SunSirs: Analysis of China's Agricultural Products Supply and Demand Situation in February 2026

Corn: This month's forecast for China's corn supply and demand situation remains consistent with that of last month. As the Spring Festival approaches, feed enterprises and deep processing enterprises have completed their stockpiling and replenishment, market transactions have turned sluggish, and prices have remained stable. At present, the overall sales progress of corn is faster than the same period last year, and weather changes after the Spring Festival will become an important factor affecting the pace of corn listing in the northeastern producing areas.

Soybeans: This month's forecast for China's soybean supply and demand situation remains consistent with that of last month. Domestically, the operation of the domestic soybean market is generally stable. The state reserve acquisition and auction are progressing in an orderly manner, the remaining grain at the grassroots level continues to decrease, and the supply of high-quality soybean sources is tight. Internationally, the estimated output of Brazilian soybeans has been raised, the pattern of a bumper harvest of soybeans in South America has become further clear, and the global soybean supply remains loose.

Cotton: This month's forecast for China's cotton supply and demand situation remains consistent with that of last month. The processing of new cotton nationwide is drawing to a close. Textile enterprises were actively stocking up before the Spring Festival, and the sales of lint cotton went smoothly. According to data from China Cotton Net, as of February 5, the national cotton processing rate stood at 98.6%, a year-on-year decrease of 0.4 percentage points, but an increase of 0.6 percentage points compared to the average of the past four years; the sales rate was 65.7%, a year-on-year increase of 22.5 percentage points, and an increase of 27.1 percentage points compared to the average of the past four years.

Edible vegetable oil: This month's forecast for the supply and demand of edible vegetable oil in China remains consistent with that of last month. In the latter half of mid-January, the cold wave brought widespread low-temperature, rainy, snowy and icy weather, causing slight frost damage to the already bolting rapeseed in Hubei, Hunan, Jiangxi and other regions, but the overall impact was limited. As of the end of January, most parts of the Sichuan Basin, the middle and lower reaches of the Yangtze River, Guizhou and other rapeseed-producing areas were in the budding to bolting stage, and some areas in Yunnan entered the flowering stage. There is no adjustment to the output of rapeseed and rapeseed oil this month.

Sugar: This month's forecast for China's sugar supply and demand situation remains consistent with that of last month. On the production side, 14 beet sugar factories have already ceased production, while cane sugar factories are in the peak production period. On the sales side, as of January 31, the cumulative sugar sales in Guangxi, Yunnan, and Guangdong were 1.551 million tons, 532,000 tons, and 206,000 tons respectively, down 34.9%, 17.7%, and 28.9% year-on-year. Internationally, the global market continues to maintain a loose supply and demand pattern. In the later period, attention should be paid to the progress of sugar production in Thailand and the weather conditions in Brazil.

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