1. Report Industry Investment Rating - The short - term outlook for the peanut futures market is weak [2] 2. Core Viewpoints - In the spot market, peanut prices initially rose but then fell. The national average price of general - purpose peanuts was 4.15 yuan per catty as of September 11, down 0.07 yuan per catty week - on - week. The price increase in some areas was due to factors such as the end of spring peanut sales by farmers in some regions and the impact of rainy weather on new peanut listing. However, the subsequent increase in the supply of new peanuts from Hebei and other places and weak downstream procurement led to price declines [1]. - In the futures market, the peanut futures rose in the week of September 12. The main peanut contract (PK2511) had a high of 7,884 yuan per ton, a low of 7,750 yuan per ton, and a closing price of 7,774 yuan per ton (compared to 7,826 yuan per ton the previous week) [1]. - Looking ahead, in the spot market, the new peanuts in Henan are affected by rainfall, with water and quality issues restricting effective supply. In late September, peanuts from Hebei, Shandong, and other regions will be listed, bringing phased supply pressure. In the futures market, it is expected to be weak in the short - term, with prices likely to face pressure again when Henan's wheat - stubble peanuts and Northeast Baisha peanuts are concentratedly listed at the end of September and early October [2]. 3. Summary by Directory 3.1 Basis and Spread - The basis of Henan Baisha general - purpose peanuts and Sudan refined peanuts shows different trends over the years. The 11 - 1 spread has weakened [5][6]. - The price of new Baisha peanuts in Henan Zhumadian decreased by about 440 yuan per ton week - on - week, a decline of 5.0%. The prices of new Baisha in Henan Huangludian and new large peanuts in Henan were basically flat week - on - week. The price of old Japanese peanuts in Liaoning was basically flat week - on - week, and the new 308 peanuts in Liaoning were just launched this week without comparable prices [6]. 3.2 Price Data - The arrival volume of 6 oil - type peanut markets was about 0.77 million tons, down 4.36% week - on - week and 34.34% year - on - year. The arrival volume of 14 commercial peanut markets was about 0.4 million tons, up 8.25% week - on - week and down 5.91% year - on - year. The arrival volume of 20 domestic markets was about 1.17 million tons, down 0.38% week - on - week and 26.74% year - on - year [7]. 3.3 Supply - There are data on the arrival volume of different types of peanut markets over the years, including oil - type peanut markets, commercial peanut markets, and domestic markets, which can reflect the supply situation [7][9][13]. 3.4 Demand - The arrival volume of sample oil mills was about 0.52 million tons, up 21.38% week - on - week but down 70.04% year - on - year. The mainstream price of domestic first - grade peanut oil was 14,500 - 15,200 yuan per ton, with stable quotes but some negotiation space in actual transactions. The terminal consumption market was weak. The mainstream price of peanut meal was 3,200 - 3,300 yuan per ton, with stable quotes but negotiable actual transactions. The terminal aquaculture industry's support for raw material procurement was limited, and the overall market transaction was light. The theoretical profit of peanut processing in some domestic oil mills this week was 15.9 yuan per ton, up 100 yuan per ton from last week. The comprehensive startup rate of sample enterprises was 7.22%, the same as last week and down 2.17% from the same period last year. The peanut crushing volume of sample oil mills was about 1.28 million tons, basically the same as last week and down 23.11% year - on - year [14]. 3.5 Inventory - There are data on the peanut inventory and peanut oil inventory of sample oil mills over the years, which can reflect the inventory situation of the peanut industry [18].

Group 1: Report Overview - Report Title: Peanut Daily Report, July 14, 2025 [2] - Researcher: Liu Dayong [2] - Industry: Agricultural Products (Peanuts) Group 2: Data Summary Futures Market - PK504: Closed at 7966, no change (0.00% change), volume increased by 350.00% to 27, open interest increased by 4.93% to 149 [3] - PK510: Closed at 8190, up 20 (0.24% change), volume increased by 240.72% to 113,094, open interest decreased by 4.07% to 94,364 [3] - PK601: Closed at 7994, up 24 (0.30% change), volume increased by 195.64% to 3,187, open interest increased by 1.13% to 8,212 [3] Spot Market - Henan Nanyang Peanuts: Quoted at 9200 yuan/ton, no change [3] - Shandong Jining Peanuts: Quoted at 8600 yuan/ton, down 200 yuan/ton [3] - Shandong Linyi Peanuts: Quoted at 8600 yuan/ton, down 200 yuan/ton [3] - Rizhao Peanut Meal: Quoted at 3300 yuan/ton, no change [3] - Rizhao Soybean Meal: Quoted at 2820 yuan/ton, down 10 yuan/ton [3][8] - Peanut Oil: Quoted at 15200 yuan/ton, no change [3] - Rizhao First - Grade Soybean Oil: Quoted at 8120 yuan/ton, down 10 yuan/ton [3] Import Prices - Sudan Peanuts: Quoted at 8250 yuan/ton, no change [3] Spreads - PK01 - PK04 Spread: 28, up 24 [3] - PK04 - PK10 Spread: - 224, down 20 [3] - PK10 - PK01 Spread: 196, down 4 [3] Group 3: Market Analysis Price Movements - Henan and Northeast peanut prices declined. Jilin Fuyu 308 peanuts were stable at 4.45 yuan/jin, Liaoning Changtu peanuts fell 0.1 yuan/jin to 4.5 yuan/jin, Henan Baisha peanuts fell 0.05 yuan/jin to 4.5 - 4.65 yuan/jin, and Shandong Junan peanuts were stable at 4.1 yuan/jin [5] - Imported Sudan refined peanuts rose 50 yuan/ton to 8300 yuan/ton [5] - Most peanut oil mills stopped purchasing, with mainstream prices at 7650 - 7700 yuan/ton, and the theoretical break - even price at 8220 yuan/ton [5] - Peanut oil and soybean oil prices were stable, with domestic first - grade peanut oil at 15000 yuan/ton and small - pressed fragrant peanut oil at 17000 yuan/ton [5] Outlook - Peanut spot prices are expected to be relatively weak in the short term [5] - The unit protein price difference between peanut meal and soybean meal is high, and peanut meal is expected to be weak in the short term [8] Group 4: Trading Strategies - Unilateral: Observe the high - level fluctuations of PK510 peanuts in the short term [10] - Spread: Conduct reverse arbitrage on the PK510 - PK601 spread when the spread is low [11] - Options: Sell PK510 - C - 8800 [12] Group 5: Related Attachments - Figures include Shandong peanut spot prices, peanut oil mill profit, peanut oil prices, peanut spot - futures basis, PK510 - PK601 spread, and PK504 - PK510 spread [15][20][23]