A-shares plunged in late trade: Shanghai Composite fell 1.5%, Shenzhen Composite Index fell 2.65%, ChiNext Index fell over 4%, STAR 50 Index fell 5.58%.

Wanlian Securities says the current El Niño is confirmed as super-strong and may be the strongest on record since systematic monitoring. Climate impacts will propagate along the agricultural value chain: Southeast and South Asia heat and drought plus constrained Panama Canal transits will pressure supply via lower output and higher landed costs. Midstream effects vary by commodity: palm oil has the highest probability of production losses but the latest timing for cuts; sugar’s net impact depends on Brazil’s sugar-to-ethanol crush ratio; corn is more sensitive because of low inventories; rubber requires close monitoring of producing-region stocks and downstream demand. Downstream seed, agrochemical and livestock sectors typically lag by about one year. Weather risk appears largely priced in; further alpha will depend on realised production shortfalls. Positioning should focus on crops with concentrated production, thin inventories and policy alignment.

日經225指數10月30日（週五）開盤下跌177.37點，跌幅0.27%，報64482.10點。