1. Report Industry Investment Rating - Both soybeans and peanuts are rated as neutral [3][5] 2. Core Viewpoints - The soybean market is in a high - level adjustment. The supply shortage situation in the spot market has eased, demand is weak, and the upward space of soybean prices is restricted [2] - The peanut market is running weakly. The overall supply of peanuts is abundant, demand is weak, and the selling pressure of sellers is high, so the peanut price may remain weakly in the short term [4] 3. Summaries by Related Catalogs Soybean Market Analysis - **Futures**: The closing price of the soybeans 2605 contract was 4641.00 yuan/ton, up 67.00 yuan/ton or +1.46% from the previous day [1] - **Spot**: The edible soybean spot basis was A05 + 59, down 67 or 32.14% from the previous day. Northeast soybean prices generally declined, with the prices of rough grain and screened grain dropping by 60 yuan/ton and tower grain dropping by 20 - 40 yuan/ton [1] - **Market News**: The auction success rate of soybeans by the state - owned grain reserve was less than 50%, and the premium space was limited. The resumption of state - owned reserve auctions has changed the market's expectation of future supply. The downstream enterprises' procurement attitude is cautious, and they mostly adopt the strategy of purchasing as needed [1][2] Strategy - The strategy for soybeans is neutral [3] Peanut Market Analysis - **Futures**: The closing price of the peanut 2605 contract was 8086.00 yuan/ton, down 34.00 yuan/ton or - 0.42% from the previous day [3] - **Spot**: The average spot price of peanuts was 8800.00 yuan/ton, up 782.00 yuan/ton or +9.75% from the previous day. The spot basis was PK05 + - 1286.00, up 34.00 or - 2.58% from the previous day. The average price of general peanuts in the national market dropped by 27 yuan/ton [3] - **Market News**: The overall supply of peanuts in the domestic market is abundant, terminal demand is weak, some holders choose to sell at a discount, and processing enterprises' procurement is cautious [3][4] Strategy - The strategy for peanuts is neutral [5]

Group 1: Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [3][5] Group 2: Core Viewpoints of the Report - The soybean futures market showed a narrow - range and slightly stronger oscillation yesterday. The main soybean contract has been continuously adjusting downwards due to the weakening of the external market and the departure of funds, and there is still a possibility of continued decline in the short term. The remaining grain inventory in the Northeast production area is low, but with the approaching of spring plowing, the seasonal grain - selling window is opening, and downstream demand has not significantly recovered. It is expected that the soybean futures and spot prices will maintain a narrow - range and slightly weak oscillation in the next 1 - 2 weeks, with the main contract fluctuating between 4550 - 4700 yuan/ton, and the spot price will adjust slightly following the futures price, without a clear one - way direction. Attention should be paid to the arrival rhythm of imported soybeans and the transaction situation of state - reserve auctions [2] - The peanut futures market oscillated upwards yesterday. The supply of peanuts from the production area is still limited, the overall demand for commercial peanuts is weak, and screening enterprises maintain a cautious procurement and processing rhythm, resulting in a light trading atmosphere. Although some oil mills have slightly raised the purchase price of oil peanuts or relaxed the procurement standards, the overall arrival volume is difficult to significantly increase. The Luhua Group will start full - scale procurement this Friday. In the context of weak overall demand, peanut prices may run slightly weak in the short term, and attention should be paid to the willingness of producers to sell their goods [4] Group 3: Market Analysis of Soybeans - Futures: The closing price of the soybean 2605 contract yesterday was 4627.00 yuan/ton, an increase of 18.00 yuan/ton or 0.39% compared with the previous day [1] - Spot: The spot basis of edible soybeans is A05 + 133, a decrease of 18 or 32.14% compared with the previous day. Northeast soybean spot prices have decreased with the futures, and with more auctions of platforms and enterprises failing and the State Reserve starting a 100,000 - ton auction, short - term supply has increased, and enterprises' mentality of selling goods has become more cautious. The loading prices of standard - grade first - class soybeans with 39% protein in different regions of Heilongjiang range from 2.36 - 2.38 yuan/jin, and those with 41% protein are around 2.45 yuan/jin [1] Group 4: Market Analysis of Peanuts - Futures: The closing price of the peanut 2605 contract yesterday was 8258.00 yuan/ton, an increase of 76.00 yuan/ton or 0.93% compared with the previous day [3] - Spot: The average spot price of peanuts was 8045.00 yuan/ton, a decrease of 10.00 yuan/ton or 0.12% compared with the previous day. The spot basis is PK05 - 1458.00, an increase of 76.00 or 5.50% compared with the previous day. The average price of general - grade peanuts in the national market is basically stable, with prices varying in different regions. The average contract purchase price of oil peanuts by national oil mills is 7450 yuan/ton and remains stable, and the prices of each oil mill range from 7150 - 7900 yuan/ton, also basically stable [3]

Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3][5] Core Viewpoints - The soybean futures price is under pressure and oscillating. Although the futures decline suppresses market sentiment, the low remaining grain in the grassroots level supports the spot market. The terminal demand has not improved, and soybean auctions often end in failure. With new spring grains coming onto the market and storage difficulties increasing, the upward pressure on soybean prices is rising, but the downward space is limited due to cost and policy support [1][2] - The peanut futures price is weakly oscillating. As the Tomb - Sweeping Festival approaches and temperatures rise, some grassroots sources are more willing to sell. The demand in the food processing sector is still weak, and the peanut price is expected to remain in a weakly oscillating pattern in the short term [3][4] Market Analysis of Soybeans - **Futures and Spot Price**: The closing price of the soybeans 2605 contract was 4655.00 yuan/ton, a change of - 115.00 yuan/ton (-2.41%) from the previous day. The edible soybean spot basis was A05 + 225, a change of +115 (+32.14%) from the previous day [1] - **Market Information**: Northeast soybean spot prices were stable. Affected by the weakening futures, some traders were more willing to sell, but the tight grassroots grain source supported the spot. The purchase intention of downstream enterprises was weak, and soybean auctions often failed [1][2] - **Price Forecast**: With new spring grains coming onto the market and storage difficulties increasing, the upward pressure on soybean prices is rising, but the downward space is limited due to cost and policy support [2] Market Analysis of Peanuts - **Futures and Spot Price**: The closing price of the peanut 2605 contract was 8238.00 yuan/ton, a change of +50.00 yuan/ton (+0.61%) from the previous day. The peanut spot average price was 8055.00 yuan/ton, with no change. The spot basis was PK05 - 1438.00, a change of -50.00 (+3.60%) from the previous day [3] - **Market Information**: The national average price of common peanuts was 8055 yuan/ton, down 18 yuan/ton. The purchase price of oil - processing peanuts by oil mills was generally stable, and some mills relaxed procurement standards [3] - **Price Forecast**: As the Tomb - Sweeping Festival approaches and temperatures rise, some grassroots sources are more willing to sell. The demand in the food processing sector is still weak, and the peanut price is expected to remain in a weakly oscillating pattern in the short term [3][4] Strategies - The strategy for both soybeans and peanuts is neutral [3][5] Figures - **Soybean - related Figures**: Include the price of the main soybean contract, soybean spot prices in different regions, soybean spot basis, price spreads between different contracts, China's soybean production, food - grade consumption, and ending inventory [6] - **Peanut - related Figures**: Include the price of the main peanut contract, peanut spot prices in different regions, peanut spot basis, price spreads between different contracts, China's peanut production, consumption, inventory, import volume, planting net profit, and planting cost [6]

1. Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [3][6] 2. Core Viewpoints - The soybean market is experiencing significant long - short competition. The supply shortage supports prices, while high prices suppress downstream demand. In the short term, the spot and futures prices of soybeans will maintain a high - level volatile trend, and the spot price will remain firm. Attention should be paid to the progress of national soybean auctions and the arrival rhythm of imported soybeans [2] - In the peanut market, there is a stalemate between supply and demand. The price is expected to stabilize in the short term, and attention should be paid to the procurement rhythm and related dynamics of oil mills [5] 3. Summary by Related Contents Soybean Market Analysis - Futures: The closing price of the Dou - Yi 2605 contract yesterday was 4796.00 yuan/ton, a change of - 60.00 yuan/ton from the previous day, a decrease of 1.24% [1] - Spot: The spot basis of edible soybeans was A05 + 84, a change of + 60 from the previous day, an increase of 32.14%. The spot prices in Northeast China remained stable, with tight supply and strong support from the futures market. For example, the loading price of standard first - class 39% protein medium - grain tower grain in Harbin, Heilongjiang was 2.44 yuan/jin [1] Strategy - The strategy is neutral [3] Peanut Market Analysis - Futures: The closing price of the peanut 2605 contract yesterday was 8188.00 yuan/ton, a change of + 18.00 yuan/ton from the previous day, an increase of 0.22% [3] - Spot: The average spot price of peanuts was 8064.00 yuan/ton, a change of - 18.00 yuan/ton from the previous day, a decrease of 0.22%. The spot basis was PK05 - 1388.00, a change of - 18.00 from the previous day, an increase of 1.31%. The average price of general peanuts in the national market was basically stable, and the contract procurement price of oil - mill peanuts remained stable [3] Strategy - The strategy is neutral [6]

Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [3][6] Core Viewpoints - The domestic soybean market is in a critical window period where the remaining grain at the grassroots level is gradually running out and the arrival of imported soybeans is not yet concentrated. The tight supply situation continues to support the strong soybean price. The high activity and prominent premium level in recent market auctions may drive the price up slightly in the short term. However, there is still an abundant supply of soybeans in the southern producing areas. As other agricultural products are successively listed, farmers may engage in concentrated grain sales, and the downstream market has a low acceptance of high - priced soybeans [2] - The peanut market has a low overall supply of peanuts at the grassroots level in various producing areas. Processing enterprises have a cautious purchasing attitude, mostly adopting a production - as - sales model. The overall trading atmosphere in the market is dull. The contract price of oil - milled peanuts remains stable, but the actual arrival volume is average. Some large and medium - sized oil mills have not arranged for crushing, and food processing enterprises have a weak willingness to purchase. The peanut price is expected to fluctuate in the short term [4][5] Market Analysis of Soybeans Futures - The closing price of the Douyi 2605 contract yesterday was 4856.00 yuan/ton, a change of - 79.00 yuan/ton from the previous day, a decrease of 1.60% [1] Spot - The spot basis of edible soybeans is A05 + 24, a change of + 79 from the previous day, an increase of 32.14%. The spot prices of soybeans in the Northeast producing areas remained stable yesterday. The available market supply is gradually tightening, and the futures market trend has a significant supporting effect on the spot price. Specific prices in different regions are provided [1] Market Analysis of Peanuts Futures - The closing price of the peanut 2605 contract yesterday was 8170.00 yuan/ton, a change of - 54.00 yuan/ton from the previous day, a decrease of 0.66% [3] Spot - The average spot price of peanuts was 8082.00 yuan/ton, with no change from the previous day. The spot basis was PK05 - 1370.00, a change of + 54.00 from the previous day, a decrease of 3.79%. The average price of general peanuts in the national market was basically stable, and the contract purchase price of oil - milled peanuts by oil mills also remained stable [3]

