Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The supply of peanuts is increasing, while downstream demand remains weak. Peanut prices are expected to be relatively stable in the short term. Peanut oil prices are stable, and peanut meal prices have recently stabilized. Oil mills' theoretical profit from peanut pressing is acceptable. The peanut futures will continue to fluctuate at the bottom, and the new - season peanut output is expected to be higher than last year with lower planting costs [3][7] Group 3: Summary by Directory First Part: Data - **Futures盘面**: PK604 closed at 7862, down 8 (-0.10%), with a trading volume of 9,447 (up 50.38%) and an open interest of 17,046 (up 42.35%); PK510 closed at 8140, up 14 (0.17%), with a trading volume of 26 (up 4.00%) and an open interest of 528 (up 3.94%); PK601 closed at 7788, down 14 (-0.18%), with a trading volume of 55,253 (up 14.43%) and an open interest of 168,130 (up 2.51%) [1] - **Spot and Basis**: In the spot market, the prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7400, 7800, and 7800 respectively, with no change. The prices of Rizhao peanut meal, Rizhao soybean meal, peanut oil, and Rizhao first - grade soybean oil were 3250, 3050, 14580, and 8310 respectively, with the soybean oil price up 10. The basis for Henan Nanyang was - 388, and for Shandong Jining and Linyi was 12. The price difference between soybean meal and peanut meal was - 3, and the price difference between peanut oil and soybean oil was 6270. The import prices of Sudanese peanuts were 8600 and Senegalese peanuts were 7600, with no change [1] - **Spreads**: The spread of PK01 - PK04 was - 74, down 6; the spread of PK04 - PK10 was - 278, down 22; the spread of PK10 - PK01 was 352, up 28 [1] Second Part: Market Analysis - Peanut prices in Henan have declined, while those in the Northeast have remained stable. The price of 308 common peanuts in Fuyu, Jilin was 4.3 yuan/jin, and in Changtu, Liaoning was 4.3 yuan/jin, both unchanged. The price of Baisha common peanuts in Henan was 3.5 - 3.7 yuan/jin, down 0.1 yuan/jin, and in Junan, Shandong was 3.8 yuan/jin, down 0.1 yuan/jin. Imported peanut prices were stable. The mainstream purchase price of peanut oil mills was 7650 - 7800 yuan/ton, and the theoretical break - even price was 7920 yuan/ton. The prices of soybean oil and peanut oil were stable. The price of Rizhao soybean meal dropped by 10 yuan/ton to 3020 yuan/ton, and the 48 - protein peanut meal was quoted at 3210 yuan/ton [3][5] Third Part: Trading Strategies - **Single - sided**: Peanuts in contracts 01 and 05 will fluctuate at low levels [8] - **Calendar Spread**: Hold a wait - and - see attitude [9] - **Options**: Hold the short position of pk601 - P - 7600 [10] Fourth Part: Related Attachments - There are six figures 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 [13][18][19]

研究所 农产品研发报告 花生日报 2025 年 11 月 5 日 | 花生数据日报 | | | 第一部分 | | 数据 | | | 2025/11/5 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | PK604 | | 7870 | -22 | -0.28% | 6,282 | 80.36% | 11,975 | 61.58% | | PK510 | | 8126 | -16 | -0.20% | 25 | 8.70% | 508 | -0.20% | | PK601 | | 7802 | -10 | -0.13% | 48,284 | 8.61% | 164,014 | -0.86% | | 现货与基差 | | | | | | | | | | 现货 | | 河南南阳 | 山东济宁 | 山东临沂 | 日照花生粕 | 日照豆粕 | 花生油 | 日照一级豆油 | | 今日报价 | | 7200 ...

