Macroeconomics

1. [The Fed] Federal Reserve Governor Cook stated that the Fed stands ready to cut interest rates should the labor market deteriorate; conversely, it is prepared to raise rates if the expected decline in inflation fails to materialize. She noted that while artificial intelligence (AI) may enhance financial stability, its impact on cybersecurity remains unclear. She added that interest rates should likely remain unchanged over the coming months.

2. [U.S. Employment] According to ADP data, U.S. private-sector employment increased by an average of 35,750 jobs per week during the four-week period ending May 9.

3. [European Automotive Sector] According to the latest data released by the European Automobile Manufacturers' Association (ACEA), passenger car sales in the EU market rose by 5.1% in April 2026, reaching 972,314 units. As of April, cumulative sales for the year-to-date showed a 4.2% increase compared to the same period last year, despite geopolitical factors continuing to heighten uncertainty and downside risks.

Agricultural Products

1. [Corn] The USDA’s weekly export inspections report indicates that U.S. corn export inspections last week rose by 13% compared to the previous week and by 11% compared to the same period last year. For the week ending May 21, 2026, U.S. corn export inspections totaled 1,581,717 tons; this compares to a revised figure of 1,399,628 tons the previous week and 1,419,437 tons during the same period last year.

2. [Soybeans] The USDA’s export inspections report shows that U.S. soybean export inspections remained largely unchanged from the previous week but surged by 186% compared to the same period last year. For the week ending May 21, 2026, U.S. soybean export inspections totaled 571,620 tons; this compares to a revised figure of 570,564 tons the previous week and 200,022 tons during the same period last year.

3. [Soybeans] A crop progress report released on Monday by Brazil’s National Supply Company (CONAB) states that, as of May 22, the harvest of Brazil’s 2025/26 soybean crop stood at 99.0%. This figure is up from 98.8% the previous week, down from 99.5% during the same period last year, and above the five-year average of 98.8% for this time of year.

4. [Palm Oil] Noraini Ahmad, Malaysia’s Minister of Plantation Industries and Commodities, announced that the B15 biodiesel mandate will be implemented across Peninsular Malaysia starting June 1. This initiative aims to bolster national energy security while ensuring no adverse impact on palm oil exports, and is expected to help support the domestic palm oil industry.

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