1. Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [3][6] 2. Core Viewpoints - The soybean futures market continued its upward trend, but the spot market had limited price adjustments due to the near - halt of trading activities and cautious market sentiment. The market is in a situation of weak supply and demand, with most enterprises waiting to see the post - holiday market. Traders are generally confident about the post - holiday market, and the bullish sentiment is expected to continue due to potential post - holiday restocking demand and tight supply [1][2] - The peanut futures market declined slightly. As the Spring Festival approaches, the peanut market in major producing areas has basically stopped supplying, and most processing enterprises have shut down. The peanut market is expected to remain stable before the festival [3][4][5] 3. Summary by Related Content Soybean Market Analysis - Futures: The closing price of the Douyi 2605 contract was 4613.00 yuan/ton, up 94.00 yuan/ton or 2.08% from the previous day [1] - Spot: The edible soybean spot basis was A05 - 13, down 94 or 32.14% from the previous day. The prices of national standard first - class soybeans in various regions of Heilongjiang remained unchanged [1] - Market Information: The grassroots quotations in the Northeast market have basically stopped, and the market has entered the pre - Spring Festival shutdown state. Traders are confident about the post - holiday market, and enterprises are expected to restock after the festival [1] Strategy - The strategy is neutral [3] Peanut Market Analysis - Futures: The closing price of the peanut 2603 contract was 7946.00 yuan/ton, down 24.00 yuan/ton or 0.30% from the previous day [3] - Spot: The average spot price of peanuts was 8018.00 yuan/ton, unchanged from the previous day. The spot basis was PK03 - 1146.00, up 24.00 or - 2.05% from the previous day. The prices of peanuts in different regions and varieties were basically stable [3] - Market Information: As the Spring Festival approaches, the supply of peanuts in major producing areas has basically stopped, most processing enterprises have shut down, and the arrival volume of peanuts is extremely limited. The pre - holiday stocking of food processing plants and wholesale markets has also ended [4] Strategy - The strategy is neutral [6]

Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3][6] Core Viewpoints of the Report - The soybean futures market continued to rise, and the market has entered a pre - Spring Festival calm period. With low trading activity, traders are generally optimistic about the future. After the Spring Festival, companies may have a round of concentrated restocking demand, and the bullish sentiment in the market is accumulating due to the tight supply situation [1][2] - The peanut futures market rose and then fell. As the Spring Festival approaches, the peanut market in major producing areas has basically stagnated, and most processing enterprises have gradually shut down for the holiday. It is expected that the peanut market will remain stable before the festival [3][4][5] Summary by Related Categories Soybean Market - **Futures and Spot Data**: The closing price of the soybean 2605 contract was 4519.00 yuan/ton, up 20.00 yuan/ton or 0.44% from the previous day. The spot basis of edible soybeans was A05 + 81, down 20 or 32.14% from the previous day [1] - **Market News**: The primary market in the Northeast region had no quotes, and the main producing areas had basically entered the pre - holiday shutdown state. Traders were generally confident about the future market. The prices of standard first - class soybeans in various regions of Heilongjiang remained stable [1] Peanut Market - **Futures and Spot Data**: The closing price of the peanut 2603 contract was 7970.00 yuan/ton, down 74.00 yuan/ton or 0.92% from the previous day. The average spot price of peanuts was 8018.00 yuan/ton, with no change from the previous day. The spot basis was PK03 - 1170.00, up 74.00 or - 5.95% from the previous day [3] - **Market News**: The average price of national peanut kernels was basically stable. The procurement price of oil - processing enterprises' raw materials was also stable, and the prices varied according to quality [3]

1. Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3][4] 2. Core Views - For soybeans, the futures market showed an increase in positions and prices. As the Spring Festival approaches, the spot market has become quiet with limited trading, presenting a situation of weak supply and demand. Most market participants are waiting to see the post - holiday trend [1][2] - For peanuts, the futures market had a narrow - range fluctuation. The market has limited arrivals, and processing enterprises are on holiday. The oil mills' purchase prices are stable but they are gradually stopping purchases and operations. It is expected that peanut prices will remain stable before the Spring Festival [3] 3. Summary by Related Catalogs Soybean Market Analysis - **Futures**: The closing price of the Douyi 2605 contract was 4499.00 yuan/ton, up 112.00 yuan/ton or 2.55% from the previous day [1] - **Spot**: The basis of edible soybeans was A05 + 101, down 112 or 32.14% from the previous day. Northeast soybean prices remained stable, and the pre - Spring Festival stocking was basically over [1] Peanut Market Analysis - **Futures**: The closing price of the peanut 2603 contract was 8044.00 yuan/ton, unchanged from the previous day [3] - **Spot**: The average spot price of peanuts was 8018.00 yuan/ton, down 1049.00 yuan/ton or 11.57% month - on - month. The basis was PK03 - 1244.00, unchanged from the previous day. The overall peanut price was basically stable, and oil mills' purchase prices were also stable but with limited arrivals [3]

油料日报 | 2026-02-06 豆一备货收窄，花生购销趋淡 大豆观点 市场分析 期货方面，昨日收盘豆一2605合约4382.00元/吨，较前日变化+7.00元/吨，幅度+0.16%。现货方面，食用豆现货基 差A05+58，较前日变化-7，幅度32.14%。 市场资讯汇总：昨日东北地区大豆行情保持稳定，市场整体呈现平稳运行态势。据贸易商反映，当前市场购销活 跃度趋于下降，产地基层余粮较为有限，交易多围绕现有库存进行消化。现货方面：黑龙江哈尔滨市场国标一等 蛋白39%蛋白中粒塔粮装车报价2.22元/斤；黑龙江双鸭山宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.20元 /斤；黑龙江佳木斯富锦市场国标一等蛋白39%蛋白中粒塔粮装车报价2.22元/斤；黑龙江齐齐哈尔讷河市场国标一 等蛋白41%蛋白中粒塔粮装车报价2.35元/斤；黑龙江黑河嫩江市场国标一等蛋白41%蛋白中粒塔粮装车报价2.35元 /斤；黑龙江绥化海伦市场国标一等蛋白41%蛋白中粒塔粮装车报价2.33元/斤。 昨日豆一期货主力合约价格升高回落。南方大豆主产区购销平稳，现货价格持稳，优质优价特征依然明显，但整 体成交节奏未见明显放量。销区市场近期采购 ...

油料日报 | 2026-02-04 豆一流通偏紧抬价，花生交投趋弱维稳 大豆观点 市场分析 中性 期货方面，昨日收盘豆一2605合约4384.00元/吨，较前日变化-9.00元/吨，幅度-0.20%。现货方面，食用豆现货基差 A05+56，较前日变化+9，幅度32.14%。 风险 无 市场资讯汇总：昨日东北地区大豆行情整体持稳，成交方面则因拍卖活动带动表现活跃，市场采购情绪较高，持 货看涨心态较为普遍。现货方面：黑龙江哈尔滨市场国标一等蛋白39%蛋白中粒塔粮装车报价2.22元/斤；黑龙江 双鸭山宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.20元/斤；黑龙江佳木斯富锦市场国标一等蛋白39%蛋白 中粒塔粮装车报价2.22元/斤；黑龙江齐齐哈尔讷河市场国标一等蛋白41%蛋白中粒塔粮装车报价2.35元/斤；黑龙 江黑河嫩江市场国标一等蛋白41%蛋白中粒塔粮装车报价2.35元/斤；黑龙江绥化海伦市场国标一等蛋白41%蛋白中 粒塔粮装车报价2.33元/斤。 昨日豆一期货主力合约价格宽幅震荡。昨日中储粮单向拍卖交易呈现显著溢价，当前市场节前备货周期与优质粮 源结构性偏紧格局形成叠加，贸易端惜售挺价意愿持续较强。尽管春 ...

