银河期货花生日报-20251020

Group 1: Report Summary - The report is a peanut daily report dated October 20, 2025, focusing on peanut futures, spot prices, and market analysis [2][4] Group 2: Investment Rating - Not mentioned in the report Group 3: Core Viewpoints - Peanut spot prices are expected to be relatively strong in the short - term, with futures likely to be volatile. The 01 peanut contract is expected to be in a relatively strong upward trend [4][10] - The by - product, peanut meal, is expected to be weak in the short - term due to the high unit - protein price difference with soybean meal [8] Group 4: Data Summary Futures Disk - PK604 closed at 8044, up 32 (0.40%), with a trading volume of 153 (down 1.92%) and an open interest of 1,390 (up 6.68%) [2] - PK601 closed at 7958, up 30 (0.38%), with a trading volume of 100,664 (up 6.39%) and an open interest of 199,539 (up 6.58%) [2] Spot and Basis - Spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 8800, 8400, and 8400 respectively, with no change [2] - The price of Rizhao soybean meal was 2920 yuan/ton, up 20 yuan/ton, and the price of peanut meal was 3250 yuan/ton [2] - The price of peanut oil was 14580 yuan/ton, and the price of Rizhao first - grade soybean oil was 8540 yuan/ton, both with no change [2] Import Price - The price of Sudanese peanuts was 8500 yuan/ton, with no change [2] Spread - The spread of PK01 - PK04 was - 86, down 2 [2] Group 5: Market Analysis - Peanut prices in Henan and Northeast China were stable. Imported peanut prices were also stable. The supply increased, but downstream demand was still weak [4] - Some peanut oil mills started purchasing, with the pre - suspension mainstream transaction price at 7800 - 7900 yuan/ton, and the theoretical break - even price at 7920 yuan/ton [4] - The prices of soybean oil and peanut oil were stable, with the domestic first - grade ordinary peanut oil at 14500 yuan/ton and the small - pressed fragrant peanut oil at 16500 yuan/ton [4] - Rizhao soybean meal prices rose, while peanut meal was weak in the short - term due to the high unit - protein price difference with soybean meal [8] Group 6: Trading Strategies Unilateral - The 01 and 05 peanut contracts are in a low - level shock, and short - term long positions can be taken on pullbacks [11] Calendar Spread - Stay on the sidelines [12] Options - Hold the short position of pk601 - P - 7600 [13]