豆一承压回调，花生供强需弱

1. Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [2][5] 2. Core Viewpoints of the Report - Soybeans: The soybean futures price has declined from a two - year high to a one - month low. The short - term callback is driven by four factors: weakened policy support, fading risk premium of imported soybeans, cooling geopolitical risk sentiment, and weakening market confidence. The short - term spot and futures prices of soybeans will maintain a weak and volatile pattern, with limited downside due to policy support and tight grain sources [2] - Peanuts: The peanut market is in a situation of strong supply and weak demand. The supply of peanuts in the production area is abundant, while the processing enterprises' procurement is cautious. The short - term peanut price will maintain a weak and volatile trend [4] 3. Summaries by Related Catalogs Soybean Market Analysis - Futures and Spot: The closing price of the bean one 2605 contract was 4574.00 yuan/ton, up 21.00 yuan/ton (+0.46%) from the previous day. The edible bean spot basis was A05 + 126, down 61 (-32.14%) from the previous day [1] - Market Information: The spot price of soybeans in the Northeast production area has decreased. The futures decline has led farmers to clear their inventories. The price decline of grain points is relatively limited due to cost support. For example, the price in Heilongjiang Harbin is 2.37 yuan/jin, down 0.01 yuan/jin from the previous day [1] Peanut Market Analysis - Futures and Spot: The closing price of the peanut 2605 contract was 8120.00 yuan/ton, down 2.00 yuan/ton (-0.02%) from the previous day. The average spot price of peanuts was 8018.00 yuan/ton, down 27.00 yuan/ton (-0.34%) month - on - month. The spot basis was PK05 - 1320.00, up 2.00 (-0.15%) month - on - month [2] - Market Information: The average price of general peanuts in the national market was basically stable. The average contract procurement price of oil - making peanuts in oil mills was 7450 yuan/ton and remained stable. The prices of different regions and varieties varied [3]