研究所 农产品研发报告 花生日报 2025 年 12 月 11 日 | 第一部分 | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | 2025/12/11 | | 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 | 8030 | 18 | 0.22% | 70,538 | 4.79% | 29,799 | 6.23% | | PK510 | 8220 | -2 | -0.02% | 101 | 53.03% | 805 | 5.23% | | PK601 | 8088 | 18 | 0.22% | 17,941 | -21.37% | 52,878 | -7.99% | | 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 | 7800 | 8200 | ...

研究所 农产品研发报告 花生日报 2025 年 12 月 10 日 | 第一部分 | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | 2025/12/10 | | 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 | 8030 | 18 | 0.22% | 70,538 | 4.79% | 29,799 | 6.23% | | PK510 | 8220 | -2 | -0.02% | 101 | 53.03% | 805 | 5.23% | | PK601 | 8088 | 18 | 0.22% | 17,941 | -21.37% | 52,878 | -7.99% | | 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 | 7800 | 8200 | ...

油厂收购价下调 花生盘面震荡回落 银河农产品 研究员：刘大勇 期货从业证号：F03107370 投资咨询证号：Z0018389 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | 周度数据追踪 | 10 | GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 花生策略推荐 ◼ 期权策略：可以尝试卖出pk601-C-8200期权策略。 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ◼ 交易逻辑：花生成交量增加，河南通货花生价格稳定，山东花生 ...

研究所 农产品研发报告 花生日报 2025 年 12 月 3 日 | 第一部分 | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | 2025/12/3 | | 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 | 8020 | -24 | -0.30% | 32,653 | 7.37% | 25,114 | 0.66% | | PK510 | 8214 | -12 | -0.15% | 122 | 43.53% | 734 | 1.66% | | PK601 | 8052 | -56 | -0.70% | 72,932 | -9.47% | 88,007 | -18.61% | | 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 | 7800 | 800 ...

期货从业证号： 研究所 农产品研发报告 花生日报 2025 年 11 月 25 日 | 研究员：刘大勇 | | --- | F03107370 投资咨询证号： Z0018389 联系方式： :liudayong_qh@chinastck .c om.cn | 花生数据日报 | | | | | | | | 2025/11/25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 7934 | 72 | 0.91% | 30,783 | -23.63% | 19,377 | -5.00% | | PK510 | | 8206 | 40 | 0.49% | 56 | -49.55% | 637 | -0.62% | | PK601 | | 7936 | 78 | 0.98% | 98,799 | -12.08% | 107,328 | -9.80% | | 现货与基差 | | | ...

油厂收购价下调 花生盘面冲高回落 银河农产品 研究员：刘大勇 期货从业证号：F03107370 投资咨询证号：Z0018389 GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | 周度数据追踪 | 10 | 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 花生策略推荐 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 ◼ 期权策略：可以尝试卖出pk601-P-7600期权策略。 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ◼ 交易逻辑：花生成交量增加，河南通货花生价格上涨，山东花生 ...

