SunSirs: Agricultural Products Industries Bulk Commodity Intelligence (September 7, 2026)

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 September 7. The operation will utilize a fixed-quantity, interest-rate tender with multiple-price winning bids; the term is three months (89 days), with a maturity date of December 5 (postponed if falling on a holiday).

2. [US-Iran Conflict] On the 5th (local time), the US-Iran military conflict continued; the US military claimed to have struck three Iranian oil tankers that day. Subsequently, Iran stated that "out of desperation over the blockade of the Strait of Hormuz, the US military attacked three Iranian tankers, causing damage." In response, Iran attacked multiple oil tankers and US vessels while warning ships in the Persian Gulf to avoid traversing illegal shipping lanes.

On the 6th (local time), Rezaei, Secretary of Iran's Supreme National Security Council, announced that the Strait of Hormuz region would be declared a "no-go zone" in the coming days, extending from the US Navy blockade line to certain waters within the Persian Gulf. Vessels entering this zone would be placed on a sanctions list.

3. [US Non-farm Payrolls] Data released by the US Bureau of Labor Statistics showed that US non-farm payroll employment increased by 162,000 in August, far exceeding the market expectation of 56,000. The US unemployment rate for August stood at 4.1%, in line with market expectations.

Agricultural Products

1. [White Sugar] According to the National Sugarcane Sugar Industry Information Center, my country’s sugar production increased again in the 2025/26 crushing season. Total national sugar output reached 13.2762 million tons, a year-on-year increase of 1.8978 million tons (up 16.68%), marking significant growth for the third consecutive season.

2. [White Sugar] Guangxi Sugar Industry Association: In the 2025/26 crushing season, Guangxi processed a cumulative total of 60.9282 million tons of sugarcane, up 12.3328 million tons year-on-year. Mixed sugar output was 7.6974 million tons, up 1.2324 million tons; the sugar recovery rate was 12.63%, down 0.67 percentage points year-on-year. As of August 31, cumulative sugar sales in Guangxi reached 6.2013 million tons, up 0.4450 million tons year-on-year; the sales-to-production ratio was 80.56%, down 8.48 percentage points year-on-year. Specifically, sales in August alone totaled 0.7173 million tons, up 0.4571 million tons year-on-year; industrial inventory stood at 1.4961 million tons, up 0.7874 million tons year-on-year.

3. [White Sugar] According to the latest data from the Eurasian Sugar Association, as of September 1, the Eurasian Economic Union had processed a cumulative 4.06 million tons of sugar beets and produced 505,000 tons of beet sugar for the 2026/27 crushing season.

4. [Soybeans] USDA weekly export sales data shows that as of August 27, 2026, cumulative U.S. soybean exports to China (mainland) for the 2025/26 marketing year (beginning September 1) totaled 12.36 million tonnes—unchanged from the previous week but lower than the 22.48 million tonnes recorded during the same period last year.

5. [Soybeans] Argentina's Ministry of Agriculture reported that as of August 26, 2026, Argentine farmers had pre-sold 780,000 tonnes of 2026/27 crop soybeans—an increase of 150,000 tonnes from the previous week but below the 910,000 tonnes sold by the same time last year; sales last week totaled 110,000 tonnes. Regarding the 2025/26 crop, farmers had sold 26.51 million tonnes—up 1.01 million tonnes from the previous week but below the 30.54 million tonnes sold by the same time last year; sales last week totaled 730,000 tonnes.

6. [Corn] Argentina's Ministry of Agriculture reported that as of August 26, 2026, Argentine farmers had pre-sold 4.50 million tonnes of 2026/27 crop corn—an increase of 760,000 tonnes from the previous week but below the 2.83 million tonnes sold by the same time last year; sales last week totaled 1.60 million tonnes. Regarding the 2025/26 crop, farmers had sold 39.90 million tonnes—up 2.21 million tonnes from the previous week but below the 26.47 million tonnes sold by the same time last year; sales last week totaled 1.60 million tonnes.

7. [Rapeseed Meal] Data from the Canadian Grain Commission shows that for the week ending August 30, Canadian rapeseed exports fell to 58,300 tonnes from 118,100 tonnes the previous week. Total exports for the current marketing year to date have reached 584,800 tonnes, compared to 482,300 tonnes during the same period last year.

8. [Palm Oil] Indonesia's palm oil production in 2027 is projected to decline by 2.9% to 56.8 million tonnes.

9. [Palm Oil] From August 1 to 31, 2026, Malaysia's palm oil yield per hectare decreased by 4.53% month-on-month, the oil extraction rate increased by 0.15% month-on-month, and total production fell by 3.74% month-on-month.

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