SunSirs: Agricultural Products Industries Bulk Commodity Intelligence (September 11, 2026)

Macroeconomics

1. [PPI] National Bureau of Statistics: In August 2026, China's producer prices for industrial products rose by 3.8% year-on-year and 0.4% month-on-month. Purchase prices for industrial producers increased by 5.8% year-on-year and 0.3% month-on-month. For the January–August period, producer prices rose by an average of 2.0% year-on-year, while purchase prices for 1. [Reverse Repo] The central bank announced that, to better align with the banking system's short-term liquidity needs, the People's Bank of China will conduct overnight reverse repo operations from September 14 to September 17. These operations will utilize fixed-rate, quantity-based tendering, with a daily volume not exceeding 600 billion RMB.

2. [US PPI] US Producer Price Index (PPI) rose 0.4% month-on-month and 5.4% year-on-year in August, marking the largest monthly increase in three months; markets are betting on a 70% probability of a Federal Reserve rate hike next week.

3. [US Treasuries] The US Treasury's long-term bond buyback operation, exceeding $5 billion, fell short of the maximum target; the sell-off in US Treasuries remains unstoppable, with the 10-year yield approaching 5%.

4. [ECB Rate Hike] The European Central Bank raised its three key interest rates by 25 basis points. Specifically, the deposit facility rate was raised from 2.25% to 2.5%, while the main refinancing rate and the marginal lending rate were also raised, reaching 2.65% and 2.9%, respectively.

5. [Shipping] According to Iranian sources, Iran has ordered a temporary suspension of the 10% freight surcharge on foreign vessels transporting energy products into or out of the country. This move is a tactical adjustment amidst ongoing maritime tensions in the Strait of Hormuz, a critical shipping channel vital to global energy supplies.

Agricultural Products

1. [Soybeans] A StoneX report maintained the US soybean yield forecast for 2026 at 53.0 bushels per acre. StoneX projects total US soybean production for the year at 4.547 billion bushels—up from the previous estimate of 4.470 billion bushels—based on planting area data provided by the USDA.

2. [Corn] A StoneX report lowered the projected average U.S. corn yield for 2026 from 184.8 bushels per acre to 182.9 bushels. However, StoneX raised its forecast for total U.S. corn production from the previous 16.160 billion bushels to 16.207 billion bushels.

3. [Corn] Secex data indicates that the pace of Brazilian corn exports in early September 2026 lagged behind the same period last year. From September 1 to 4, Brazil exported 1.127 million tonnes of corn; for comparison, the total for August 2025 was 7.563 million tonnes.

4. [White Sugar] The latest data from Brazil's Ministry of Industry and Trade shows that Brazil exported 2.698 million tonnes of sugar in August 2026, a 27.5% decrease year-on-year. The export value for the month was $936 million, down 37% year-on-year.

5. [Palm Oil] According to the Malaysian Palm Oil Board (MPOB), Malaysia's palm oil exports in August totaled 1,294,664 tonnes, a month-on-month decrease of 7.50%; production for the month was 1,817,499 tonnes, a month-on-month increase of 1.39%.

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