Group 1: Report Investment Ratings - The investment rating for both soybeans and peanuts is neutral [4][6] Group 2: Core Views - The soybeans market shows a strong upward trend in the short - term, but the downstream demand is weak. If the state - owned reserve increases the auction volume and imported soybeans impact the market, the upward momentum of domestic soybeans may be limited [3] - The peanut market has limited support from high - quality resources. Although the prices of high - quality peanuts in the Northeast region are supported, the overall demand in other regions is inactive, and most large and medium - sized oil mills have not started purchasing [5] Group 3: Soybean Market Analysis Futures and Spot Market - The closing price of the soybeans 2601 contract was 4123.00 yuan/ton, up 68.00 yuan/ton or 1.68% from the previous day. The edible soybean spot basis was A01 - 43, down 68 or 32.14% from the previous day [1] Market Information - The new - season soybeans in the Northeast region are stable. The state - owned reserve purchase price has been set, and high - protein soybeans may flow into the state - owned reserve. Farmers are reluctant to sell, and downstream traders purchase on - demand. The domestic soybean market is oversupplied, and prices may decline if there is concentrated selling later [2] - The price of the soybean futures main contract rose the most in nearly 3 months. The demand side is mostly waiting and watching or making small - scale purchases. The rising prices in the production areas are not well - accepted by the demand side, and some dealers are waiting for price drops to buy [3] Group 4: Soybean Strategy - The strategy for soybeans is neutral [4] Group 5: Peanut Market Analysis Futures and Spot Market - The closing price of the peanut 2601 contract was 7802.00 yuan/ton, down 10.00 yuan/ton or 0.13% from the previous day. The average peanut spot price was 7950.00 yuan/ton, unchanged from the previous day. The spot basis was PK01 - 2.00, up 10.00 or - 83.33% from the previous day [4] Market Information - The average price of general peanuts in the national peanut market is basically stable. The prices of different varieties vary by region. The contract purchase prices of oil mills for general peanuts and oil - making peanuts are different, and the arrival volume of peanuts from the Northeast is average [4][5] - The peanut futures are consolidating. After the busy farming season in Henan, farmers' selling attitudes differ. The supply of high - quality peanuts is limited, and the prices of low - quality peanuts are under pressure. Some traders are purchasing high - quality peanuts from the Northeast, but the overall demand in other regions is inactive [5] Group 6: Peanut Strategy - The strategy for peanuts is neutral [6]

1. Report Industry Investment Ratings - The investment strategy for both soybeans and peanuts is rated as neutral [4][6] 2. Core Views of the Report - The supply of soybeans is tight, and the futures price of soybeans reached a new high in the current period. The new soybeans in the Huanghuaihai region are expected to be slowly launched, and the harvest and launch of new soybeans in the southern region are generally delayed. For peanuts, the futures price fluctuated downward, with stable supply in the Northeast. The market should focus on the actual supply progress and quality of summer-sown peanuts in Henan and Shandong, and also pay attention to whether the oil mills' procurement can support the price later [1][3][5] 3. Summary by Related Catalogs Soybean View Market Analysis - Futures: The closing price of the soybeans 2511 contract yesterday was 4086.00 yuan/ton, up 58.00 yuan/ton or 1.44% from the previous day. Spot: The basis of edible soybeans was A11 - 46, down 58 or 32.14% from the previous day [1] Market Information Summary - The new-season soybean harvest in the Northeast is almost finished. Grain trading enterprises are actively purchasing, and high-protein soybeans are in high demand. The prices of low-protein common soybeans range from 1.75 - 1.8 yuan/jin, 39% protein soybeans are 1.9 yuan/jin, and over 40% protein soybeans are 1.95 - 2 yuan/jin. The prices of tower grains vary according to protein content. The prices of standard first-class medium-grained tower grains in various regions of Heilongjiang remained stable compared to the previous day [2] Market Situation - The futures price of soybeans reached a new high. Affected by the southern production reduction, the market sentiment in the Northeast was high, and high-protein