Report Information - Report Date: January 6, 2026 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Market Review and Operation Suggestions Market Review - **External Market**: During the holiday, the US soybean futures contracts first declined and then stabilized but remained weak overall, with the main contract approaching 1050 cents. The rebound at the end of December was due to the price reaching an important support level and the year - end inventory of US soybeans decreasing year - on - year. Also, the recent export sales of US soybeans were good, with frequent large - order transactions and continuous purchases from China. However, the biggest pressure on the external market came from the approaching South American harvest. Brazilian soybeans entered a critical growth stage, with sufficient rainfall in the main producing areas, and some institutions have raised the production forecast to over 180 million tons, higher than the USDA's estimate of 175 million tons and last year's 171.5 million tons. The external market tested the support level of 1050 cents again [6]. - **Domestic Market**: Soybean meal rebounded before the holiday due to rumors of customs clearance delays and oil mill shutdowns. However, the high inventory was difficult to consume, and these positive factors were short - term. The overall bull market in commodities, especially precious metals and non - ferrous metals, boosted bullish sentiment. But once the market returned to fundamentals, soybean meal might have a catch - up decline, especially the 05 contract, which was mainly priced by Brazilian soybean costs and was unlikely to have a continuous rebound [6]. Operation Suggestions - Short - term, it is recommended to go short on rallies and pay attention to the support level of the external market [6]. 2. Industry News - **Brazil**: According to Emater, as Rio Grande do Sul entered the final sowing stage, the nutritional growth of the 2025/26 soybean crop in the state was "satisfactory to very good". Emater maintained the average yield forecast at 3180 kg per hectare, a significant increase from the previous season's 2009 kg per hectare affected by drought. If the weather remained favorable, the state's soybean production could reach 21.44 million tons, a 57.14% increase from the previous year. As of last Thursday, 92% of the expected 6.74 million - hectare planting area had been sown, and 98% of the sown crops were in the germination/nutritional growth stage [7]. - **Argentina**: As of December 23, the soybean planting rate in Argentina for the 2025/26 season was 77%, up from 65% last week but lower than 88% in the same period last year [9]. 3. Data Overview - Data sources for various figures (including soybean meal factory price, basis of 01 contract, 1 - 5 spread, 5 - 9 spread, USD/CNY central parity rate, and USD/BRL exchange rate) are from Wind and the Research and Development Department of CCB Futures [12][14][16]

Group 1 - The core viewpoint of the article highlights that all major agricultural futures contracts at the Chicago Board of Trade (CBOT) closed higher on January 5, with significant percentage increases in soybean, corn, and wheat futures [1] Group 2 - Soybean futures rose by 1.58%, closing at 1062.25 cents per bushel [1] - Corn futures increased by 1.60%, closing at 444.50 cents per bushel [1] - Wheat futures saw a rise of 1.28%, closing at 513.00 cents per bushel [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The soybean meal market is expected to be volatile and moderately strong in the short term, but there is no obvious driving force in the medium - term logic. Conservative investors are advised to consider partial hedging at high prices for near - month