1. Report Industry Investment Ratings - The investment rating for the soybean meal market is cautiously bearish [3] - The investment rating for the corn market is neutral [6] 2. Core Views - For the soybean meal market, although the current port inventory is high and the overall supply is sufficient, there are concerns about the arrival of soybeans in the first quarter. With the recent general rise in commodities, the soybean meal price has been strong recently. However, the supply pressure brought by the bumper harvest of Brazilian soybeans in the future is the most significant influencing factor. Attention should be paid to the growth of Brazilian soybeans and the USDA report [2] - For the corn market, the inventories of deep - processing and feed enterprises are gradually increasing and they mainly purchase on demand, but the inventory is still lower than the historical average. With the Spring Festival approaching, there will still be some stocking demand in the future. Attention should be paid to spot purchases and sales, imports, and grain auctions [4] 3. Summaries by Related Catalogs 3.1 Market News and Important Data - Soybean Meal - Futures: The soybean meal 2605 contract closed at 2,768 yuan/ton yesterday, up 43 yuan/ton or 1.58% from the previous day; the rapeseed meal 2605 contract closed at 2,250 yuan/ton, up 22 yuan/ton or 0.99% [1] - Spot: In Tianjin, the soybean meal spot price was 3,180 yuan/ton, up 20 yuan/ton, with a spot basis of M05 + 412, down 23 from the previous day; in Jiangsu, it was 3,070 yuan/ton, up 20 yuan/ton, with a basis of M05 + 302, down 23; in Guangdong, it was 3,090 yuan/ton, up 30 yuan/ton, with a basis of M05 + 322, down 13. In Fujian, the rapeseed meal spot price was 2,450 yuan/ton, up 20 yuan/ton, with a basis of RM05 + 200, down 2 [1] - Market News: The Brazilian National Association of Grain Exporters expects Brazil's soybean exports in January 2026 to be 3.79 million tons, higher than the previous estimate of 3.73 million tons and a 238% increase from 1.12 million tons in the same period last year [1] 3.2 Market News and Important Data - Corn - Futures: The corn 2603 contract closed at 2,295 yuan/ton yesterday, up 12 yuan/ton or 0.53% from the previous day; the corn starch 2603 contract closed at 2,569 yuan/ton, up 18 yuan/ton or 0.71% [3] - Spot: In Liaoning, the corn spot price was 2,150 yuan/ton, unchanged from the previous day, with a spot basis of C03 + 55, down 7 from the previous day; in Jilin, the corn starch spot price was 2,630 yuan/ton, unchanged, with a basis of CS03 + 61, down 18 [3] - Market News: The Brazilian National Association of Grain Exporters estimates that the exports of soybeans, soybean meal, corn, and wheat in January 2026 will be 9.4 million tons, higher than the previous estimate of 9.17 million tons [3] 3.3 Strategies - For the soybean meal market, the strategy is to be cautiously bearish [3] - For the corn market, the strategy is neutral [6]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - For vegetable oils, the US biodiesel policy boosts global vegetable oil prices. Palm oil and soybean oil stop falling and rebound, while rapeseed oil bottoms out and stabilizes. With the US interest - rate cut, the financial attributes of vegetable oils are enhanced, and it is advisable to adopt a long - term bullish strategy of buying on dips for soybean and palm oils, and hold short - term long positions for rapeseed oil, paying attention to its rebound strength [2]. - For double - meal (soybean meal and rapeseed meal), the near - month contracts should be treated with a rebound mindset, and the opportunity to lay out new short positions for the 09 contracts should be awaited after the rebound [4]. 