Group 1: Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3][5] Group 2: Core Views - The domestic soybean spot price maintains a strong pattern. Although the downstream has a general acceptance of high prices, the rigid demand for replenishment still exists, and the market is mainly seller - dominated, so the demand does not restrict the price increase for the time being. The import of soybeans is expected to peak in April, with limited short - term supply supplementation [2] - The peanut market is generally weak. Although the willingness of farmers to sell has increased, the overall supply is still limited. Processing enterprises maintain a cautious procurement rhythm, and the market trading is light. Attention should be paid to the procurement rhythm and market entry of oil mills [3][4] Group 3: Market Analysis of Soybeans Futures - The closing price of the Dou - 1 2605 contract yesterday was 4749.00 yuan/ton, a change of - 66.00 yuan/ton from the previous day, a decrease of 1.37% [1] Spot - The spot basis of edible soybeans was A05 - 49, a change of + 66 from the previous day, an increase of 32.14% [1] - The domestic soybean spot price in the Northeast market increased by 60 yuan/ton, driven by the strong operation of the futures market, the reduction of grassroots grain reserves, and the increased replenishment demand of downstream food processing enterprises after the festival [1] - The prices of national standard first - class soybeans in different regions of Heilongjiang are as follows: in Harbin, the loading price of medium - sized tower grain with 39% protein is 2.35 yuan/jin; in Shuangyashan Baoqing, it is 2.33 yuan/jin; in Jiamusi Fujin, it is 2.35 yuan/jin; in Qiqihar Nehe, the loading price of medium - sized tower grain with 41% protein is 2.45 yuan/jin; in Heihe Nenjiang, it is 2.42 yuan/jin; in Suihua Hailun, it is 2.45 yuan/jin [1] Group 4: Market Analysis of Peanuts Futures - The closing price of the peanut 2605 contract yesterday was 7988.00 yuan/ton, a change of - 56.00 yuan/ton from the previous day, a decrease of 0.70% [3] Spot - The average spot price of peanuts was 8009.00 yuan/ton, a change of - 9.00 yuan/ton from the previous day, a decrease of 0.11%. The spot basis was PK05 - 1188.00, a change of + 56.00 from the previous day, a decrease of 4.50% [3] - The average price of general - quality peanuts in the national market was 8018 yuan/ton, a decrease of 9 yuan/ton. The prices of different types of peanuts in different regions are given, such as Henan wheat - stubble Baisha general - quality peanuts at 3.5 - 3.9 yuan/jin, 8 - sieve refined peanuts at 4.25 - 4.35 yuan/jin, etc. [3] - The average contract procurement price of oil - making peanuts by national oil mills was 7429 yuan/ton, stable, with the Shandong average at 7350 yuan/ton, stable. The quotes of national oil mills range from 7200 - 7900 yuan/ton, priced according to quality [3]

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 Douyi 2605 contract decreased by 1.30% to 4623.00 yuan/ton compared to the previous day. The spot basis increased by 32.14%. The market trading activity has not returned to normal, and the actual short - term shipment is less than expected. The upstream's reluctance to sell and the downstream's cautious attitude towards high prices have led to a stalemate. Before the downstream factories fully resume work and the substantial restocking demand starts, the soybean price is expected to remain stable [1][2] - For peanuts, the futures price of Peanut 2605 contract decreased by 0.33% to 7908.00 yuan/ton compared to the previous day. The spot price remained unchanged. The processing operations in the producing areas are gradually resuming, but the enthusiasm for shipping in the grass - roots and intermediate links is limited, and the downstream purchasing willingness is not strong. Some oil mills have started purchasing, but the overall arrival volume is small. The terminal demand is weak, and the subsequent actual purchasing rhythm of the downstream needs to be monitored [3][4] 3. Summary by Related Catalogs Soybean Market Analysis - **Futures and Spot Data**: The closing price of Douyi 2605 contract was 4623.00 yuan/ton, a decrease of 61.00 yuan/ton (-1.30%) from the previous day. The spot basis was A05 + 17, an increase of 61 (+32.14%) from the previous day [1] - **Market Information**: The Northeast soybean market is stable. After the Spring Festival price increase, the downstream purchasing willingness was not effectively stimulated. The market trading activity has not returned to normal. The prices of different regions in Heilongjiang are provided, such as 2.32 yuan/jin in Harbin, 2.25 yuan/jin in Shuangyashan Baoqing, etc. [1] Peanut Market Analysis - **Futures and Spot Data**: The closing price of Peanut 2605 contract was 7908.00 yuan/ton, a decrease of 26.00 yuan/ton (-0.33%) from the previous day. The spot average price was 8082.00 yuan/ton, unchanged from the previous day. The spot basis was PK05 - 1108.00, an increase of 26.00 (-2.29%) from the previous day [3] - **Market Information**: The national average price of common peanuts was 8082 yuan/ton, showing a weak - stable trend. Different prices for different types of peanuts in various regions are provided, such as 3.5 - 3.9 yuan/jin for Henan wheat - stubble Baisha common peanuts. The average contract purchase price of oil - making peanuts by oil mills was 7429 yuan/ton, an increase of 29 yuan/ton [3]

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]