豆一高位调整，花生偏弱运行

1. Report Industry Investment Rating - Both soybeans and peanuts are rated as neutral [3][5] 2. Core Viewpoints - The soybean market is in a high - level adjustment. The supply shortage situation in the spot market has eased, demand is weak, and the upward space of soybean prices is restricted [2] - The peanut market is running weakly. The overall supply of peanuts is abundant, demand is weak, and the selling pressure of sellers is high, so the peanut price may remain weakly in the short term [4] 3. Summaries by Related Catalogs Soybean Market Analysis - Futures: The closing price of the soybeans 2605 contract was 4641.00 yuan/ton, up 67.00 yuan/ton or +1.46% from the previous day [1] - Spot: The edible soybean spot basis was A05 + 59, down 67 or 32.14% from the previous day. Northeast soybean prices generally declined, with the prices of rough grain and screened grain dropping by 60 yuan/ton and tower grain dropping by 20 - 40 yuan/ton [1] - Market News: The auction success rate of soybeans by the state - owned grain reserve was less than 50%, and the premium space was limited. The resumption of state - owned reserve auctions has changed the market's expectation of future supply. The downstream enterprises' procurement attitude is cautious, and they mostly adopt the strategy of purchasing as needed [1][2] Strategy - The strategy for soybeans is neutral [3] Peanut Market Analysis - Futures: The closing price of the peanut 2605 contract was 8086.00 yuan/ton, down 34.00 yuan/ton or - 0.42% from the previous day [3] - Spot: The average spot price of peanuts was 8800.00 yuan/ton, up 782.00 yuan/ton or +9.75% from the previous day. The spot basis was PK05 + - 1286.00, up 34.00 or - 2.58% from the previous day. The average price of general peanuts in the national market dropped by 27 yuan/ton [3] - Market News: The overall supply of peanuts in the domestic market is abundant, terminal demand is weak, some holders choose to sell at a discount, and processing enterprises' procurement is cautious [3][4] Strategy - The strategy for peanuts is neutral [5]