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Venezuelan Foreign Minister Gil: The governments meeting with U.S. Special Envoy Dogu discussed a common agenda, particularly energy, trade, and political and economic issues.Venezuelan Foreign Minister Gil: Former Foreign Minister Felix Plasencia recently arrived in Washington to serve as Venezuelas diplomatic representative.February 3rd, Futures News – According to foreign media reports, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open lower on Tuesday morning, mainly due to a sharp decline in the commodity market. Affected by the easing of tensions between the US and Iran, international crude oil futures fell by more than 4% on Monday, and the decline in Chicago soybean oil futures will drag down the performance of Malaysian crude palm oil futures in the early morning. However, the fundamentals of the palm oil market are bullish, with declining palm oil production and increased exports, which will provide a floor support for the palm oil market. Indonesia has set its February 2026 crude palm oil export reference price at $918.47/ton, higher than Januarys $915.64/ton. The export tax for crude palm oil in February remains at $74/ton, unchanged from January.February 3rd, Futures News – According to foreign media reports, Chicago Board of Trade (CBOT) soybean futures closed slightly lower on Monday, with the benchmark contract down 0.4%, mainly reflecting a sharp drop in international crude oil futures and continued significant upward revisions in Brazilian soybean production forecasts by private institutions. On Monday, international crude oil prices fell by more than 4%, negatively impacting the soybean and corn markets, as both are major renewable fuel feedstocks. Weather forecasts indicate that parts of Argentina and Brazil will receive rainfall this week, which will promote crop growth. Consulting firm AgResource points out that the rainfall is expected to help Brazil achieve a bumper soybean harvest. AgRural states that the Brazilian soybean harvest is 9%-10% complete. The Buenos Aires Grain Exchange reports that the good-to-excellent rating for Argentine soybeans is 53%, down 8 percentage points from last week, but higher than the 24% at the same time last year. Currently, 96.2% of Argentine soybean planting is complete.February 3rd, Futures News – According to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed lower on Monday, with the benchmark contract down 0.6%, mainly due to a sharp drop in international crude oil futures. Traders said that the sharp drop in crude oil futures, falling by more than 4%, coupled with the prospect of a bumper soybean harvest in South America and the unlocking of oilseed meal arbitrage, put downward pressure on the soybean oil market. The USDAs monthly crush report released late Monday showed that as of the end of December, US soybean oil stocks were 2.179 billion pounds, an increase of 11.5% month-on-month and 29.1% year-on-year. US President Trump stated on Monday that the US would reduce tariffs on Indian products from 25% to 18%, and India agreed to purchase more than $500 billion worth of US energy, technology, agricultural products, coal, and other products. India has historically been among the top five buyers of US soybean oil and was once projected to be the largest buyer by 2025.

Technical Analysis

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