1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The peanut spot market is expected to be relatively stable in the short term due to low supply and weak downstream demand, with the price of Henan common peanuts around 3.7 yuan per jin, and the futures market showing a low - level oscillation. The supply of oil peanuts is abundant, but the cost of warehouse receipts is relatively high, and the peanut 05 contract is in a high - level oscillation [3][6]. 3. Summary by Directory First Part: Data - **Futures Disk**: PK604 closed at 8108, down 14 (-0.17%), with a trading volume of 1,287 (-42.90%) and an open interest of 9,585 (-6.14%); PK610 closed at 8344, down 36 (-0.43%), with a trading volume of 2,728 (up 13.01%) and an open interest of 14,865 (-4.28%); PK601 closed at 8326, down 50 (-0.60%), with a trading volume of 89 (-41.06%) and an open interest of 463 (-9.22%) [1]. - **Spot and Basis**: Spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7600, 8000, and 8000 respectively, with Henan Nanyang up 200. The basis for these regions was -508, -108, -108 respectively; the price of Sudanese peanuts was 8600, unchanged, the price of Senegalese peanuts was unchanged. The price of peanut oil was 14300, unchanged; the price of first - grade soybean oil in Rizhao was 8700, unchanged; the basis of peanut oil - soybean oil was 5600; the price of peanut meal in Rizhao was 3350, unchanged; the price of soybean meal in Rizhao was 3290, unchanged, and the difference between soybean meal and peanut meal was -7 [1]. - **Spreads**: The spread of PK01 - PK04 was 218 (down 36); the spread of PK04 - PK10 was -236 (up 22); the spread of PK10 - PK01 was 18 (up 14) [1]. Second Part: Market Analysis - **Peanut Spot**: The prices of peanuts in Henan and the Northeast were stable. In the Northeast, the price of 308 common peanuts in Fuyu, Jilin was 4.6 yuan per jin, and in Changtu, Liaoning was 4.6 yuan per jin, and the price of Huayu 23 in Xingcheng was 4.35 yuan per jin. In Henan, the price of Baisha common peanuts was 3.5 - 3.95 yuan per jin. The price of imported Senegalese oil peanuts was 7200 yuan per ton, and the price of commercial peanuts was 7700 yuan per ton. It is expected that the peanut spot will be relatively stable in the short term [3]. - **Peanut Oil and By - products**: The purchase price of some peanut oil mills was stable, with the mainstream transaction price at 7200 - 7900 yuan per ton and the theoretical break - even price of oil mills at 7850 yuan per ton. The price of soybean oil rose, while the price of peanut oil was stable, with the domestic first - grade ordinary peanut oil quoted at 14300 yuan per ton, and the small - pressed fragrant peanut oil at 16500 yuan per ton. The spot price of soybean meal in Rizhao rose by 30 yuan per ton to 3310 yuan per ton. The unit protein price difference between peanut meal and soybean meal was low, and peanut meal was strong in the short term, with the 48 - protein peanut meal quoted at 3200 yuan per ton [3][4]. Third Part: Trading Strategies - **Single - side**: The 05 peanut contract is in a bottom - level oscillation, and it is recommended to go long on short - term pullbacks with a light position [7]. - **Monthly Spread**: It is recommended to wait and see [8]. - **Options**: Sell the pk605 - P - 7700 option when the price is low [9]. Fourth Part: Related Attachments - The report provides six figures, including the spot price of Shandong peanuts, the profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread between peanut 4 - 10 contracts, and the spread between peanut 1 - 4 contracts, all with data sources from Galaxy Futures and iFinD Information [11][16][18].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - This week, the main peanut contract 2605 rose by 3.54%. After the holiday, there is no short - term capital pressure. The grass - roots delivery volume is low, processing enterprises are not active in purchasing, and some holders sell at a discount. The trading is dull. The prices of oil factory oilseeds remain stable, some factories still have no plans to start purchasing or operating, and the overall arrival volume is not large recently. The demand in the oilseed and food markets is not good. It is expected that the peanut price may fluctuate weakly in the short term. Attention should be paid to the procurement dynamics of oil factories [6][9] 3. Summaries According to Relevant Catalogs 3.1. Week - on - Week Summary - The main peanut contract 2605 rose this week, with a gain of 3.54%. After the holiday, due to no short - term capital pressure, the grass - roots delivery volume is low, processing enterprises are not active in purchasing, and some holders sell at a discount. The trading is dull. The prices of oil factory