Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core Viewpoints - The peanut spot price is expected to be relatively stable in the short - term as the supply is still limited while the downstream demand remains weak. The price of imported peanuts is stable, and the price of domestic peanuts in some regions is weak. Peanut oil and peanut meal prices are also stable recently [5][7][8]. - The new - season peanut production is expected to increase, and the planting cost is expected to decline. The 11 - contract peanut price is in a bottom - oscillating state, and it will continue to oscillate narrowly in the short - term [8]. 3. Summary by Directory First Part: Data - Futures Market: PK604 closed at 7880, up 10 (0.13%), with a trading volume of 7 (down 75.00%) and an open interest of 407 (up 0.74%); PK510 closed at 7972, up 2 (0.03%), with a trading volume of 7,737 (down 24.29%) and an open interest of 37,099 (down 7.54%); PK601 closed at 7852, up 4 (0.05%), with a trading volume of 4,009 (down 56.47%) and an open interest of 33,323 (up 1.02%) [3]. - Spot Market: In the peanut spot market, the price in Henan decreased, while that in the Northeast remained stable. The price of imported Sudanese refined new peanuts was 8500 yuan/ton, remaining stable. Most peanut oil mills stopped purchasing, with the mainstream transaction price before the suspension ranging from 7300 - 7800 yuan/ton and the theoretical break - even price of 8050 yuan/ton. The price of soybean oil and peanut oil remained stable, with domestic first - grade ordinary peanut oil at 14800 yuan/ton and small - pressed fragrant peanut oil at 16500 yuan/ton [3][5]. - By - product Market: The spot price of Rizhao soybean meal was stable at 3000 yuan/ton. The unit - protein price difference between peanut meal and soybean meal was relatively high, and peanut meal was weak in the short - term, with the 48 - protein peanut meal quoted at 3260 yuan/ton [7]. - Spread: The PK01 - PK04 spread was - 28 (down 6), the PK04 - PK10 spread was - 92 (up 8), and the PK10 - PK01 spread was 120 (down 2) [3]. Second Part: Market Analysis - In the Northeast, the price of 308 common peanuts in Fuyu, Jilin was 3.9 yuan/jin, and that in Changtu, Liaoning was 4.0 yuan/jin, both remaining stable. In Henan, the price of Baisha common peanuts was 4.35 - 4.45 yuan/jin, down 0.05 yuan/jin. In Shandong, the price in Junan was 4.05 yuan/jin, remaining stable [5]. - The price of peanut oil was stable, with domestic first - grade ordinary peanut oil at 14800 yuan/ton and small - pressed fragrant peanut oil at 16500 yuan/ton [5]. Third Part: Trading Strategy - For the single - side trading, the 11 - contract peanut price is in a low - level oscillation. It is advisable to wait and see, and those who want to bottom - fish can try the 05 - contract peanut [9]. - For the spread trading, it is recommended to wait and see [10]. - For the option trading, it is recommended to sell and hold the pk511 - C - 8200 option [11]. Fourth Part: Related Charts - The report provides six charts, including the price of Shandong peanut spot, peanut oil mill's profit, peanut oil price, the basis between peanut spot and continuous contract, the spread between peanut 10 - 1 contracts, and the spread between peanut 1 - 4 contracts [13][19][22].
银河期货花生日报-20250903
Yin He Qi Huo·2025-09-03 13:51