SunSirs: Agricultural and Sideline Products Industries Bulk Commodity Intelligence (September 11, 2025)

Macroeconomics

1. [Small and Medium Enterprise Development Index] According to the China Association of Small and Medium Enterprises, China's Small and Medium Enterprise Development Index (SMEDI) was 89.1 in August, up 0.1 point from the previous month and higher than the same period last year.

2. [E-commerce Logistics Index] The China Federation of Logistics and Purchasing announced that China's e-commerce logistics index was 112.3 points in August, up 0.3 point from the previous month, continuing to hit a new high for the year. The e-commerce logistics index has risen for six consecutive months.

3. [US PPI] Data released by the US Bureau of Labor Statistics showed that the US PPI fell 0.1% month-on-month in August, the first negative result in four months, contrary to expectations of a 0.3% increase. It also rose 2.6% year-on-year, contrary to expectations of a flat 3.3%.

4. [Swiss National Bank] Swiss National Bank President Schlegel stated that the central bank would not shy away from lowering borrowing costs below zero if necessary. With only two weeks left before the quarterly interest rate decision, Schlegel emphasized that he and his colleagues are ready.

Agricultural and Sideline Products

1. [Sugar] On September 10, Guangxi sugar refineries reported spot prices of 5,880-5,890 RMB/ton (sugar mill truck price). Most warehouses have already cleared their inventory, ending their crushing season sales. Industrial inventories are now at 708,700 tons, down 16,100 tons year-on-year.

2. [Soybean] According to monitoring, as of September 5, major oil refineries nationwide held 7.74 million tons of imported soybeans, up 60,000 tons week-on-week, 100,000 tons month-on-month, and 170,000 tons year-on-year. This represents a 1.94 million ton increase compared to the three-year average. Soybean meal inventories were at 1.13 million tons, up 60,000 tons week-on-week, 130,000 tons month-on-month, and down 240,000 tons year-on-year. This represents a 260,000 ton increase compared to the three-year average.

3. [Palm Oil] Malaysian Palm Oil Board (MPOB): Malaysia's palm oil inventory in August was 2,202,534 tons, a month-on-month increase of 4.18%; production was 1,855,008 tons, a month-on-month increase of 2.35%; exports were 1,324,672 tons, a month-on-month decrease of 0.29%; imports were 49,036 tons, a month-on-month decrease of 19.66%.

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