3. Summary by Relevant Contents Vegetable Oils Market Performance - On January 22, vegetable oils continued their strong trend with a large inflow of funds. Palm oil led the vegetable oil sector. The closing prices of major and secondary contracts of soybean oil, palm oil, and rapeseed oil all increased compared to the previous day, with corresponding increases in positions [1]. Important Information - On January 21, NYMEX crude oil futures rose due to supply concerns, with the more active March contract up $0.26 or 0.4% to $60.62 per barrel [1]. - The Trump administration is expected to finalize 2026 biofuel blending quotas in early March, and the EPA is considering setting biodiesel usage between 5.2 and 5.6 billion gallons [1]. - Indonesia cancelled the plan to increase the biodiesel blending ratio to 50% (B50) this year and will maintain the current 40% ratio [1]. - Indian buyers locked in large - scale soybean oil purchases from April to July 2026, 150,000 tons per month of South American soybean oil [1]. - From January 1 - 20, Malaysia's palm oil production decreased by 16.06% month - on - month, while exports increased by 11.4% [1]. - Indonesia's 2026 biodiesel total allocation is 15.65 billion liters, an increase of about 30 million liters from 2025 [1]. - As of the 3rd weekend of 2026, the total inventory of the three major edible oils in China decreased by 38,300 tons week - on - week, a 1.79% decrease [2]. Market Logic - Externally, the US biodiesel policy makes US soybean oil oscillate strongly. In Malaysia, good export data and concerns about supply boost palm oil prices. Domestically, soybean oil news is mixed, palm oil benefits from the US biodiesel policy and improved export data, and rapeseed oil follows related oils in a wide - range oscillation [2]. Trading Strategy - For single - side trading, continue to hold existing long positions in soybean and palm oils, and slightly enter long positions in rapeseed oil. Provide support and resistance levels for each contract [2]. - For arbitrage, exit the previously concerned strategy of expanding the soybean - palm oil price spread [2]. Double - Meal (Soybean Meal and Rapeseed Meal) Market Performance - On January 22, due to pre - festival stockpiling, soybean meal inventory decreased, and previous short positions left the market, resulting in a technical rebound. The closing prices of major and secondary contracts of soybean meal and rapeseed meal all increased compared to the previous day, with corresponding changes in positions [2]. Important Information - Since the Sino - US trade truce in late October, China has purchased about 12 million tons of US soybeans, fulfilling the commitment ahead of schedule [3]. - In January 2026, Brazil's soybean export volume is estimated to be 3.79 million tons, higher than the previous estimate and a 238% increase from the same period last year [3]. - StoneX predicts that Brazil's 2025/26 soybean production may reach 178.9 million tons, higher than the USDA's estimate [3]. - As of January 16, Brazil's 2025/26 soybean harvest progress was 1.39%, faster than the same period in previous years [3]. - As of December 30, Argentina's 2025/26 soybean sowing was 82% complete, and the growth status was good [3]. - Safras & Mercado predicts that Brazil's 2026 soybean export volume will be 105 million tons, a 3% decrease from last year [3]. - As of the 3rd weekend of 2026, China's imported soybean inventory decreased, and soybean meal and rapeseed meal inventories also changed [3]. - The January 13 import soybean auction had a 100% transaction rate [3]. Market Logic - Externally, slow South American soybean harvests strengthen US soybean futures prices. Domestically, oil - mill prices rise with the market, and downstream buyers are active in stockpiling. The impact of Sino - Canadian trade relations on rapeseed meal supply and demand is limited in the short term. With short - position funds leaving the market, Zhengzhou rapeseed meal rebounds, but the overall bullish sentiment is cautious [4]. Trading Strategy - Operate the 05 contracts of double - meal with a rebound mindset, and wait for the opportunity to lay out short positions for the 09 contracts after the rebound. Provide support and resistance levels for each contract [4]. - There is currently no arbitrage strategy [4].

