Macroeconomics

1. [U.S. Tariffs] President Trump has signed a document temporarily adjusting tariffs on certain imported steel, aluminum, and copper products. These adjustments take effect on June 8 and are set to expire on December 31, 2027. Specifically, the *ad valorem* import tariff applicable to harvesters and certain other agricultural machinery has been reduced from 25% to 15%, while the threshold for the local content ratio required for imported steel, aluminum, and copper products has been lowered from 95% to 85%.

2. [Strait of Hormuz Navigation] Iranian media reported on June 2 that the application system for vessel transit permits through the Strait of Hormuz is now fully operational. Global shipowners and captains may submit transit applications at any time, 24 hours a day. According to reports, vessels can submit their applications for Strait of Hormuz transit via an electronic system established by the governing authority. Once the application is approved, the vessel will be granted a transit permit.

3. [EU CPI] Preliminary data released by Eurostat indicates that, driven by rising energy and service prices, the Eurozone Consumer Price Index (CPI) rose by 3.2% year-on-year in May. This increase—higher than the 3.0% recorded in April—further reinforces market expectations that the European Central Bank will implement a modest interest rate hike in June.

4. [South Korea CPI] Data released by Statistics Korea shows that the CPI rose by 3.1% year-on-year in May, marking the largest increase since March 2024. The core CPI rose by 2.5% year-on-year, representing the largest increase since February 2024.

Agricultural Products

1. [Agriculture] The State Council has issued the *15th Five-Year Plan for Accelerating Agricultural and Rural Modernization*. The plan outlines the construction of major projects—such as high-standard farmland and facilities for storage, preservation, and cold-chain logistics—and proposes key initiatives and actions, including the development of a "broad food economy" and the integration of "AI+ Agriculture." Furthermore, it clearly defines important policy measures aimed at fostering and expanding emerging and future industries within the agricultural sector.

2. [Soybean Meal] According to the National Grain and Materials Reserve Data Center, soybean arrivals at domestic ports remained high in June, projected to exceed 10 million tons. With domestic oil mills enjoying ample raw material supplies, soybean crushing volumes are expected to remain at a high level of approximately 2.2 million tons. Coupled with the ongoing reduction in domestic live hog production capacity, soybean meal inventories are likely to rebound to around 500,000 tons by the end of the month. This represents a month-on-month increase of approximately 200,000 tons, while remaining down about 250,000 tons year-on-year and down roughly 350,000 tons compared to the average for the same period over the past three years.

3. [White Sugar] For the 2025/26 crushing season, 46 sugar mills in Yunnan Province have already concluded their crushing operations—a decrease of six mills compared to the previous year. The combined daily crushing capacity of these mills stands at 167,400 tons. Currently, six sugar mills in Yunnan have yet to finish their operations; another 2–3 mills are expected to conclude their crushing activities this week.

4. [Corn] The U.S. Department of Agriculture's (USDA) weekly export inspections report indicates that U.S. corn export inspections last week rose by 13% from the previous week and by 11% compared to the same period last year. For the week ending May 28, 2026, U.S. corn export inspections totaled 1,728,120 tons, up from the revised figure of 1,604,224 tons the previous week and 1,641,722 tons during the same period last year.

5. [Corn] AgRural released a report on Monday stating that, as of May 28, the harvest of Brazil's second-crop corn for the 2025/26 season had reached 2.4% of the total planted area. This figure is up from 0.9% recorded a week earlier and exceeds the 1.3% recorded during the same period last year.

6. [Grains] The Ukrainian Grain Association (UGA) has announced that it forecasts Ukraine's total grain and oilseed production for 2026 to reach 83.6 million tons, an increase from the 80 million tons produced in 2025. Of this, grain production will reach 60.1 million tons, and oilseed production will reach 23.5 million tons.

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