豆一价格高位待需求释放，花生市场弱稳盼节前改善

1. Report Industry Investment Rating - The investment rating for both the soybean and peanut industries is neutral [3][6] 2. Core Views - For soybeans, the price is at an annual high, and its future trend depends on whether downstream stocking demand can be effectively released before and after the Spring Festival. If the demand starts as expected, the price may continue to rise; otherwise, market support may weaken [2] - For peanuts, the market shows a supply - demand surplus. In the short - term, prices are expected to remain weakly stable, and the focus should be on oil mill purchase dynamics and whether pre - festival stocking demand can bring improvement [5] 3. Summary by Commodity Soybeans Market Analysis - Futures: The closing price of the Douyi 2605 contract was 4323.00 yuan/ton, down 6.00 yuan/ton (-0.14%) from the previous day [1] - Spot: The edible soybean spot basis was A05 + 117, up 6 (32.14%) from the previous day. Northeast soybean spot prices were stable, with a strong bottom support due to scarce grain, farmers' reluctance to sell, and national reserve policies. Southern soybean spot prices were stable, but terminal demand was weak, leading to slow sales. Some enterprises tried to raise prices, but market acceptance was limited [1][2] Strategy - The strategy for soybeans is neutral [3] Peanuts Market Analysis - Futures: The closing price of the Peanut 2603 contract was 7844.00 yuan/ton, down 18.00 yuan/ton (-0.23%) from the previous day [3] - Spot: The average peanut spot price was 7982.00 yuan/ton, down 9.00 yuan/ton (-0.11%) month - on - month. The spot basis was PK03 - 844.00, up 18.00 (-2.09%) month - on - month. The overall peanut market had a loose supply - demand pattern, with sufficient supply in the producing areas and weak terminal demand [3][4][5] Strategy - The strategy for peanuts is neutral [6]