豆一窄幅震荡，花生稳中调整

Group 1: Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [3][5] Group 2: Core Viewpoints of the Report - The soybean futures market showed a narrow - range and slightly stronger oscillation yesterday. The main soybean contract has been continuously adjusting downwards due to the weakening of the external market and the departure of funds, and there is still a possibility of continued decline in the short term. The remaining grain inventory in the Northeast production area is low, but with the approaching of spring plowing, the seasonal grain - selling window is opening, and downstream demand has not significantly recovered. It is expected that the soybean futures and spot prices will maintain a narrow - range and slightly weak oscillation in the next 1 - 2 weeks, with the main contract fluctuating between 4550 - 4700 yuan/ton, and the spot price will adjust slightly following the futures price, without a clear one - way direction. Attention should be paid to the arrival rhythm of imported soybeans and the transaction situation of state - reserve auctions [2] - The peanut futures market oscillated upwards yesterday. The supply of peanuts from the production area is still limited, the overall demand for commercial peanuts is weak, and screening enterprises maintain a cautious procurement and processing rhythm, resulting in a light trading atmosphere. Although some oil mills have slightly raised the purchase price of oil peanuts or relaxed the procurement standards, the overall arrival volume is difficult to significantly increase. The Luhua Group will start full - scale procurement this Friday. In the context of weak overall demand, peanut prices may run slightly weak in the short term, and attention should be paid to the willingness of producers to sell their goods [4] Group 3: Market Analysis of Soybeans - Futures: The closing price of the soybean 2605 contract yesterday was 4627.00 yuan/ton, an increase of 18.00 yuan/ton or 0.39% compared with the previous day [1] - Spot: The spot basis of edible soybeans is A05 + 133, a decrease of 18 or 32.14% compared with the previous day. Northeast soybean spot prices have decreased with the futures, and with more auctions of platforms and enterprises failing and the State Reserve starting a 100,000 - ton auction, short - term supply has increased, and enterprises' mentality of selling goods has become more cautious. The loading prices of standard - grade first - class soybeans with 39% protein in different regions of Heilongjiang range from 2.36 - 2.38 yuan/jin, and those with 41% protein are around 2.45 yuan/jin [1] Group 4: Market Analysis of Peanuts - Futures: The closing price of the peanut 2605 contract yesterday was 8258.00 yuan/ton, an increase of 76.00 yuan/ton or 0.93% compared with the previous day [3] - Spot: The average spot price of peanuts was 8045.00 yuan/ton, a decrease of 10.00 yuan/ton or 0.12% compared with the previous day. The spot basis is PK05 - 1458.00, an increase of 76.00 or 5.50% compared with the previous day. The average price of general - grade peanuts in the national market is basically stable, with prices varying in different regions. The average contract purchase price of oil peanuts by national oil mills is 7450 yuan/ton and remains stable, and the prices of each oil mill range from 7150 - 7900 yuan/ton, also basically stable [3]