大宗商品研究所 农产品研发报告 花生日报 2025 年 10 月 16 日 | 第一部分 | | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | | 2025/10/16 | | 期货盘面 | | | | | | | | | | 期货 成交量 | | 收盘价 | 涨跌 | 涨跌幅 | | 增减幅 | 持仓量 | 增减幅 | | PK604 334 | | 8010 | -98 | -1.22% | | -24.94% | 1,288 | -1.98% | | PK510 0 | | #N/A | #N/A | #N/A | | #DIV/0! | 111 | -13.95% | | PK601 | | 7966 | -96 | -1.21% | 129,589 | 4.21% | 192,646 | 3.47% | | 现货与基差 | | | | | | | | | | 现货 日照花生粕 | | 河南南阳 | 山东济宁 | 山东临沂 | | 日照豆粕 | 花生油 | ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The new - season peanuts show mixed price movements, with the futures market oscillating at the bottom. The trading volume of peanuts has decreased. The price of general - purpose peanuts has fallen in Henan and risen in the Northeast. The purchase price of oil mills is relatively strong. The downstream consumption remains weak. The inventory of peanuts in oil mills is decreasing, while the inventory of peanut oil is starting to increase. The No. 11 peanut futures are oscillating strongly at the bottom, and the 11 - 1 spread is stable. Some peanuts have been listed, with weak demand. The output of new - crop peanuts may increase or remain flat, and the planting cost has decreased. Peanut spot prices continue to fall, and futures are oscillating at the bottom [6]. Summary According to Relevant Catalogs Chapter 1: Comprehensive Analysis and Trading Strategies - **Option Strategy**: Consider selling the pk511 - P - 7600 option strategy [5]. - **Trading Logic**: The trading volume of peanuts has decreased. The price of general - purpose peanuts in Henan has fallen, while in the Northeast it has risen. The purchase price of oil mills is relatively strong. The price of imported peanuts is stable, and the import volume has decreased significantly. The operating rate of oil mills has increased. The spot price of peanut meal is stable, and the price of peanut oil is stable. The profit of oil mills from pressing has decreased. Downstream consumption remains weak. The inventory of peanuts in oil mills has decreased, while the inventory of peanut oil has started to increase. The No. 11 peanut futures are oscillating strongly at the bottom, and the 11 - 1 spread is stable. Some peanuts have been listed, with weak demand. The output of new - crop peanuts may increase or remain flat, and the planting cost has decreased. Peanut spot prices continue to fall, and futures are oscillating at the bottom [6]. - **Strategy**: The No. 11 peanut futures are oscillating at the bottom. Consider buying the No. 5 peanut futures at low prices. - **Spread Strategy**: Conduct reverse arbitrage on the 11 - 1 spread when it is high [6]. Chapter 2: Core Logic Analysis - **Peanut Price**: The purchase price of oil mills is stable. The price of imported peanuts is stable. The price of general - purpose peanuts shows mixed movements, with prices falling in Henan and rising in the Northeast. For example, the price of large peanuts in Junan, Shandong is 4.1 yuan per catty, remaining stable from last week; the price of new - season peanuts in Zhengyang, Henan is 4.2 yuan per catty, a decrease of 0.1 yuan per catty from last week; the price of Baisha peanuts in Changtu, Liaoning is 4.1 yuan per catty, an increase of 0.15 yuan per catty from last week; the price of Baisha peanuts in Fuyu, Jilin is 4 yuan per catty, an increase of 0.1 yuan per catty from last week. The general - purpose peanut trading volume is average, with prices showing mixed movements. The basic purchase price of oil mills is between 7300 - 7800 yuan per ton, remaining stable from last week. The price of Sudanese old peanuts is 8150 yuan per ton, and new peanuts are 8500 yuan per ton. The price of Senegalese oil - purpose peanuts is between 7600 - 7800 yuan per ton, remaining stable from last week [9][11]. - **Domestic Demand**: The operating rate of oil mills has increased. As of September 18, the operating rate of peanut oil mills this week is 12.1%, a month - on - month increase of 2.63%. The arrival volume of oil mills has increased this week. The peanut inventory in oil mills is 53,800 tons, a decrease of 11,800 tons from last week. The peanut oil inventory is 37,000 tons, an increase of 300 tons from last week [13][15]. - **Pressing Profit**: The purchase price of peanuts by peanut oil mills has increased, 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 10 yuan per ton, a decrease of 125 yuan per ton from last week. The average price of first - grade peanut oil is 14,700 yuan per ton, remaining stable from last week. The price of small - pressed concentrated fragrant oil is 16,500 yuan per ton, remaining stable from last week. 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 relatively strong, at 3260 yuan per ton this week, remaining the same as last week [17][19]. - **Basis and Spread**: This week, due to the strong performance of the No. 11 peanut futures, the 11 - 1 peanut spread is stable at around - 20 yuan. The spot - futures price difference has decreased. It is recommended to mainly adopt a wait - and - see approach [21][24][25]. - **Peanut Import**: In July, the import volume of peanut kernels was 9,500 tons, and the cumulative import volume from January to July was 103,000 tons, a 77% decrease compared to the same period last year. In July, the export volume of peanut kernels was 9,000 tons, and the cumulative export volume from January to July was 95,000 tons, a 27% increase compared to the same period last year. In July, the import volume of peanut oil was 42,000 tons, and the cumulative import volume of peanut oil from January to July was 223,000 tons, a 40% increase compared to the same period last year [28][30]. Chapter 3: Weekly Data Tracking - The report provides multiple data charts, including the price trends of Shandong general - purpose peanut kernels, the purchase price of oil mills, the basis between Shandong spot and continuous contracts, the operating rate of peanut oil mills, the peanut inventory and pressing volume of oil mills, the pressing profit of oil mills, the price difference between peanut meal and soybean meal, the price of Shandong peanut oil, the 1 - 4, 4 - 10, and 10 - 1 spreads of peanuts, the import and export volume of peanut kernels and peanut oil, etc. These data visually reflect the market conditions of peanuts in different periods [10][14][18][23][26][29].

