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].