Group 1 - The main contract for japonica rice futures remains unchanged at 2758.00 yuan/ton as of the report date [1] - South Korea is entering the new rice harvest season, leading to a tightening supply and rising rice prices. The government has decided to release reserve rice to stabilize prices [1] - The average retail price of a 20-kilogram bag of rice in South Korea is 58,000 won (approximately 300 yuan), which is over 10% higher than the annual average and approaching the 60,000 won (approximately 310 yuan) price threshold [1] Group 2 - As of the week ending August 10, the good-to-excellent rating for U.S. corn is at 72%, consistent with market expectations, down from 73% the previous week and up from 67% the same time last year [2] - The silking rate for U.S. corn is at 94%, up from 88% the previous week and comparable to 93% last year, with a five-year average of 95% [2] - The wax maturity rate for U.S. corn is at 58%, an increase from 42% the previous week and consistent with last year's figure and the five-year average [2]

天目山镇横塘村 在之后的十多年时间里，由于土壤疲劳、板结等原因，天目小香薯口感、产量和市场认可度一度萎 缩。为重振天目小香薯，近年来，临安从种苗处置、土壤改良、优化种植技术和模式等入手，集成应 用"集中繁育脱毒种苗、微生物菌剂改良土壤、微蓄微灌肥水一体化"等高效技术，推广"稻-薯轮作、薯- 薯-菜三茬轮作"等高效种植模式，显著提高了天目小香薯的生产效率、产品质量和口感：小香薯单季亩 产值逾万元，每亩比常规种植增产600公斤、增效3000元。今年起，小香薯集成应用新技术已在临安全 面推广。 除了技术改良，临安还从政策上激发薯农的种植积极性。推出天目小香薯价格指数保险，对原产地 天目小香薯收益进行保险"兜底"。当小香薯的市场价格低于5元/公斤保险"兜底价"时，保险公司即对种 植户进行"赔补"，确保贱卖不减收、丰收不歉收。 天目小香薯之所以能够走进京东超市直播间，"俘获"数十万粉丝的芳心，源于临安天目小香薯与京 东超市的一次"邂逅"——临安区供销社主任郭军波介绍，为打开天目小香薯的"北方市场"，今年7月， 临安供销社与天津京东超市达成线下销售合作，将天目小香薯"北上"京东商超进行销售。没想到，凭借 软糯香甜的口感， ...

福建万辰生物科技集团股份有限公司（以下简称"上市公司"或"公 司"）拟以支付现金的方式购买淮南市盛裕企业管理有限公司和淮南市会想 企业管理有限公司合计持有的南京万优商业管理有限公司49.00%股权（以下 简称"本次交易"）。根据《上市公司重大资产重组管理办法》相关规定， 本次交易构成重大资产重组。同时，根据《深圳证券交易所创业板股票上市 规则》的相关规定，本次交易构成关联交易。为本次交易之目的，公司聘请 了中联资产评估咨询（上海）有限公司（以下简称"中联评估"）作为本次交 易的评估机构。 公司董事会就评估机构独立性、评估假设前提合理性、评估方法与评估目 的相关性及交易定价公允性进行了审慎分析，具体如下： 一、评估机构的独立性 公司聘请中联资产评估作为本次交易的评估机构，承担本次交易的评估工 作。中联评估具有法定评估资格，中联评估及其经办评估师与公司、交易对方、 标的公司之间除本次交易正常业务往来之外，不存在其他关联关系，也不存在 除专业收费外的现实或可预期的利益关系或冲突，评估机构具有独立性。 二、评估假设前提的合理性 评估机构和评估人员所设定的评估假设前提和限制条件按照国家有关法规 和规定执行、遵循了市场通 ...

国浩律师（北京）事务所 关于 福建万辰生物科技集团股份有限公司 本次重大资产重组内幕信息知情人登记制度的 制定和执行情况 之 专项核查意见 北京市朝阳区东三环北路 38 号泰康金融大厦 9 层 邮编：100026 电话/Tel: 010-65890699 传真/Fax: 010-65176800 网址/Website: http://www.grandall.com.cn 二〇二五年八月 国浩律师（北京）事务所 专项核查意见 国浩律师（北京）事务所 关于福建万辰生物科技集团股份有限公司 本次重大资产重组内幕信息知情人登记制度的制定和执行情况 之专项核查意见 国浩京证字【2025】第 0428 号 （一）除非另有说明或根据上下文文意另有所指，《法律意见书》的释义适用于本 专项核查意见。 （二）本所律师在《法律意见书》中所作出的声明同时适用于本专项核查意见。 国浩律师（北京）事务所 专项核查意见 第二节 正 文 上市公司拟以支付现金的方式购买淮南市盛裕企业管理有限公司和淮南市会 想企业管理有限公司合计持有的南京万优商业管理有限公司 49.00%股权（以下简 称"本次交易"）。根据《上市公司重大资产重组管理办法》（ ...