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - Palm oil is expected to be volatile and slightly bullish in the short term due to multiple factors [3][5]. - For soybean oil, there are insufficient themes for US soybeans, and the oil - meal ratio is rising [3][5]. - Regarding soybean meal, overnight US soybeans showed mixed performance, and Dalian soybean meal futures may fluctuate [3][10]. - For soybean No.1, the spot price is stable, and the futures price may rebound and fluctuate [3][10]. - Corn is expected to be volatile and slightly bullish [3][13]. - Sugar is expected to trade within a range [3][17]. - Cotton is expected to be volatile and slightly bullish [3][22]. - Egg spot prices are expected to be strong before the Spring Festival [3][27]. - As the Laba Festival approaches, the market should focus on the confirmation of expectations for live pigs [3][30]. - Peanuts are expected to trade in a volatile manner [3][34]. 3. Summary by Commodity Palm Oil and Soybean Oil - **Fundamentals**: Palm oil's daily - session closing price was 8,944 yuan/ton with a 1.27% increase, and the night - session closing price was 8,914 yuan/ton with a - 0.34% decrease. Soybean oil's daily - session and night - session closing prices were both 8,084 yuan/ton, with a 0.50% daily - session increase [5]. - **News**: SGS data showed that Malaysia's palm oil exports from January 1 - 20 decreased by 2.70% compared to the same period last month [6]. Soybean Meal and Soybean No.1 - **Fundamentals**: DCE soybean No.1 2605's daily - session closing price was 4327 yuan/ton with a 0.58% increase, and the night - session closing price was 4373 yuan/ton with a 1.27% increase. DCE soybean meal 2605's daily - session closing price was 2768 yuan/ton with a 1.50% increase, and the night - session closing price was 2763 yuan/ton with a 0.51% increase [10]. - **News**: On January 22, CBOT soybean futures mostly rose, with the benchmark contract down 0.1%. Private exporters reported selling 192,350 tons of soybeans to unknown destinations for 2025/26 delivery [10][12]. Corn - **Fundamentals**: The closing price of C2603 was 2,295 yuan/ton with a 0.79% increase, and the night - session closing price was 2,289 yuan/ton with a - 0.26% decrease. The closing price of C2605 was 2,286 yuan/ton with a 0.66% increase, and the night - session closing price was 2,282 yuan/ton with a - 0.17% decrease [14]. - **News**: Northern corn bulk shipping collection prices were 2280 - 2290 yuan/ton, and containerized first - class grain collection prices were 2320 - 2340 yuan/ton [15]. Sugar - **Fundamentals**: The raw sugar price was 14.82 cents/pound, the mainstream spot price was 5290 yuan/ton, and the futures主力 price was 5158 yuan/ton [17]. - **News**: As of January 15, India's sugar production in the 25/26 season increased by 22% year - on - year. Brazil exported 291 tons in December, a 2.9% year - on - year increase [17]. Cotton - **Fundamentals**: The closing price of CF2605 was 14,730 yuan/ton with a 1.34% increase, and the night - session closing price was 14760 yuan/ton with a 0.20% increase. The closing price of CY2603 was 20,500 yuan/ton with a 0.07% increase, and the night - session closing price was 20560 yuan/ton with a 0.29% increase [22]. - **News**: Cotton spot trading has weakened, and the cotton yarn market remains sluggish. ICE cotton futures fell due to weak crude oil and technical selling pressure [23][24]. Eggs - **Fundamentals**: The closing price of egg 2602 was 3,094 yuan/500 kilograms with a 2.55% increase, and the closing price of egg 2603 was 3,095 yuan/500 kilograms with a 1.71% increase [27]. Live Pigs - **Fundamentals**: The Henan spot price was 13230 yuan/ton, the Sichuan spot price was 12800 yuan/ton, and the Guangdong spot price was 13560 yuan/ton [31]. - **Futures**: The closing price of live pig 2603 was 11470 yuan/ton, the closing price of live pig 2605 was 11820 yuan/ton, and the closing price of live pig 2607 was 12450 yuan/ton [31]. Peanuts - **Fundamentals**: The closing price of PK603 was 7,978 yuan/ton with a 0.68% increase, and the closing price of PK605 was 7,890 yuan/ton with a 0.15% increase [34]. - **Spot**: The prices of various peanut varieties such as Liaoning 308, Henan Baisha, etc. remained stable [34][35].

