农产品日报：苹果产区交易清淡，红枣新货价差较大-20251212

1. Report Industry Investment Rating - The investment rating for both the apple and红枣 industries is neutral [3][7] 2. Core Views of the Report - Apple: The apple market is currently in a weak state. The overall trading in the producing areas is dull, with the sales speed in each area slower than last year. The demand side is under pressure due to the low - price impact of citrus fruits. Although the inventory of new - season late Fuji apples is lower than last year, the market is in a seasonal off - peak period, and the consumption is mainly based on on - demand procurement. The market is expected to be in a weak state before the double - holiday stocking starts in large quantities [2] - Red Dates: The red date market has high inventory pressure. The acquisition in the producing areas is coming to an end, and the supply side is relatively sufficient. The prices of red dates in the producing and selling areas have stabilized, but the inventory of 36 sample points has reached a record high. The market's future expectations are pessimistic. Although it has entered the consumption season, the potential for price increase is limited due to the large inventory [6] 3. Summaries by Relevant Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract yesterday was 9505 yuan/ton, a change of - 5 yuan/ton (- 0.05%) from the previous day [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 4.10 yuan/jin, unchanged from the previous day; the price of more than 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.20 yuan/jin, unchanged from the previous day [1] - Market Conditions: The mainstream market of stored late Fuji apples remained stable, but the prices in some areas declined slightly with the quality. The trading atmosphere was not strong. The western producing areas had sporadic inquiries from merchants, mainly for two - grade fruits from fruit farmers. The export in Shandong was sporadic, and the sales of small fruits through foreign trade channels slowed down [1] Market Analysis - The apple futures price fluctuated and closed down yesterday. The new - season late Fuji apples in the producing areas have completed warehousing, with the inventory more than 10% lower than last year. The purchasing demand is weak, and the market is affected by the off - season and the impact of citrus fruits [2] Strategy - Maintain a neutral view. The current expectations of inventory volume and structure have been reflected in the price. Attention should be paid to the consumption recovery in the terminal market, the impact of inventory structure differentiation, and the dynamic of merchants' inventory adjustment before the Spring Festival. It is expected that the double - holiday stocking has not started in large quantities this week, and the market is still in an off - peak state, so be cautious about chasing high prices [3] Red Dates Market News and Important Data - Futures: The closing price of the red date 2605 contract yesterday was 9170 yuan/ton, a change of - 120 yuan/ton (- 1.29%) from the previous day [4] - Spot: The price of first - grade gray dates in Hebei was 8.60 yuan/kg, unchanged from the previous day [4] - Market Conditions: The acquisition of gray dates in Xinjiang is coming to an end, with limited remaining goods. Sellers have a sentiment of holding up prices. The prices in different markets vary according to grades. The markets mainly trade new goods, and the prices are uneven [4][5] Market Analysis - The red date futures price fluctuated and declined yesterday. The acquisition in the producing areas is almost over, and the supply side is sufficient. The prices in the producing and selling areas have stabilized. However, due to the large inventory of new and old seasons, the market's future expectations are pessimistic. Although it has entered the consumption season, the actual consumption situation will be the focus of the market [6] Strategy - Maintain a neutral view. If the sales in the selling areas improve, the red date price may rebound during the consumption peak season, but due to the large inventory of new and old seasons, the upward rebound space is expected to be limited [7]