记管理制度》等相关规定，控制内幕信息知情人范围，及时记录商议筹划、 论证咨询等阶段的内幕信息知情人及筹划过程，制作内幕信息知情人登记表、 交易进程备忘录，并及时报送深圳证券交易所。 华兴证券有限公司 关于福建万辰生物科技集团股份有限公司 本次重大资产重组内幕信息知情人登记制度的 制定和执行情况的核查意见 福建万辰生物科技集团 股份有限公司（以下简称"公司" 或"上市公 司"）拟以支付现金的方式购买淮南市盛裕企业管理有限公司和淮南市会想 企业管理有限公司合计持有的南京万优商业管理有限公司49.00%股权（以下 简称"本次交易"）。根据《上市公司重大资产重组管理办法》（以下简称 "《重组管理办法》"）相关规定，本次交易构成重大资产重组。同时，根 据《深圳证券交易所创业板股票上市规则》的相关规定，本次交易构成关联 交易。 华兴证券有限公司（以下简称"独立财务顾问"）作为上市公司本次交 易的独立财务顾问， 对上市公司内幕知情人登记制度的制定和执行情况进行 了核查，具体情况如下： 一、内幕信息知情人登记制度的制定和执行情况 上市公司已按照《中华人民共和国证券法》《上市公司信息披露管理办 法》《重组管理办法》《上市公司监 ...

Financial Data and Key Metrics Changes - Consolidated net sales increased by 12% year over year to $59.9 million, driven by growth in the Canadian cannabis segment and the first full quarter of sales from recreational cannabis in the Netherlands [20][9] - Consolidated net income from continuing operations improved to $19.9 million or $0.09 per share, compared to a net loss of $16.6 million or $0.15 per share in Q2 of the previous year [20][21] - Adjusted EBITDA from continuing operations was $17.1 million, significantly up from $2.9 million in Q2 of last year, with an adjusted EBITDA margin of 28.6% [21][9] Business Line Data and Key Metrics Changes - Canadian cannabis segment total net sales were $61.4 million, a 10% increase year over year, primarily due to strong growth in international sales [22] - Export sales to international medicinal markets surged by 690% year over year to $16.6 million, now representing about half the size of retail branded sales [23] - Canadian cannabis gross margin improved to 39%, up from 26% in Q2 of last year, reflecting successful margin improvement initiatives [23][10] Market Data and Key Metrics Changes - International exports increased almost 700% year over year and were up over 120% sequentially from the first quarter, demonstrating the effectiveness of the international growth strategy [11] - The Netherlands saw its first full quarter of sales contributing $2.5 million, with expectations for similar performance in the upcoming quarters [25] - The company reported strong demand from Germany and the UK, with continued growth expected in these markets [12][47] Company Strategy and Development Direction - The company has transformed into a significant platform for revenue growth and margin expansion in the global cannabis industry, focusing on operational capabilities and international opportunities [6][5] - A recent transaction generated $40 million in cash proceeds, strengthening the balance sheet and supporting future growth investments [6][5] - The company plans to convert the remaining 550,000 square feet of its Delta 2 greenhouse in British Columbia to cannabis cultivation, expected to add 40 metric tons of annual production capacity [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the improving performance of the business, driven by increasing demand in Canada and from international partners [16] - The company is optimistic about sustaining gross margins at the upper end of the target range of 30% to 40% for the foreseeable future [10] - Management highlighted the importance of matching supply with demand and indicated that they are not concerned about oversupply issues affecting their operations [41][42] Other Important Information - The company has passed inspections for GACP and certification against revised Israeli medical cannabis good agricultural practice requirements, enhancing its international operational integrity [13] - The company is focused on organic growth and has not pursued acquisitions to achieve its current international market position, although M&A remains a consideration for strategic opportunities [70][71] Q&A Session Summary Question: What drove the decision to expand the Delta 2 facility? - Management indicated that the low investment cost and existing asset conversion were key factors, along with the need to meet customer demand and manage supply effectively [39][40][42] Question: What were the strong drivers for international growth in Q2? - Management noted that growth was driven by strong demand in Germany and the UK, as well as onboarding new customers [43][47] Question: What are the expectations for Canadian cannabis market dynamics? - Management acknowledged that while pricing has stabilized in wholesale markets, retail pricing has not yet reflected this, indicating ongoing supply dynamics [65][66] Question: Are there any M&A opportunities being considered? - Management stated that while they are primarily focused on organic growth, M&A could be considered if it is strategic and accretive [70][71] Question: What are the implications of potential US federal rescheduling? - Management expressed optimism about the US market, indicating that they are prepared for future opportunities and that Texas would need to follow federal guidelines [75][76]