oilseeds remain stable, some factories still have no plans to start purchasing or operating, and the overall arrival volume is not large recently. The demand in the oilseed and food markets is not good. It is expected that the peanut price may fluctuate weakly in the short term, and attention should be paid to the procurement dynamics of oil factories [6] 3.2. Futures and Spot Market - **Futures market**: The main peanut contract 2605 rose this week, with a gain of 3.54% [9] - **Futures price spread**: The closing price spread of the peanut 5 - 10 futures contract was reported at - 254 yuan/ton this week [16] - **Net positions of the top 20**: As of March 12, 2026, the long positions of the top 20 in peanut futures were 129,533 lots, the short positions were 130,255 lots, and the net positions were - 722 lots, a decrease of 271 lots compared with last week [22] - **Warehouse receipts**: As of March 12, 2025, the registered peanut warehouse receipts were 900 (+0) lots [26] - **Spot prices**: As of March 12, the spot prices of common peanuts in Shandong and Henan were 9,000 (+0) yuan/ton and 7,000 (-0) yuan/ton respectively. As of the week of February 28, the average price of national oil peanuts was 7,475 yuan/ton, a decrease of 0 yuan/ton compared with the previous period [33] - **Basis**: As of March 12, 2026, the basis was 214.33 yuan/ton, a decrease of 273 yuan/ton compared with last week, and it was in a reverse market [38] 3.3. Industrial Chain Situation - **Supply side**: The peanut harvest area in 2025 is expected to increase slightly [42] - **Oil factory operation and inventory**: As of March 12, the operating rate of sample oil factories was 3.13 (2.93)%, a year - on - year decrease of 13.71%. As of March 12, the peanut inventory of sample oil factories was 195,945 (6,500) tons [48] - **Oil factory profit**: On March 5, 2026, the average purchase contract price of oil factory oil peanuts was 7,350 yuan/ton, the total processing cost was 7,700 yuan/ton, which was flat week - on - week; the average price of first - grade ordinary peanut oil was 14,317 yuan/ton, the average price of 48% protein peanut meal was 3,050 yuan/ton, and the total revenue was 7,803.31 yuan/ton, which was flat week - on - week. Therefore, the theoretical processing profit was 103.31 yuan/ton, which was flat week - on - week [52] - **Import and export**: In December 2025, the total peanut import volume was 25,628.23 tons, a year - on - year decrease of 11,663.46 tons (31.28%) and a month - on - month decrease of 3,304.86 tons compared with the same period last month [55] - **Downstream - peanut oil price**: As of March 12, the ex - factory price of first - grade ordinary peanut oil was about 14,000 yuan/ton, with a week - on - week increase of 0 yuan/ton; the price of strong - flavored peanut oil was about 15,300 yuan/ton, with a week - on - week increase of 0 yuan/ton. The price difference between peanut oil and soybean oil was 5,080 yuan/ton, a decrease of 320 yuan/ton compared with last week [58] - **Downstream - peanut meal price**: This week, the price of peanut meal in Rizhao, Shandong was 3,300 (50) yuan/ton. As of March 12, the price difference between peanut meal and soybean meal was 0 yuan/ton, a week - on - week decrease of 210 yuan/ton [65] 3.4. Options Market - The report mentions the 20 - day and 40 - day historical volatilities of the option underlying, but no specific data is provided [67]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View The report focuses on the peanut market, presenting fundamental data, current spot market conditions, and the trend strength of peanuts. It shows that the peanut market is currently in a relatively stable state with minor price fluctuations and changes in trading volume and positions [3][4][5]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The prices of various peanut varieties such as Liaoning 308, Henan Baisha, Xingcheng Xiaoriben, and Henan Kaifeng Dazami are provided, with no price changes on the day. For example, Liaoning 308 was priced at 9,100 yuan/ton, and Henan Baisha was 7,400 yuan/ton [3]. - **Futures Prices and Trading**: Futures contracts PK604 and PK605 had price declines of -0.38% and -1.09% respectively. The trading volume and positions of these futures contracts also decreased. For instance, the trading volume of PK604 decreased by 18,290 hands, and its position decreased by 3,782 hands [3]. - **Warehouse Receipts and Spreads**: The total warehouse receipts of peanuts in the whole market were 900 hands with no change. Different spreads such as Liaoning 308 basis, Henan Baisha basis, and 04 - 05 inter - period spread are also given. For example, the Liaoning 308 basis was 1,112 yuan/ton [3]. 