Group 1: Protein Meal - CBOT soybean prices declined with fluctuations, supported by technical buying and optimism regarding U.S. soybean exports, with private exporters reporting 192,350 tons exported to unknown destinations [3][9] - Weekly net sales of U.S. soybeans are expected to be between 1.5 to 3 million tons, while Brazilian traders predict January soybean exports may fall short of previous estimates, with projections ranging from 2 to 3 million tons, down from 3.8 million tons [3][9] - Domestic protein meal prices increased, with soybean meal rising over 1%, driven by higher import costs [3][9] - A preliminary trade agreement between Canada and China was announced, with China emphasizing dialogue to resolve trade differences regarding canola seeds [3][9] Group 2: Oilseeds - BMD palm oil reached a two-month high due to U.S. biofuel regulations and production cut expectations, with the market anticipating the implementation of a biodiesel plan for 2026-2027 [3][9] - Positive export outlook for Malaysian palm oil in Q1 is supported by increased demand from India and China, contributing to market optimism [3][9] - Domestic oilseed prices rose, with palm oil leading the increase, while soybean and canola oil followed suit [3][9] Group 3: Live Pig - Live pig futures rebounded, with the main contract closing up 1.13% at 11,600 yuan/ton, while the average price of live pigs in China was 12.82 yuan/kg, down 0.12 yuan/kg from the previous day [10][11] - Prices in northern regions remained stable or slightly increased, while southern regions showed active selling but weak downstream demand [10][11] - Short-term demand support is limited, with market sentiment influencing price performance [10][11] Group 4: Eggs - Egg futures rose by 1.98%, closing at 3,095 yuan per 500 kg, with the national average price for eggs at 3.75 yuan/kg, up 0.07 yuan/kg [12] - Downstream purchasing activity remained stable, contributing to the recovery of egg prices [12] - The main contract continues an upward trend, but future production capacity may be affected by restored farming profits [12] Group 5: Corn - Corn futures for March and May contracts increased, with the main contract breaking out of a trading range, showing a strong upward trend [13] - Prices in Northeast China remained stable with slight increases, supported by high processing purchase prices [13] - Downstream demand is subdued, and the market's stocking atmosphere has decreased, with some enterprises substituting corn with wheat due to narrowing price differences [13]

1. Report Industry Investment Rating Not provided in the document. 2. Core Viewpoints of the Report The report analyzes the market trends of multiple agricultural and related products, including their current situations, influencing factors, and future outlooks. Overall, the market is complex with various products showing different trends such as oscillation, upward, or downward movements. The report also provides some trading strategies and suggestions based on the analysis [1][5][8][11][13][17][19][21][22][24][25]. 3. Summary by Relevant Catalogs 3.1. Oils and Fats - **Viewpoint**: Optimistic demand expectations boost the upward trend of oils and fats. US soybean oil futures rebounded significantly under the positive expectation of US biodiesel, palm oil entered the production - reduction stage with good export performance, and led the rise of oils and fats. The overall supply of oilseeds is relatively loose, and the palm oil inventory is expected to decrease during the production - reduction season. It is recommended to pay attention to buying hedging after a callback and the arbitrage strategy of going long on palm oil and short on rapeseed oil [5][6]. - **Outlook**: Soybean oil oscillates, palm oil oscillates strongly, and rapeseed oil oscillates weakly [6]. 