花生市场周报-20260320

1. Report Industry Investment Rating - No related content provided 2. Report's Core View - This week, the main peanut contract 2605 rose by 0.02%. The good acquisition by oil mills provides upward momentum for the peanut market, with some producers showing a strong willingness to hold prices and a clear reluctance to sell high - quality products. However, it's difficult for finished products to follow the price increase, downstream consumption is sluggish, and the domestic market has weak trading. In the short term, focus should be on the willingness of producers to sell and the acquisition rhythm of oil mills [5][8] 3. Summary by Directory 3.1 Week - to - Week Key Points Summary - The main peanut contract 2605 rose by 0.02% this week. The good acquisition by oil mills supports the market, but downstream consumption is weak. Short - term attention should be on producers' selling willingness and oil mills' acquisition rhythm [5] 3.2 Futures and Spot Market - Futures Market: The main peanut contract 2605 rose by 0.02% this week [8] - Futures Spread: The closing price spread of peanut 5 - 10 futures contracts was reported at - 172 yuan/ton [12] - Net Positions: As of March 19, 2026, the top 20 long positions in peanut futures were 142,616 lots, short positions were 136,861 lots, and the net position was 5,755 lots, an increase of 6,477 lots from last week [18] - Warehouse Receipts: As of March 19, 2025, the number of registered peanut warehouse receipts was 900 (+0) [22] - Spot Prices: As of March 19, the spot prices of general peanuts in Shandong and Henan were 9,000 (+0) yuan/ton and 7,100 (+100) yuan/ton respectively. As of the week of March 10, the national average price of oil peanuts was 7,475 yuan/ton, unchanged from the previous period [28] - Basis: As of March 19, 2026, the basis was 145.33 yuan/ton, a decrease of 69 yuan/ton from last week, indicating an inverted market [34] 3.3 Industry Chain Situation - Supply: The peanut harvest area in 2025 is expected to increase slightly [38] - Oil Mill Operations: As of March 19, the operating rate of sample oil mills was 16.78 (3.18)%, a year - on - year decrease of 2.39%. The peanut inventory of sample oil mills was 217,945 (18,840) tons [44] - Oil Mill Profits: On March 19, 2026, the average purchase contract price of oil peanuts by oil mills was 7,350 yuan/ton, the total processing cost was 7,700 yuan/ton (unchanged week - on - week). The average price of first - grade ordinary peanut oil was 14,383 yuan/ton, and the average price of 48% protein peanut meal was 3,200 yuan/ton. The total revenue was 7,912.69 yuan/ton, an increase of 28.38 yuan/ton week - on - week. The theoretical processing profit was 212.69 yuan/ton, an increase of 28.38 yuan/ton week - on - week [48] - Imports and Exports: In December 2025, the total peanut import volume was 25,628.23 tons, a year - on - year decrease of 31.28% and a month - on - month decrease of 3,304.86 tons [51] - Downstream Products - Peanut Oil: As of March 19, the ex - factory price of first - grade ordinary peanut oil was about 14,000 yuan/ton (unchanged from last week), and the price of strong - flavored peanut oil was about 15,300 yuan/ton (unchanged from last week). The price difference between peanut oil and soybean oil was 5,310 yuan/ton, an increase of 120 yuan/ton from last week [54] - Downstream Products - Peanut Meal: This week, the price of peanut meal in Rizhao, Shandong was 3,350 (50) yuan/ton. As of March 19, the price difference between peanut meal and soybean meal was 30 yuan/ton, an increase of 30 yuan/ton from last week [61] 3.4 Options Market - Historical Volatility: The report mentions the 20 - day and 40 - day historical volatility of the peanut options underlying, but specific data is not provided [63] 3.5 Stock Market (Related to Peanut Industry) - Kerrygold: The report shows a chart of Kerrygold's price - to - earnings ratio, but no specific analysis is provided [68]