Macroeconomics

1. [Vehicle and Vessel Tax] Preferential policies for vehicle and vessel taxes are set for their first major adjustment in 15 years. The Ministry of Finance, the State Taxation Administration, and the Ministry of Industry and Information Technology jointly announced that, effective January 1, 2027, the policy of halving the tax for energy-saving vehicles will be abolished, as will the tax exemption policy for pure electric commercial vehicles, plug-in hybrid vehicles (including extended-range models), and fuel-cell commercial vehicles. This policy adjustment applies to both existing and newly acquired vehicles; owners of the aforementioned vehicle types will be required to pay the tax in accordance with regulations. Pure electric passenger vehicles and fuel-cell passenger vehicles fall outside the scope of taxation defined by the Vehicle and Vessel Tax Law and remain unaffected by this adjustment.

2. [Logistics Prosperity Index] China Federation of Logistics and Purchasing: In June, China's Logistics Prosperity Index stood at 50.6%, up 0.3 percentage points from the previous month. The index accelerated further within the expansion zone, reflecting a positive trend of balanced recovery across all regions.

3. [Eurozone PMI] The final Eurozone Composite PMI for June was revised upward to 50.0 from the initial reading of 49.5, ending two consecutive months of contraction; the final Services PMI was revised upward to 49.4.

Agricultural Products

1. [Soybeans] Weekly export sales data released by the USDA shows that for the week ending June 25, 2026, combined sales of old-crop and new-crop U.S. soybeans totaled 224,300 tonnes, far below the 1.358 million tonnes recorded the previous week. Net sales for the 2025/26 marketing year were 41,800 tonnes—a new low for the year—dropping sharply from 455,400 tonnes the week prior. Net sales for the 2026/27 marketing year stood at 182,500 tonnes, also well below the previous week's 902,200 tonnes.

2. [Soybeans] EU data indicates that soybean imports for the 2025/26 marketing year to date have declined by 4%; import shares from the U.S. and Ukraine have decreased, while Brazil's share has risen. As of June 28, 2026, Brazil was the EU's top soybean supplier for the 2024/25 marketing year (July through June), with a volume of 7.19 million tonnes—up 14.2% year-on-year—and its market share increased from 43.4% to 51.4%.

3. [Corn] EU data shows a 10% year-on-year decline in EU corn imports for the 2025/26 marketing year. Market shares for the U.S. and Brazil increased, while Ukraine's share dropped significantly. As of June 28, 2026, Ukraine remained the EU's leading corn supplier with a volume of 8.35 million tonnes (down 24.1% year-on-year), and its market share fell from 55.8% during the same period last year to 45.8%.

4. [Corn] Preliminary data from the Russian Grain Union (RGU) indicates that Russia's exports of major grains for the 2025/26 marketing year (July through June) reached 54.3 million tonnes, a 3.4% increase from the previous year's 52.5 million tonnes. Preliminary figures estimate Russia's wheat exports for 2025/26 at 47.5 million tonnes, up 4.9% from the prior year's 45.3 million tonnes. Corn exports reached 3.2 million tonnes, marking a 15% year-on-year increase.

5. [Palm Oil] Indian dealers estimate that palm oil imports fell to a 14-month low in June, as sluggish demand and a narrowing price advantage over competing oils prompted buyers to scale back purchases. India's palm oil imports for June are projected to drop to 492,000 tonnes—a 10.5% month-on-month decline and the lowest level since April 2025—falling below the monthly average of 632,000 tonnes recorded for the 2024/25 marketing year (November–October).

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