3.2 Spot Market Focus - **Henan**: In Henan, the price of Nanyang Baisha peanuts was around 3.9 yuan, and Kaifeng large peanuts were around 3.8 - 3.9 yuan. The willingness of farmers in some areas to sell increased, and the trading volume was average with stable prices [4]. - **Jilin**: The mainstream price of 308 peanuts in Jilin was around 4.5 - 4.55 yuan, and some high - quality peanuts were around 4.6 yuan. The trading volume was low, and prices were stable [4]. - **Liaoning**: The mainstream price of 308 peanuts in Liaoning was around 4.5 - 4.6 yuan, and the trading situation did not improve significantly with stable prices [4]. - **Shandong**: The overall supply of peanuts in Shandong was small, with only a small amount of trading. The prices were stable, and some areas mainly relied on external supplies [4]. 3.3 Trend Strength The trend strength of peanuts is 0, indicating a neutral market sentiment. The trend strength ranges from - 2 (most bearish) to 2 (most bullish) [5].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The spot price of peanuts is expected to be relatively stable in the short term, with the futures market trading on the assumption of ample supply of oil peanuts and low import prices, but the cost of warehouse receipts is still relatively high. The 05 peanut contract is oscillating at the bottom [3][7] - The purchase price of some peanut oil mills is stable, and the theoretical profit of oil mill crushing is good [3][7] - The spot price of peanut meal is relatively strong in the short term, while the spot price of soybean meal has declined [5] Group 3: Summary by Directory First Part: Data - **Futures Disk**: PK604 closed at 7844, down 44 (-0.56%), with a trading volume of 15,831 (up 110.41%) and an open interest of 32,007 (up 2.33%); PK610 closed at 8228, down 16 (-0.19%), with a trading volume of 596 (up 23.40%) and an open interest of 4,076 (up 2.05%); PK601 closed at 8272, down 10 (-0.12%), with a trading volume of 21 (down 16.00%) and an open interest of 145 (up 3.57%) [1] - **Spot and Basis**: The spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7800, 8000, and 8000 respectively, with price changes of 200, 0, and 0. The basis was -44, 156, and 156 respectively. The prices of Rizhao peanut meal, Rizhao soybean meal, peanut oil, and Rizhao first - grade soybean oil were 3250, 3030, 14300, and 8600 respectively, with price changes of 0, -10, 0, and -80. The import prices of Sudanese peanuts and Senegalese peanuts were 8600 and unchanged [1] - **Spreads**: The spread of PK01 - PK04 was 428 (up 34), PK04 - PK10 was -384 (down 28), and PK10 - PK01 was -44 (down 6) [1] Second Part: Market Analysis - Peanut prices in Henan are weak, and those in Northeast China have declined. The prices of 308 general peanuts in Jilin Fuyu, Liaoning Changtu, and Xingcheng Huayu 23 are 4.65 yuan/jin (down 0.05 yuan/jin), 4.6 yuan/jin (down 0.05 yuan/jin), and 4.35 yuan/jin (unchanged) respectively. The price of Baisha general peanuts in Henan is 3.5 - 3.85 yuan/jin (down 0.05 yuan/jin), and that in Shandong Junan is 3.4 yuan/jin (unchanged). The import prices of Senegalese oil peanuts and commercial peanuts are 7200 yuan/ton and 7700 yuan/ton respectively, remaining stable [3] - The purchase prices of some peanut oil mills are stable, with the mainstream transaction price at 7200 - 7700 yuan/ton and the theoretical break - even price of oil mills at 7800 yuan/ton. The price of soybean oil has risen, while the price of peanut oil is stable, with the domestic first - grade ordinary peanut oil quoted at 14300 yuan/ton and the small - pressed fragrant peanut oil at 16500 yuan/ton [3][5] - The spot price of Rizhao soybean meal has declined to 3020 yuan/ton (down 25 yuan/ton). The unit protein price difference between peanut meal and soybean meal is low, and peanut meal is relatively strong in the short term, with the 48 - protein peanut meal quoted at 3050 yuan/ton [5] Third Part: Trading Strategies - **Single - side**: The 05 peanut contract is oscillating at the bottom. Go long lightly at low prices for the 05 peanut contract [8] - **Month - spread**: Hold a wait - and - see attitude [9] - **Options**: Sell PK605 - P - 7700 at low prices [10] Fourth Part: Related Attachments - The report provides six figures, including the spot price of Shandong peanuts, the profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread between peanut 4 - 10 contracts, and the spread between peanut 1 - 4 contracts [12][17][19]