油料日报 | 2026-02-03 豆一短期支撑偏强，花生节前交投分化 大豆观点 市场分析 期货方面，昨日收盘豆一2605合约4393.00元/吨，较前日变化+11.00元/吨，幅度+0.25%。现货方面，食用豆现货基 差A05+47，较前日变化-11，幅度32.14%。 市场资讯汇总：东北地区大豆现货价格近日上调20-30元/吨。当前产区农户和贸易商惜售情绪较浓，市场可流通粮 源较往年同期偏紧，加之部分企业已开始为春节进行滚动补库，共同推动大豆价格走高。现货方面：黑龙江哈尔 滨市场国标一等蛋白39%蛋白中粒塔粮装车报价2.22元/斤；黑龙江双鸭山宝清市场国标一等蛋白39%蛋白中粒塔粮 装车报价2.20元/斤；黑龙江佳木斯富锦市场国标一等蛋白39%蛋白中粒塔粮装车报价2.22元/斤；黑龙江齐齐哈尔 讷河市场国标一等蛋白41%蛋白中粒塔粮装车报价2.35元/斤；黑龙江黑河嫩江市场国标一等蛋白41%蛋白中粒塔粮 装车报价2.35元/斤；黑龙江绥化海伦市场国标一等蛋白41%蛋白中粒塔粮装车报价2.33元/斤。 昨日豆一期货主力合约价格宽幅震荡。近期中储粮大豆购销环节呈现双向拍卖百分百成交与单向拍卖并行态势， 但春节 ...

油料日报 | 2026-01-29 豆一供需僵持，花生震荡盘整 大豆观点 市场分析 期货方面，昨日收盘豆一2605合约4375.00元/吨，较前日变化+11.00元/吨，幅度+0.25%。现货方面，食用豆现货基 差A05+65，较前日变化-11，幅度32.14%。 市场资讯汇总：昨日东北大豆现货价格整体持稳。市场整体表现较为稳定，不过从贸易环节反馈来看，当前出货 节奏有所放缓，终端需求的释放力度仍需提升。现货方面：黑龙江哈尔滨市场国标一等蛋白39%蛋白中粒塔粮装车 报价2.22元/斤；黑龙江双鸭山宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.20元/斤；黑龙江佳木斯富锦市 场国标一等蛋白39%蛋白中粒塔粮装车报价2.20元/斤；黑龙江齐齐哈尔讷河市场国标一等蛋白41%蛋白中粒塔粮装 车报价2.33元/斤；黑龙江黑河嫩江市场国标一等蛋白41%蛋白中粒塔粮装车报价2.35元/斤；黑龙江绥化海伦市场 国标一等蛋白41%蛋白中粒塔粮装车报价2.30元/斤。 昨日豆一期货主力合约价格窄幅震荡。近期国产大豆现货表现僵持，价格波动空间狭窄，期货虽有宽幅震荡但整 体中枢平稳。市场焦点转向后续需求释放情况，当前下游采购情绪 ...

油料日报 | 2026-01-27 豆一节前偏稳，花生供需胶着 大豆观点 市场分析 期货方面，昨日收盘豆一2605合约4384.00元/吨，较前日变化+20.00元/吨，幅度+0.46%。现货方面，食用豆现货基 差A05+56，较前日变化-20，幅度32.14%。 市场资讯汇总：昨日东北大豆现货价格整体持稳。从市场结构来看，不同品质货源价格呈现分化，其中低端价格 略有抬升，高端价格则小幅回落，整体在多空力量相持下保持稳定。目前下游需求相对清淡，导致产区大豆走货 节奏依然偏缓。现货方面：黑龙江哈尔滨市场国标一等蛋白39%蛋白中粒塔粮装车报价2.22元/斤；黑龙江双鸭山 宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.20元/斤；黑龙江佳木斯富锦市场国标一等蛋白39%蛋白中粒塔 粮装车报价2.20元/斤；黑龙江齐齐哈尔讷河市场国标一等蛋白41%蛋白中粒塔粮装车报价2.33元/斤；黑龙江黑河 嫩江市场国标一等蛋白41%蛋白中粒塔粮装车报价2.35元/斤；黑龙江绥化海伦市场国标一等蛋白41%蛋白中粒塔粮 装车报价2.30元/斤。 昨日豆一期货主力合约价格冲高回落。南方市场因东北大豆价格偏高，部分需求开始转向本地货源 ...

