豆一博弈尚存上行空间，花生交投平淡震荡运行

Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [3][6] Core Viewpoints - The domestic soybean market is in a critical window period where the remaining grain at the grassroots level is gradually running out and the arrival of imported soybeans is not yet concentrated. The tight supply situation continues to support the strong soybean price. The high activity and prominent premium level in recent market auctions may drive the price up slightly in the short term. However, there is still an abundant supply of soybeans in the southern producing areas. As other agricultural products are successively listed, farmers may engage in concentrated grain sales, and the downstream market has a low acceptance of high - priced soybeans [2] - The peanut market has a low overall supply of peanuts at the grassroots level in various producing areas. Processing enterprises have a cautious purchasing attitude, mostly adopting a production - as - sales model. The overall trading atmosphere in the market is dull. The contract price of oil - milled peanuts remains stable, but the actual arrival volume is average. Some large and medium - sized oil mills have not arranged for crushing, and food processing enterprises have a weak willingness to purchase. The peanut price is expected to fluctuate in the short term [4][5] Market Analysis of Soybeans Futures - The closing price of the Douyi 2605 contract yesterday was 4856.00 yuan/ton, a change of - 79.00 yuan/ton from the previous day, a decrease of 1.60% [1] Spot - The spot basis of edible soybeans is A05 + 24, a change of + 79 from the previous day, an increase of 32.14%. The spot prices of soybeans in the Northeast producing areas remained stable yesterday. The available market supply is gradually tightening, and the futures market trend has a significant supporting effect on the spot price. Specific prices in different regions are provided [1] Market Analysis of Peanuts Futures - The closing price of the peanut 2605 contract yesterday was 8170.00 yuan/ton, a change of - 54.00 yuan/ton from the previous day, a decrease of 0.66% [3] Spot - The average spot price of peanuts was 8082.00 yuan/ton, with no change from the previous day. The spot basis was PK05 - 1370.00, a change of + 54.00 from the previous day, a decrease of 3.79%. The average price of general peanuts in the national market was basically stable, and the contract purchase price of oil - milled peanuts by oil mills also remained stable [3]