China Adjusts Tax Policy as US Consumer Confidence Falls

The Chinese government has adjusted its urban land use tax policy for certain energy and resource sectors. Starting September 1, 2026, to August 31, 2027, enterprises in these sectors will be levied at half the payable amount of urban land use tax. This change affects companies that were previously eligible for tax reductions or exemptions under documents such as *Provisions of the State Tax Bureau on the Levy and Exemption of Land Use Tax in the Electric Power Industry* (Guo Shui Di Zi [1989] No. 013). After August 31, 2027, the full amount of urban land use tax will be levied.

The US Consumer Confidence Index dropped to 90.8 in July, below general market expectations. This represents a decrease of 1.4 points from June. The data was released by The Conference Board on the 28th (local time). In contrast, soybean meal sales in the US rose significantly, reaching 17.54 million tonnes for the week ending July 24, a year-on-year increase of 14.57%. This surpasses the USDA's full-year growth forecast of 12.3%.

Ukraine's grain exports have seen significant growth, totaling 2.36 million tonnes as of July 27, 2026, an increase of 81.7% year-on-year. The country's wheat exports reached 960,000 tonnes (up 97.3% year-on-year), corn exports hit 1.21 million tonnes (up 97.2%), and barley exports stood at 180,000 tonnes (down 4.2%). Meanwhile, Brazil's sugar mills in the Center-South region had crushed a cumulative 216.48 million tonnes of sugarcane by the end of June, a 4.5% increase compared to the same period in the previous season.