1. Report Industry Investment Rating - The investment rating for both the soybean and peanut industries is neutral [3][6] 2. Core Views - For soybeans, the price is at an annual high, and its future trend depends on whether downstream stocking demand can be effectively released before and after the Spring Festival. If the demand starts as expected, the price may continue to rise; otherwise, market support may weaken [2] - For peanuts, the market shows a supply - demand surplus. In the short - term, prices are expected to remain weakly stable, and the focus should be on oil mill purchase dynamics and whether pre - festival stocking demand can bring improvement [5] 3. Summary by Commodity Soybeans Market Analysis - Futures: The closing price of the Douyi 2605 contract was 4323.00 yuan/ton, down 6.00 yuan/ton (-0.14%) from the previous day [1] - Spot: The edible soybean spot basis was A05 + 117, up 6 (32.14%) from the previous day. Northeast soybean spot prices were stable, with a strong bottom support due to scarce grain, farmers' reluctance to sell, and national reserve policies. Southern soybean spot prices were stable, but terminal demand was weak, leading to slow sales. Some enterprises tried to raise prices, but market acceptance was limited [1][2] Strategy - The strategy for soybeans is neutral [3] Peanuts Market Analysis - Futures: The closing price of the Peanut 2603 contract was 7844.00 yuan/ton, down 18.00 yuan/ton (-0.23%) from the previous day [3] - Spot: The average peanut spot price was 7982.00 yuan/ton, down 9.00 yuan/ton (-0.11%) month - on - month. The spot basis was PK03 - 844.00, up 18.00 (-2.09%) month - on - month. The overall peanut market had a loose supply - demand pattern, with sufficient supply in the producing areas and weak terminal demand [3][4][5] Strategy - The strategy for peanuts is neutral [6]

1. Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3][5] 2. Core Viewpoints - For soybeans, the futures price of the main contract of Douyi had a slight correction yesterday, while the spot price in southern production areas remained stable with weak trading. Near the Spring Festival, the demand from food processing and household consumption is expected to provide some support for soybean prices. The futures price of the main contract broke through the resistance level, mainly driven by the positive macro - policy signals and the possible delay of CGSCA auctions, which boosted bullish sentiment. In the spot market, farmers in Northeast China are reluctant to sell, leading to a tight supply and expected firm purchase prices in the production areas [1][2] - For peanuts, the futures price of the main contract trended weakly yesterday. The peanut market currently has an abundant supply and weak demand, with light trading. Food processing enterprises mainly make purchases based on rigid demand, and oil - pressing plants keep the purchase price of oil peanuts stable but have strict acceptance standards. Although the arrival volume at some oil plants has decreased recently, the overall situation of oversupply still persists, and the pre - Spring Festival stocking rhythm of downstream users needs to be closely monitored [3][4] 3. Summary by Related Contents Soybeans Market Analysis - **Futures**: The closing price of the Douyi 2605 contract yesterday was 4387.00 yuan/ton, a decrease of 17.00 yuan/ton or - 0.39% from the previous day [1] - **Spot**: The basis of edible soybean spot was A05 + 53, an increase of 57 or 32.14% from the previous day. The spot price in Northeast China remained stable, and the high price suppressed trading activity. The prices of different regions in Northeast China are as follows: in Harbin, Heilongjiang, the loading price of national standard first - class 39% protein medium - sized tower - stored grain is 2.20 yuan/jin; in Baoqing, Shuangyashan, Heilongjiang, it is 2.17 yuan/jin; in Fuyin, Jiamusi, Heilongjiang, it is 2.18 yuan/jin; in Nehe, Qiqihar, Heilongjiang, the 41% protein medium - sized tower - stored grain is 2.35 yuan/jin; in Nenjiang, Heihe, Heilongjiang, it is 2.35 yuan/jin; in Hailun, Suihua, Heilongjiang, it is 2.28 yuan/jin [1] Strategy - The strategy for soybeans is neutral [3] Peanuts Market Analysis - **Futures**: The closing price of the peanut 2603 contract yesterday was 8046.00 yuan/ton, a decrease of 26.00 yuan/ton or - 0.32% from the previous day [3] - **Spot**: The average spot price of peanuts was 8016.00 yuan/ton, a decrease of 2.00 yuan/ton or - 0.02% from the previous day. The spot basis was PK03 - 1046.00, a change of + 26.00 or - 2.43%. The average price of general - quality peanuts in the national market was 4.01 yuan/jin, a decrease of 0.01 yuan/jin. The prices in different regions and varieties vary. The average contract purchase price of oil peanuts by national oil plants was 7314 yuan/ton, and the average price in Shandong was 7238 yuan/ton, remaining stable. The quotes of national oil plants range from 6800 - 7900 yuan/ton, with strict quality control [3] Strategy - The strategy for peanuts is neutral [5]