Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3] Core Viewpoints - The soybean market is in a state of temporary tightness within an overall loose framework, mainly due to short - term supply and demand changes. The peanut market shows a significant differentiation during the new - old crop transition period [2][4] Market Analysis of Soybeans Futures and Spot Prices - The closing price of the soybeans 2509 contract was 4107.00 yuan/ton, up 73.00 yuan/ton (+1.81%) from the previous day. The edible soybean spot basis was A09 + 193, down 73 (-32.14%) from the previous day [1] - The main soybean futures contract rose 1.83% due to short - term supply - demand changes [2] Supply - side Factors - Domestic soybeans have a short - term tight supply due to reduced grassroots surplus, state - reserve purchases, and traders' reserves. The import volume in August decreased and costs rose, and the drought in US soybean - producing areas revised the global supply expectation [2] Demand - side Factors - Policy subsidies, the summer consumption peak, Mid - Autumn Festival stocking, and the recovery of pig farming all contribute to the demand for soybeans, resulting in a temporary tight supply - demand situation [2] Market Analysis of Peanuts Futures and Spot Prices - The closing price of the peanut 2510 contract was 7988.00 yuan/ton, up 44.00 yuan/ton (+0.55%) from the previous day. The average peanut spot price was 8400.00 yuan/ton, down 60.00 yuan/ton (-0.71%) from the previous day. The spot basis was PK10 + 212.00, down 44.00 (-17.19%) from the previous day [3] Market Conditions - The peanut market was volatile and weak. New peanuts were supported by delayed harvests and had strong prices, while old peanuts had weak demand and low - level price adjustments. Terminal demand was weak [3][4] Strategies - The strategy for both soybeans and peanuts is neutral [3]

1. Report Industry Investment Rating - Investment strategy for soybeans: Neutral [3] - Investment strategy for peanuts: Neutral [4] 2. Core View of the Report - The soybeans market is currently in a stalemate with reduced supply and weak demand due to factors such as delayed new - crop listings and hindered demand from soy product factories. However, there may be positive changes in some soybean transactions because of rigid procurement needs [2] - The peanut market is in a period of transition between old and new crops. The old - crop inventory is gradually being digested, and the new - crop listing is delayed by bad weather. The demand side is relatively flat, and traders are cautious in purchasing [3] 3. Summary by Related Catalogs Soybeans Market Analysis - Futures: The closing price of the soybeans 2509 contract yesterday was 4067.00 yuan/ton, a change of - 42.00 yuan/ton from the previous day, a decrease of 1.02% [1] - Spot: The spot basis of edible soybeans was A09 + 233, a change of + 42 from the previous day, an increase of 32.14%. The soybean prices in the Northeast market remained stable yesterday [1] Market Information - The continuous precipitation in the Huanghuai and Jianghuai regions has reduced the short - term listing volume of new soybeans. The operation of soybean product factories is blocked, and the recovery of procurement demand has slowed down [2] Peanuts Market Analysis - Futures: The closing price of the peanut 2510 contract yesterday was 8074.00 yuan/ton, a change of - 24.00 yuan/ton from the previous day, a decrease of 0.30% [3] - Spot: The average spot price of peanuts was 8460.00 yuan/ton, a change of - 40.00 yuan/ton compared to the previous period, a decrease of 0.47%. The spot basis was PK10 + 126.00, a change of + 24.00 compared to the previous period, an increase of 23.53% [3] Market Information - The domestic peanut market was in a state of range - bound consolidation. The old - crop inventory is almost digested, and the new - crop listing is affected by bad weather. The demand side is flat, and traders are purchasing cautiously [3]