1. Report Industry Investment Rating - No information provided in the content. 2. Core Views of the Report - In November 2025, peanut imports remained low, prices in Northeast and Henan rose slightly, and the price difference between general peanuts and oil - grade peanuts widened. The downstream demand was still weak, but the profit of peanut oil mills continued to increase. Affected by the warehouse - receipt game, the 01 peanut contract on the futures market rebounded significantly [3]. - In December, peanuts will be listed successively. Farmers in the Northeast are still reluctant to sell, so the price will remain strong. The supply of oil - grade peanuts is sufficient, and oil mills will continue to lower the purchase price. The price difference between oil - grade and general peanuts will remain large. The 01 peanut contract has limited upside space above 8,200 yuan/ton [4]. - The new - season peanut production is higher than last year, with lower planting costs. The supply of oil - grade peanuts is abundant, and the profit of oil mills is at a new high this year. It is expected that oil mills will increase their purchases in December, and the price of oil - grade peanuts will fluctuate at the bottom [51]. 3. Summary by Directory 3.1 International Peanut Situation and Market Review - Global peanut production is increasing, but peanut imports have decreased significantly. In 2025, the global peanut production is expected to be 51.78 million tons according to FAS data, and 51.74 million tons according to the latest USDA data. China's production is about 19 million tons, India's is 7.35 million tons, etc. In 2024, the global peanut crushing volume was 19.28 million tons, accounting for 37.6%, and the import volume was 4.26 million tons, accounting for 9.4%. Due to lower - than - expected imports from Sudan and Senegal, the import volume is much lower than last year [7]. 3.2 Domestic Peanut Fundamental Situation 3.2.1 Price Increase in Henan and Northeast Peanuts - Due to the strong reluctance of traders and farmers in the Northeast to sell, the spot price of Northeast peanuts has risen, driving up the price in Henan. In December, a large number of peanuts will be listed, but due to the low current price and the low purchase price of oil mills, the downward space for peanut prices is limited [14]. 3.2.2 Significantly Reduced Imported Peanuts Year - on - Year, with Relatively High Imported Peanut Prices - From January to October 2025, the cumulative import of peanut kernels was 198,000 tons, a year - on - year decrease of 69%. The cumulative export of peanut kernels was 129,000 tons, a year - on - year increase of 19%. The cumulative import of peanut oil from January to October 2025 was 334,000 tons, 53% higher than last year. It is expected that the peanut import volume in December will still be low, and the peanut oil import in November will remain stable [22]. 3.2.3 Good Profits of Peanut Oil Mills, but Low Peanut Inventory in Mills - As of November 21, the operating rate of peanut oil mills was 16.61%, and the peanut inventory was 54,000 tons, higher than the previous month but lower than the same period last year. As of November 28, the pressing profit of peanut oil mills was 376 yuan/ton. In December, the supply of oil - grade peanuts will be sufficient, the price will remain low, the operating rate of oil mills will increase, and the peanut inventory will also increase [31]. - In November, the price of peanut oil was relatively weak, and the inventory continued to rise. The price of peanut meal remained stable. It is expected that the peanut oil inventory will continue to rise in December, and the price will remain stable, while the peanut meal price will also be relatively stable [37]. 3.2.4 Decreased New - Season Peanut Planting Costs, Higher Production than Last Year - In 2025, the peanut planting area increased year - on - year. Although there was a partial reduction in production in Henan and other places, the national peanut production was slightly higher than last year. The planting cost excluding land rent was generally between 600 - 800 yuan/ton, and the seed cost decreased slightly. The price difference between oil - grade and general peanuts widened [48]. 3.3 Future Outlook and Strategy Recommendations - **Market Outlook**: In December, a large number of peanuts will be listed, and oil mills will increase their purchases. The price of oil - grade peanuts will fluctuate at the bottom, and the price difference between oil - grade and general peanuts will remain high. The 01 peanut contract has limited upside space above 8,200 yuan/ton, and it is expected to fluctuate between 7,700 - 8,200 yuan/ton, while the 05 peanut contract is expected to fluctuate between 7,800 - 8,200 yuan/ton [51]. - **Trading Strategies** - **Single - side**: Short the 01 and 03 peanut contracts on rallies [6][53]. - **Arbitrage**: Try a reverse spread on the 1 - 5 peanut contracts with a light position [6][53]. - **Options**: Sell the pk603 - C - 8300 option when the peanut futures price rallies [6][53].