contracts. The oil market is expected to be weakly volatile under the short - term expectation of loose supply and demand. Pre - holiday stockpiling is recommended to replenish inventory appropriately at low prices, and attention should be paid to the implementation of the US biofuel policy. [1][2] Summary by Related Catalogs Soybean Meal - China purchased at least 8 million tons of US soybeans in 2025, approaching the 12 - million - ton procurement target. The uncertainty of the subsequent procurement rhythm due to the lack of a formal trade agreement between China and the US is regarded as an important factor suppressing soybean prices. [1] - In November 2025, the US soybean crushing volume was 6.615 million short tons (221 million bushels), lower than the revised 7.09 million short tons (236 million bushels) in October but higher than 6.3 million short tons (210 million bushels) in November last year. [1] - Near - month contracts are affected by policy rumors. Before the state reserve release, the price is expected to be strong, but the domestic short - term soybean meal spot inventory is high. Once the reserve release occurs after the holiday, the premium may quickly disappear. [1] Oils - In October, the available capacity of US renewable diesel remained stable at 4.989 billion gallons per year. The use of soybean oil as a raw material for biofuel production decreased by 47 million pounds to 1.006 billion pounds, reaching a 6 - month low. As of the end of November, the US soybean oil inventory soared to 2.164 billion pounds, an 18 - month high. [2] - Due to strong monthly production offsetting the moderate growth of exports, Malaysia's palm oil inventory in December is expected to rise to the highest level in nearly seven years. [2] - After the holiday, the oil sector declined significantly. The reasons include the sharp increase in US soybean oil inventory, uncertainty in biofuel demand, the pressure of rising palm oil inventory, and the possibility of resuming Canadian rapeseed imports. [2]

农产品团队 | 作者： | 侯芝芳 | | --- | --- | | 从业资格证号： | F3042058 | | 投资咨询证号： | Z0014216 | | 联系方式： | 010-68578922 | | 作者： | 汤冰华 | | 从业资格证号： | F3038544 | | 投资咨询证号： | Z0015153 | | 联系方式： | 010-68518793 | | 作者： | 王亮亮 | | 从业资格证号： | F03096306 | | 投资咨询证号： | Z0017427 | | 联系方式： | 010-68578697 | | 作者： | 辛旋 | | 从业资格证号： | F3064981 | | 投资咨询证号： | Z0016876 | | 联系方式： | -- | | 作者： | 宋从志 | | 从业资格证号： | F03095512 | | 投资咨询证号： | Z0020712 | | 联系方式： | 18001936153 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2026年01月04日星期日 更多精彩内容请关注方正中期官方微信 摘要 软商品板块 白糖 【市场 ...

2026 年 1 月 5 日 豆粕：假期美豆收跌，连粕或低位震荡 豆一：节前政策情绪偏强，节后或震荡 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 【基本面跟踪】 豆粕/豆一基本面数据 资料来源：文华财经，卓创，汇易，国泰君安期货研究 【宏观及行业新闻】 1 月 2 日 CBOT 大豆日评：2026 年芝加哥大豆期货开局下跌。北京德润林 2026 年 1 月 3 日消息：周 五是 2026 年首个交易日，芝加哥期货交易所（CBOT）大豆期货收盘下跌，因为巴西大豆价格更具竞争 请务必阅读正文之后的免责条款部分 1 国 泰 君 安 期 货 研 究 期货研究 | | 收盘价 | （日盘） | 涨 跌 收盘价 （夜盘） 涨 跌 | | | | --- | --- | --- | --- | --- | --- | | | DCE豆一2605（元/吨） | +37（+0.88%） 4241 | na na | | | | 期 货 | DCE豆粕2605（元/吨） | 2749 -19 （-0.69%） | na na | | | | | CBOT大豆03（美分/蒲） | 104 ...

Group 1: Oilseeds and Oils - In December, domestic and international oilseed prices showed weak performance, with oil prices initially declining and then rising, while protein meal prices remained weak and volatile [13][15] - The palm oil market is experiencing a contradiction between fundamental supply and seasonal demand, with slow inventory depletion and limited consumption in major markets like China and India [15] - The first quarter is expected to see increased competition in the oilseed market, with a focus on basis trading strategies [14][15] Group 2: Soybeans - Brazil's Mato Grosso will begin harvesting soybeans in