Report Industry Investment Rating - The investment rating for the industry is neutral [2] Core View of the Report - The soybean market is under supply pressure, with an increase in low - protein soybean supply due to continuous auctions by Cofco, a tightening of high - protein soybeans in traders' hands, and an expected further increase in supply as Hubei's new soybeans are gradually launched. The peanut market shows a pattern of weak supply and demand, with a relatively light spot trading atmosphere, and peanut prices are expected to maintain a weak and volatile pattern [1][2] Summary by Related Catalogs Soybean View Market Analysis - Futures: The closing price of the Douyi 2509 contract was 4118.00 yuan/ton yesterday, a change of +2.00 yuan/ton from the previous day, an increase of +0.05%. Spot: The edible soybean spot basis was A09 + 182, a change of -2 from the previous day, a decrease of 32.14%. Northeast soybean prices were stable today, with high - protein soybean quotes firm due to scarce supply. Douyi continued its narrow - range oscillation yesterday. The continuous auctions by Cofco increased the supply of low - protein soybean spots, the high - protein soybeans in traders' hands became tighter, the market was in a wait - and - see mood, and the supply would increase as Hubei's new soybeans were launched [1] Peanut View Market Analysis - Futures: The closing price of the peanut 2510 contract was 8092.00 yuan/ton yesterday, a change of +6.00 yuan/ton from the previous day, an increase of +0.07%. Spot: The average peanut spot price was 8500.00 yuan/ton, with no change compared to the previous day, an increase of +0.00%. The spot basis was PK10 + 108.00, a change of -6.00 from the previous day, a decrease of -5.26%. The domestic peanut market was oscillating steadily yesterday, with the average price of common peanuts at 4.25 yuan/jin. The shipping speed in the producing areas has accelerated slightly, mainly inventory transactions. The market was generally quiet, and prices were basically stable. Peanuts continued their narrow - range oscillation yesterday. The domestic peanut market showed a pattern of weak supply and demand, and the trading atmosphere was light. Given the weak terminal demand and the slow progress of new peanut listing, the overall trading atmosphere remained cautious. Peanut prices are expected to maintain a weak and volatile pattern [2]

Group 1: Report Industry Investment Rating - The investment strategy for soybeans and peanuts is neutral [4][5] Group 2: Report's Core View - Under the continuation of Sino - US tariff policies, the oilseed market is oscillating. The soybean supply is expected to remain loose, and the peanut market is generally weak with low downstream consumption and cautious middlemen [1][3][4] Group 3: Summary by Related Contents Soybean Market - **Futures and Spot Prices**: The closing price of the soy - one 2509 contract was 4153.00 yuan/ton, up 9.00 yuan/ton (+0.22%) from the previous day. The edible soybean spot basis was A09 + 147, down 9 (-32.14%) from the previous day. On Tuesday, CBOT soybean futures fell for the third consecutive day, with the benchmark contract down 0.3%. Northeast soybean prices were stable, with remaining grain mostly consumed and limited trader inventories [1][2] - **Market Factors**: The Sino - US negotiation result maintained the previous "reciprocal tariff" rate, and the US soybean export expectation had no substantial change. The soybean crop in the Northeast was growing well, and the supply was expected to be loose [3] Peanut Market - **Futures and Spot Prices**: The closing price of the peanut 2510 contract was 8106.00 yuan/ton, up 4.00 yuan/ton (+0.05%) from the previous day. The average peanut spot price was 8580.00 yuan/ton, down 40.00 yuan/ton (-0.46%) month - on - month. The spot basis was PK10 + 94.00, down 4.00 (-4.08%) month - on - month. The domestic peanut market was oscillating slightly downward, with the average price of common peanuts at 4.29 yuan/jin [4] - **Market Factors**: The peanut market was generally weak, with a sluggish downstream consumption environment, light trading, increased operating difficulties for middlemen, and strong risk - aversion sentiment [4]