Group 1: Report's Investment Rating - No information provided Group 2: Core Viewpoints - The trading volume of peanuts has decreased, the price of general peanuts has continued to decline, and the purchase price of oil mills has remained stable. The downstream consumption is still weak, and the futures price is oscillating at the bottom. It is recommended to establish short positions above 8300 for October peanuts, try the option strategy of selling pk510 - C - 8400, and conduct reverse arbitrage for the 10 - 1 spread when it is high [5][6]. Group 3: Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - Option strategy: Try selling the pk510 - C - 8400 option strategy [5]. - Trading logic: Decreased peanut trading volume, falling general peanut prices, stable oil mill purchase prices, weak downstream consumption, and oscillating futures prices at the bottom [6]. - Strategy: Establish short positions above 8300 for October peanuts [6]. - Spread strategy: Conduct reverse arbitrage for the 10 - 1 spread when it is high [6]. Chapter 2: Core Logic Analysis - Peanut price: The price of general peanuts has declined, with the price of Henan peanuts dropping. The purchase price of oil mills and the price of imported peanuts have remained stable. Shandong Junan large peanuts are at 4.1 yuan/jin, Henan Zhengyang new - season peanuts are at 4.25 yuan/jin (down 0.1 yuan/jin from last week), Liaoning Changtu Baisha is at 4.2 yuan/jin (down 0.1 yuan/jin from last week), and Jilin Fuyu Baisha is at 4.2 yuan/jin (down 0.1 yuan/jin from last week). The price of Sudanese peanuts is 8300 yuan/ton, remaining stable. The oil mill's basic purchase price is between 7500 - 7650 yuan/ton, remaining stable [9][11]. - Domestic demand: The operating rate of oil mills has slightly increased. As of August 7, the operating rate of peanut oil mills this week is 5.11%, a 0.8% increase from the previous week. The inventory of oil mills has decreased, with the arrival volume this week at 0.08 million tons, an increase. The peanut inventory of oil mills is 96,300 tons, a decrease of 6000 tons from last week, and the peanut oil inventory is 39,000 tons, a decrease of 100 tons from last week [13][15]. - Pressing profit: The purchase price of peanuts and the price of peanut oil are stable, but the pressing profit has slightly decreased. The pressing profit of peanut oil mills is 119 yuan/ton, a decrease of 18 yuan/ton from last week. The average price of first - grade peanut oil is 14,900 yuan/ton, a decrease of 50 yuan/ton from last week, and the price of small - squeezed concentrated fragrant oil is 16,800 yuan/ton, a decrease of 50 yuan/ton from last week. The price of peanut meal is strong, at 3260 yuan/ton this week, an increase of 10 yuan/ton from last week [17][19]. - Basis and spread: It is advisable to wait and see. This week, the October - January spread of peanuts has remained stable at around 140 yuan, and the spot - futures price difference has declined [21][24]. - Peanut imports: In June, the import of peanut kernels was 27,000 tons, and from January to June, the cumulative import was 94,000 tons, a 76% decrease compared to the same period last year. The export of peanut kernels in June was 1000 tons, and from January to June, the cumulative export was 78,000 tons, a 30% increase compared to the same period last year. The import of peanut oil in June was 39,000 tons, and from January to June, the cumulative import of peanut oil was 182,000 tons, a 33% increase compared to last year [27][29]. Chapter 3: Weekly Data Tracking - Peanut price: Charts show the historical prices of Shandong general peanut kernels, oil mill purchase prices, and the basis between Shandong spot and continuous contracts [10]. - Basis and spread: Charts show the historical trends of the 1 - 4 spread, 4 - 10 spread, and 10 - 1 spread of peanuts [39]. - Peanut imports and exports: Charts show the historical import and export volumes of peanut kernels and peanut oil, as well as the cumulative import volume and price of peanut oil [28][56]. - Pressing profit: Charts show the historical pressing profit of peanut oil mills, the price difference between peanut meal and soybean meal, and the price of Shandong peanut oil [18]. - Downstream data: Charts show the historical operating rate of pressing plants, peanut pressing volume, and peanut oil inventory of oil mills [51].

