Macroeconomics

1. [Manufacturing Sector Resists Overcompetition] The Ministry of Industry and Information Technology held its 18th manufacturing enterprise symposium.  Representatives from 12 companies in key industries such as steel, non-ferrous metals, new materials, automobiles, machinery, shipbuilding, light industry, pharmaceuticals, and electronics participated. The meeting emphasized actively participating in industry rule-making and self-regulatory mechanisms, and consciously resisting "overcompetition."

2. [US CPI] Data released by the US Department of Labor showed that the US Consumer Price Index (CPI) rose by 0.3% month-on-month in December 2025. Data for the previous two months was not released due to the federal government shutdown; the year-on-year CPI increase was 2.7%.

3. [Electricity Consumption] The US Energy Information Administration (EIA) predicts that US electricity consumption will increase by 1% in 2027, representing the first consecutive increase in electricity demand since 2007 and the strongest four-year growth period since 2000. The EIA added: "The main driver of this surge is the increasing demand from large data centers."

Agricultural Products

1. [Rapeseed] According to the January oilseed report released by the U.S. Department of Agriculture (USDA), global rapeseed production in 2025/26 is expected to be 95.172 million tons, an increase of 9.174 million tons year-on-year; ending stocks are expected to be 12.184 million tons, an increase of 2.384 million tons year-on-year.

2. [Corn] According to the January supply and demand report released by the USDA, global corn production in 2025/26 is estimated at 1.29601 billion tons, compared to the December estimate of 1.28296 billion tons. Global corn ending stocks in 2025/26 are estimated at 290.01 million tons, compared to the December estimate of 279.15 million tons.

3. [Corn] According to the January supply and demand report released by the USDA, U.S. corn production in 2025/26 is estimated at 17.021 billion bushels, compared to the December estimate of 16.752 billion bushels. Ending stocks for 2025/26 are estimated at 2.227 billion bushels, compared to the December estimate of 2.029 billion bushels. Corn exports for 2025/26 are estimated at 3.2 billion bushels, the same as the December estimate.

4. [Corn] According to export data released by Secex, Brazil exported 1,673,646.52 tons of corn in the first two weeks of January, with an average daily export volume of 278,941.09 tons, a 71% increase compared to the average daily export volume of 163,365.20 tons in January of the previous year. Total exports in January of the previous year were 3,594,034.36 tons.

5. [Grains] The Ukrainian Ministry of Economy stated that as of January 9th, Ukrainian farmers had harvested approximately 58.8 million tons of grain, with a harvest rate of 95.5%. Ukraine aims to harvest approximately 60 million tons of grain in 2025, higher than the 56 million tons harvested in 2024. 6. [Sunflower Seeds] Analysts at consulting firm APK-Inform predicted on Monday that Ukraine's sunflower seed production could increase by 23% in 2026, from 11.1 million tons in 2025 to 13.7 million tons. Sunflower oil production in the 2026/27 season is expected to increase by 25% to 5.9 million tons; sunflower oil exports are projected at 5.5 million tons. The agency also predicted that Ukraine's rapeseed production in 2026 could increase to 3.9 million tons, an 18% increase compared to 2025. Rapeseed exports in the 2026/27 season are expected to be 2.96 million tons, a 36% year-on-year increase.

7. [Palm Oil] Data released by shipping survey agency ITS shows that Malaysian palm oil exports from January 1 to 10, 2026, totaled 504,400 tons, a 29.2% increase compared to the previous period.

8. [Palm Oil] Monthly data released by the Malaysian Palm Oil Board (MPOB) showed that Malaysian palm oil stocks at the end of December far exceeded market expectations. MPOB reported that palm oil stocks rose to 3.05 million tons at the end of December, a 7.58% increase from November. Analysts had expected stocks to be 2.97 million tons before the report was released.

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