Macroeconomics

1. [PPI] National Bureau of Statistics: In May 2026, China's producer prices for industrial products rose by 3.9% year-on-year and 0.5% month-on-month. Purchase prices for industrial producers increased by 5.8% year-on-year and 1.3% month-on-month. For the January–May period, producer prices rose by an average of 1.0% year-on-year, while purchase prices for industrial producers rose by 1.6%.

2. [CPI] National Bureau of Statistics: In May 2026, the national Consumer Price Index (CPI) rose by 1.2% year-on-year. Specifically, prices rose by 1.3% in urban areas and 1.1% in rural areas; food prices fell by 1.7% while non-food prices rose by 1.9%; prices for consumer goods rose by 1.6% and service prices by 0.8%. For the January–May period, the national CPI rose by an average of 1.0% year-on-year. In May, the national CPI fell by 0.1% month-on-month.

3. [Imports & Exports] Data from the General Administration of Customs shows that in the first five months of 2026, China's foreign trade maintained a trend of steady growth. The total value of imports and exports of goods reached 20.68 trillion RMB, up 15.3% year-on-year. Of this total, exports amounted to 11.91 trillion RMB (up 11.8%) and imports to 8.77 trillion RMB (up 20.5%). In May alone, total imports and exports reached 4.45 trillion RMB—exceeding the 4-trillion-yuan mark for the third consecutive month—with the year-on-year growth rate accelerating to 16.9%.

Agricultural Products

1. [White Sugar] On June 9, sugar producers and distributors in Guangzhou quoted prices at 5,290–5,350 RMB/tonne, down 20 RMB/tonne from the previous day. By the end of May, cumulative sugar sales in Guangxi totaled 4.4902 million tonnes, a year-on-year decrease of 155,100 tonnes.

2. [Soybeans] Customs data shows that China imported 11.791 million tonnes of soybeans in May 2026. Cumulative imports for January–May 2026 totaled 36.942 million tonnes, a 0.4% decrease compared to the same period last year.

3. [Soybean Oil] USDA export sales reports indicate that for the week ending May 28, total U.S. soybean oil sales for the current marketing year stood at 372,500 tonnes, down 64.5% year-on-year; the USDA supply and demand report forecasts a 51.8% year-on-year decline for the full year.

4. [Corn] USDA weekly export inspection reports show that U.S. corn export inspections last week rose 9% from the previous week and 11% from the same period last year. For the week ending June 4, 2026, inspections totaled 1,911,112 tonnes, compared to a revised 1,749,952 tonnes the previous week and 1,728,889 tonnes during the same period last year. There were no U.S. corn shipments to China during the week, nor were there any the previous week.

5. [Grains] A June report from the UN Food and Agriculture Organization (FAO) indicates that as the 2025/26 marketing year (July–June) draws to a close, global grain production is estimated at 3.043 billion tonnes, a year-on-year increase of 6.1%, driven by significant production growth across all major grains, particularly corn.

6. [Grains] European Commission grain trade data shows that grain imports for the 2025/26 marketing year to date are lower than in the same period last year. As of May 31, grain imports by the EU-27 for the 2025/26 year (beginning July 1) totaled 23,484,857 tonnes, down 24% year-on-year and down 20% compared to the figure from a week earlier.

7. [Grains] Ukraine's Deputy Minister of Agriculture stated that the country's grain production for 2026 is estimated at 60 million tonnes, essentially unchanged from the previous year. The Ministry forecasts grain exports of 43 million tonnes for the 2026/27 marketing year. With less than a month remaining in the 2025/26 marketing year, Ukraine has already exported 34.4 million tonnes of grain.

8. [Corn] The National Association of Grain Exporters of Brazil (ANEC) reported that Brazil's corn exports in June 2026 are estimated at 485,695 tonnes, a 14.6% decrease from the 568,668 tonnes exported during the same period last year.

9. [Palm Oil] Rising crude oil prices are boosting the potential demand for biodiesel. Malaysia launched B15 biodiesel on June 1, and Indonesia is set to implement its B50 biodiesel program starting July 1. These moves are helping to increase domestic demand for palm oil.

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