Core Viewpoint - The news highlights the achievements of Weifang City in local legislation over the past decade, particularly focusing on the implementation of the "Regulations on the Prohibition and Limitation of Highly Toxic Pesticides" which aims to ensure food safety and regulate pesticide use in agriculture [1] Group 1: Legislative Achievements - Weifang has enacted the "Regulations on the Prohibition and Limitation of Highly Toxic Pesticides," which includes 430,000 monitored agricultural entities and targets eight key crops for stringent management [1] - The city has maintained a stable agricultural product quality safety inspection pass rate of over 98% and has been recognized as a national agricultural product quality safety city [1] Group 2: Implementation and Public Awareness - The city has conducted extensive legal education campaigns to enhance awareness of safe pesticide use, implementing a "whoever enforces the law is responsible for legal education" policy [3] - Various promotional activities, including training sessions and direct outreach to farmers, have been conducted to ensure comprehensive understanding of the regulations among agricultural stakeholders [3] Group 3: Regulatory Oversight and Collaboration - A multi-departmental regulatory framework has been established to oversee the management of highly toxic pesticides, involving collaboration between agricultural, market regulation, public security, and environmental departments [4] - The city has implemented a three-tiered regulatory system to ensure effective oversight at the municipal, county, and township levels, promoting a coordinated approach to pesticide management [4] Group 4: Green Production Practices - Weifang is actively promoting reduced pesticide usage and green production methods, focusing on biological and physical pest control techniques [4] - The area has achieved 9.52 million acres of green pest control and 14.67 million acres of professional pest management, significantly reducing the frequency and intensity of chemical pesticide use [4]

Report Summary 1. Investment Rating The report does not provide an overall industry investment rating. 2. Core Views - For corn, the market is bearish. International factors such as high US corn good - rate and favorable weather for growth are pressuring prices. Domestically, multiple factors like import reserve auctions, falling international grain prices, and lower new - season corn costs lead to a pessimistic outlook. Spot prices are weak, and futures prices are trending down [8]. - For corn starch, the market is also bearish. With increasing industry operating rates and weak downstream demand, there is an obvious oversupply situation. Inventory is rising, and futures prices are oscillating weakly at a low level [12]. 3. Summary by Catalog 3.1 Week - to - Week Summary - **Corn**: - Strategy: Trade bearishly [7]. - Market review: The main 2509 contract closed at 2255 yuan/ton, down 42 yuan/ton from the previous week [8]. - Outlook: US corn good - rate is high, and domestic factors lead to a pessimistic outlook. Spot prices are weak, and futures prices are trending down [8]. - **Corn Starch**: - Strategy: Participate bearishly [11]. - Market review: The main 2509 contract closed at 2642 yuan/ton, down 26 yuan/ton from the previous week [12]. - Outlook: Operating rates are rising, demand is weak, and inventory is increasing. Futures prices are oscillating weakly at a low level [12]. 