Report Industry Investment Rating - The investment strategy for both the soybean and peanut markets is neutral [4][8] Core Viewpoints - The oil market continues to fluctuate during the off - season of market consumption. The soybean market has a tight supply of domestic beans, and although it is in the consumption off - season, the bottom of the soybean price is supported. The peanut market is in a state of weak and narrow - range fluctuation, with a lack of obvious one - way driving factors [1][3][7] Summary by Directory Soybean Market Analysis Market News and Important Data - **Price Quotes**: The closing price of the main soybean contract 2509 this week was 4,225 yuan/ton, a week - on - week increase of 36 yuan or 0.9%. The spot basis of edible beans in different regions has changed to varying degrees [1] Soybean Supply and Demand - **Arrival Forecast**: In July 2025, Brazilian soybeans arriving in China are expected to be 10.82 million tons, Argentine soybeans 1.19 million tons, and US soybeans 0 tons, totaling 12.01 million tons. The remaining grain in the Northeast is scarce, and the supply of domestic beans is relatively tight. The auction of old grain and the small - scale listing of early - maturing new soybeans in Hubei have alleviated some supply pressure [2] Market Analysis - The price center of the main soybean futures contract 2509 on the Dalian Commodity Exchange continued to move up this week. The soybean price in the Northeast remained stable due to limited supply, while the prices in the Yangtze and Yellow River production areas were slightly weak. The domestic soybean market is in a state of shortage between old and new crops, and the overall sales are not good due to the consumption off - season, but the bottom of the price is supported [3] Peanut Market Analysis Market News and Important Data - **Price Quotes**: The closing price of the peanut 2510 contract this week was 8,138 yuan/ton, a week - on - week decrease of 84 yuan or 1%. The spot basis in different regions has changed to varying degrees [4] Peanut Supply and Demand - As of July 24, the peanut inventory of domestic peanut oil sample enterprises was 107,050 tons, a decrease of 4,360 tons from last week [5] Oil Mills - **Arrival Situation**: The arrival volume of oil mills this week was 640 tons, a decrease from last week. The domestic market for commercial peanuts had low arrival volume, and traders were cautious in purchasing, mainly consuming inventory. The overall market trading was light, and most market prices were basically stable [6] Market Analysis - The domestic peanut price fluctuated weakly this week. As of July 24, 2025, the average price of national general peanuts was 8,680 yuan/ton, a 0.23% decrease from last week. The peanut spot market lacked obvious one - way driving factors, and the trading atmosphere remained dull [7]

1. Report Industry Investment Rating - The investment ratings for both the soybean and peanut industries are neutral [2][3] 2. Core Views - **Soybean**: The soybean futures showed wide - range fluctuations, and the downstream market's willingness to purchase was weak, resulting in inactive spot trading. The price remained stable. The demand for soy products decreased in summer, and there was no weather - induced production reduction in the soybean - producing areas [1] - **Peanut**: The peanut futures main contract fluctuated within a narrow range. The demand was weak, the supply quality was uneven, and the spot supply - demand was in a stalemate. As the new peanut season approached, the stalling situation continued, with some sellers reducing prices to lock in profits, while buyers were cautious. Attention should be paid to the weather in the producing areas [2] 3. Summary by Related Content **Soybean Market** - **Futures and Spot Market Data**: The closing price of the soybean 2509 contract was 4224.00 yuan/ton, up 7.00 yuan/ton (0.17%) from the previous day. The edible soybean spot basis was A09 + 76, down 7 (32.14%) from the previous day [1] - **Market Information**: Northeast traders' mentality was stable, and some areas' inventories were running out. The prices of standard - grade first - class soybean with 39% protein in Heilongjiang remained unchanged [1] **Peanut Market** - **Futures and Spot Market Data**: The closing price of the peanut 2510 contract was 8130.00 yuan/ton, down 12.00 yuan/ton (-0.15%) from the previous day. The average peanut spot price was 8680.00 yuan/ton, down 20.00 yuan/ton (-0.23%) compared to the previous period. The spot basis was PK10 + 70.00, up 12.00 (20.69%) from the previous period [2] - **Market Information**: The peanut spot price in the domestic market was stable with a downward trend. The demand was weak, and the supply - demand was in a stalemate. The rain in Henan was short - lived, and the drought in the south persisted [2]