soybeans had a strong upward trend. The Huanghuaihai region was in a state of supply shortage, and new soybeans were expected to be launched slowly. Continuous rainfall in the South delayed the autumn harvest, and the large-scale launch of new soybeans was postponed. In some areas, the wet surface farmland ratio exceeded 50%, and the limited number of drying towers exacerbated the tight spot circulation [3] Strategy - The strategy is neutral [4] Peanut View Market Analysis - Futures: The closing price of the peanuts 2511 contract yesterday was 7958.00 yuan/ton, up 30.00 yuan/ton or 0.38% from the previous day. Spot: The average spot price of peanuts was 8350.00 yuan/ton, unchanged from the previous day. The basis was PK11 + 242.00, down 30.00 or 11.03% from the previous day [4] Market Information Summary - The average price of common peanuts in the national market was basically stable at 4.18 yuan/jin. The prices in different regions varied, and the supply was scarce in some areas. The contract procurement prices of oil mills for common peanuts were 8200 - 8300 yuan/ton, and for oil peanuts were 7800 - 7900 yuan/ton, with a slight decrease in arrivals [4] Market Situation - The peanut futures price fluctuated downward. The supply in the Northeast was stable with obvious quality advantages, and the market mainly purchased Northeast peanuts. With the improvement of weather in Henan and Shandong, the supply of summer-sown peanuts was expected to increase. Currently, the demand support was limited, and attention should be paid to whether the oil mills' procurement can support the price later [5] Strategy - The strategy is neutral [6]

Group 1: Investment Ratings - The investment strategy for both soybeans and peanuts is neutral [3][4] Group 2: Core Views - For soybeans, the futures price of the bean one 2511 contract closed at 3975.00 yuan/ton yesterday, up 48.00 yuan/ton (+1.22%) from the previous day. The spot basis of edible beans is A11+245, down 48 (-32.14%) from the previous day. Northeast new grain is increasing during the National Day. Protein content is low due to weather, but overall production is expected to be less affected, with a yield of 350 - 400 jin/mu. Downstream demand is average, and grain traders are cautious in purchasing. The overall supply in the Northeast soybean producing area is loose, with high - quality beans having better prices, but the demand side has not improved, and soybean prices still face long - term pressure [1][2] - For peanuts, the futures price of the peanut 2511 contract closed at 7704.00 yuan/ton yesterday, down 60.00 yuan/ton (-0.77%) from the previous day. The average spot price of peanuts is 8380.00 yuan/ton, down 120.00 yuan/ton (-1.41%) month - on - month. The spot basis is PK11+696.00, up 60.00 (+9.43%) month - on - month. After the festival, the demand from oil mills has weakened, and the supply varies greatly in different regions. The listing pace in the Northeast is accelerating, while that in the North China region is slower due to rainy weather, resulting in large regional price differences [3] Group 3: Market Analysis Summary Soybeans - Futures: The closing price of the bean one 2511 contract was 3975.00 yuan/ton, with a change of +48.00 yuan/ton (+1.22%) from the previous day [1] - Spot: The edible bean spot basis was A11+245, with a change of -48 (-32.14%) from the previous day. In the Northeast, new grain is increasing, and there are different prices for different protein contents. The downstream demand is average, and high - quality resources are popular [1][2] Peanuts - Futures: The closing price of the peanut 2511 contract was 7704.00 yuan/ton, with a change of -60.00 yuan/ton (-0.77%) from the previous day [3] - Spot: The average spot price of peanuts was 8380.00 yuan/ton, down 120.00 yuan/ton (-1.41%) month - on - month. The spot basis was PK11+696.00, up 60.00 (+9.43%) month - on - month. There are price differences in different regions, and oil mills are cautious in purchasing [3] Group 4: Market Information Summary Soybeans - In the Northeast, during the National Day, new grain is gradually increasing. The purchase price of 40 - protein rough grain is 1.9 yuan/jin, 41 - protein is 1.95 yuan/jin, and low - protein is 1.8 - 1.85 yuan/jin. The downstream demand is average, and high - quality resources are popular [2] - The spot prices of different regions in Heilongjiang are stable, such as 2.11 yuan/jin in Harbin, 2.10 yuan/jin in Shuangyashan, etc. [2] Peanuts - The national average price of peanut general rice is 4.19 yuan/jin, down 0.06 yuan/jin from before the festival. There are price differences in different regions and varieties, and oil mills are cautious in purchasing [3]

