1. According to the "Analysis of China's Agricultural Product Supply and Demand Situation in May 2026" released by the Market Early Warning Expert Committee of the Ministry of Agriculture and Rural Affairs, since the 2025/26 season, the number of live pigs and poultry in stock in China has remained at a historically high level, creating rigid demand for soybean meal. Soybean imports and crushing volumes have exceeded expectations. This month's estimate is that soybean imports for the 2025/26 season will be 103 million tons, an increase of 7.5 million tons from the previous month; crushing consumption is estimated at 101 million tons, an increase of 7.2 million tons from the previous month. 2. The Shanghai Futures Exchange announced that, starting from the date of listing, the daily price fluctuation limit for the silver AG2705 contract will be 17%, the margin ratio for hedging positions will be 18%, and the margin ratio for general positions will be 19%. 3. The International Energy Agency (IEA) warned on Wednesday that global oil inventories are declining at a record pace, and the ongoing chaos caused by the war in Iran could lead to a further surge in oil prices. Crude oil and refined product inventories fell at a rate of nearly 4 million barrels per day in April—equivalent to the combined consumption of the UK and Germany—potentially weakening countries' buffers against supply shocks. The report stated, "World oil inventories are declining at a record pace due to unprecedented Middle East oil supply disruptions faced by importing countries." "With ongoing disruptions, buffer space is rapidly shrinking, which could foreshadow a future price surge." 4. The International Energy Agency (IEA) said on Wednesday that global oil supply is expected to decrease by approximately 3.9 million barrels per day in 2026 due to supply disruptions caused by the war in Iran; currently, oil supply losses in the Middle East have exceeded 1 billion barrels. 5. According to Xinhua News Agency, on May 13 local time, He Lifeng, Vice Premier of the State Council and China's lead negotiator for Sino-US trade, and Bessant, US Treasury Secretary, held trade consultations in South Korea. Guided by the important consensus reached by the two heads of state, and adhering to the principles of mutual respect, peaceful coexistence, and win-win cooperation, the two sides conducted frank, in-depth, and constructive exchanges on resolving trade and economic issues of mutual concern and further expanding pragmatic cooperation. 6. The latest data from the Fujairah Oil Industrial Zone in the UAE shows that as of the week ending May 11, total refined product inventories at the port of Fujairah were 6.497 million barrels, a decrease of 4,000 barrels from the previous week. Specifically, light distillate fuel oil inventories decreased by 20,000 barrels to 2.531 million barrels; middle distillate fuel oil inventories increased by 1,000 barrels to 1.129 million barrels; and heavy residual fuel oil inventories increased by 15,000 barrels to 2.837 million barrels. 7. According to the China Nonferrous Metals Industry Association Silicon Industry Branch, based on enterprise production schedules, domestic polysilicon production in May is estimated at approximately 83,000 tons. During the same period, the silicon wafer operating rate increased slightly, corresponding to a basic match between polysilicon demand and monthly output. Therefore, the accumulation of polysilicon inventory in May will be significantly narrower than in the previous period, and the pressure of supply-demand imbalance will be temporarily alleviated. 8. According to the Yijinhuoluo Banner Mine Safety Supervision Bureau, the Xinzhen Coal Mine of Inner Mongolia Danmengde Coal Industry Co., Ltd. has been ordered to suspend production for rectification for two days due to significant safety hazards. This is hereby announced in accordance with Article 49 of the "Regulations on Coal Mine Safety Production" (State Council Decree No. 774). 9. According to the Ministry of Industry and Information Technology, in order to strengthen the whole-process supervision of energy conservation and carbon reduction, vigorously promote industrial energy conservation and carbon reduction, and actively and steadily promote and achieve carbon peaking, the 2026 industrial energy conservation supervision work is now being organized. The relevant matters are notified as follows: Energy efficiency supervision in key industries and fields. In accordance with relevant industry mandatory energy consumption limits and energy efficiency benchmark levels, energy conservation supervision will be carried out on enterprises in the following industries: steel, synthetic ammonia, oil refining, ethylene, caustic soda, soda ash, methanol, polyvinyl chloride, electrolytic aluminum, industrial silicon, cement, flat glass, building and sanitary ceramics, and computing facilities. In principle, full coverage of energy conservation supervision will be achieved for enterprises in the aforementioned industries in the region by 2026-2027 (full coverage of calcium carbide-based polyvinyl chloride production enterprises should be achieved by 2026). 10. According to Longzhong Information, as of May 13, 2026, the total methanol port inventory in China was 796,800 tons, a decrease of 125,200 tons from the previous period. Specifically, inventory decreased by 115,100 tons in East China and 10,100 tons in South China. 11. Trade organizations: India's palm oil imports in April were 513,403 tons, a decrease from 689,462 tons in March. Soybean oil imports totaled 360,350 tons, an increase from 287,220 tons in March. Sunflower oil imports totaled 434,240 tons, a significant increase from 196,486 tons in March. Vegetable oil imports totaled 1.31 million tons, an increase from 1.19 million tons in March. 12. According to data released by shipping survey agency SGS, Malaysia's palm oil exports from May 1st to 10th are estimated at 259,869 tons, a 22.55% increase from 212,045 tons exported in the same period last month. 13. According to the China Iron and Steel Association, in early May, social inventories of five major steel products in 21 cities totaled 10 million tons, a decrease of 220,000 tons (2.2%) month-on-month, continuing the downward trend; an increase of 2.79 million tons (38.7%) compared to the beginning of the year; and an increase of 1.5 million tons (17.6%) compared to the same period last year. In early May, by region, steel social inventories in most of the seven major regions decreased month-on-month, with East China and Northeast China seeing the largest reductions, and Northeast China experiencing the largest drop; inventories in Central China and Southwest China increased slightly month-on-month. 14. According to Xinhua News Agency, at the invitation of President Xi Jinping, US President Trump arrived in Beijing by special plane on the evening of May 13 to begin a state visit to China.
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