According to the Galaxy Securities Research Report, Super El Niño has been formed. Looking forward to the future, it is expected that the trend of soybean meal, vegetable meal, the three major fats, and sugar will be strong recently, and corn, pigs, and cotton will fluctuate. The core main line is the long-term weather rise injected by superstrong El Niño, which combined with strong shocks after Meizu “ran out of room” to raise import costs. The benefits of soybean meal have been exhausted, domestic supply is tight in stages, and the resonance of rising weather is strong; rapeseed meal is running along with soybean meal. Fats and oils are supported by three factors: rising weather, strong crude oil favors raw firewood, and running out of soybeans raises the cost of beans. White sugar is driven by expectations of global production cuts fueled by El Niño. Raw sugar has strengthened, domestic and foreign price differences have converged, and the import cost of raw sugar has increased. Various volatile varieties have contradictions: corn faces a game of marketing and storage of new grains, focusing on the pace of collection and storage; pig supply is still loose, and the rebound needs to be catalyzed by pickling or centralized entry into the market; cotton is under pressure from new cotton and underpinned by acquisition costs. The direction depends on the purchase price of seed cotton, acquisition progress, and whether peak season orders can be fulfilled.

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