豆一港口库存高企，花生预计稳中偏弱

Report Industry Investment Rating - The investment ratings for both soybeans and peanuts are neutral [1][4][6] Core Viewpoints - The domestic soybean market has a generally loose supply - demand pattern, with high port inventories and weak downstream demand, and the price upside is limited. The peanut market is gradually increasing in supply, and the price is expected to be stable with a slight weakness [3][5] Summary by Related Contents Soybean Market Analysis - Futures: The closing price of the soybean 2605 contract was 4104.00 yuan/ton, a change of - 1.00 yuan/ton (-0.02%) from the previous day [1] - Spot: The edible soybean spot basis was A05 + 96, a change of +1 (32.14%) from the previous day. The spot prices in various regions of Heilongjiang remained flat [1][2] - Market Information: The overall transaction rate of the 210,000 - ton 2022 domestic soybean auction was 62.29%, with high - protein soybeans selling well and low - protein ones having many unsold. The previous import soybean auction's lower transaction rate alleviated supply concerns. The trading shipment speed slowed slightly, and farmers and traders were reluctant to sell [2] - Market Situation: The soybean futures main contract had a narrow - range shock. The supply pressure persisted due to high port inventories (about 7.8 million tons) and lower forward import costs. The demand was weak, with stable southern purchases of Northeast soybeans but lack of terminal consumption growth. The state - reserve purchase provided some support but couldn't change the overall situation [3] Strategy - Neutral [1] Peanut Market Analysis - Futures: The closing price of the peanut 2603 contract was 7950.00 yuan/ton, a change of - 12.00 yuan/ton (-0.15%) from the previous day [4] - Spot: The average peanut spot price was 8055.00 yuan/ton, with no change. The spot basis was PK03 - 1150.00, a change of +12.00 (-1.03%). The national peanut market's general price was stable with a slight decline, and the oil - mill contract prices were stable [4] - Market Information: The peanut futures main contract rebounded after a decline. The peanut market entered the concentrated listing period, with different farmer shipment rhythms in different regions. The supply was increasing. Some traders' prices were slightly soft, and some peanuts met the oil - mill purchase standards. The oil - mill new - season purchases started, and some had large arrivals [5] Strategy - Neutral [6]