3.2. Protein Meal - **Viewpoint**: Overnight US soybeans rose, driving both protein meals to close higher. Factors such as positive Sino - US talks, increased US soybean exports, and expected domestic demand support the price. However, it is necessary to be vigilant about the weakening of futures prices due to the repair of the discount under high profits [8]. - **Outlook**: US soybeans, Dalian soybean meal, and rapeseed meal all oscillate. Soybean meal is stronger than rapeseed meal [9]. 3.3. Corn/Starch - **Viewpoint**: The market is in a state of game between the policy ceiling and the demand floor, and the oscillation continues. The supply in the Northeast is in a tight - balance state, while the supply in North China has increased. The downstream feed enterprises maintain a stable inventory, and the deep - processing enterprises have a low inventory and need to stock up before the Spring Festival. The policy grain may suppress the price increase [11][12]. - **Outlook**: Oscillation [12]. 3.4. Pigs - **Viewpoint**: The supply of pigs is abundant, and the spot price continues to weaken. In the short term, the slaughter rhythm at the end of the month needs attention; in the medium term, the supply pressure will last until April 2026; in the long term, the supply pressure is expected to ease after May 2026 [13][14]. - **Outlook**: Oscillation weakly. It is recommended to pay attention to short - selling hedging opportunities in the first half of the year, and the pig cycle is expected to bottom out and pick up in the second half of 2026 [15]. 3.5. Natural Rubber - **Viewpoint**: The market price followed BR to rise slightly. The price increase is mainly driven by commodity funds, and the fundamental driving force is insufficient. The overseas supply is increasing seasonally, and the demand is weak after the price rise [17][18]. - **Outlook**: The fundamental variables are limited, and the medium - term strategy is to buy on dips. The short - term market may return to wide - range oscillation [18]. 3.6. Synthetic Rubber - **Viewpoint**: Multiple factors resonate, and the market price rises significantly. The core logic is the expectation of tight supply of butadiene in the first half of 2026, and the rotation of commodity funds to the chemical sector also has a positive impact [19][20]. - **Outlook**: The supply - demand pattern of butadiene is expected to improve, but there is short - term pressure. The medium - term trend is oscillating strongly [20]. 3.7. Cotton - **Viewpoint**: The cotton price rebounds with certain support near 14,400 yuan/ton. In the short term, the price is in an adjustment period due to the phased realization of positive factors, but in the long term, the price is expected to rise based on the tight supply - demand balance and policy factors [21]. - **Outlook**: Oscillation strongly. It is recommended to buy on dips [21]. 3.8. Sugar - **Viewpoint**: The sugar price rebounds slightly. The global sugar market in the 25/26 crushing season is expected to be in surplus, and the price is under pressure. The domestic supply is increasing, and the price is expected to oscillate weakly [21]. - **Outlook**: Oscillation weakly. It is recommended to short on rebounds [21]. 3.9. Pulp - **Viewpoint**: The spot market atmosphere is weak, and the demand pressure remains unchanged. The import cost is increasing, but the demand is in the off - season, and the futures market is under pressure [22]. - **Outlook**: Oscillation weakly [22][23]. 3.10. Double - Glue Paper - **Viewpoint**: The double - glue paper rose at the end of the session. The supply is relatively abundant, the demand is weak, and the price increase is difficult to pass on. The industry hedging enthusiasm at high prices suppresses the upward space [24]. - **Outlook**: Oscillation weakly [24]. 3.11. Logs - **Viewpoint**: The market rebounds from a low level due to the warming of the commodity market. The futures price rebounds after hitting the support level, and the spot price in Jiangsu is rising due to tight supply [24][25]. - **Outlook**: The market will operate in a short - term range. It is recommended to operate in the range of 760 - 800 yuan/cubic meter for the 03 contract [25].

