Macroeconomics

1. [Reverse Repo] To maintain ample liquidity in the banking system, the People's Bank of China (PBOC) will conduct outright reverse repo operations totaling 500 billion RMB on August 5, 2026. The operation will utilize a fixed-quantity, interest-rate tender with multiple winning bid rates; the term is three months (92 days), with a maturity date of November 5, 2026 (postponed if falling on a holiday).

2. [Automotive] CPCA (China Passenger Car Association): In July, the domestic new energy passenger vehicle market saw a remarkable recovery. Estimated wholesale volumes of new energy passenger vehicles by domestic automakers reached 1.47 million units—up 23% year-on-year and down 1% month-on-month. The year-on-year growth rate marked the highest for any month in 2026, while the month-on-month decline was milder than seasonal trends would suggest, signaling the initial emergence of a recovery in the domestic new energy vehicle sector.

Agricultural Products

1. [Soybeans] National Grain and Oil Information Center: Domestic soybean crushing volume at oil mills hit a record high in July, with soybean meal inventories accumulating rapidly. Crushing volume is expected to decline slightly in August but remain around 10 million tonnes, with soybean meal output around 8 million tonnes. By the end of the month, oil mill soybean meal inventories may drop slightly to 900,000 tonnes—a slight month-on-month decrease, a year-on-year drop of approximately 150,000 tonnes, and a decline of about 200,000 tonnes compared to the average for the same period over the past three years.

2. [Soybeans] The USDA export inspection report shows that the volume of US soybean export inspections decreased by 6% compared to the previous week and by 45% compared to the same period last year. For the week ending July 30, 2026, US soybean export inspections totaled 343,941 tonnes, compared to a revised 365,720 tonnes the previous week and 628,403 tonnes during the same period last year.

3. [Corn] USDA weekly export inspection data shows that U.S. corn export inspections rose 23% week-on-week and 45% year-on-year. For the week ending July 30, 2026, U.S. corn export inspections totaled 1,884,680 tonnes, compared to a revised 1,533,259 tonnes the previous week and 1,295,823 tonnes during the same period last year.

4. [Rapeseed] The European Commission projects EU oilseed production (rapeseed, sunflower seed, and soybeans) for the 2026/27 marketing year at 31.91 million tonnes. This is a downward revision of 0.77 million tonnes (or 2.4%) from the June forecast and represents a 0.6% increase over the 2025/26 year (compared to a previously forecast 3.1% increase).

5. [Rapeseed] The Ukrainian Grain Association (UGA) has raised its production forecast for Ukrainian grains and oilseeds in 2026 by 1 million tonnes, bringing the total to 84.6 million tonnes.

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