豆一供需交织承压，花生稳势待需求释放

Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3][5] Core Viewpoints - For soybeans, the short - term price of low - protein soybeans has limited downside, while the upside of high - protein varieties will be under pressure. Attention should be paid to the post - holiday demand recovery and policy trends [2] - For peanuts, the price is expected to remain stable in the short term, and the pre - Spring Festival downstream stocking trends need to be observed [4] Summary by Related Catalogs Soybean Market Analysis - Futures and Spot Data: The closing price of the soybeans 2605 contract was 4312.00 yuan/ton, down 26.00 yuan/ton (-0.60%) from the previous day. The edible soybean spot basis was A05 + 128, up 26 (+32.14%) from the previous day [1] - Market Information: High - protein soybean meal prices in Northeast China were stable, while low - protein varieties saw some holders lower prices. Spot prices in different regions of Heilongjiang varied, with 39% protein medium - grain tower - loaded prices around 2.20 - 2.22 yuan/jin and 41% protein around 2.30 - 2.36 yuan/jin [1] - Market Trends: The price of the main soybean futures contract rebounded after a decline. Southern soybean - producing areas had a slightly stronger price trend, with tightening remaining stocks at the grass - roots level. The sales area prices were stable, and pre - holiday stocking had limited price support. State - reserve purchases were ending, and the two - way trading mechanism pressured low - protein soybean prices and curbed the bullish sentiment of high - protein varieties. The downstream and producing area prices were inverted, and holiday stocking had begun [2] Peanut Market Analysis - Futures and Spot Data: The closing price of the peanut 2603 contract was 7946.00 yuan/ton, up 40.00 yuan/ton (+0.51%) from the previous day. The average peanut spot price was 8018.00 yuan/ton, unchanged from the previous day. The spot basis was PK03 - 946.00, up 40.00 (+4.42%) from the previous day [3] - Market Information: The average price of general peanuts in the national market was 8018 yuan/ton, up 18 yuan/ton. Prices varied in different regions, and the average contract purchase price of oil - processing peanuts by oil mills was 7350 yuan/ton, with the Shandong average at 7263 yuan/ton and stable. Oil mills' quotes ranged from 6800 - 7900 yuan/ton [3] - Market Trends: The main peanut futures contract oscillated slightly upward. Snowy weather affected logistics, and farmers and traders were reluctant to sell, leading to a slight price increase in some producing areas, but the actual sales pace was slow. Food processing enterprises restocked as needed, and oil mills' purchase prices were stable, with some factories nearing the end of procurement. Inventory digestion was slower than in previous years [3][4]