油料日报：豆一贸易商满库收购放缓，花生供应方惜售需求疲软-20251120

1. Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3][5] 2. Report's Core View - The soybean futures market weakened, with the closing price of the Douyi 2601 contract at 4145.00 yuan/ton, down 4.00 yuan/ton or 0.10% from the previous day. Spot market, after the soybean rush in late October, traders' purchasing enthusiasm decreased. However, the opening of some warehouses of Sinograin for purchase at prices similar to the market price in the Northeast supported the bottom of soybean prices. The new - season soybean market in the Northeast was generally stable, with some areas seeing a price increase of 40 yuan/ton, and soybeans with over 39% protein remained firm. The auction had a 100% success rate, indicating market demand. In the short - term, soybean prices were supported by the policy - guided price [1][2] - The peanut futures market fluctuated downward, with the closing price of the Peanut 2601 contract at 7794.00 yuan/ton, down 120.00 yuan/ton or 1.52% from the previous day. The spot market was in a stalemate. Suppliers in the Northeast and Hebei were reluctant to sell due to good quality, while in Henan, the supply was limited due to the busy farming season and low - temperature drying, but the price was more competitive. After the farming season, the supply was expected to increase. The demand side was sluggish, with traders purchasing on - demand due to slow sales and low profits. Oil mills and food factories had limited demand, and COFCO's oil mill set strict quality standards for purchases [3][4] 3. Summary by Related Catalogs Soybean Market Analysis - Futures: The closing price of the Douyi 2601 contract was 4145.00 yuan/ton, down 4.00 yuan/ton or 0.10% from the previous day [1] - Spot: The edible soybean spot basis was A01 - 45, up 4 or 32.14% from the previous day. The new - season soybean market in the Northeast was generally stable, with some areas seeing a 40 - yuan/ton price increase. Soybeans with over 39% protein remained firm. The auction had a 100% success rate. The prices of 39% protein medium - grain tower - loaded soybeans in various regions of Heilongjiang remained unchanged from the previous day [1] Strategy - Neutral [2] Peanut Market Analysis - Futures: The closing price of the Peanut 2601 contract was 7794.00 yuan/ton, down 120.00 yuan/ton or 1.52% from the previous day [3] - Spot: The average peanut spot price was 7980.00 yuan/ton, down 20.00 yuan/ton or 0.25% month - on - month. The spot basis was PK01 - 794.00, up 120.00 or - 13.13% month - on - month. The national average price of common peanuts was 4.00 yuan/jin, down 0.03 yuan/jin. Oil mills' contract purchase price for oil - grade peanuts was 7300 - 7450 yuan/ton, with strict quality control and average arrivals [3] Strategy - Neutral [5]