Report Summary 1) Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is rated as neutral [1][3] 2) Core Viewpoints - The market for oilseeds will fluctuate, with future focus on supply - demand and weather conditions [1] - The soybeans market is currently in a state of oversupply, and the prices in Anhui and Jiangsu may change due to the large - scale listing of early - maturing soybeans in Hubei [2] - For peanuts, there are concerns about a potential reduction in the new - season yield due to drought in Henan, and the attitude of holders of high - quality cold - storage peanuts towards price support has strengthened, but demand - side procurement is cautious [3] 3) Summary by Related Catalogs Soybean View - **Market Analysis** - Futures: The closing price of the bean one 2509 contract yesterday was 4199.00 yuan/ton, up 10.00 yuan/ton or 0.24% from the previous day [1] - Spot: The edible bean spot basis was A09 + 101, down 10 or 32.14% from the previous day. Northeast soybean prices remained stable today, with prices in different regions unchanged from the previous day [1] - Market Situation: Yesterday, the bean one futures continued to fluctuate in a narrow range. Today, Sinograin will start two - way auctions, leading to strong market wait - and - see sentiment. The situation outside the pass is stable, while inside the pass, due to the listing of early - maturing soybeans in Hubei and weak off - season demand, inquiries and purchases have decreased, and old soybean prices are under pressure. Domestic spot prices in the Northeast have good growth conditions, and prices inside the pass are stable with a weakening trend. Downstream enterprise operations are stable, and the market state is unlikely to change significantly. After mid - August, the market may change with the start of preparations for the new semester [2] - **Strategy** - The strategy for soybeans is neutral [1] Peanut View - **Market Analysis** - Futures: The closing price of the peanut 2510 contract yesterday was 8206.00 yuan/ton, down 16.00 yuan/ton or 0.19% from the previous day [3] - Spot: The average spot price of peanuts was 8700.00 yuan/ton, unchanged from the previous day. The spot basis was PK10 - 106.00, up 16.00 or - 13.11% from the previous day. The domestic peanut market was oscillating and stable yesterday, with raw material procurement in production areas basically completed, mainly trading cold - storage goods, and general inquiry and purchase. Peanut prices vary in different regions [3] - Market Situation: Yesterday, the main peanut futures contract fluctuated weakly. Currently, raw material procurement in production areas has basically ended, and the market mainly trades cold - storage goods. There are concerns about a reduction in the new - season peanut yield due to drought in Henan, and imports are still low. Holders of high - quality cold - storage peanuts have a stronger attitude towards price support, but demand - side procurement is cautious. Future attention should be paid to rainfall in production areas [3] - **Strategy** - The strategy for peanuts is neutral [3] - **Risk** - The risk for peanuts is weakening demand [4]

Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [3] Core Viewpoints - The domestic soybean supply remains loose, with expected increased production and existing old - bean inventory pressure, while the demand side is weak. The uncertainty of import costs near the August 1 tariff node and the impact of international export agreements on market sentiment are the main influencing factors. Future changes in weather, policy effects, and international linkages in the production areas are worth noting [2] - The peanut futures main contract was oscillating and stable. The terminal inquiry atmosphere in the peanut spot market has warmed up, and the willingness of holders to hold prices has increased. The supply - side speculation due to uncertain weather in the production areas is heating up. However, the overall supply - demand pattern is still loose, and the inventory structure problem is prominent. The future market evolution will focus on weather, policies, and the new - season peanut listing rhythm [4] Summary by Commodity Soybeans Market Analysis - Futures: The closing price of the soybeans 2509 contract yesterday was 4200.00 yuan/ton, up 21.00 yuan/ton or +0.50% from the previous day [1] - Spot: The edible soybean spot basis was A09 + 100, down 21 from the previous day, a change of 32.14% [1] - Market