1. Report Industry Investment Rating - The investment strategy for both the soybean and peanut markets is neutral [2][3] 2. Core Views - The soybean market is currently stable with the futures and spot prices showing minor fluctuations. The domestic soybean supply is ample, which has put downward pressure on prices. Farmers are reluctant to sell, and traders' purchasing enthusiasm is low, resulting in average market trading volume [1] - The peanut market is also experiencing a period of price volatility. Some production areas are affected by bad weather, leading to a limited supply. As the two major festivals approach, food companies have mostly completed their stockpiling, and some large oil mills have stopped production, resulting in a decline in demand [2] 3. Summary by Market Soybean Market - **Futures**: The closing price of the soybean 2511 contract was 3938.00 yuan/ton, up 3.00 yuan/ton or 0.08% from the previous day [1] - **Spot**: The spot basis of edible soybeans was A11 + 282, down 3 or 32.14% from the previous day. The prices of national standard first - class soybeans in various regions of Heilongjiang remained stable [1] - **Market Situation**: Domestic soybeans are gradually coming onto the market, with a loose supply in the Northeast production area. Prices are under pressure, farmers are reluctant to sell, and traders' purchasing enthusiasm is low [1] Peanut Market - **Futures**: The closing price of the peanut 2511 contract was 7822.00 yuan/ton, up 24.00 yuan/ton or 0.31% from the previous day [2] - **Spot**: The average spot price of peanuts was 8450.00 yuan/ton, down 10.00 yuan/ton or 0.12% from the previous day. The spot basis was PK11 + 478.00, down 24.00 or 4.78% from the previous day. The national average price of peanut kernels decreased by 0.01 yuan/jin [2] - **Market Situation**: Some production areas in Henan are affected by rainy weather, resulting in a low supply. The supply in Hebei, Liaoning, and Jilin is gradually increasing. As the two festivals approach, food companies' procurement enthusiasm has declined, and some large oil mills have stopped production [2]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Agricultural Rural Ministry's September supply - demand report predicts China's 2025/26 soybean production to reach a record 21.09 million tons. With the new - season harvest, the supply is abundant, pressuring the spot and futures prices. Although the futures market rebounded this week due to short - covering, the future price pressure remains significant [2]. - The 2603 and later contracts on the futures side may benefit from the release of selling pressure and potential acquisition policies, showing a high potential for a bottom - out and rebound. The mid - and downstream acquisition entities can gradually build forward inventories during the price bottoming and grinding process in the fourth quarter [5]. - The resumption of auctions has a diminishing impact on the futures market. Attention should be paid to the auction results on the 29th [2][7]. Summary by Directory Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - The new - season harvest has led to an abundant supply, weakening the spot and futures prices. The futures market rebounded this week due to short - covering, but the 11 - contract's rebound may be difficult to sustain. The price in the Heilongjiang main production area has declined, and further pressure is expected [2]. - The 2603 and later contracts on the futures side may benefit from the release of selling pressure and acquisition policies. The uncertainty of US soybean imports may have a neutral - to - positive impact on domestic soybean pressing demand [5]. 1.2 Trading Strategy Recommendations - **Trend Judgment**: The market is in a downward relay. New orders can consider short - selling on rebounds. The 2511 selling hedging strategy for planting entities can be held until the spot grain is sold. The previously sold call option with the underlying a2511 - C - 4050 can also be held [10]. - **Basis, Calendar Spread, and Hedging Arbitrage Strategies**: During the new - season listing period, there is no recommended basis strategy. The near - month contracts are expected to be more affected by the concentrated listing, while the far - month contracts may be supported by policies and improved demand. Attention should be paid to the calendar spread performance [10][11]. 