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The peanut market is expected to show a weak and volatile trend, with a focus on a bottom - weakening oscillation approach. It is recommended to try selling the pk601 - P - 7600 option strategy and conduct a high - price reverse spread for the 1 - 5 spread [5][6]. Summary According to Relevant Catalogs Chapter 1: Comprehensive Analysis and Trading Strategies - **Option Strategy**: Try selling the pk601 - P - 7600 option strategy [5]. - **Trading Logic**: The trading volume of peanuts has increased. The price of general - quality peanuts in Henan is stable, while in the Northeast it has slightly declined. The price of general - quality peanuts in Henan is around 4.2 yuan per jin. The price of imported peanuts is stable, with imported Sudan refined rice at 8600 yuan per ton and Senegalese oil - type peanuts at 7800 yuan per ton. The import volume has significantly decreased. The oil mill operating rate has increased, the spot price of peanut meal is stable, and the price of peanut oil is stable. However, the profit from oil mill crushing has decreased. Downstream consumption remains weak, the peanut inventory in oil mills has increased, and the peanut oil inventory continues to rise. The market expects the peanut production to be the same as last year, but due to the previous rainfall, the peanut quality has declined. Oil mills have not carried out large - scale purchases, the peanut spot is relatively weak, the 01 - contract peanut has oscillated and declined this week, and the 1 - 4 spread is weak [6]. - **Strategy**: The peanut market is in a weak and volatile state, with a bottom - weakening oscillation mindset [6]. - **Spread Strategy**: Conduct a high - price reverse spread for the 1 - 5 spread [6]. Chapter 2: Core Logic Analysis Peanut Price - **Domestic Peanuts**: The price of peanuts in Henan is stable, while in the Northeast it is weak. The price of large peanuts in Junan, Shandong is 4.1 yuan per jin, remaining stable compared to last week. The price of new - season peanuts in Zhengyang, Henan is 4.2 yuan per jin, also stable compared to last week. The price of Baisha peanuts in Changtu, Liaoning is 4.1 yuan per jin, a decrease of 0.05 yuan per jin compared to last week. The price of Baisha peanuts in Fuyu, Jilin is 4.1 yuan per jin, stable compared to last week. The trading volume of general - quality peanuts is average, and the overall price is weak [11]. - **Oil Mill Peanuts**: The purchase price of oil mills is stable, and most oil mills have stopped purchasing. The basic purchase price of oil mills is between 7800 - 7900 yuan per ton, remaining stable compared to last week [11]. - **Imported Peanuts**: The price of new - season Sudan peanuts is 8600 yuan per ton, and the price of Senegalese oil - type peanuts is 7800 yuan per ton, both stable compared to last week [11]. Domestic Demand - **Oil Mill Operating Rate**: The operating rate of oil mills has decreased. As of October 23, the operating rate of peanut oil mills this week is 7.86%, a decrease of 0.72% compared to the previous week [15]. - **Oil Mill Inventory**: The arrival volume of oil mills this week is 14,800 tons, an increase of 6200 tons compared to last week. The peanut inventory in oil mills is 35,000 tons, an increase of 3300 tons compared to last week. The peanut oil inventory is 39,000 tons, an increase of 1000 tons compared to last week [15]. Pressing Profit - **Pressing Profit**: The purchase price of peanut oil mills is stable, the price of peanut meal is stable, and the price of peanut oil is stable. As a result, the pressing profit of oil mills is 237 yuan per ton, a decrease of 13 yuan per ton compared to last week [19]. - **Peanut Oil Price**: The average price of first - grade peanut oil is 14,500 yuan per ton, remaining