3.2 Futures and Spot Market - **Futures Price and Position Changes**: - Corn: The September contract closed down with oscillations. Total positions were 659,407 lots, down 87,309 lots from the previous week [18]. - Corn Starch: The September contract closed down with narrow - range oscillations. Total positions were 145,811 lots, down 12,545 lots from the previous week [18]. - **Top 20 Net Position Changes**: - Corn: The top 20 net position was - 28,678, compared to - 20,885 last week, an increase in net short positions [24]. - Corn Starch: The top 20 net position was - 5,893, compared to - 18,086 last week, a decrease in net short positions [24]. - **Futures Warehouse Receipts**: - Corn: Registered warehouse receipts were 144,037 [30]. - Corn Starch: Registered warehouse receipts were 7,450 [30]. - **Spot Price and Basis**: - Corn: As of August 7, 2025, the average spot price was 2395.49 yuan/ton, and the basis between the active September contract and the spot average was + 140 yuan/ton [35]. - Corn Starch: The spot price in Jilin was 2850 yuan/ton, and in Shandong was 2950 yuan/ton, remaining stable this week. The basis between the September contract and the Jilin Changchun spot was 208 yuan/ton [39]. - **Futures Inter - month Spread**: - Corn: The 9 - 1 spread was 84 yuan/ton, at a medium level in the same period [45]. - Corn Starch: The 9 - 1 spread was 90 yuan/ton, at a medium level in the same period [45]. - **Futures Spread between Starch and Corn**: - The September contract spread was 387 yuan/ton. As of Thursday, the spread between Shandong corn and corn starch was 400 yuan/ton, the same as last week [55]. - **Substitute Spread**: - As of July 31, 2025, the wheat - corn spread was 36.48 yuan/ton. In the 32nd week of 2025, the average spread between tapioca starch and corn starch continued to narrow to 117 yuan/ton, a contraction of 23 yuan/ton from last week [60]. 3.3 Industry Chain - **Corn - Supply**: - Port Inventory: As of August 1, 2025, Guangdong Port's domestic corn inventory was 89.2 tons, up 1.00 tons from last week; foreign trade inventory was 0.4 tons, down 0.30 tons. Northern four - port inventory was 190.5 tons, down 20.1 tons week - on - week, and the shipping volume was 24 tons, down 15.30 tons week - on - week [49]. - Import Volume: In June 2025, ordinary corn imports were 160,000 tons, a decrease of 760,000 tons (82.61%) from the same period last year and 30,000 tons from the previous month [68]. - Feed Company Inventory: As of August 7, the average inventory of national feed companies was 30.44 days, down 0.14 days from last week, a 0.46% week - on - week decrease and a 3.40% year - on - year increase [72]. - **Corn - Demand**: - Livestock Inventory: As of the end of Q2 2025, the national pig inventory was 424.47 million, a 2.2% year - on - year increase, and the breeding sow inventory was 40.43 million, an increase of 10,000 from the previous period, 103.7% of the normal level [76]. - Breeding Profit: As of August 1, 2025, self - breeding and self - raising pig profit was 43.85 yuan/head, and the profit of purchasing piglets was - 116.78 yuan/head [80]. - Processing Profit: As of August 7, 2025, the corn starch processing profit in Jilin was - 64 yuan/ton. As of August 8, 2025, the corn alcohol processing profit in Henan was - 615 yuan/ton, in Jilin was - 594 yuan/ton, and in Heilongjiang was - 225 yuan/ton [85]. - **Corn Starch - Supply**: - Enterprise Inventory: As of August 6, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 3.643 million tons, a 4.06% decrease [89]. - Operating Rate and Inventory: From July 31 to August 6, 2025, the national corn processing volume was 560,500 tons, up 15,400 tons from last week; the national corn starch output was 278,500 tons, up 10,700 tons; the operating rate was 53.83%, up 2.07%. As of August 6, the total corn starch inventory was 1.32 million tons, up 27,000 tons from last week, a 2.09% week - on - week increase, a 0.69% month - on - month increase, and a 14.48% year - on - year increase [93]. 3.4 Option Market As of August 8, the implied volatility of the corn main 2509 contract was 9.68%, down 0.08% from the previous week. The implied volatility oscillated narrowly and was at a relatively high level compared to the 20 - day, 40 - day, and 60 - day historical volatilities [96].