1.3 Industry Customer Operation Recommendations - The predicted price range for the 11 - contract of soybeans in the current month is 3850 - 4000 yuan, with a current 20 - day rolling volatility of 10.16% and a historical percentile of 31.4% [10]. Chapter 2: This Week's Important Information and Next Week's Attention Events 2.1 This Week's Important Information - **Positive Information**: The National Food and Strategic Reserves Administration held a meeting on autumn grain acquisition, emphasizing the importance of maintaining market stability. Short - covering led to a continuous rebound in the market [13]. - **Negative Information**: The new - season supply pressure, the decline in new - grain quotes, and the continuation of auction activities are negative factors for the price [13]. 2.2 Next Week's Important Events to Watch - During the National Day holiday, pay attention to the price trends in the soybean - producing areas as the harvest progresses. Also, focus on the auction results on the 29th [13]. Chapter 3: Market Interpretation 3.1 Price - Volume and Fund Interpretation - This week, the soybean futures market showed a significant rebound after hitting a new low. The main 11 - contract rose 31 yuan/ton or 0.79% this week. The trading volume increased significantly, and the open interest decreased substantially. The registered warehouse receipts slightly decreased to 7578 lots. The short - term upward trend is limited, and short - selling on rebounds can be considered [13]. - The basis has returned, but its reference value is limited at this stage. The near - month contracts performed slightly stronger than the far - month contracts this week [18][22]. Chapter 4: Valuation and Profit Analysis 4.1 Upstream and Downstream Profit Tracking in the Industry Chain - The new - season soybean price has started low and continued to decline. Considering the reduced planting cost and high - yield expectations, the price is expected to remain under pressure during the peak listing period. The downstream demand is mainly for rigid replenishment, and the profit situation is acceptable [27]. Chapter 5: Supply - Demand and Inventory Deduction 5.1 Supply - Side and Deduction - In October, the supply of domestic soybeans will reach a peak. The resumption of auctions increases the supply pressure. The supply pressure may be alleviated by acquisition policies, but the potential short - selling sentiment in the grassroots may delay the price decline [30]. - Attention should be paid to the performance of high - oil soybean planting and the matching between the upstream and downstream industries. 5.2 Demand - Side and Deduction - In October, the edible consumption market may turn from weak to strong. The pressing demand may increase when the raw material price drops. Policy support may be provided to activate domestic soybean pressing demand, but this has high uncertainty [30]. - The lack of US soybean supply provides sales opportunities for domestic soybeans. The edible market is the basic demand, while the pressing market is the major variable in demand [31].

Group 1: Report Industry Investment Ratings - The investment strategy for both soybeans and peanuts is neutral [3][4] Group 2: Core Views of the Report - The demand for peanuts is weak, and prices are continuously fluctuating. The new - season soybeans in major producing areas are gradually coming onto the market, with overall good supply and price pressure [1][2][3] Group 3: Summary of Soybean - Related Content Market Analysis - In the futures market, the closing price of the soybeans 2511 contract yesterday was 3907.00 yuan/ton, a change of +29.00 yuan/ton from the previous day, an increase of +0.75%. In the spot market, the basis of edible soybeans was A11 + 313, a change of - 29 from the previous day, a decrease of 32.14% [1] - New - season soybeans in Northeast China are gradually coming onto the market, with the purchase price of raw grains between 1.8 - 2 yuan/jin. Due to climate impact this year, the protein content has declined, and the prices of high - protein sources are firm. In the south, Jiangsu large - white - skinned soybeans have recently come onto the market, with raw grain prices of 2.7 - 2.9 yuan/jin and clean grain prices of 3 - 3.15 yuan/jin. Yesterday, the soybean futures price fluctuated. The purchase price in the Northeast is weak, while the price in the South is stable. Overall supply is good, and prices are under pressure [1][2] Group 4: Summary of Peanut - Related Content Market Analysis - In the futures market, the closing price of the