybeans stood at 6.6705 million tons—an increase of 100,000 tons from the previous week, and slightly higher than the 6.4116 million tons recorded during the same period last year. Specifically, coastal inventories amounted to 5.8854 million tons, an increase of 59,600 tons from the previous week.

2. [Soybeans] Data from SECEX shows that, thus far in May, the pace of Brazilian soybean exports is running ahead of levels seen during the same period last year. From May 1 to May 22, Brazil exported 11.38 million tons of soybeans, compared to a total of 14.10 million tons exported throughout the entire month of May 2025.

3. [Grains] The Ukrainian Ministry of Agriculture reports that, as of May 25, grain exports for the 2025/26 marketing year (which begins in July) totaled 32.79 million tons—a decrease of 14.0% compared to the same period last year. Grain exports for the period from May 1 to May 25 amounted to 2.59 million tons, which is lower than the 2.88 million tons exported during the corresponding period last year.

4. [Soybean meal] Recently, Argentina's Minister of Economy announced that export taxes on soybean oil and soybean meal would be "reduced proportionally."

5. [Palm Oil] Malaysia is set to raise its blending mandate for palm oil-based biofuels from 10% to 15% effective June 1. Meanwhile, Indonesia plans to increase its mandatory blending ratio from the current 40% to 50% on July 1, while Thailand also intends to raise its biodiesel blending rate from 5% to 20%.

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