Group 1 - The core viewpoint of the article highlights the performance of major agricultural futures contracts on the Intercontinental Exchange (ICE), with most contracts experiencing price increases [1] Group 2 - Raw sugar futures rose by 1.49%, reaching 14.96 cents per pound [1] - Cotton futures decreased by 0.61%, settling at 63.91 cents per pound [1] - Cocoa futures increased slightly by 0.04%, priced at $4,450 per ton [1] - Coffee futures saw a minor rise of 0.09%, priced at $3.478 per pound [1]

Core Insights - The Bloomberg Grain Index increased by 0.58%, reaching 28.8058 points [1] - CBOT corn futures rose by 0.53%, priced at $4.24 per bushel [1] - CBOT wheat futures saw a significant increase of 1.58%, now at $5.1575 per bushel [1] - CBOT soybean futures experienced a slight decline of 0.05%, priced at $10.64 per bushel [1] - CBOT lean hog futures increased by 0.71%, while live cattle futures decreased by 0.13% [1] - ICE raw sugar futures rose by 1.49%, and ICE white sugar futures increased by 1.14% [1] - ICE Arabica coffee futures saw a minor increase of 0.09%, while Robusta coffee futures fell by 1.18% [1] - New York cocoa futures increased by 0.04%, reaching $4,450 per ton, after previously dropping to $4,387 [1] - ICE cotton futures declined by 0.61% [1]

Group 1 - Grain futures are rising due to increased optimism that the U.S. government will finalize regulations favorable to grain raw material demand [1] - If E15 fuel is supplied nationwide year-round, corn demand could increase by over 2 billion bushels [1] - The potential increase in soybean-based biofuel blending quotas is also driving soybean futures higher [1] Group 2 - Chicago Board of Trade corn futures rose by 0.4%, soybean futures increased by 0.5%, and wheat futures climbed by 1.3% [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The U.S. corn report was bearish, but the global corn supply pressure has weakened, and U.S. corn has stabilized and rebounded. The import profit of foreign corn has increased, and the import price from Brazil in February is 2,132 yuan. The domestic corn spot price is relatively stable in the short - term, and the starch spot price is also relatively strong, but the enterprise is still in a loss state. The 03 corn has room to fall, and the 03 starch is expected to fluctuate at a high level in the short - term [3][5][6] Summary by Directory Part 1: Data - **Futures Disk**: For corn futures, C2601 closed at 2,248 with an increase of 4 (0.18%), C2605 at 2,286 with an increase of 9 (0.39%), C2509 at 2,300 with an increase of 4 (0.17%). For corn starch futures, CS2601 closed at 2,575 with a decrease of 5 (-0.19%), CS2605 at 2,606 with an increase of 21 (0.81%), CS2509 at 2,628 with an increase of 14 (0.53%). The trading volume and open interest of some contracts also had significant changes [1] - **Spot and Basis**: Corn spot prices in different regions had different changes, with the price in Qinggang increasing by 10 to 2,160 yuan, and the price in Jinzhou Port increasing by 5 to 2,340 yuan. Starch spot prices remained stable. The basis of corn and starch in different regions also had corresponding values [1] - **Spread**: In corn inter - period spreads, C01 - C05 was - 38 with a decrease of 5, C05 - C09 was - 14 with an increase of 5. In starch inter - period spreads, CS01 - CS05 was - 31 with a decrease of 26, CS05 - CS09 was - 22 with an increase of 7. In cross - variety spreads, CS09 - C09 was 328 with an increase of 10, CS01 - C01 was 327 with a decrease of 9 [1] Part 2: Market Judgment - **Corn**: The U.S. corn report was bearish, but the global corn supply pressure decreased, and U.S. corn rebounded. The import profit of foreign corn increased. The northern port closing price was strong, and the spot price in the Northeast and North China was stable. The spread between Northeast and North China corn decreased. The wheat - corn spread was large, and corn had cost - effectiveness. The domestic breeding demand was stable, and the downstream feed enterprise inventory increased. The short - term corn spot price was relatively stable [3][5] - **Starch**: The number of vehicles arriving at Shandong deep - processing plants increased, and the corn spot price in Shandong was stable. The starch inventory decreased this week, with the factory inventory at 1.069 million tons, a decrease of 31,000 tons from last week (a monthly decrease of 3.0% and a year - on - year increase of 10.4%). The starch price was mainly affected by corn price and downstream inventory preparation. The by - product price was strong, and the spot spread between corn and starch was at a low level. The starch spot price was strong, and the enterprise was still in a loss state. The 03 starch was expected to fluctuate at a high level in the short - term [6] Part 3: Corn Options - **Option Strategy**: A short - term cumulative put option strategy with rolling operation was recommended [10] Part 4: Related Attachments - The attachments included figures such as the northern port corn closing price, corn 05 contract basis, corn 5 - 9 spread, corn starch 5 - 9 spread, corn starch 05 contract basis, and corn starch 05 contract spread, which showed the price trends and spreads of different periods and varieties [14][15][19]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The supply of peanuts is increasing, but the downstream demand remains weak. The peanut price is expected to be relatively stable in the short - term. The peanut oil spot price is stable, and the peanut meal price has been stable recently. The theoretical profit of oil mill crushing is good. The peanut futures continue to rebound, and the market trades on the ample supply of oil - type peanuts and low import prices, but the warehouse receipt cost is still relatively high. The 05 peanut contract is in a bottom - oscillating state [3][6] Group 3: Summary by Directory 1. First Part: Data - **Futures盘面**: PK604 closed at 7910, up 14 (0.18%), with a trading volume of 32,210 (up 126.80%) and an open interest of 26,548 (down 1.06%); PK610 closed at 8224, down 8 (-0.10%), with a trading volume of 67 (down 40.18%) and an open interest of 2,744 (up 0.07%); PK601 had no valid data [1] - **Spot and Basis**: The spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7400, 8000, 8000 respectively, with no change. The price of Rizhao peanut meal was 3250, and Rizhao soybean meal was 3090 (up 10). The price of peanut oil was 14320, and Rizhao first - grade soybean oil was 8480 (up 70). The basis of Henan Nanyang was - 510, and that of Shandong Jining and Linyi was 90. The price difference between soybean meal and peanut meal was - 4, and that between peanut oil and soybean oil was 5840. The import price of Sudanese peanuts was 8600 with no change [1] - **Price Difference**: The PK04 - PK10 spread was - 314, up 22, while PK01 - PK04 and PK10 - PK01 had no valid data [1] 2. Second Part: Market Analysis - The peanut prices in Henan and Northeast China are strong. The price of 308 common peanuts in Fuyu, Jilin (Northeast) and Changtu, Liaoning is 4.65 yuan/jin, up 0.05 yuan/jin compared to yesterday. The price of Baisha common peanuts in Henan is 3.65 - 3.8 yuan/jin, up 0.05 yuan/jin. The price in Junan, Shandong is 3.5 yuan/jin, remaining stable. The import prices of Sudanese refined peanuts, Brazilian new peanuts, and Indian specification peanuts are 8600 yuan/ton, 9200 yuan/ton, and 8000 yuan/ton respectively, remaining stable. The peanut spot price is expected to be relatively stable in the short - term. The purchase price of some peanut oil mills is stable, with the mainstream transaction price at 6900 - 7900 yuan/ton, and the theoretical break - even price of oil mills is 7800 yuan/ton. The prices of soybean oil and peanut oil are stable. The domestic first - grade ordinary peanut oil is quoted at 14300 yuan/ton, and the small - pressed fragrant peanut oil is quoted at 16500 yuan/ton. The Rizhao soybean meal spot price is up 10 yuan/ton to 3090 yuan/ton. The unit - protein price difference between peanut meal and soybean meal is low, and the peanut meal is expected to be strong in the short - term, with the 48 - protein peanut meal quoted at 3100 yuan/ton [3][4] 3. Third Part: Trading Strategy - **Single - side trading**: The 05 peanut contract is in a bottom - oscillating state. Investors can go long on the 05 peanut contract at low prices with a light position [7] - **Spread trading**: Hold a wait - and - see attitude [8] - **Options trading**: Sell the pk603 - P - 8200 option at high prices [9] 4. Fourth Part: Related Attachments - The report provides six figures: Shandong peanut spot price, peanut oil mill crushing profit, peanut oil price, peanut spot and continuous contract basis, peanut 4 - 10 contract spread, and peanut 1 - 4 contract spread, with data from 2021 - 2026 [11][19]