Zijin Tianfeng Futures: The soybean meal market's short-term trend is somewhat strong; medium to long-term outlook remains uncertain

With macro sentiment spillover, capital support, and cost support all combining, and with supply and demand remaining not weak, U.S. soybeans stay firm, and soybean meal is biased toward a stronger trend in the short term. In the medium term, as the arrival of supplies at port is postponed and marginal support from hog inventory weakens, soybean meal will fall, but it is uncertain whether the 05 contract will arrive in time. In the long term, the probability of El Niño during the key growth period of U.S. soybeans from 6–8 months is rising to 40–60%, injecting new expectations and opportunities into the subsequent market. (Zijin Tianfeng Futures)