peanut 2511 contract yesterday was 7762.00 yuan/ton, a change of - 6.00 yuan/ton from the previous day, a decrease of - 0.08%. In the spot market, the average peanut price was 8440.00 yuan/ton, a change of +10.00 yuan/ton from the previous day, an increase of +0.12%. The basis was PK11 + 438.00, a change of +6.00 from the previous day, an increase of +1.39% [3] - The average price of national peanut general rice is 4.22 yuan/jin, basically stable. Shandong oil mills' contract purchase price for general rice is 8400 yuan/ton, and Henan oil mills' is 7800 yuan/ton. New peanut - producing areas are increasing, but the overall supply is still small. With the approaching of the Double Festival, downstream stocking demand is still weak, and oil mills' contract purchase prices are stable with limited purchases [3]

Group 1 - Soybean futures experienced fractional to 3 ½ cent gains, with deferred contracts leading the increase [1] - The national average Cash Bean price rose by 1 ¼ cents to $9.36 3/4 [1] - Soymeal futures decreased by 40 cents to $3.80, while Soy Oil futures increased by 18 to 35 points [1] Group 2 - Crop Progress data indicated a 2% decline in condition ratings, now at 61% good/excellent [2] - The Brugler500 index fell by 4 points to 358, which is 4 points lower than the same week last year [2] - Some states showed improvement, including Illinois (+3), Minnesota (+2), and South Dakota (+1), while others like Indiana and Iowa decreased by 2, Missouri by 4, and Nebraska by 3 [2] Group 3 - Pakistan importers purchased 180,000 MT of soybeans, expected to be of US origin [3] - Following the suspension of Argentina's export tax, China reportedly purchased several cargoes of Argentine beans [3] - Closing prices for November 25 Soybeans were $10.12 (up 1 cent), Nearby Cash at $9.36 3/4 (up 1 1/4 cents), January 26 Soybeans at $10.31 3/4 (up 1 1/4 cents), and March 26 Soybeans at $10.47 3/4 (up 3/4 cent) [3]

Group 1: Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3][4][5] Group 2: Report's Core View - For soybeans, the policy continues to promote soybean auction sales, increasing supply pressure, while demand is weak. The dynamic of Sino-US trade relations in the imported soybean market may affect the long - term supply pattern, and domestic supply - demand is also influenced by policy and imported soybeans. For peanuts, new - season planting area has a slight increase, and the total output is expected to remain high. Short - term supply has slowed due to weather in Henan, and the long - term market depends on weather and demand [3][4] Group 3: Summary by Related Catalogs Soybean Market Market Analysis - Futures: The closing price of the Douyi 2511 contract yesterday was 3935.00 yuan/ton, down 39.00 yuan/ton (-0.98%) from the previous day. - Spot: The edible soybean spot basis was A11 + 305, up 39 (+32.14%) from the previous day. In the Northeast market, soybean prices were stable with a downward trend. New - season soybean growth is smooth, and there is an expectation of a good harvest. As new beans approach the market and state - reserve old grains are released, supply pressure may become prominent [1][2] Market Information - In Heilongjiang, prices in some regions dropped, such as in Harbin, the price was 2.12 yuan/jin, down 0.01 yuan/jin; in Shuangyashan, it was 2.11 yuan/jin, down 0.02 yuan/jin; in Jiamusi, it was 2.10 yuan/jin, down 0.02 yuan/jin. Prices in some other regions remained flat [2] Strategy - The strategy is neutral [3] Peanut Market Market Analysis - Futures: The closing price of the peanut 2510 contract yesterday was 7800.00 yuan/ton, down 34.00 yuan/ton (-0.43%) from the previous day. - Spot: The average peanut spot price was 8420.00 yuan/ton, down 50.00 yuan/ton (-0.59%) month - on - month. The spot basis was PK10 + 300.00, up 34.00 (+12.78%) month - on - month. The national average price of general old peanut kernels was 4.24 yuan/jin, down 0.08 yuan/jin. New peanut prices in various markets continued to decline weakly [4] Market Information - A Henan oil factory started purchasing oil peanuts at a contract price of about 7300 yuan/ton. New - season peanut planting area has a slight increase, and the total output is expected to remain high. Due to the approaching Mid - Autumn Festival and National Day, new peanut moisture and price are unstable, suppressing purchasing enthusiasm. Bad weather in Henan has led to high moisture in peanuts, reducing the short - term supply [4] Strategy - The strategy is neutral [4][5]

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]