Group 1: Report General Information - Report Title: Peanut Daily Report [2] - Report Date: June 12, 2025 [2][3] - Researcher: Liu Dayong [2] Group 2: Report Industry Investment Rating - Not provided Group 3: Report Core View - The supply of peanuts remains tight, but downstream demand is still weak, and peanut prices are relatively weak in the short - term. Peanut 10 will continue to decline and fluctuate weakly due to expected increase in planting area and decrease in planting cost despite weather uncertainties [5][11]. Group 4: Summary by Directory First Part: Data - **Futures Market**: PK504 closed at 8042, down 16 (-0.20%), with a trading volume of 4 (down 69.23%) and an open interest of 102 (up 0.99%); PK510 closed at 8208, down 26 (-0.32%), with a trading volume of 60,065 (down 45.33%) and an open interest of 132,256 (down 0.09%); PK601 closed at 7990, down 26 (-0.33%), with a trading volume of 551 (down 58.29%) and an open interest of 3,775 (up 6.67%) [3]. - **Spot Market**: In the spot market, the price in Henan Nanyang was 9600, Shandong Jining and Linyi were 8600, and there was no change compared to the previous day. The price of Rizhao peanut meal was 3250, Rizhao soybean meal was 2870, peanut oil was 15000, and Rizhao first - grade soybean oil was 7900 (down 20). The import price of Sudanese peanuts was 8300, with no change [3]. - **Spread**: The spread of PK01 - PK04 was - 52 (down 10), PK04 - PK10 was - 166 (up 10), and PK10 - PK01 was 218 (no change) [3]. Second Part: Market Analysis - **Peanut Price**: Peanut prices in Henan have declined, and those in the Northeast are weak. Jilin Fuyu 308 general peanuts are 4.75 yuan/jin, unchanged; Liaoning Changtu is 4.7 yuan/jin, down 0.05 yuan/jin; Henan's Baisha general peanuts are 4.65 - 4.8 yuan/jin, down 0.05 yuan/jin; Shandong Junan is 4.15 yuan/jin, down 0.05 yuan/jin. The imported Sudanese refined peanuts are 8250 yuan/ton, down 50 yuan/ton. It is expected that peanut spot prices will be relatively weak in the short - term [5]. - **Peanut Oil and By - products**: The purchase price of peanut oil mills is stable, with the mainstream transaction price at 7350 - 7650 yuan/ton, and the theoretical break - even price of the mills is 8090 yuan/ton. The prices of peanut oil and soybean oil are stable. The domestic first - grade ordinary peanut oil is 15000 yuan/ton, and the small - pressed fragrant peanut oil is 17000 yuan/ton. Rizhao soybean meal is 2870 yuan/ton, unchanged. The unit protein price difference between peanut meal and soybean meal is high, and peanut meal is weak in the short - term [5][9]. Third Part: Trading Strategy - **Single - side**: Peanut 10 fluctuates at a high level, and short - sell on rallies [12]. - **Calendar Spread**: Do reverse spreads on Peanut 10 - 1 on dips [13]. - **Options**: Sell pk510 - C - 8800 [14]. 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 10 - 1 contracts, and the spread between Peanut 3 - 10 contracts [16][21][25].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The peanut market is experiencing high-level fluctuations due to low supply. Although the price of general peanuts is stable, the new peanut planting area is expected to increase and the planting cost to decrease, limiting the rebound height. It is recommended to short 10 peanuts above 8500, conduct reverse arbitrage on the 10 - 1 spread when it is high, and try the option strategy of selling pk510 - C - 8800 [4]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Trading Logic**: The trading volume of peanuts is average. The prices of general peanuts, oil - mill purchase prices, and imported peanuts are stable. The import volume has decreased significantly, the oil - mill operating rate has declined, peanut meal prices have slightly dropped following soybean meal, and peanut oil prices are stable. The downstream consumption is still weak, with the oil - mill peanut oil inventory decreasing and the peanut inventory remaining high. Recently, the weather in Henan and other places has been dry, but the new peanut planting area is expected to increase and the planting cost to decrease, limiting the rebound height [4]. - **Strategy**: Short 10 peanuts above 8500, conduct reverse arbitrage on the 10 - 1 spread when it is high, and try the option strategy of selling pk510 - C - 8800 [4]. Chapter 2: Core