Corn: The supply and demand situation of corn in China for the 2026/27 marketing year is expected to remain basically unchanged from last month. In the recent period, most of the Northeast region has had sufficient light and heat, and the soil moisture has been effectively improved, which is conducive to the growth of crops. In the domestic market, policy grain continues to be released, new wheat is gradually coming to the market, feed substitution is increasing, the import of substitutes such as sorghum and barley has increased significantly, corn feed demand is weaker than before, and the supply and demand relationship in the market is generally loose. In the international market, the global corn production is expected to reach a new high in the 2025/26 marketing year, the corn production in South America is abundant and continues to come to the market, and the market supply is sufficient; In the 2026/27 marketing year, due to the rise in international energy and fertilizer prices, the planting area of corn is expected to decrease, but the weather in the North American production area is good at present, and the corn yield may be higher than expected.

Soybeans: The supply and demand situation of soybeans in China for the 2026/27 marketing year is predicted to be consistent with last month. The current main producing areas' farmers have run out of old soybeans, and the market is sluggish. The planting of new soybeans in the Northeast region has basically been completed, and most of the light, temperature, and water conditions are good, which is conducive to seedling growth. In the global market, the harvest of soybeans in Brazil has been completed, and the production has once again reached a new historical high; the harvest of soybeans in Argentina is about to be completed, and the production is expected to be the same as last year; the planting area of new soybeans in the United States has increased compared to last year, and the weather in the main producing areas is good and the soil moisture is sufficient at present, and the soybean seedlings are growing smoothly, and the expectation of a good harvest is strong.

Cotton: The supply and demand situation of cotton for the 2025/26 marketing year is estimated to be consistent with last month. According to the China Cotton Network, as of May 28, the cumulative sales rate of cotton nationwide reached 96.2%, an increase of 8.0 percentage points compared to the same period last year, and an increase of 16.4 percentage points compared to the average of the past four years. Due to the traditional off-season of the textile industry, the raw material inventory of spinning enterprises is generally low, and they maintain essential purchases. The target price for Xinjiang cotton for the period 2026-2028 is 18,600 RMB per ton, and a subsidy is provided for Xinjiang cotton with a fixed production of 5.1 million tons. After comprehensive consultation with various parties, the actual planting area of Xinjiang cotton has a smaller decrease than expected, and this month the planting area of cotton for the 2026/27 marketing year is increased by 1.2 million hectares (18 million * 667sqm) compared to last month, to 2.873 million hectares (431 million * 667sqm); Due to the adverse weather conditions such as low temperature and sandstorm in Xinjiang in the early stage, the yield per 667sqm is slightly reduced to 147 kilograms; The total output is increased by 190,000 tons to 6.34 million tons. According to the China Cotton Information Network, as of June 8, cotton in the whole Xinjiang region has entered the stage of concentrated bud, with a bud rate of about 94.7%, which is 1.5 percentage points lower than the same period last year.

Edible Vegetable Oil: The supply and demand situation of edible vegetable oil in China for the 2026/2027 marketing year is consistent with last month's forecast. So far, the new season rapeseed in the southern producing area has been concentrated, the supply is sufficient but the quality is differentiated, the supply of high-quality sources is tight and the price is firm, and the supply of ordinary grades is sufficient and the circulation is under pressure. In the international market, the planting progress of the new season rapeseed in Canada has been seriously delayed due to weather reasons, and the high temperature and drought in Australia are not conducive to the growth of crops, and the global supply is expected to be tight, and the price of rapeseed continues to rise.

Sugar: The supply and demand situation of sugar in China for the 2025/26 marketing year is estimated to be consistent with last month. By the end of May, the production of sugar in the 2025/26 marketing year is coming to an end, and the main producing areas such as Guangxi and Guangdong have all stopped pressing sugar. Next month, the sugar production will be adjusted according to the actual production situation. The supply and demand situation of sugar in the 2026/27 marketing year is predicted to be consistent with last month. The weather in the main producing areas of China is good, which is conducive to the production of sugar crops. Internationally, the International Sugar Organization (ISO) expects a 2.6 million-ton gap in global sugar supply and demand in the 2026/27 marketing year. The impact of El Nino events on the production of sugar crops in major producing countries such as Brazil and India needs to be continuously monitored in the later period.

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