SunSirs: Agricultural Products Industries Bulk Commodity Intelligence (January 15, 2026)

Macroeconomics

1. [Reverse Repurchase Agreements] The People's Bank of China (PBOC) issued a tender announcement for open market reverse repurchase agreements, indicating that to maintain ample liquidity in the banking system, it will conduct a 900 billion RMB reverse repurchase operation on January 15th using a fixed quantity, fixed interest rate tender, and multiple price bidding method. The term is 6 months (181 days).

2. [Imports and Exports] According to customs statistics, my country's total foreign trade imports and exports reached 45.47 trillion RMB in 2025, a 3.8% increase. Exports totaled 26.99 trillion RMB, a 6.1% increase; imports totaled 18.48 trillion RMB, a 0.5% increase.

3. [Automobiles] The latest data released by the China Association of Automobile Manufacturers (CAAM) shows that in 2025, automobile production and sales reached 34.531 million and 34.4 million units respectively, representing year-on-year increases of 10.4% and 9.4%. Production and sales reached a new historical high, maintaining the top position globally for 17 consecutive years.

4. [US Tariffs] The White House announced that starting on the 15th, a 25% ad valorem import tariff will be imposed on certain imported semiconductors, semiconductor manufacturing equipment, and related products.

5. [Federal Reserve Beige Book] The Federal Reserve's Beige Book showed that in eight of the Federal Reserve's twelve districts, overall economic activity showed slight to moderate growth, three districts reported no change, and one district reported a slight decline. This represents an improvement compared to the previous three reporting periods (when most districts reported little change). Most banks reported slight to moderate growth in consumer spending during this period, mainly due to the holiday shopping season.

Agricultural Products

1. [Soybean Meal] According to the National Grain and Material Reserve Data Center, due to the New Year's Day holiday, the weekly soybean crushing volume of domestic oil mills has decreased to around 1.75 million tons so far in January, resulting in reduced soybean meal production and a slight decrease in inventory. It is expected that the total soybean crushing volume for January will decrease to around 8 million tons, with soybean meal production of approximately 6.4 million tons. Coupled with the gradual release of demand for Spring Festival stocking, it is expected that domestic oil mill soybean meal inventory will decrease to around 900,000 tons by the end of January.

2. [Soybean Meal] Data from the European Commission shows that as of January 11th, EU soybean meal imports totaled 9.6 million tons, a decrease of 10%.

3. [Soybean Meal] Data released by the Brazilian Foreign Trade Secretariat (SECEX) shows that Brazilian soybean meal exports in early January 2026 were ahead of the same period last year. Soybean meal exports from January 1st to 9th totaled 653,511 tons, compared to 1.727 million tons for the entire month of January 2025.

4. [Sugar] In the 2025/26 crushing season, the main producing areas of Brazil cumulatively crushed 598 million tons of sugarcane, a year-on-year decrease of 2.36%, and cumulatively produced 40.158 million tons of sugar, a slight year-on-year increase of 0.86%, successfully exceeding the 40 million ton mark. Total ethanol production was 30.275 billion liters, a year-on-year decrease of 5.37%.

5. [Soybeans] According to the crop progress report released by CONAB, as of January 10, 2026, the soybean planting progress in Brazil for the 2025/26 season was 98.2%, the same as a week ago and the five-year average, but lower than the 98.8% of the same period last year.

6. [Soybeans] The Ukrainian Ministry of Agriculture stated that, according to a resolution passed by the government on the 12th, the deadline for certain categories of farmers to apply for tax exemption on soybean and rapeseed exports has been extended to February 1st. 7. [Grains] The press service of the Ukrainian Ministry of Agrarian Policy, citing operational data from the State Customs Service, stated that since the beginning of the current year, as of January 12, Ukraine had exported 16.376 million tons of grains and legumes, including 946,000 tons exported in January alone.

8. [Corn] Sovecon data shows that Russia's exports of wheat, barley, and corn in January are estimated at 3.6 million tons, lower than the 4.6 million tons exported in December.

9. [Palm Oil] SEA stated that India's palm oil imports in December 2025 were 507,204 tons, the lowest since April 2025, a decrease of approximately 20% compared to 632,341 tons in the previous month.

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