Logic Analysis - **Peanut Price**: In the domestic market, peanut prices in the Northeast and Henan production areas have risen. The price of large peanuts in Junan, Shandong is 4.2 yuan per catty, remaining stable from last week; the price of new - season peanuts in Zhengyang, Henan is 4.85 yuan per catty, up 0.1 yuan per catty from last week; the price of Baisha peanuts in Changtu, Liaoning is 4.8 yuan per catty, remaining stable from last week; the price of Baisha peanuts in Fuyu, Jilin is 4.85 yuan per catty, up 0.05 yuan per catty from last week. The price of general peanuts has slightly increased. The oil - mill purchase price is stable, generally between 7350 - 7700 yuan per ton. The price of imported Sudan peanuts is 8300 yuan per ton, remaining stable from last week [8]. - **Domestic Demand**: The oil - mill operating rate has decreased. As of June 5, the operating rate of peanut oil mills this week is 8.42%, a 3% decrease from last week. The oil - mill peanut inventory is 14.5 tons, a decrease of 0.65 tons from last week, and the peanut oil inventory is 4.01 tons, a decrease of 0.02 tons from last week [11]. - **Pressing Profit**: The peanut - purchasing price of peanut oil mills is stable, the peanut meal price has dropped, and the peanut oil price is stable. The oil - mill pressing profit is 39 yuan per ton, a decrease of 28 yuan per ton from last week. The average price of first - grade peanut oil is 15000 yuan per ton, and the price of small - pressed fragrant oil is 17000 yuan per ton, both remaining stable from last week. Due to the drop in soybean meal prices, the peanut meal price has dropped to 3200 yuan per ton this week, a decrease of 50 yuan per ton from last week [14]. - **Basis and Spread**: It is recommended to wait and see. This week, due to the rise in the price of 10 - contract peanuts, the 10 - 1 spread has remained stable at around 250 yuan [18]. - **Peanut Import and Export**: In April, 12,000 tons of peanut kernels were imported, and from January to April, 54,000 tons were imported, a 78% decrease from the same period last year. In April, 18,000 tons of peanut kernels were exported, and from January to April, 63,000 tons were exported, a 27% increase from the same period last year. In April, 27,000 tons of peanut oil were imported, and from January to April, 114,000 tons were imported, a 23% increase from the same period last year [23]. Chapter 3: Weekly Data Tracking - **Peanut Price**: The data shows the price trends of Shandong general peanut kernels, the price of oil - mill peanut purchases, and the basis between Shandong spot and continuous contracts [7]. - **Domestic Demand**: The data shows the trends of the oil - mill operating rate, peanut kernel inventory, and pressing volume [10]. - **Pressing Profit**: The data shows the trends of the oil - mill pressing profit, the price difference between peanut meal and soybean meal, and the price of Shandong peanut oil [13]. - **Basis and Spread**: The data shows the trends of the basis between Shandong peanuts and continuous contracts and the 10 - 1 spread [17]. - **Peanut Import and Export**: The data shows the trends of peanut kernel imports and exports and peanut oil imports [22].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The trading volume of peanuts is average, the price of general peanuts is strong, the purchase price of oil mills is stable, and the price of imported peanuts has increased. The market expects an increase in the planting area of new crops, but the recent drought in Henan and other places may affect production. The 10th peanut contract continued to rebound this week, and the 10 - 1 spread increased. [4] - It is recommended to go long on the 10th peanut contract at around 8100, go long on the 10 - 1 spread at low levels, and try the option strategy of selling pk510 - p - 7800. [4] Summary According to the Table of Contents Chapter 1: Comprehensive Analysis and Trading Strategies - **Trading Logic**: The trading volume of peanuts is average, the price of general peanuts is strong, the purchase price of oil mills is stable, the price of imported peanuts has increased, the opening rate of oil mills has slightly decreased, the inventory of peanut meal has slightly decreased following soybean meal, the price of peanut oil has increased, and the profit of oil mills