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report comprehensively analyzes the futures market, including overnight and spot prices, fundamental information, macro - news, and capital flows. It shows that the prices of some commodities are affected by factors such as weather, international and domestic supply - demand, and macro - economic policies. For example, the soybean market is influenced by export data and weather conditions in the US and Brazil, while the palm oil market is affected by the biodiesel policy in Indonesia [1][8][11]. Summary by Directory 1. Overnight Market - The closing prices and price changes of various futures contracts are presented, including palm oil, crude oil, soybeans, etc. For example, the closing price of BMD palm oil 10 is 4284.00, with a previous - day decline of 0.61% and an overnight increase of 1.01% [1]. - The latest prices and price changes of major currencies are also given, such as the US dollar index at 98.07, down 0.14% [1]. 2. Spot Market - Spot prices, basis, and basis changes of DCE palm oil 2509, DCE soybean oil 2509, and DCE soybean meal 2509 in different regions are provided. For instance, the spot price of DCE palm oil 2509 in North China is 9060, with a basis of 120 and no change in the basis from the previous day [2]. - CNF quotes and CNF premiums of imported soybeans from different origins are presented, like the CNF premium of Brazilian soybeans is 315 cents per bushel, and the CNF quote is 478 dollars per ton [2]. 3. Important Fundamental Information 3.1. Weather in Producing Areas - The future weather outlook (August 12 - 16) for US soybean - producing states shows that temperatures and precipitation are generally higher. Most states have above - normal temperatures and precipitation, with some exceptions [4][5]. - In the US Midwest, soil moisture is well - maintained due to showers. The western part has scattered showers before Sunday, and temperatures will be near to above normal from Wednesday to Sunday. The eastern part will be mostly dry until the cold front arrives next week [6]. 3.2. International Supply - Demand - Malaysia's palm oil giant expects the price of crude palm oil to remain stable at around 4000 ringgit per ton for the rest of the year, supported by Indonesia's biodiesel policy [8]. - As of August 5, about 3% of US soybean - growing areas were affected by drought, down from 5% the previous week and 4% last year [9]. - Analysts' average forecasts for USDA's August supply - demand report show expected changes in global and US soybean inventories, production, and yields [10]. - As of July 31, US soybean, soybean meal, and soybean oil export sales data were released, with soybean export sales net increasing by 101.29 tons, higher than expected [11][12]. - Brazil's 2025/26 soybean planting area is expected to grow at the slowest rate in nearly 20 years, with an estimated production of 1.6656 billion tons [12]. - Anec predicts Brazil's August exports of soybeans, soybean meal, and corn [13]. - Australia's 2025/26 rapeseed production is expected to reach 5.7 million tons [13]. - The Baltic Dry Index rose on Thursday, supported by the strengthening of all ship - type freight indices [13]. 3.3. Domestic Supply - Demand - On August 7, the total trading volume of soybean oil and palm oil decreased by 77% compared to the previous day [15]. - On August 7, the trading volume of soybean meal in major domestic oil mills decreased, and the opening rate of oil mills increased [15]. - China's July imports of edible vegetable oil and soybeans are reported, with edible vegetable oil imports decreasing by 9.9% year - on - year and soybean imports increasing by 4.6% year - on - year [15]. - The "Agricultural Product Wholesale Price 200 Index" and "Vegetable Basket Product Wholesale Price Index" increased on August 7, and the prices of some agricultural products changed [16]. 4. Macroeconomic News 4.1. International News - The probability of the Fed keeping interest rates unchanged or cutting them in September and October is predicted [18]. - US initial jobless claims, non - farm productivity, non - farm unit labor costs, inflation expectations, and wholesale sales data are reported [18]. - The EU will maintain a 15% tariff cap on chip exports to the US [18]. 4.2. Domestic News - On August 7, the US dollar/Chinese yuan exchange rate was adjusted downward (yuan appreciation) [20]. - On August 7, the Chinese central bank conducted 160.7 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 122.5 billion yuan [20]. - On August 8, the Chinese central bank will conduct 700 billion yuan of 3 - month (91 - day) outright reverse repurchase operations [21]. - China's July import and export data show growth, with exports increasing by 8% and imports increasing by 4.8% [21]. 5. Capital Flows - The capital flows of major futures varieties on August 7 are presented, with a net inflow of 77.6 billion yuan in the futures market, including 35.6 billion yuan in commodity futures and 42 billion yuan in stock index futures [23][24]. 6. Arbitrage Tracking No relevant content provided.