stable compared to last week. The price of small - pressed fragrant peanut oil is 16,500 yuan per ton, also stable compared to last week [19]. - **Peanut Meal**: Due to the strong spot price of soybean meal, the price difference between peanut meal and soybean meal is low, and the price of peanut meal is weak. This week, it is 3200 yuan per ton, remaining the same as last week [19]. Basis and Spread - **Spread**: This week, due to the downward oscillation of the 01 - contract peanut, the 1 - 4 spread of peanuts is weak, stabilizing around - 130 yuan [26]. - **Futures - Spot Price Difference**: It has declined [26]. Peanut Import - **Peanut Kernel Import**: In September, the import volume of peanut kernels was 34,000 tons. From January to September, the cumulative import volume was 164,000 tons, a decrease of 71% compared to the same period last year [30]. - **Peanut Kernel Export**: In September, the export volume of peanut kernels was 10,000 tons. From January to September, the cumulative export volume was 115,000 tons, an increase of 24% compared to the same period last year [30]. - **Peanut Oil Import**: In September, the import volume of peanut oil was 36,000 tons. From January to September, the cumulative import volume of peanut oil was 291,000 tons, an increase of 47% compared to the same period last year [30]. Chapter 3: Weekly Data Tracking - The document mainly presents various data charts, including the price trends of peanuts, the operating rate of oil mills, inventory data, pressing profit data, basis and spread data, and import and export data. Specific numerical data and trends are described in the above - mentioned core logic analysis section.

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The spot price of peanuts is expected to be relatively strong in the short - term, and the peanut futures will continue to fluctuate strongly. The 01 peanut contract will still fluctuate strongly. The new - season peanut production is expected to be the same as last year, and the planting cost has decreased. Some peanuts have started to be listed [5][11]. - The prices of peanut oil and peanut meal are stable. The theoretical profit of oil mills from pressing is acceptable [5][9][11]. 3. Summary by Directory First Part: Data - **Futures Market**: PK604 closed at 7982, down 62 (-0.78%), with a trading volume increase of 139.87% to 367 and an open interest decrease of 2.37% to 1,357; PK601 closed at 7880, down 78 (-0.99%), with a trading volume increase of 1.68% to 102,358 and an open interest increase of 0.14% to 199,817. PK510 had no valid data [3]. - **Spot Market**: In Henan Nanyang, the peanut price was 8800; in Shandong Jining and Linyi, it was 8400. The prices of imported Sudanese rice and Senegalese rice were 8500 and 7800 respectively. The price of peanut oil was 14580, and the price of first - grade soybean oil in Rizhao was 8540. The prices of all these remained unchanged from the previous day [3]. - **Basis and Spread**: The basis of Henan Nanyang peanuts was 920, and that of Shandong Jining and Linyi was 520. The PK01 - PK04 spread was - 102, down 16 [3]. Second Part: Market Analysis - **Peanut Price**: In the Northeast, the price of peanuts was relatively strong, with the price of 308 common peanuts in Fuyu, Jilin rising to 4.15 yuan/jin and that in Changtu, Liaoning rising to 4.2 yuan/jin. In Henan, the price was stable, with the price of Baisha common peanuts at 4.2 - 4.3 yuan/jin. The prices of imported peanuts were also stable. It is expected that the peanut spot will be relatively strong in the short - term [5]. - **Peanut Oil and By - products**: Some peanut oil mills started to purchase today. The mainstream transaction price before suspension of purchase was 7800 - 7900 yuan/ton, and the theoretical break - even price of oil