截至12月22日，山东地区一级大豆油报价8160元／吨，较国庆假期后下跌4.67%，花生油与豆油价差接 近6000元／吨。尽管该价差处于近几年同期中等水平，但今年餐饮消费市场表现疲软，消费降级背景 下，花生油这类高端油脂的需求受到抑制。国庆后豆油价格下跌进一步带动花生油走弱，同时花生食用 端消费疲软，偏低的通货米与油料米价差也从侧面印证了这一趋势。 2025年国内花生种植面积仍呈扩大态势，尽管北方产区收获期受阴雨天气影响，但全国花生总产量依旧 实现增产，尤其是东北地区花生单产高、品质优。不过整体来看，国内优质花生占比下降，低规格花生 供应量偏多。今年花生食用端与压榨需求端消费均显疲软，加工商收购积极性不足，由此形成"好货惜 售价稳、差货供应过剩价跌"的分化格局。 随着河南地区农忙结束，花生上市量逐步增加。12月初以来，油厂花生到货量持续攀升，油料米供应充 足，油厂随之压低收购价格。随着现货价格的松动，花生期货主力合约再度跌破8000元／吨，此后陷入 震荡整理。 需求受到抑制 截至12月19日，山东地区花生理论压榨利润为316元／吨，虽较11月底376元／吨的高点有所回落，但仍 处于近5年同期最高水平。国庆假期 ...

粮油市场报 进入12月中旬以来，国内花生市场行情呈现稳中趋弱调整态势，市场需求持续疲软，购销主体普遍持观 望态度，导致市场价格重心下移。虽然近期鲁花部分油厂入市收购，在一定程度上提振了市场信心，但 由于整体收购量有限，且收购指标较为苛刻，市场提振作用不及预期。 供强需弱难改 油厂表现不佳 调查显示，目前山东统货花生米收购价为7000~7200元/吨，周环比下调200元/吨，同比下调750元/吨； 河南白沙米收购价7000~7200元/吨，周环比下调100元/吨，同比下调1350元/吨；湖北市场白沙米报价 9000~9600元/吨，周环比和同比变化均不大；辽宁市场308白沙统货米报价9400~9700元/吨，周环比下 调100元/吨。 近期油厂收购量有限，且对质量把控严格，部分油厂继续下调花生收购报价，成交普遍以质论价。目 前，山东莱阳鲁花油厂合同报价为7600元/吨，河北深州鲁花油厂合同报价7600元/吨，山东莒南玉皇油 厂油料米合同报价7350元/吨，山东莒南兴泉油厂油料米合同价格7000元/吨，周环比变化均不大；河南 正阳鲁花和山东定陶鲁花油厂入市收购，合同报价均为7600元/吨；山东费县中粮油厂油料米合 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The peanut market is facing supply pressure. In the spot market, peanut prices are weak, and in the futures market, peanuts are facing short - term supply pressure with near - month contracts being weak [1][2]. - The supply concentration period in peanut production areas is expected to be postponed to early November. The Northeast market is expected to be stable with a slight weak correction, while the Henan market will seek cost - effective advantages [2]. 3. Summary by Relevant Catalogs 3.1 Peanut Market Review - **Spot Market**: As of October 16, the average price of national general peanuts was 4.18 yuan/jin, with a week - on - week decrease of 0.02 yuan/jin and a decline of 0.48%. The supply pressure will be significantly released as wheat - stubble peanuts are concentrated on the market. The terminal procurement demand for peanut food and peanut oil has weakened [1]. - **Futures Market**: In the week of October 17, peanut futures rose. The highest price of the main peanut contract (PK2601) was 8096 yuan/ton, the lowest was 7858 yuan/ton, and the closing price was 7928 yuan/ton (the previous week's closing was 7844 yuan/ton) [1]. 3.2 Peanut Market Outlook - **Production Areas**: The harvest progress of farmers in Henan is about 80%, and the listing time is expected to be postponed to mid - October. Farmers in the Northeast have basically completed the harvest, and the national supply concentration period is expected to be postponed to early November. The price difference between Northeast and Henan peanuts has widened [2]. - **Futures Market**: Pay attention to the weather in Henan. The continuous rainy weather has affected the drying of new peanuts, causing the futures price to rise and then fall. The concentrated listing of Northeast Baisha peanuts may put pressure on prices again [2]. 3.3 Basis and Spread - **Basis**: There are charts showing the basis of Henan Baisha general peanuts and Sudan refined peanuts from 2021 - 2025 [5]. - **Spread**: The 11 - 1 spread charts show its changes from 2021 - 2025, and the data for 2025 shows a certain trend [6][7]. 3.4 Price Data - The price of Baisha in Zhumadian, Henan was basically flat compared with last week; the price of Liaoning 308 increased by about 240 yuan/ton compared with last week, a rise of 2.98%; the price of Xin Dahua peanuts in Henan decreased by about 100 yuan/ton compared with last week, a decline of 1.22% [8]. - The arrival volume of 6 oil - peanut markets was about 0.75 tons, a week - on - week decline of 15.81% and a year - on - year increase of 0.47%; the arrival volume of 14 commercial - peanut markets was about 0.46 tons, a week - on - week decline of 4.97% and a year - on - year decline of 22.92% [10]. 3.5 Supply There are charts showing the arrival volume of the domestic market and the import volume of peanuts (the import volume data has stopped updating) [14][15]. 3.6 Demand - The arrival volume of sample oil mills was about 0.45 tons, a week - on - week increase of 107.94% and a year - on - year decline of 78.4% [16]. - The mainstream quotation of domestic first - grade peanut oil was 14400 - 15200 yuan/ton, with stable factory quotes but weak terminal consumption [16]. - The mainstream quotation of peanut meal was 3100 - 3300 yuan/ton, with stable quotes and light trading [16]. - The theoretical profit of peanut processing in some domestic oil mills this week was - 126.17 yuan/ton, a decrease of 9.42 yuan/ton compared with last week [16]. - The comprehensive startup rate of sample enterprises was 4.14%, a decrease of 0.41% compared with last week and 8.18% compared with last year [16]. - The peanut crushing volume of sample oil mills was about 0.7 tons, a week - on - week decline of 8.92% and a year - on - year decline of 66.38% [16]. 3.7 Inventory There are charts showing the peanut inventory and peanut oil inventory of oil mills from different production seasons [20].

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].