银河期货花生日报-20250722

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The supply of peanuts remains tight, but downstream demand is weak, so short - term peanut prices are relatively weak. Peanut oil and peanut meal prices are currently stable, and oil mills' theoretical crushing profits are acceptable. The 10 - contract peanut futures are expected to have a narrow - range shock in the short term due to uncertainties such as weather and the expectation of increased planting area and decreased planting cost [5][9]. 3. Summary by Relevant Catalogs First Part: Data - Futures Market: PK604 closed at 8018, down 26 (-0.32%); PK510 closed at 8140, down 66 (-0.81%); PK601 closed at 7996, down 38 (-0.48%). The trading volume and open interest of each contract showed different degrees of increase [3]. - Spot Market: In the spot market, the prices in Henan were stable, and those in Northeast China were slightly stronger. The prices of imported Sudanese peanuts were stable. The prices of peanut oil and soybean oil were stable, while the price of soybean meal in Rizhao was stronger, and the price of peanut meal was weaker [5][8]. - Price Difference: The PK01 - PK04 spread was - 22, down 12; the PK04 - PK10 spread was - 122, up 40; the PK10 - PK01 spread was 144, down 28 [3]. Second Part: Market Analysis - Peanut Price: The price of peanuts in Henan was stable, and that in Northeast China was slightly stronger. The price of imported Sudanese peanuts was stable. It is expected that the short - term peanut spot will be relatively weak [5]. - Peanut Oil and By - products: Most peanut oil mills stopped purchasing. The prices of peanut oil and soybean oil were stable, while the price of soybean meal in Rizhao was stronger, and the price of peanut meal was weaker [5][8]. Third Part: Trading Strategies - Unilateral: Wait and see for the 10 - contract peanut futures which are in high - level shock in the short term [10]. - Spread: Do reverse arbitrage for the 10 - 1 contract spread of peanuts when the price is low [11]. - Options: Sell pk510 - C - 8800 [12]. Fourth Part: Relevant Attachments - There are six charts including the spot price of Shandong peanuts, the crushing profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread of the 10 - 1 contract, and the spread of the 1 - 4 contract [15][20][23].