银河期货花生日报-20250714

Group 1: Report Overview - Report Title: Peanut Daily Report, July 14, 2025 [2] - Researcher: Liu Dayong [2] - Industry: Agricultural Products (Peanuts) Group 2: Data Summary Futures Market - PK504: Closed at 7966, no change (0.00% change), volume increased by 350.00% to 27, open interest increased by 4.93% to 149 [3] - PK510: Closed at 8190, up 20 (0.24% change), volume increased by 240.72% to 113,094, open interest decreased by 4.07% to 94,364 [3] - PK601: Closed at 7994, up 24 (0.30% change), volume increased by 195.64% to 3,187, open interest increased by 1.13% to 8,212 [3] Spot Market - Henan Nanyang Peanuts: Quoted at 9200 yuan/ton, no change [3] - Shandong Jining Peanuts: Quoted at 8600 yuan/ton, down 200 yuan/ton [3] - Shandong Linyi Peanuts: Quoted at 8600 yuan/ton, down 200 yuan/ton [3] - Rizhao Peanut Meal: Quoted at 3300 yuan/ton, no change [3] - Rizhao Soybean Meal: Quoted at 2820 yuan/ton, down 10 yuan/ton [3][8] - Peanut Oil: Quoted at 15200 yuan/ton, no change [3] - Rizhao First - Grade Soybean Oil: Quoted at 8120 yuan/ton, down 10 yuan/ton [3] Import Prices - Sudan Peanuts: Quoted at 8250 yuan/ton, no change [3] Spreads - PK01 - PK04 Spread: 28, up 24 [3] - PK04 - PK10 Spread: - 224, down 20 [3] - PK10 - PK01 Spread: 196, down 4 [3] Group 3: Market Analysis Price Movements - Henan and Northeast peanut prices declined. Jilin Fuyu 308 peanuts were stable at 4.45 yuan/jin, Liaoning Changtu peanuts fell 0.1 yuan/jin to 4.5 yuan/jin, Henan Baisha peanuts fell 0.05 yuan/jin to 4.5 - 4.65 yuan/jin, and Shandong Junan peanuts were stable at 4.1 yuan/jin [5] - Imported Sudan refined peanuts rose 50 yuan/ton to 8300 yuan/ton [5] - Most peanut oil mills stopped purchasing, with mainstream prices at 7650 - 7700 yuan/ton, and the theoretical break - even price at 8220 yuan/ton [5] - Peanut oil and soybean oil prices were stable, with domestic first - grade peanut oil at 15000 yuan/ton and small - pressed fragrant peanut oil at 17000 yuan/ton [5] Outlook - Peanut spot prices are expected to be relatively weak in the short term [5] - The unit protein price difference between peanut meal and soybean meal is high, and peanut meal is expected to be weak in the short term [8] Group 4: Trading Strategies - Unilateral: Observe the high - level fluctuations of PK510 peanuts in the short term [10] - Spread: Conduct reverse arbitrage on the PK510 - PK601 spread when the spread is low [11] - Options: Sell PK510 - C - 8800 [12] Group 5: Related Attachments - Figures include Shandong peanut spot prices, peanut oil mill profit, peanut oil prices, peanut spot - futures basis, PK510 - PK601 spread, and PK504 - PK510 spread [15][20][23]