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The June winds, carrying the heat and unease from across the Pacific, sharply cut into the domestic futures market.

After the soybean meal 1301 contract climbed above 3200 points, it did not experience the smooth sailing that some bulls had hoped for. Instead, it experienced violent and prolonged fluctuations within the range of 3190-3220.

Every day's market movements are like a close-quarters battle, with prices fluctuating up and down, reflecting the unprecedentedly fierce disagreement and struggle between the bulls and bears.

The bulls and bears are locked in a tug-of-war within a narrow price range, with the intraday chart filled with jagged peaks and valleys.

For Jiang Haoran, who held 150 long positions (average cost of 3102 points), the daily floating profit fluctuation often reached as high as 50,000 to 60,000 yuan, and the total equity of his account fluctuated wildly between 280,000 and 320,000 yuan, like a ship sailing on the edge of a storm.

This kind of market condition tests one's willpower far more than it tests one's technical skills.

In the dormitory, Fatty Li's reaction became a barometer of market sentiment.

He gets elated whenever prices rise rapidly; but when prices plummet, he becomes gloomy and can't even play games in peace.

"Brother Hao, this is all over the place, my heart can't take it! This is all my pocket money, 3 yuan. Shouldn't we sell some and get our money back?"

Jiang Haoran said calmly, "Fatty, you're watching the 'fluctuations' of prices, but I'm watching the 'pulse' of trends. The current fluctuations are the final friction sounds of the anchor chain against the seabed silt before a giant ship sets sail."

"The reason the market is fluctuating so wildly is because the major players want to shake you off. If you don't even have the patience for this kind of volatility, you might as well get off the boat now."

Jiang Haoran's calmness was not feigned, but rather stemmed from his absolute advantage in information.

His vision had long since transcended the small screen of the trading software, extending to a broader and more bustling information field.

Just as he expected, the giant crocodiles outside the arena were attracted by the strong smell of blood and gradually surfaced.

On the list of top buyers and sellers, "Guoxin Futures" and "Ernst & Young Futures" frequently appeared at the top of the buy-side, with their large long positions, often exceeding a thousand lots, demonstrating their extraordinary determination.

Market rumors suggest that spot traders and speculative investors in the Jiangsu and Zhejiang regions have reached a consensus and are forming a massive bullish alliance.

At the same time, the market's "story" was carefully packaged and repeatedly told through various channels, forming a powerful torrent of public opinion.

The first wave of feedback came from in-depth research reports from institutions.

One brokerage report had a straightforward title: "El Niño signal strengthens, North America may experience severe drought."

The report cited climate model data, pointing out that abnormal circulation has led to persistent high temperatures and low rainfall in major soybean producing areas in North America, and that "soil moisture in major soybean producing areas is sliding toward dangerous levels."

The report also included several weeks of crop progress reports from the U.S. Department of Agriculture, showing that soybean condition ratings continued to decline.

The second driving force was the focused reporting by financial media.

The cover story of Securities Market Weekly has a sharp title: "The 'Dry Fire' is Ready, but the 'Fire' is About to Arrive? -- A Revaluation of Agricultural Products Amid Global Drought."

The article is logically clear: it first defines the severity and duration of the drought, then quantifies the disruptive impact of potential yield losses on the global supply and demand balance, and finally points to the investment conclusion that the bearish logic based on past bumper year data has failed.

One statement in the article has been widely circulated: "Past figures in the warehouse cannot compensate for future crop failures in the oysterland."

The third wave of support came from active market researchers.

Several leading institutions held conference calls almost simultaneously, focusing on agricultural products and discussing "asset allocation under extreme weather conditions".

At the meeting, an influential analyst stated clearly: "The millions of tons of inventory at the ports are 'past food.' The market is now trading on 'future shortages.'"

"The weather is overshadowing all the old negative data, and the current consolidation is the time to test the conviction of both bulls and bears."

The most influential voices come from within the industry chain.

A financial website published a transcript of a survey of domestic crushing groups and traders in production areas.

The report accurately conveyed the anxiety within the industry: traders worried about "having prices but no market," and procurement managers admitted that "rising costs are no longer the key issue; ensuring supply security is the top priority."

These real pressures from the front lines are more convincing than any analytical report.

This complex information was quickly filtered and categorized in Jiang Haoran's eyes.

He knew that institutional models and media narratives often contained preconceived notions and exaggerated emotions.

The truly substantial "gold" lies in the hard data that cannot be altered: the continuously deteriorating official crop reports, the real purchasing anxieties and price adjustments of core companies in the supply chain, and the consistently strong spot premium structure reflected in the futures market.

These facts collectively point to a disruption in the soybean supply structure.

As for those overly inflammatory target price predictions and exclamations of "once in a century," he sees them as thermometers of market sentiment—useful, but not the cornerstone of decision-making.

Jiang Haoran shifted his gaze from the screen and looked out the window.

The summer sun was scorching and blinding, much like the ever-increasing excitement in the market.

Jiang Haoran understood that soybean meal was at a critical juncture.

All the positive factors in the market are forming a rare three-way resonance.

The right timing depends on the fundamentals.

The ongoing drought across North America is now undeniable, with official planting reports and sporadic reports from the fields corroborating each other, turning the expected decline in yields into an ongoing reality.

This constitutes the most solid underlying logic of the market trend.

Location is a key factor in the movement of capital.

The repeated appearances of top-ranked positions on the stock exchange's daily trading list, along with rumors circulating within the industry about the entry of funds from Jiangsu and Zhejiang provinces, all point to the same fact: a massive force capable of influencing or even dominating price trends in the short term has entered the market.

These are not retail investors, but rather astute industrial capital and large speculative funds that have sensed the impending dramatic changes in the industry's foundation and valuation logic, and have made decisive bets.

Human factors represent a complete shift in market sentiment.

From research institutions continuously raising their target prices, to financial media reports filled with a sense of urgency, and to the genuine anxiety and rumors of panic buying among traders,

All the information intertwined into a torrent, systematically eroding the market's original price perception system.

The fear of "missing out" is spreading with unprecedented intensity, gradually overshadowing rational assessments of "high prices."

Jiang Haoran realized that when the irreversible industrial reality (favorable timing), the massive capital that had been gathered (favorable location), and the completely shifted group psychology (favorable human factors) resonate in unison, the market will not experience an ordinary surge, but rather a "subversion" of the old pricing system.

In his view, the current oscillating range where bulls and bears are locked in a fierce battle has changed in nature.

This is no longer a simple resistance level during an upward trend, but a battlefield where different beliefs and holdings are finally and most brutally exchanged at the turn of the old and new eras.

Jiang Haoran knew that the friction sound was about to end, and the whistle of the giant ship setting sail northward was already faintly ringing in his ears.