银河期货花生日报-20250724

Group 1: Report Information - Report Title: Peanut Daily Report [2] - Report Date: July 24, 2025 [2][3] - Researcher: Liu Dayong [2] - Relevant Departments: Commodity Research Institute, Agricultural Product R & D Report [1][7][18] Group 2: Investment Ratings - Not provided in the document Group 3: Core Views - Peanut spot prices are expected to be relatively weak in the short - term due to tight supply and weak downstream demand [5][9] - Peanut 10 futures will fluctuate narrowly in the short - term, with expectations of increased planting area and decreased planting cost [9] Group 4: Summary by Directory 1. Data - Futures Market: PK604 closed at 8030, up 4 (0.05%); PK510 closed at 8130, down 12 (-0.15%); PK601 closed at 8022, up 32 (0.40%). Trading volume and open interest of different contracts changed to varying degrees [3] - Spot Market: In Henan, peanut prices were weak; in the Northeast, they were stable. Imported Sudanese peanuts were stable at 8300 yuan/ton. Peanut oil prices were stable, with mainstream purchase prices at 7650 - 7700 yuan/ton and theoretical break - even price at 8110 yuan/ton [3][5] - By - product Market: Rizhao soybean meal was weak, down 60 yuan/ton to 2850 yuan/ton. Peanut meal was short - term weak, with 48 - protein peanut meal at 3250 yuan/ton [8] - Price Difference: PK01 - PK04 spread was - 8, up 28; PK04 - PK10 spread was - 100, up 16; PK10 - PK01 spread was 108, down 44 [3] 2. Market Analysis - Northeast peanut prices were stable, while Henan prices were weak. Most peanut oil mills stopped purchasing, and the prices of peanut oil and soybean oil were stable [5] 3. Trading Strategies - Unilateral: Wait and see for Peanut 10 futures which are oscillating at high levels [10] - Spread: Do reverse spreads for Peanut 10 - 1 contracts when the spread is low [11] - Options: Sell pk510 - C - 8800 [12] 4. Relevant Attachments - There are six charts showing historical data of Shandong peanut spot prices, peanut oil mill profit, peanut oil prices, peanut spot - futures basis, Peanut 10 - 1 spread, and Peanut 1 - 4 spread [15][21][22]