January, leading to pressure on soybean prices due to high sales volume and reduced demand from China [14] - Brazilian soybean prices may drop below $400/ton, impacting global soybean prices, while U.S. soybean purchases by China are expected to continue but at a slower pace [14] - The market is awaiting the January supply and demand report to assess the final production and inventory figures for U.S. soybeans [14] Group 3: Eggs - In December, egg futures prices experienced a high-level correction followed by a slight rebound, but the supply remains ample, leading to a weak price trend [16][17] - The average price of brown eggs in China was stable at 3.01 yuan/kg as of December 31, with cautious purchasing behavior from traders ahead of the New Year [16][17] - The number of egg-laying hens continues to decline, but overall supply remains sufficient, leading to a recommendation for cautious observation in the market [17] Group 4: Corn - In December, U.S. corn prices showed resilience, with strong export sales supporting the market despite geopolitical tensions affecting wheat prices [19] - Domestic corn prices remained strong, with an average price of 2313 yuan/ton as of December 31, reflecting a slight increase from the previous month [19] - The market is balancing supply and demand, with traders adopting a wait-and-see approach due to weak terminal demand [19] Group 5: Pork - In December, the price of live pigs increased due to seasonal demand, with the national average price reaching 12.48 yuan/kg, up 1.36 yuan from the previous month [20] - The number of breeding sows decreased slightly, but the demand for heavier pigs has increased, supporting prices [20] - The market is expected to continue its upward trend in January, driven by strong supply and demand dynamics [20]

观点与策略 | 棕榈油：基本面驱动不强，关注原油波动外溢 | 2 | | --- | --- | | 豆油：单边区间为主，关注月差机会 | 2 | | 豆粕：假期美豆收跌，连粕或低位震荡 | 4 | | 豆一：节前政策情绪偏强，节后或震荡 | 4 | | 玉米：关注现货 | 6 | | 白糖：偏弱运行 | 7 | | 棉花：维持震荡偏强走势20260105 | 8 | | 鸡蛋：震荡调整 | 10 | | 生猪：弱势显现 | 11 | | 花生：震荡偏弱 | 12 | 国 泰 君 安 期 货 研 究 所 2026年01月05日 国泰君安期货商品研究晨报-农产品 请务必阅读正文之后的免责条款部分 1 油脂基本面数据 | | | 单 位 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 期 货 | 棕榈油主力 菜油主力 | 元/吨 | 8,584 | -0.85% | | | | | 豆油主力 | 元/吨 | 7,862 | -0.20% | | | | | | 元/吨 | 9,087 | 0.01% ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货豆类油脂早报（2026 年 1 月 5 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘价为基准) 品种 短期 中期 日内 观点参考 核心逻辑概要 <点击目录链接，直达品种 策略解析> 豆粕 2605 震荡 震荡 震荡 偏弱 震荡偏弱 进口大豆成本，进口到港节 奏，油厂开工节奏，库存压力 豆油 2605 震荡 震荡 震荡 偏强 震荡偏强 美豆成本支撑，美国生物燃 料政策，美豆油库存，国内 大豆成本支撑，供应节奏， 油厂库存 棕榈 2605 震荡 震荡 震荡 偏强 震荡偏强 马棕产量和出口，印尼生柴 和出口政策，欧盟相 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Reports 1. Oils and Fats - Palm oil futures may test the support at 4050 ringgit, and there is a risk of further decline. In the Chinese market, it may start a downward trend. If it effectively breaks below 8500 yuan, a new round of decline may be triggered [1]. - For soybean oil, the decrease in the US bio - fuel soybean oil consumption in October dragged down the CBOT market. In the Chinese market, the spot basis quote is supported in the short - term, but the increase in oil mill profit weakens their price - holding intention, and the basis quote will fluctuate slightly [1]. - Rapeseed oil futures are relatively resistant to decline due to inventory reduction and postponed startup plans. The market is mixed with positive and negative factors, and the spot price follows the futures, with the basis quote maintaining a high - level consolidation [1]. 2. Cotton - The cotton market lacks clear negative factors. The downstream yarn market has not fully recovered. The improvement in US cotton exports and the weakening dollar boost the price, but the supply is still loose, and global consumption is weak. The short - term cotton price will maintain a strong - side oscillation [2]. 