Nanhua Futures: The negative impact of planting area has landed, pay attention to subsequent weather conditions.

On the external supply side, new crop planting is generally proceeding smoothly, but El Niño climate has formed, with signs of high temperatures in some production areas. The bearish impact of planting area has been factored in; attention should be paid to subsequent weather conditions. On the demand side, under the agreement between China and the US, China continues to purchase US soybeans. In the short term, the external market has rebounded after falling to key support levels. Negative factors have been mostly priced in, and there is upside flexibility from the valuation bottom. On the domestic side, M09 has limited downside space based on its own valuation and will mainly follow the trend of the external market. (Nanhua Futures)
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