豆一供需牵制行情偏稳，花生上下受限震荡运行

Group 1: Report Industry Investment Ratings - The investment rating for both soybeans and peanuts is neutral [3][6] Group 2: Core Views of the Report - For soybeans, the short - term soybean price is expected to remain stable, with local narrow - range adjustments due to quality and regional supply - demand differences. The market is supported by farmers' reluctance to sell and policy acquisitions at the bottom, but high prices restrict downstream acceptance. Key factors to track include grass - roots grain sales progress, state - reserve acquisition rhythm, and pre - holiday terminal restocking [2] - For peanuts, in the short term, the price has limited room to fall due to cost support, but lacks the power to rise continuously because of insufficient downstream purchasing enthusiasm. Future trends depend on the actual purchasing sentiment and rhythm changes of downstream enterprises [5] Group 3: Summary by Commodity Soybeans Market Analysis - Futures: The closing price of the soybeans 2605 contract was 4156.00 yuan/ton, up 28.00 yuan/ton (+0.68%) from the previous day [1] - Spot: The spot basis of edible soybeans was A05 + 84, down 28 (-32.14%) from the previous day. Northeast soybean clean - grain prices rose, and high - protein tower - grain prices were stable. The impact of state - reserve auctions and acquisitions was neutral, and the market shipment rhythm slowed down. Southern soybeans had average quality and sufficient supply, with weak downstream demand and stable prices. In the sales areas, processing enterprises were cautious in purchasing [1][2] Strategy - The strategy is neutral [3] Peanuts Market Analysis - Futures: The closing price of the peanuts 2603 contract was 7942.00 yuan/ton, down 28.00 yuan/ton (-0.35%) from the previous day [3] - Spot: The average spot price of peanuts was 8064.00 yuan/ton, up 9.00 yuan/ton (+0.11%) month - on - month. The spot basis was PK03 - 942.00, up 28.00 (-2.89%) month - on - month. The national average price of common peanuts was basically stable, and each region had different price ranges. The contract procurement average price of oil - mill peanuts was 7288 yuan/ton, with different quotes from each oil mill [3] Strategy - The strategy is neutral [6]