3. Sugar - Internationally, the raw sugar price is under pressure due to the expected supply surplus, showing a weakening oscillation. In the Chinese market, the price is supported by pre - Spring Festival stocking, but the expected increase in production limits the upward movement, and it is expected to maintain a low - level weakening oscillation [3]. 4. Red Dates - The raw material acquisition of Xinjiang red dates is almost finished, with most processed inland. The market sentiment is weak, and the upward momentum of the futures is insufficient. Attention should be paid to the Spring Festival stocking and inventory reduction [4]. 5. Apples - Apple prices are polarized. The good - quality apple price is firm, while the ordinary and inferior apples have few transactions. The inventory pressure is high. The market is in a game between the scarcity of delivery fruits and the inventory pressure of ordinary fruits. If the Spring Festival consumption does not improve, the price may fall after the Spring Festival [9]. 6. Corn - During the holiday, the corn supply in the producing areas is light, and the price is stable with some fluctuations. The overall supply is average, but there is selling pressure before the Spring Festival. The demand side has some support, and the policy supplements the supply. In the short - term, the price is supported, but there may be a callback in January [13]. 7. Pigs - The spot pig price is strengthening. The seasonal demand for curing and the reduction in group supply, along with farmers' reluctance to sell, support the market. The futures may be affected by the expected increase in supply in January, with a potential for a callback [15]. 8. Meal - US soybeans are in a bottom - oscillation pattern, with weak market transactions. The domestic spot market remains loose. The cost of the 05 contract is under pressure, and the supply in the first quarter is uncertain. The soybean meal price will oscillate in the short - term [18]. 9. Eggs - In January, the laying - hen存栏 may decrease, relieving the supply pressure. The demand will gradually increase during the Spring Festival stocking period. The egg price is expected to rise gradually but will maintain a low - level oscillation due to limited supply reduction [20]. Summary by Related Catalogs 1. Oils and Fats - **Price Changes**: - Soybean oil: The spot price in Jiangsu remained at 8410 yuan on December 31, and the futures price of Y2605 decreased by 0.20% to 7862 yuan. The basis increased by 3.01% to 548 yuan [1]. - Palm oil: The spot price in Guangdong was 8590 yuan, the futures price of P2605 decreased by 0.85% to 8584 yuan, and the basis increased by 108.82% to 6 yuan. The import profit decreased by 31.17% [1]. - Rapeseed oil: The spot price in Jiangsu decreased by 0.99% to 10030 yuan, the futures price of OI605 increased by 0.01% to 9087 yuan, and the basis decreased by 9.67% [1]. - **Spread Changes**: - The soybean oil 05 - 09 spread increased by 6.56% to 130 yuan, the palm oil 05 - 09 spread decreased by 1.61% to 122 yuan, and the rapeseed oil 05 - 09 spread decreased by 11.94% [1]. 2. Cotton - **Futures Market**: - The price of cotton 2605 increased by 0.17% to 14585 yuan/ton, and the price of cotton 2609 increased by 0.20% to 14760 yuan/ton. The ICE US cotton main contract decreased by 0.45% to 64.01 cents/pound [2]. - The 5 - 9 spread decreased by 2.94% to - 175 yuan/ton. The main - contract open interest decreased by 1.81% [2]. - **Spot Market**: - The Xinjiang arrival price of 3128B increased by 0.21% to 15424 yuan/ton, and the CC Index: 3128B increased by 0.19% to 15585 yuan/ton [2]. - **Industry Situation**: - The inventory in warehouses increased by 14.2%, the industrial inventory increased by 4.7%, and the import volume increased by 33.3%. The textile industry's inventory decreased by 500.0% year - on - year [2]. 