银河期货花生日报-20251112

Group 1: Report Overview - Report title: Peanut Daily Report [1] - Report date: November 12, 2025 [1][2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Views - Peanut spot prices are expected to remain relatively stable in the short term, with supply increasing and downstream demand remaining weak [4][8] - Peanut futures will continue to oscillate at the bottom, and the new - season peanut output is expected to be higher than last year with lower planting costs [8] - Oil mills' theoretical crushing profits are acceptable, and peanut oil and peanut meal prices are stable [4][6][8] Group 4: Data Summary Futures Market - PK604 closed at 7934, up 4 (0.05%), with a trading volume of 21,358 (-18.06%) and an open interest of 22,453 (3.82%) [2] - PK510 closed at 8182, down 8 (-0.10%), with a trading volume of 47 (-70.81%) and an open interest of 570 (1.79%) [2] - PK601 closed at 7914, up 18 (0.23%), with a trading volume of 92,242 (-29.64%) and an open interest of 165,618 (-0.56%) [2] Spot Market - Spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7200, 7800, and 7800 respectively, with Henan Nanyang down 200 [2] - Imported Sudanese peanuts were priced at 8600 yuan/ton, and Senegalese peanuts at 7600 yuan/ton [2][4] - Peanut oil was priced at 14580 yuan/ton, up 10; soybean oil was priced at 8430 yuan/ton; peanut meal was priced at 3250 yuan/ton; soybean meal was priced at 3020 yuan/ton, down 10 [2] Spread - PK01 - PK04 spread was -20, up 14; PK04 - PK10 spread was -248, up 12; PK10 - PK01 spread was 268, down 26 [2] Group 5: Market Analysis - Peanut prices in Henan are stable, and those in the Northeast are strong. Imported peanut prices are stable. It is expected that peanut spot prices will be relatively stable in the short term [4] - Some peanut oil mills have started purchasing, with the mainstream transaction price at 7350 - 7600 yuan/ton, and the theoretical break - even price at 7910 yuan/ton [4] - Peanut oil and soybean oil prices are stable, and the by - product soybean meal in Rizhao is weak, while peanut meal is strong [4][6] Group 6: Trading Strategies Unilateral - Peanuts in contracts 01 and 05 are oscillating at low levels. It is advisable to try to go long on contract 05 peanuts at low prices [9] Inter - month Spread - Hold a wait - and - see attitude [10] Options - Sell and hold pk601 - P - 7600 [11] Group 7: Related Attachments - The report includes six figures showing historical data on Shandong peanut spot prices, peanut oil mill crushing profits, peanut oil prices, peanut spot - futures basis, and inter - contract spreads [16][19][22]