油料日报：豆一上行动力不足，花生油厂采购依旧谨慎-20251105

Group 1: Report Industry Investment Ratings - The investment strategy for soybeans is neutral [4] - The investment strategy for peanuts is also neutral [7] Group 2: Core Views - The upward momentum of soybeans is insufficient, and peanut oil mills' procurement remains cautious [1] - The domestic soybean market is in a supply - surplus situation, and if there is concentrated grain sales later, prices may face downward pressure [2] - Peanut demand has no obvious improvement, and the market procurement is generally cautious [6] Group 3: Market Analysis of Soybeans - Futures: The closing price of the soybeans 2601 contract yesterday was 4055.00 yuan/ton, a change of - 21.00 yuan/ton from the previous day, a decrease of 0.52% [1] - Spot: The edible soybean spot basis was A01 + 25, a change of + 21 from the previous day, an increase of 32.14% [1] - Market situation: Northeast new - season soybeans are stable, but due to the decline in futures prices, some farmers' reluctance to sell has weakened, and the market supply has increased slightly. Downstream traders purchase on - demand, and the overall acquisition rhythm is rational [2] - Price trend: Domestic soybean prices have insufficient upward momentum, with some areas slightly adjusting downwards and some remaining firm. It is expected that soybean prices will be temporarily stable in the short term, with slight adjustments in some areas [3] Group 4: Market Analysis of Peanuts - Futures: The closing price of the peanuts 2601 contract yesterday was 7812.00 yuan/ton, a change of + 12.00 yuan/ton from the previous day, an increase of 0.15% [4] - Spot: The average spot price of peanuts was 7950.00 yuan/ton, with no change from the previous day. The spot basis was PK01 + - 12.00, a change of - 12.00 from the previous day [4] - Market situation: The overall supply of peanuts in the country is limited, the demand has no obvious improvement, oil mills' acquisition enthusiasm is not high, and market procurement is cautious [5][6] Group 5: Market Risks - For soybeans, if enterprise acquisition intensity weakens later, prices may adjust downwards, and rising freight costs compress trade profits [3] - For peanuts, the risk is the weakening of demand [7]