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]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - Peanut spot prices are expected to be relatively stable in the short term, with supply increasing and downstream demand remaining weak. Peanut futures will continue to fluctuate at the bottom, and the output of the new season peanuts is expected to be higher than last year with lower planting costs [3][7] Group 3: Summary by Related Catalogs First Part: Data - **Futures Disk**: PK604 closed at 7870, down 22 or 0.28%, with a trading volume of 6,282 (up 80.36%) and an open interest of 11,975 (up 61.58%); PK510 closed at 8126, down 16 or 0.20%, with a trading volume of 25 (up 8.70%) and an open interest of 508 (down 0.20%); PK601 closed at 7802, down 10 or 0.13%, with a trading volume of 48,284 (up 8.61%) and an open interest of 164,014 (down 0.86%) [1] - **Spot and Basis**: Henan Nanyang spot price was 7200, Shandong Jining and Linyi were 7800; Rizhao peanut meal was 3250, Rizhao soybean meal was 3010, peanut oil was 14580, and Rizhao first - grade soybean oil was 8340. Import prices: Sudanese peanuts were 8600, and Senegalese peanuts were 7600 [1] - **Spread**: PK01 - PK04 spread was - 68 (up 12), PK04 - PK10 spread was - 256 (down 6), PK10 - PK01 spread was 324 (down 6) [1] Second Part: Market Analysis - Peanut prices in Henan and Northeast China were stable. Northeast Jilin Fuyu 308 common peanuts were 4.3 yuan/jin, Liaoning Changtu was 4.3 yuan/jin; Henan Baisha common peanuts were 3.6 - 3.75 yuan/jin, Shandong Junan was 3.9 yuan/jin. Imported peanut prices were also stable. Some peanut oil mills started to purchase, with the mainstream transaction price at 7650 - 7800 yuan/ton and the theoretical break - even price at 7920 yuan/ton. Peanut oil and soybean oil prices were stable, and Rizhao soybean meal spot price dropped by 20 yuan/ton to 2990 yuan/ton [3][5] Third Part: Trading Strategies - **Unilateral**: Try to go long lightly on 01 and 05 peanuts in the short term as they are oscillating at low levels [8] - **Monthly Spread**: Wait and see [9] - **Options**: Hold the sold pk601 - P - 7600 [10] Fourth Part: Related Attachments - There are six figures including Shandong peanut spot price, peanut oil mill profit, peanut oil price, peanut spot and continuous contract basis, peanut 10 - 1 contract spread, and peanut 1 - 4 contract spread, all with data sources from Galaxy Futures and iFinD Information [12][18][21]

Group 1: Report Summary - The report is a peanut daily report dated October 16, 2025, focusing on peanut market data, analysis, and trading strategies [2] Group 2: Data Futures Market - PK604 had a closing price of 8010, a decrease of 98 (-1.22%), with a trading volume decrease of 24.94% and an open interest decrease of 1.98% [2] - PK601 had a closing price of 7966, a decrease of 96 (-1.21%), a trading volume increase of 4.21%, and an open interest increase of 3.47% [2] Spot Market - Spot prices in different regions were stable, with Northeast Jilin Fuyu 308 general peanuts at 4.15 yuan/jin, and Henan产区 at 4.2 - 4.3 yuan/jin [4] - Imported Sudan refined new peanuts were priced at 8600 yuan/ton, and Senegalese oil peanuts at 7800 yuan/ton [4] By - product Market - Rizhao soybean meal spot was weak at 2920 yuan/ton, down 10 yuan/ton from the previous day [8] - Peanut meal was short - term weak, with 48 - protein peanut meal at 3200 yuan/ton [8] Group 3: Market Analysis - Peanut prices in Henan and Northeast China were stable, and it was expected that peanut spot prices would be relatively strong in the short term [4] - Some peanut oil mills started purchasing, with the pre - shutdown mainstream transaction price at 7800 - 7900 yuan/ton and the theoretical break - even price at 7920 yuan/ton [4] - Peanut oil and soybean oil prices were stable, with domestic first - grade ordinary peanut oil at 14500 yuan/ton and small - pressed fragrant peanut oil at 16500 yuan/ton [4][8] - Supply increased, but downstream demand was still weak, and short - term peanut prices were relatively stable [10] - Due to heavy rainfall during the harvest in Henan, peanut quality was poor, and farmers' peanut storage was restricted, so peanut spot prices might fall, but far - month peanuts could be strong [10] - It was expected that the new - season peanut production would be similar to last year, and the planting cost decreased [10] Group 4: Trading Strategies - Unilateral: 01 and 05 peanuts were in a low - level shock, and one could go long on short - term pullbacks with a light position [11] - Spread: Wait and see [12] - Options: Hold the short position of pk601 - P - 7600 [13] Group 5: Related Attachments - There were six figures including Shandong peanut spot price, peanut oil mill profit, peanut oil price, etc. [15][23][26]

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].