According to Jin10, Galaxy Securities said a super El Nino has formed and expects soybean meal, rapeseed meal, the three major vegetable oils, and sugar to stay firm in the near term, while corn, live hogs, and cotton are likely to trade sideways. The report said the main driver is the weather premium brought by the super El Nino, combined with a rebound in import costs as bearish factors in U.S. soybeans have largely been priced in. It said soybean meal is supported by priced-in bearish news, temporarily tight domestic supply, and weather premiums, while rapeseed meal is following soybean meal. Vegetable oils are supported by weather premiums, firmer crude oil benefiting biodiesel, and higher soybean-related costs after bearish U.S. soybean factors were priced in. Sugar is being driven by global production-cut expectations triggered by El Nino, with stronger raw sugar prices, narrowing domestic and overseas price spreads, and higher import-cost support for Zhengzhou sugar. For sideways-trading products, corn faces a tug-of-war between new-crop arrivals and state reserve buying, live hogs still have ample supply, and cotton is constrained by new-crop pressure on the upside and purchase-cost support on the downside.