has increased. The downstream consumption is still weak, the inventory of peanut oil in oil mills has slightly decreased, and the peanut inventory remains high. [4] - **Strategies**: Go long on the 10th peanut contract at around 8100; the current lowest warehouse receipt is around 8200 yuan/ton, and the futures price is slightly higher than the spot price; go long on the 10 - 1 spread at low levels; try the option strategy of selling pk510 - p - 7800. [4] Chapter 2: Core Logic Analysis - **Peanut Price**: Domestic peanuts in the Northeast and Henan regions have strong prices. The price of general peanuts in Shandong, Henan, and other places has increased. The purchase price of oil mills is stable, and the price of imported Sudanese peanuts has increased. [6][8] - **Domestic Demand**: The opening rate of oil mills has decreased, and the peanut inventory remains high. The current opening rate of peanut oil mills is 13.38%, a decrease of 1.89% from the previous week. The peanut inventory in oil mills is 15.4 tons, an increase of 0.1 tons from the previous week, and the peanut oil inventory is 4.05 tons, a decrease of 0.01 tons from the previous week. [9][11] - **Pressing Profit**: The purchase price of peanut oil mills is stable, the price of peanut meal has decreased, but the price of peanut oil has increased, resulting in an increase in the pressing profit of oil mills to 104 yuan/ton, an increase of 31 yuan/ton from the previous week. [12][14] - **Basis and Spread**: The 10 - 1 spread of peanuts has increased from around 60 to around 100. The current warehouse receipt price is 8000 yuan/ton, and the general peanut price is 8200 yuan/ton. [15][19] - **Peanut Import**: From January to March, the import volume of peanut kernels decreased by 59.4% compared to the same period last year, the export volume increased by 21%, and the import volume of peanut oil increased by 30%. [20][22] Chapter 3: Weekly Data Tracking - **Peanut Price**: The price of peanuts in Shandong, Henan, and the Northeast has increased, and the purchase price of oil mills is stable. The price of imported Sudanese peanuts has increased to 8100 yuan/ton, an increase of 100 yuan/ton from the previous week. [8] - **Domestic Demand**: The opening rate of oil mills has decreased, and the peanut inventory remains high. The current opening rate of peanut oil mills is 13.38%, a decrease of 1.89% from the previous week. The peanut inventory in oil mills is 15.4 tons, an increase of 0.1 tons from the previous week, and the peanut oil inventory is 4.05 tons, a decrease of 0.01 tons from the previous week. [11] - **Pressing Profit**: The pressing profit of oil mills has increased to 104 yuan/ton, an increase of 31 yuan/ton from the previous week. The price of peanut oil has increased, and the price of peanut meal has decreased. [14] - **Basis and Spread**: The 10 - 1 spread of peanuts has increased from around 60 to around 100. The current warehouse receipt price is 8000 yuan/ton, and the general peanut price is 8200 yuan/ton. [19] - **Peanut Import**: From January to March, the import volume of peanut kernels decreased by 59.4% compared to the same period last year, the export volume increased by 21%, and the import volume of peanut oil increased by 30%. [22]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The trading volume of peanuts is average, the price of general peanuts is weak, the purchase price of oil mills is stable, the opening rate of oil mills is rising, the spot price of peanut meal follows the decline of soybean meal, the price of peanut oil is rising, and the oil mills are profitable. Although the market expects an increase in the planting area of new crops, the recent drought in Henan and other places provides strong support for the peanut futures market. It is recommended to go long on the October peanut contract around 8000, go long on the October - January spread at low levels, and try the option strategy of selling pk510 - p - 7800 [4]. Summary by Relevant Catalogs Chapter 1: Comprehensive Analysis and Trading Strategies - **Trading Logic**: The trading volume of peanuts is average, the price of general peanuts is weak, the purchase price of oil mills is stable, the opening rate of oil mills is rising, the spot price of peanut meal follows the decline of soybean meal, the price of peanut