银河期货花生日报-20250729

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints - The supply of peanuts remains tight, but downstream demand is still weak, so short - term peanut prices are relatively weak. Peanut oil spot prices are stable, and peanut meal prices have been stable recently. Oil mills' theoretical profit from peanut pressing is acceptable. Peanut 10 futures are expected to have a narrow - range oscillation due to factors such as expected increase in planting area and decrease in planting cost [5][9]. 3. Summary by Directory 3.1 First Part: Data - Futures Disk: PK604 closed at 8048, down 6 (-0.07%), with a trading volume of 29 (down 70.41%) and an open interest of 212 (up 1.44%); PK510 closed at 8102, down 40 (-0.49%), with a trading volume of 70,017 (down 41.26%) and an open interest of 102,299 (up 0.63%); PK601 closed at 8026, down 22 (-0.27%), with a trading volume of 3,631 (down 38.56%) and an open interest of 11,382 (up 4.14%) [3]. - Spot and Basis: Henan Nanyang peanut spot price was 9000, Shandong Jining and Linyi were 8400, all unchanged. The price of Rizhao peanut meal was 3300, Rizhao soybean meal was 2850, peanut oil was 15000, and Rizhao first - grade soybean oil was 8260 (up 20). The basis of Henan Nanyang peanuts was 898, Shandong Jining and Linyi were 298, and the basis of peanut oil - soybean oil was 6740. The import price of Sudanese peanuts was 8250, unchanged [3]. - Spreads: The spread of PK01 - PK04 was - 22 (down 16), PK04 - PK10 was - 54 (up 34), and PK10 - PK01 was 76 (down 18) [3]. 3.2 Second Part: Market Analysis - Peanut prices in Henan and Northeast China were stable. Northeast Jilin Fuyu 308 general peanuts were 4.4 yuan/jin, Liaoning Changtu was 4.4 yuan/jin, Henan's Baisha general peanuts were 4.4 - 4.45 yuan/jin, Shandong Junan was 4.1 yuan/jin, and imported Sudan refined peanuts were 8300 yuan/ton, all unchanged. Most peanut oil mills stopped purchasing, with the mainstream transaction price at 7650 - 7700 yuan/ton, and the theoretical cost - break price of oil mills was 8110 yuan/ton. Peanut oil and soybean oil prices were stable, with domestic first - grade ordinary peanut oil at 15000 yuan/ton and small - pressed fragrant peanut oil at 17000 yuan/ton [5]. - Rizhao soybean meal spot price was weak, at 2840 yuan/ton (down 10 yuan/ton). The unit - protein price difference between peanut meal and soybean meal was high, and short - term peanut meal was weak, with 48 - protein peanut meal at 3250 yuan/ton [8]. 3.3 Third Part: Trading Strategies - Unilateral: Peanut 10 futures are in a low - level oscillation, and short - term investors should wait and see [10]. - Calendar Spread: Wait and see [11]. - Options: Sell pk510 - C - 8800 [12]. 3.4 Fourth Part: Related Attachments - There are six related figures, including Shandong peanut spot price, peanut oil mill pressing profit, peanut oil price, peanut spot and continuous contract basis, peanut 10 - 1 contract spread, and peanut 1 - 4 contract spread [14][21][22].