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]

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].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The spot market of peanuts is relatively strong, with most peanut - producing areas showing stable - to - firm prices due to factors such as farmers being busy with farming and low selling willingness, resulting in limited supply [1][2] - The peanut futures market shows price increases and changes in trading volume and open interest [1] Summary by Relevant Catalogs 1. Fundamental Tracking - **Spot Prices**: The prices of various peanut varieties have different changes. For example, the price of Liaoning 308 general - purpose peanuts increased by 60 yuan/ton to 8,160 yuan/ton, Henan Baisha general - purpose peanuts increased by 40 yuan/ton to 8,000 yuan/ton, Xingcheng Small Japanese peanuts increased by 20 yuan/ton to 8,380 yuan/ton, and Sudan refined peanuts remained unchanged at 8,350 yuan/ton [1] - **Futures Prices and Trading Data**: PK510 closed at 8,222 yuan/ton, up 1.03%; PK511 closed at 8,132 yuan/ton, up 1.35%. The trading volume and open interest of PK510 and PK511 both increased, and the trading volume of the entire peanut futures market was 83,474 lots, an increase of 42,521 lots, with open interest of 134,104 lots, an increase of 13,701 lots. The number of peanut warehouse receipts in the entire market remained unchanged at 1,500 lots [1] - **Price Spreads**: The basis of Liaoning 308 general - purpose peanuts is - 62 yuan/ton, Henan Baisha general - purpose peanuts is - 222 yuan/ton, Xingcheng Small Japanese peanuts is 158 yuan/ton, Sudan refined peanuts is 128 yuan/ton, and the 10 - 11 inter - period spread is 90 yuan/ton [1] 2. Spot Market Focus - **Henan Region**: In Henan, the price of Baisha general - purpose peanuts in Huangludian is around 4.2 - 4.25 yuan, and the price of large - grain peanuts in Kaifeng is around 4.1 yuan. Due to farmers being busy with farming and low selling willingness, the supply is limited. In recent days, inquiries and purchases have improved compared to the previous days, with most Baisha - producing areas showing stable - to - firm prices and large - grain peanut - producing areas having stable prices [2] - **Jilin Region**: In Jilin, the price of 308 general - purpose peanuts is around 4.1 - 4.15 yuan, 9616 general - purpose peanuts is around 4.05 yuan, and four - grain red general - purpose peanuts is around 4.2 - 4.4 yuan. Farmers are in the busy farming season, the supply is limited, downstream customers make small - quantity replenishments, the circulation speed of goods has improved, and most areas show stable - to - firm prices [2] - **Liaoning Region**: In Liaoning, the supply at the grass - roots level is limited. The mainstream price of 308 general - purpose peanuts is around 4.05 - 4.1 yuan, with price determined by quality and mostly inventory - based transactions. The number of buyers has increased in most areas, and prices are stable - to - firm. At the Xingcheng market, the price of Small Japanese general - purpose peanuts is around 4.16 - 4.21 yuan, with 30 - plus trucks of supply, fast sales, and basically stable prices [2] - **Shandong Region**: In Shandong, most areas have little supply, with inventory - based transactions. Some areas source goods from outside. The price of Haihua general - purpose peanuts in Linyi is around 3.9 yuan, the price of good - quality Weihua 8 general - purpose peanuts in Pingdu is around 4.35 - 4.4 yuan, and the price of Luhua 11 general - purpose peanuts is around 4.35 - 4.4 yuan. The number of buyers has increased in some areas, and prices are stable - to - firm [2] 3. Trend Intensity - The trend intensity of peanuts is 0, indicating a neutral trend, with the value ranging from - 2 (most bearish) to 2 (most bullish) [4]