Information: Soybean prices in the Northeast market remained stable yesterday. For example, the quoted price of standard first - class 39% protein medium - grain tower - loaded soybeans in Harbin, Heilongjiang was 2.15 yuan/jin, unchanged from the previous day [1] Strategy - Neutral [3] Peanuts Market Analysis - Futures: The closing price of the peanut 2510 contract yesterday was 8250.00 yuan/ton, up 18.00 yuan/ton or +0.22% from the previous day [3] - Spot: The average peanut spot price was 8700.00 yuan/ton, down 20.00 yuan/ton or - 0.23% month - on - month. The spot basis was PK10 - 150.00, up 118.00 or +368.75% month - on - month [3] - Market Information: The domestic peanut market was oscillating and stable yesterday. Traders were cautious in purchasing, mainly consuming inventory or buying as they sold. The overall sales volume was slow. For example, the quoted price of Baisha common peanuts in Zhengyang, Henan was 4.35 - 4.45 yuan/jin [3] Strategy - Neutral [3]

Group 1: Report Industry Investment Ratings - The investment strategy for both soybeans and peanuts is "Neutral" [4][6] Group 2: Core Views of the Report - The domestic soybean price oscillated recently. In the short - term, the gap in domestic soybean inventory supports price resilience, but the increase in imported soybean arrivals and weak demand for soybean meal limit the upside. In the long - term, the good weather in new - season soybean production areas and the global supply surplus will drag down the domestic price. Policy factors also affect the supply expectation, and the price will maintain a range - bound movement [3] - The domestic peanut price also oscillated. In the short - term, the low inventory of old peanuts and the tight supply of high - quality peanuts support the price, but the expected supply pressure in September and potential inventory pressure may affect the price. In the long - term, if there is no extreme weather in 2025, the new - season peanut supply will be abundant, and the support level may decline. There are also uncertainties such as weather, import arrivals, and the impact of soybean production on peanut prices [5][6] Group 3: Summary by Related Catalogs Soybean Market Analysis - Futures: The closing price of the soybean 2509 contract was 4111.00 yuan/ton yesterday, up 7.00 yuan/ton (+0.17%) from the previous day [1] - Spot: The basis of edible soybean spot was A09 + 189, down 7 (-32.14%) from the previous day [1] Market Information - On Tuesday, CBOT soybean futures closed lower, with the benchmark contract down 0.3%. As of the close, soybean futures fell between 2.75 and 10.25 cents. The prices of different contracts are as follows: July contract down 7.50 cents to 1024.25 cents/bushel; August contract down 10.25 cents to 1021.25 cents/bushel; November contract down 3.25 cents to 1017.50 cents/bushel [2] - On July 19, the prices of national standard first - class soybeans in various markets in Heilongjiang remained unchanged from the previous day [2] Supply and Demand Analysis - Short - term: There is a gap in domestic soybean inventory, but the increase in imported soybean arrivals (estimated at 9.5 million tons in July) and weak demand for soybean meal limit the upside [3] - Long - term: The good weather in new - season soybean production areas and the global supply surplus will drag down the domestic price, and the weak domestic food consumption also restricts the price increase [3] Policy Factors - Pay attention to the provincial reserve auction volume in July and the rotation rhythm of Sinograin. If the auction transaction rate exceeds 70%, it may strengthen the expectation of loose supply, but the purchase price of Sinograin provides some support [3] Peanut Market Analysis - Futures: The closing price of the peanut 2510 contract was 8176.00 yuan/ton yesterday, up 56.00 yuan/ton (+0.69%) from the previous day [4] - Spot: The average spot price of peanuts was 8900.00 yuan/ton, with no change from the previous day. The basis was PK10 + 24.00, down 156.00 (-86.67%) from the previous day [4] Market Information - The current prices of peanuts in different regions are as follows: Henan Zhengyang Baisha general rice is about 4.50 - 4.60 yuan/jin; Shandong Linyi Junan Haohua general rice is about 4.10 yuan/jin; Liaoning Changtu 308 general rice is about 4.50 - 4.60 yuan/jin; Xingcheng Huayu 23 general rice is about 4.50 