mills was 7920 yuan/ton. The prices of soybean oil and peanut oil were stable. The price of by - product peanut meal was relatively weak in the short - term [5][9]. Third Part: Trading Strategies - **Single - sided Trading**: For 01 and 05 peanuts in low - level oscillations, light - position short - term long positions can be considered [12]. - **Spread Trading**: Adopt a wait - and - see strategy [13]. - **Options Trading**: Hold the short position of pk601 - P - 7600 [14]. Fourth Part: Relevant Attachments - There are six charts showing the historical price trends of Shandong peanut spot, peanut oil mill's pressing profit, peanut oil price, peanut spot - futures basis, and spreads between different peanut contracts, with data from 2022 - 2025 [16][19][24][27]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The supply of peanuts is still low, but the downstream demand remains weak, so the peanut prices are expected to be relatively weak in the short term. The price of peanut oil is stable, and the peanut meal has been stable recently. The theoretical profit of oil mills from peanut pressing is acceptable. Peanut 10 futures are in a narrow - range oscillation. With the expected increase in planting area, decrease in planting cost, and the listing of some spring peanuts, Peanut 10 will continue to oscillate narrowly [5][9]. Group 3: Summary by Directory First Part: Data - **Futures Market**: PK604 closed at 7960, down 10 (-0.13%), with a trading volume of 24 (up 26.32%) and an open interest of 252 (up 6.33%); PK510 closed at 8074, down 24 (-0.30%), with a trading volume of 34,942 (up 3.59%) and an open interest of 98,959 (down 0.27%); PK601 closed at 7948, down 10 (-0.13%), with a trading volume of 3,815 (up 76.70%) and an open interest of 16,339 (up 8.21%) [3]. - **Spot Market**: The prices of peanuts in Henan and Northeast China were stable. The price of 308 common peanuts in Fuyu, Jilin was 4.2 yuan/jin, and in Changtu, Liaoning was 4.2 yuan/jin. The price of Baisha common peanuts in Henan was 4.25 - 4.35 yuan/jin, and in Junan, Shandong was 4.1 yuan/jin. The price of imported Sudan refined peanuts was 8300 yuan/ton. The mainstream transaction price of peanut oil was 7650 - 7700 yuan/ton, and the theoretical cost - price of oil mills was 8110 yuan/ton. The price of domestic first - class ordinary peanut oil was 14800 yuan/ton, and the market price of small - pressed fragrant peanut oil was 16500 yuan/ton [5]. - **By - products**: The spot price of Rizhao soybean meal was strong, reaching 2930 yuan/ton, up 30 yuan/ton from yesterday. The unit - protein price difference between peanut meal and soybean meal was relatively high, and the peanut meal was expected to be weak in the short term, with the 48 - protein peanut meal quoted at 3250 yuan/ton [8]. - **Spreads**: The spread of PK01 - PK04 was - 12 (unchanged), PK04 - PK10 was - 114 (up 14), and PK10 - PK01 was 126 (down 14) [3]. Second Part: Market Analysis - The prices of peanuts in Henan and Northeast China were stable, and the price of imported Sudan refined peanuts was also stable. It is expected that the peanut spot will be relatively weak in the short term. Most peanut oil mills stopped purchasing today, and the prices of soybean oil and peanut oil were stable [5]. Third Part: Trading Strategy - **Unilateral**: Peanut 10 is oscillating at a low level. Currently, it is recommended to wait and see, and mainly short after a rebound [10]. - **Month - spread**: Wait and see [11]. - **Options**: Sell pk510 - C - 8800 [12]. Fourth Part: Related Attachments - The report provides six charts, including the spot price of Shandong peanuts, the pressing profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread between Peanut 10 - 1 contracts, and the spread between Peanut 1 - 4 contracts [14][20][23].