oil is rising, and the oil mills are profitable. The downstream consumption is still weak, the peanut oil inventory of oil mills has slightly increased, and the peanut inventory remains at a high level. The October peanut contract has rebounded, and the October - January spread has increased. The market expects an increase in the planting area of new crops, but there is a drought in Henan recently [4]. - **Strategies**: - Go long on the October peanut contract around 8000 [4]. - The current lowest warehouse receipt is around 8000 yuan/ton, and the futures price is slightly higher than the spot price [4]. - Go long on the October - January spread at low levels [4]. - Try the option strategy of selling pk510 - p - 7800 [4]. Chapter 2: Core Logic Analysis - **Peanut Prices**: - Domestic peanuts: The prices in Northeast and Henan are weak. The price of large peanuts in Junan, Shandong is 3.95 yuan/jin, stable compared to last week; the price of new - season peanuts in Zhengyang, Henan is 4.5 yuan/jin, down 0.05 yuan/jin from last week; the price of Baisha peanuts in Changtu, Liaoning and Fuyu, Jilin is 4.1 yuan/jin, down 0.05 yuan/jin from last week. The trading of general peanuts is average, and the price is weak [8]. - Oil mill油料米: The purchase price of oil mills is stable, generally between 7350 - 7700 yuan/ton [8]. - Imported peanuts: The price of Sudanese peanuts is 7950 yuan/ton, unchanged from last week [8]. - **Domestic Demand**: - Oil mill opening rate: The purchase volume of oil mills has decreased, but the opening rate has increased. As of May 8, the opening rate of peanut oil mills this week is 15.26%, a month - on - month increase of 2.93% [11]. - Oil mill inventory: The arrival volume of oil mills this week is 19,600 tons, a decrease. The peanut inventory of oil mills is 153,000 tons, a decrease of 1000 tons from last week. The peanut oil inventory is 40,700 tons, an increase of 100 tons from last week [11]. - **Pressing Profit**: The purchase price of peanut oil mills is stable, the price of peanut meal has declined, and the price of peanut oil has risen. As a result, the pressing profit of oil mills is 73 yuan/ton, an increase of 15 yuan/ton compared to last week. The average price of first - grade peanut oil is 14,900 yuan/ton, an increase of 100 yuan/ton from last week, and the price of small - pressed fragrant peanut oil is 16,800 yuan/ton, an increase of 100 yuan/ton from last week. The price of peanut meal has declined to 3300 yuan/ton, a decrease of 50 yuan/ton from last week [14]. - **Basis and Spread**: - Spread: This week, due to a slight increase in the October peanut contract, the October - January peanut spread has risen from around 20 to around 60 [19]. - Futures - spot price difference: The current warehouse receipt is 8000 yuan/ton, and the general peanut price is 8100 yuan/ton [19]. - **Peanut Imports and Exports**: - Peanut kernel imports: In March, 13,000 tons of peanut kernels were imported, and from January to March, 41,000 tons were imported, a decrease of 59.4% compared to the same period last year [22]. - Peanut kernel exports: In March, 18,000 tons of peanut kernels were exported, and from January to March, a total of 45,000 tons were exported, an increase of 21% compared to the same period last year [22]. - Peanut oil imports: In March, 32,000 tons of peanut oil were imported, and from January to March, a total of 87,000 tons were imported, a year - on - year increase of 30% [22]. Chapter 3: Weekly Data Tracking - Various data charts are provided, including the price trends of Shandong general peanut kernels, the purchase prices of oil mills, the basis between Shandong spot and continuous contracts, the opening rate of peanut oil mills, the peanut kernel inventory and pressing volume of peanut oil mills, the pressing profit of peanut oil mills, the spread between peanut meal and soybean meal, the price of Shandong peanut oil, the spread between different peanut futures contracts, and the import and export volume of peanuts and peanut oil [7][10][13][18][21]. - Specific data on the import price and cumulative import volume of peanut oil from different countries are also provided, such as the cumulative import volume of peanut oil from January to March 2025 is 87,051.45 tons, with an average import price of 1531.86 US dollars/ton [45].