yuan/jin; Jilin 308 general rice purchase price is about 4.50 - 4.60 yuan/jin [4] Supply and Demand Analysis - Short - term: The inventory of old peanuts is low, and the high - quality peanuts support the price. However, the delayed arrival of imported peanuts and the upcoming new - season peanuts may bring supply pressure in September, and the demand vacuum after the oil mills stop purchasing may also affect the price [5][6] - Long - term: If there is no extreme weather in 2025, the supply of new - season peanuts will be abundant, and the decrease in planting costs may lead to a downward shift in the support level [6] Uncertainties - The weather during the key growth period from April to July may cause yield fluctuations; the concentrated arrival of peanuts from Senegal after the port re - opens may overlap with the new - season peanuts; the bumper harvest of South American and North American soybeans may suppress the price of peanut meal and affect the peanut price [6]

Report Industry Investment Rating - The investment rating for soybeans and peanuts is neutral [4][6] Core Viewpoints - The soybean market is affected by factors such as South American soybean harvest expectations, import volume, demand, and policies, with prices expected to remain range - bound [1][3][4] - The peanut market is influenced by inventory, supply, demand, and weather, with prices expected to face challenges in the future [5][6] Summary by Related Catalogs Soybean Market Analysis - Futures: The closing price of the soybean 2509 contract yesterday was 4104.00 yuan/ton, up 25.00 yuan/ton or 0.61% from the previous day [1] - Spot: The edible soybean spot basis was A09 + 196, down 25 or 32.14% from the previous day [1] Market News - On Monday, CBOT soybean futures closed lower, with the benchmark contract down 2.7%, hitting a two - week low. The decline was due to improved weather in the US Midwest and disappointment over the progress of China - US trade negotiations. As of the close, soybean futures fell between 21 and 28.50 cents. The July contract fell 24.50 cents to 1031.75 cents per bushel; the August contract fell 24 cents to 1031.50 cents per bushel; the November contract fell 28.50 cents to 1020.75 cents per bushel [2] - On July 8, the prices of national standard first - grade 39% protein medium - grain tower - loaded soybeans in Heilongjiang remained stable [2] Price Outlook - In the short term, the shortage of domestic soybeans supports prices, but the increase in imported soybeans and weak demand for soybean meal limit the upside. In the long term, good weather in new - season soybean production areas, stable global production, and weak domestic demand make it difficult for soybean prices to rise significantly. Policy factors such as provincial reserve auctions in July and the rotation rhythm of Sinograin need attention [3] Strategy - Maintain a neutral stance, with the purchase price of Sinograin providing some support, so the price is expected to remain range - bound [4] Peanut Market Analysis - Futures: The closing price of the peanut 2510 contract yesterday was 8120.00 yuan/ton, up 22.00 yuan/ton or 0.27% from the previous day [5] - Spot: The average peanut spot price was 8900.00 yuan/ton, unchanged from the previous day. The spot basis was PK10 + 180.00, down 22.00 or 10.89% from the previous day [5] Market News - Current peanut prices in different regions are as follows: Henan Zhengyang Baisha general - quality peanuts are priced at 4.50 - 4.60 yuan per catty; Shandong Linyi Junan Haohua general - quality peanuts are priced at 4.10 yuan per catty; Liaoning Changtu 308 general - quality peanuts are priced at 4.50 - 4.60 yuan per catty; Xingcheng Huayu 23 general - quality peanuts are priced at 4.50 - 4.55 yuan per catty; Jilin 308 general - quality peanuts are priced at 4.50 - 4.60 yuan per catty [5] Price Outlook - In the short term, low old - crop inventories and high - quality peanut shortages support prices, but imported peanuts and new - crop peanuts are expected to create supply pressure in September. If terminal consumption does not improve in July, inventory pressure will become apparent. In the long term, if there is no extreme weather in 2025, the new - season peanut supply - demand pattern will remain loose, and the likely decline in planting costs will lower the support level [6] Strategy - Maintain a neutral stance [6]