3. Sugar - **Futures Market**: - The price of sugar 2605 decreased by 0.13% to 5252 yuan/ton, and the price of sugar 2609 decreased by 0.17% to 5266 yuan/ton. The ICE raw sugar main contract decreased by 2.34% to 14.60 cents/pound [3]. - The 5 - 9 spread increased by 11.76% to - 14 yuan/ton. The main - contract open interest decreased by 2.34% [3]. - **Spot Market**: - The Nanning price remained at 5350 yuan/ton, and the Kunming price decreased by 0.29% to 5210 yuan/ton [3]. - **Industry Situation**: - The national cumulative sugar production decreased by 23.24%, and the cumulative sales decreased by 42.53%. The Guangxi cumulative production decreased by 73.87%, and the monthly sales decreased by 68.63% [3]. 4. Red Dates - **Futures Market**: - The price of red dates 2601 decreased by 2.15% to 9085 yuan/ton, the price of red dates 2605 (main contract) decreased by 0.61% to 8962 yuan/ton [4]. - The 1 - 5 spread decreased by 54.72% to 120 yuan/ton, and the 5 - 9 spread decreased by 8.16% to - 265 yuan/ton [4]. - **Spot Market**: - The Cangzhou special - grade price remained at 9520 yuan/ton, the first - grade price decreased by 1.20% to 8200 yuan/ton, and the second - grade price decreased by 2.78% to 7000 yuan/ton [4]. 5. Apples - **Futures Market**: - The price of apple 2605 (main contract) decreased by 0.87% to 9120 yuan/ton. The basis increased by 8.00% to - 920 yuan [6]. - The 1 - 5 spread increased by 81.22% to 830 yuan, and the 5 - 10 spread decreased by 2.14% to 1004 yuan [6]. - **Industry Situation**: - The arrivals at the Chalong, Jiangmen, and Xiaqiao fruit wholesale markets decreased. The national cold - storage inventory decreased by 1.41% to 733.56 tons [6]. 6. Corn - **Corn**: - The price of corn 2603 decreased by 0.18% to 2226 yuan/ton. The Jinzhou Port flat - hatch price remained at 2330 yuan/ton [13]. - The basis increased by 4.00% to 104 yuan. The 3 - 5 spread decreased by 11.54% to - 29 yuan [13]. - **Corn Starch**: - The price of corn starch 2603 decreased by 0.44% to 2515 yuan/ton [13]. - The basis increased by 25.00% to 55 yuan. The 3 - 5 spread decreased by 11.11% to - 50 yuan [13]. 7. Pigs - **Futures Market**: - The price of the main - contract pig 2605 decreased by 0.08% to 12175 yuan/ton. The 3 - 5 spread increased by 3.90% to - 370 yuan [15]. - **Spot Market**: - The spot prices in Henan, Shandong, Sichuan, and other regions increased. The sample - point slaughter volume decreased by 0.39%, and the self - breeding profit increased by 73.41% [15]. 8. Meal - **Soybean Meal**: - The Jiangsu spot price decreased by 0.64% to 3100 yuan, and the futures price of M2605 remained at 2749 yuan. The basis decreased by 5.39% to 351 yuan [18]. - The Brazilian 2 - month shipping - date crushing profit increased by 33.1% to 173 yuan [18]. - **Rapeseed Meal**: - The Jiangsu spot price remained at 2430 yuan, and the futures price of RM2605 remained at 2365 yuan [18]. - The Canadian 1 - month shipping - date crushing profit decreased by 8.61% to 573 yuan [18]. 9. Eggs - **Futures Market**: - The price of the egg 03 contract decreased by 0.37% to 2951 yuan/500KG, and the price of the egg 04 contract decreased by 0.89% to 3214 yuan/500KG [20]. - The 3 - 4 spread increased by 6.41% to - 263 yuan [20]. - **Industry Situation**: - The egg - laying chicken feed - to - egg ratio decreased by 2.08% to 2.35, and the breeding profit increased by 13.96% to - 22.70 yuan/feather [20].