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - The report focuses on peanut fundamentals, tracking prices, trading volumes, and trends, and notes that attention should be paid to weather in peanut - producing areas [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: Prices of various peanut varieties decreased, with辽宁308通货 at 8,600 yuan/ton (-200),河南白沙通货 at 8,760 yuan/ton (-200),兴城小日本 at 8,440 yuan/ton (-260), and苏丹精米 at 8,600 yuan/ton (-100) [1]. - **Futures Prices**: PK510 closed at 8,142 yuan/ton (0.05% daily increase), and PK511 at 8,034 yuan/ton (0.48% daily increase) [1]. - **Trading Volume and Open Interest**: PK510 trading volume was 119,194 hands (increase of 91,625 hands), open interest was 101,662 hands (increase of 4,603 hands); PK511 trading volume was 44,296 hands (increase of 29,110 hands), open interest was 69,643 hands (decrease of 484 hands); peanut full - market trading volume was 170,315 hands (increase of 125,036 hands), open interest was 186,421 hands (increase of 5,422 hands) [1]. - **Warehouse Receipts**: Peanut full - market warehouse receipts were 0 hands with no change [1]. - **Price Spreads**:辽宁308通货基差 was 458 yuan/ton,河南白沙通货基差 was 618 yuan/ton,兴城小日本基差 was 298 yuan/ton,苏丹精米基差 was 458 yuan/ton, and 10 - 11 inter - period spread was 108 yuan/ton [1]. 3.2 Spot Market Focus - In Henan, remaining stocks are almost exhausted, trading is mainly from inventory, inquiries are few, and prices are determined by quality. Good - quality peanuts have firm prices, with prices in Baisha producing areas slightly weakening and those in large - peanut producing areas stable [2]. - In Jilin, 308 common rice is around 4.3 - 4.4. Raw material trading is ending, with sporadic supplies, normal inquiries, slightly weakening peanut prices, and stable peanut - fruit prices [2]. - In Liaoning, grass - roots raw material procurement has ended, trading is mainly from inventory. Quality varies greatly, prices are determined by quality, inquiries are few, and prices in most areas are slightly weakening [2]. - In Shandong, raw material procurement has ended, trading is mainly from cold - storage stocks. Most areas have little remaining inventory, and trading is in the final stage [2]. 3.3 Trend Intensity - Peanut trend intensity is 0, indicating a neutral trend [3].

Report Industry Investment Rating No relevant content provided. Core View of the Report - Spot peanuts are expected to maintain a high - level and slightly weak adjustment in the short term, and the futures price may return to the oscillation area. The strategy should mainly treat it as range - bound. Pay attention to the price performance at both ends of the 8000 - 8500 range for the 10 - contract [6]. Summary According to the Directory 1. Main View - This week, peanut prices in various producing areas reached a high and then slightly declined. Traders in Henan and Northeast China were cautious in high - price purchases, and the trading volume was light. The domestic market demand was flat, and the consumption progress of goods was slow. The arrival volume of imported peanuts decreased significantly compared with the same period. Oil mills were in the process of ending purchases, and the peanut oil market would end steadily. Domestic demand has not recovered, and there is a lack of trading volume to support price increases. However, due to the decreasing supply at the grass - roots level in producing areas and low inventory levels, prices are also difficult to fall sharply in the short term [6]. 2. Market Review - **2.1 This month**: The peanut weighted index briefly broke through the range, but the buyer's power was weak, and attention should be paid to the trading volume when the price pulls back. The price of the oilseed sector remained in a narrow - range oscillation, and attention should be paid to the direction of the breakthrough [8]. - **2.2 2510 contract**: The upward price increase of the 10 - main contract slowed down, and attention should be paid to the price pull - back situation [11]. 3. Fundamental Analysis - **3.1 Oil mill inventory and operating rate**: The weekly inventory of peanut oil was 40,100 tons, a decrease of 200 tons from the previous month. The operating rate of oil mills was 8.42%, a decrease of about 3.1% compared with the previous week [14]. - **3.2 Peanut general price (Baisha)**: The prices in the main producing areas of Northeast and Henan continued to be strong and then slowed down in their upward trend [18]. - **3.3 Peanut oil price trend**: The average price of first - grade ordinary peanut oil in the main producing areas this week was 14,950 yuan/ton, basically the same as last week [21]. - **3.4 Peanut meal price trend**: The price of peanut meal was weakly oscillating this week, while rapeseed meal and soybean meal were oscillating upwards [25]. - **3.5 Imported peanut quantity and price**: There were few imported peanuts. The supply of Sudanese refined peanuts was limited, and no new peanuts had arrived at the port. The import price was rising strongly. The procurement of Senegalese peanuts was limited [29]. - **3.6 Market price index compared with last month**: In the wholesale market, the overall peanut price was mainly negotiated, and the overall transaction price was relatively stable [34]. 4. Spread Tracking - **4.1 Basis spread**: No specific analysis content was provided, only the data range of the basis spread was given [35].