银河期货花生日报-20250522

Group 1: Report Overview - Report Title: Peanut Daily Report, May 22, 2025 [2] - Researcher: Liu Dayong [2] - Relevant Departments: Commodity Research Institute, Agricultural Product R & D Report [1] Group 2: Data Summary Futures Market - PK504: Closing price 8236, up 26 (0.32%); Volume 15, down 31.82%; Open interest 53, down 3.64% [3] - PK510: Closing price 8372, up 20 (0.24%); Volume 64,634, up 13.66%; Open interest 128,426, up 4.93% [3] - PK601: Closing price 8250, up 10 (0.12%); Volume 492, up 45.56%; Open interest 2,721, up 2.33% [3] Spot Market - Peanut: Henan Nanyang 8400 yuan/ton, Shandong Jining 8000 yuan/ton, Shandong Linyi 8000 yuan/ton [3] - By - products: Rizhao peanut meal 3300 yuan/ton, Rizhao soybean meal 2880 yuan/ton (up 20 yuan/ton), peanut oil 15000 yuan/ton, Rizhao first - grade soybean oil 7980 yuan/ton (down 70 yuan/ton) [3][7] - Import Price: Sudanese peanuts 8250 yuan/ton [3] Spread - Peanut Inter - delivery Spread: PK01 - PK04 spread 14 (down 16), PK04 - PK10 spread - 136 (up 6), PK10 - PK01 spread 122 (up 10) [3] Group 3: Market Analysis - Price Movement: Peanut prices in Henan and Northeast China rose. Northeast Jilin Fuyu 308 common peanuts at 4.35 yuan/jin (up 0.15 yuan/jin), Liaoning Changtu at 4.4 yuan/jin (up 0.15 yuan/jin), Henan white - sand common peanuts at 4.25 - 4.4 yuan/jin (up 0.1 yuan/jin), Shandong Junan at 4.0 yuan/jin (stable) [5] - Market Forecast: Peanut spot prices are expected to be relatively strong in the short term. The downstream demand is still weak, but supply is tightening. The 10 - contract peanut's rebound space is limited due to expected increase in planting area despite weather uncertainties [5][9] Group 4: Trading Strategies - Unilateral: Close long positions in 10 - contract peanuts and wait and see [10] - Spread: Go long on the 10 - 1 contract spread of peanuts on dips [11] - Options: Sell PK510 - P - 7800 [12] Group 5: Relevant Attachments - Figures: Include charts of Shandong peanut spot price, peanut oil mill's crushing profit, peanut oil price, peanut spot - futures basis, 10 - 1 contract spread, and 3 - 10 contract spread [14][18][22]