银河期货花生日报-20251120

Group 1: Report Overview - Report Title: Peanut Daily Report, dated November 20, 2025 [1] - Researcher: Liu Dayong, with futures trading certificate number F03107370 and investment consulting certificate number Z0018389 [1] Group 2: Investment Rating - No investment rating for the industry is provided in the report. Group 3: Core Viewpoints - The short - term peanut spot price is relatively stable due to stable domestic peanut prices, stable import peanut prices, large price differences between oil - type and commodity peanuts, a high price difference between Henan and Northeast peanuts, increased supply, and weak downstream demand [4][8] - Peanut oil spot prices are stable, peanut meal prices have been stable recently, and oil mills' theoretical crushing profits are good [4][6][8] - The peanut futures will continue to fluctuate at the bottom, and there is still room for the price of the new - season peanut 01 contract to decline because the expected output of the new - season peanuts is higher than last year, and the planting cost has decreased [8] Group 4: Summary of Each Section Part 1: Data Futures Market - PK604 closed at 7816, down 26 (-0.33%), with a trading volume of 28,344 (-12.99%) and an open interest of 18,927 (-3.62%) - PK510 closed at 8152, up 2 (+0.02%), with a trading volume of 30 (-57.75%) and an open interest of 633 (-1.86%) - PK601 closed at 7788, down 6 (-0.08%), with a trading volume of 80,370 (-22.75%) and an open interest of 136,355 (-10.13%) [2] Spot Market - Spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7200, 7600, and 7600 respectively, with no change - The price of Rizhao peanut meal was 3250, and Rizhao soybean meal was 3000, with no change - The price of peanut oil was 14550, and Rizhao first - grade soybean oil was 8450, down 100 [2] Import Prices - The price of Sudanese peanuts was 8600, and Senegalese peanuts was 7600, with no change [2] Spreads - PK01 - PK04 spread was - 28, up 20; PK04 - PK10 spread was - 336, down 28; PK10 - PK01 spread was 364, up 8 [2] Part 2: Market Analysis - Peanut prices in Henan and Northeast China were stable. For example, 308 common peanuts in Fuyu, Jilin were 4.45 yuan/jin, and in Changtu, Liaoning were 4.5 yuan/jin. Henan's Baisha common peanuts were 3.55 - 3.85 yuan/jin, and in Shandong Junan were 3.5 yuan/jin - Imported peanut prices were stable, with Sudanese refined peanuts at 8600 yuan/ton, Senegalese at 7600 yuan/ton, Brazilian new peanuts at 9200 yuan/ton, and Indian 50/60 peanuts at 8000 yuan/ton - Some peanut oil mills started purchasing, with the mainstream transaction price at 7200 - 7350 yuan/ton and the theoretical break - even price at 7900 yuan/ton - Peanut oil and soybean oil prices were stable, with domestic first - grade ordinary peanut oil at 14500 yuan/ton and small - pressed fragrant peanut oil at 16500 yuan/ton - Rizhao soybean meal spot price fell to 2990 yuan/ton, down 10 yuan/ton. The unit - protein price difference between peanut meal and soybean meal was low, and peanut meal was relatively strong in the short term, with 48 - protein peanut meal at 3210 yuan/ton [4][6] Part 3: Trading Strategies - Unilateral: Peanut contracts 01 and 05 will fluctuate at a low level. Short - sell the 01 contract on rallies [9] - Spread: Reverse - arbitrage the 1 - 5 spread on rallies [10] - Options: Hold the short position of the pk601 - P - 7600 put option [11] Part 4: Related Attachments - The report provides six figures, including Shandong peanut spot prices, peanut oil mill crushing profits, peanut oil prices, peanut spot - futures basis, 10 - 1 contract spreads, and 1 - 4 contract spreads [13][18][20]