1. Report Industry Investment Rating - The investment rating for both the soybean and peanut markets is neutral [3][6] 2. Core Views of the Report - The domestic soybean market shows obvious regional and quality differentiation. The price of soybeans in Northeast China has been rising, but the rapid increase has suppressed the trading volume. In the inland regions, the price of high - protein soybeans remains strong, while the price of ordinary new soybeans has declined in some areas. Despite the overall oversupply, there is still a premium space for high - quality soybeans, and the market may continue the differentiated consolidation trend in the future [2] - The domestic peanut market still faces significant supply pressure. The price is mainly supported by planting and holding costs. It is expected that the demand for commercial peanuts will drive the general peanuts to show an upward trend around January 2026. The price of peanut oil is expected to decline under pressure, and peanut meal is priced according to the aflatoxin index due to inventory accumulation and weak terminal demand [5] 3. Summary by Related Catalogs 3.1 Soybean Market 3.1.1 Price Quotes - Futures: The closing price of the main soybean contract this month is 4,241 yuan/ton, a month - on - month increase of 133 yuan, with a growth rate of 3.24% [1] - Spot: The spot basis of edible soybeans in Bayan, Baoqing, Fujin, and Shangzhi areas has changed compared with last month, showing different upward trends [1] 3.1.2 Supply and Demand - Supply: Mysteel estimates the soybean arrival volume from December 2025 to March 2026. There was a snow and rain weather process around January 1, 2026, which was beneficial to soil moisture in the north but increased the cost of cold - proof and heat - preservation for facility agriculture and animal husbandry. The remaining grain in the Northeast is limited, while in the inland regions, the transaction is still light. The estimated remaining grain ratios in Heilongjiang, Anhui, Henan, and Shandong are 48%, 53%, 58%, and 60% respectively [1] - Demand: The downstream enterprises have a low acceptance of high - price soybeans and generally adopt a cautious strategy of buying as needed. The inflow of Northeast soybeans into the southern market has also put pressure on the local market, resulting in a slow sales volume [1] 3.1.3 Basis Analysis - Basis Status: The basis of edible soybeans in Northeast regions such as Bayan, Baoqing, Fujin, and Shangzhi has changed compared with last month. The regional differentiation is obvious, with the basis in the Northeast higher than that in the inland regions [8] - Basis Analysis and Forecast: Limited remaining grain in the Northeast and price - raising purchases by the China Grain Reserves Corporation support the upward movement of the basis. It is predicted that the basis of high - quality soybeans will be supported by policy and structural supply shortage, but it will continue the differentiated consolidation trend under weak demand and policy - grain release [8] - Basis Strategy: Pay attention to the basis opportunities of high - quality soybeans in the Northeast, make layouts on pullbacks, and avoid chasing highs. Adjust the position - holding rhythm based on policy and remaining - grain data [8] 3.2 Peanut Market 3.2.1 Price Quotes - Futures: The closing price of the main peanut contract this month is 7,992 yuan/ton, a month - on - month decrease of 206 yuan, with a decline rate of 2.51% [4] - Spot: The spot basis of peanuts in Henan Nanyang, Shandong Linyi, and Hebei Hengshui areas has changed compared with last month, showing different upward or downward trends [4] 3.2.2 Supply and Demand - Supply: In the next 10 days, the average temperature in some areas will be higher or lower than the same period of the previous year. The domestic peanuts are in the centralized listing stage, but the farmers' reluctance to sell is widespread, and the warehouses in some producing areas are nearly full. The yield of commercial peanuts is lower than the same period last year, and low - quality peanuts flowing into the oil channel have increased the supply pressure [4] - Demand: Before the New Year's Day holiday, the raw - material procurement rhythm of food processing enterprises was gentle, and the downstream distributors were more cautious in stockpiling. The operating level of domestic oil mills has increased, while the family self - pressing demand has slightly decreased. Some oil mills have increased the import of crude oil, but the raw - material consumption speed is still average. Some factories have completed the phased oil - material procurement plan, and their subsequent purchase intention has weakened. In December, the arrival volume of peanuts in most medium - and large - sized oil mills increased by 54.15% compared with November. As of the end of December 2025, the operating rate of domestic peanut - oil sample enterprises increased by 10.27% month - on - month and decreased by 1.92% year - on - year. The peanut inventory of peanut - oil sample enterprises increased by 73.40% compared with the end of last month [4] 3.2.3 Basis Analysis - Basis Status: The basis of peanuts in Henan Nanyang, Shandong Linyi, and Hebei Hengshui areas has changed compared with last month. The supply - structure differentiation has led to the spread, with the basis of high - quality commercial peanuts stronger than that of ordinary general peanuts [9] - Basis Analysis and Forecast: The basis fluctuates under the pressure of centralized listing and supply. The reluctance of farmers to sell and the increase in the arrival volume of oil mills support the upward movement of the basis in some areas. It is predicted that the basis will fluctuate upward driven by the demand for commercial peanuts before the Spring Festival, while the basis on the oil - material side will be under pressure [9] - Basis Strategy: Layout basis opportunities related to commercial peanuts, avoid the downward risk of the basis on the oil - material side, and adjust the strategy by tracking the operating and arrival data of oil mills [9]