Report Summary 1. Investment Ratings The report does not provide an overall industry investment rating. 2. Core Views - Palm oil: With the repeated macro - sentiment, it is advisable to build long positions at low levels [2]. - Soybean oil: It will fluctuate at a high level, and attention should be paid to the Sino - US trade agreement [2]. - Soybean meal: Due to good exports and the rise of US soybeans, the Dalian soybean meal may follow and rebound [2]. - Soybean: During the position transfer period, the market will fluctuate [2]. - Corn: It will operate weakly [2]. - Sugar: It is in an oscillation period [2]. - Cotton: It will fluctuate in a narrow range [2]. - Eggs: There is a rebound sentiment in the spot market [2]. - Pigs: The trading volume is poor, and the reverse spread strategy should be maintained [2]. - Peanuts: Attention should be paid to the weather in the producing areas [2]. 3. Summary by Commodity Palm oil - **Fundamentals**: The closing price of the palm oil main contract was 8,950 yuan/ton during the day session with a decline of 0.22%, and 9,012 yuan/ton at night with an increase of 0.69%. The trading volume decreased by 112,797 hands, and the open interest decreased by 27,119 hands. The spot price in Guangdong increased by 50 yuan/ton, and the basis was 50 yuan/ton [4]. - **News**: Malaysian palm oil giant SD Guthrie Berhad expects the crude palm oil price to stabilize at around 4,000 ringgit per ton for the rest of the year, supported by Indonesia's biodiesel policy [5][6]. Soybean oil - **Fundamentals**: The closing price of the soybean oil main contract was 8,406 yuan/ton both during the day and at night, with no change. The trading volume increased by 51,881 hands, and the open interest decreased by 49,208 hands. The spot price in Guangdong increased by 50 yuan/ton, and the basis was 264 yuan/ton [4]. - **News**: As of July 31, 2025, the net increase in US soybean oil export sales was 0.7 million tons, meeting expectations [10]. Soybean meal - **Fundamentals**: The closing price of DCE soybean meal 2509 was 3,031 yuan/ton during the day with an increase of 0.13%, and 3,036 yuan/ton at night with an increase of 0.53%. The trading volume of soybean meal in the main producing areas was 9.6 million tons per day, and the inventory was 97.76 million tons per week [15]. - **News**: On August 7, CBOT soybeans rose due to strong export sales data. As of July 31, 2025, the net sales volume of US soybeans in the 2024/25 and 2025/26 fiscal years exceeded expectations [17]. Corn - **Fundamentals**: The closing price of C2509 was 2,267 yuan/ton during the day with an increase of 0.53%, and 2,260 yuan/ton at night with a decrease of 0.31%. The trading volume decreased by 44,239 hands, and the open interest decreased by 37,908 hands. The spot price in Jinzhou decreased by 10 yuan/ton [18]. - **News**: The northern corn collection price remained stable, and the Northeast enterprise corn price declined slightly [19]. Sugar - **Fundamentals**: The raw sugar price was 16.03 cents per pound, the mainstream spot price was 5,950 yuan/ton, and the futures main - contract price was 5,667 yuan/ton [21]. - **News**: Brazil's central - southern sugarcane crushing progress accelerated, and India's monsoon precipitation was higher than the long - period average. CAOC predicted the domestic sugar production, consumption, and import volume for the 24/25 and 25/26 fiscal years [21][22]. Cotton - **Fundamentals**: The closing price of CF2601 was 13,835 yuan/ton during the day with a decrease of 0.11%, and 13,825 yuan/ton at night with a decrease of 0.07%. The trading volume decreased by 52,459 hands, and the open interest decreased by 2,804 hands. The spot price of cotton in most regions changed slightly [25]. - **News**: The domestic cotton spot trading was sluggish, and the ICE cotton futures fell due to the rising US dollar and weak new - crop exports [26][27]. Eggs - **Fundamentals**: The closing price of egg 2509 was 3,391 yuan/500 kg with an increase of 1.16%, and the closing price of egg 2601 was 3,576 yuan/500 kg with a decrease of 1.41%. The spot prices in major producing areas remained stable [32]. Pigs - **Fundamentals**: The spot prices in Henan, Sichuan, and Guangdong decreased. The closing prices of futures contracts such as LH2509, LH2511, and LH2601 increased year - on - year. The trading volume of LH2509 decreased, while that of LH2511 increased. The market is under pressure, and the reverse - spread strategy is maintained [35][37]. Peanuts - **Fundamentals**: The spot prices of peanuts in major producing areas were mostly stable, with the price of Sudan refined peanuts increasing by 200 yuan/ton. The closing prices of PK510 and PK511 increased slightly. The trading volume and open interest of the futures market increased [39]. - **News**: New peanuts in some areas are gradually on the market, and the current price is stable. Attention should be paid to the weather in the producing areas [40].