Group 1: Report Overview - The report is a peanut daily report dated August 21, 2025, from the Commodity Research Institute's Agricultural Products R & D Report [1][2] Group 2: Investment Ratings - No report industry investment rating is provided in the given content Group 3: Core Views - The peanut price is expected to be relatively weak in the short - term due to low supply and weak downstream demand. 10 - peanut will have a narrow - range bottom - shock. It is recommended to wait for a rebound and then take short positions. For the month - spread, it is advised to wait and see, and hold the sold pk510 - C - 8400 option [9][10][12] Group 4: Summary by Directory First Part: Data - **Futures盘面**: PK604 closed at 7888 with a decrease of 6 (-0.08%), trading volume of 1 (-99.17%), and an open interest of 344 (-0.29%); PK510 closed at 7974 with a decrease of 30 (-0.38%), trading volume of 16,202 (-12.26%), and an open interest of 64,180 (-4.44%); PK601 closed at 7890 with an increase of 8 (0.10%), trading volume of 6,011 (4.98%), and an open interest of 27,307 (7.16%) [2] - **Spot and Basis**: The spot prices in Henan Nanyang and Shandong Jining and Linyi were 9200, 8400, and 8400 respectively. The price of Rizhao peanut meal was 3350, Rizhao soybean meal was 3020, peanut oil was 15000, and Rizhao first - grade soybean oil was 8480. The basis of Henan Nanyang was 1226, and that of Shandong Jining and Linyi was 426. The difference between peanut oil and soybean oil was 6520. The import price of Sudanese peanuts was 8250 [2] - **Spreads**: PK01 - PK04 spread was 2 with an increase of 14; PK04 - PK10 spread was - 86 with an increase of 24; PK10 - PK01 spread was 84 with a decrease of 38 [2] Second Part: Market Analysis - **Peanut Price**: Peanut prices in Henan increased, while those in the Northeast remained stable. The expected short - term peanut spot price is relatively strong. Most peanut oil mills stopped purchasing, with the mainstream transaction price at 7650 - 7700 yuan/ton and the theoretical cost - price at 8110 yuan/ton [4] - **By - products**: The spot price of Rizhao soybean meal increased by 10 yuan/ton to 3030 yuan/ton. The unit - protein price difference between peanut meal and soybean meal is high, and the short - term peanut meal price is weak, with the 48 - protein peanut meal quoted at 3260 yuan/ton [5][8] - **Overall Market**: Recently, the purchase price of oil mills, domestic peanut prices, and imported peanut prices have remained stable. The supply is still low, and the downstream demand is weak. The peanut price is relatively weak in the short - term. Peanut oil and peanut meal prices are stable, and the oil mill's theoretical profit is acceptable [9] Third Part: Trading Strategies - **Single - side**: Wait and see for the 10 - peanut's low - level shock, and mainly take short positions after a rebound [10] - **Month - spread**: Wait and see [11] - **Options**: Hold the sold pk510 - C - 8400 option [12] Fourth Part: Related Attachments - There are six charts including Shandong peanut spot price, peanut oil mill's pressing profit, peanut oil price, peanut spot and continuous contract basis, peanut 10 - 1 contract spread, and peanut 1 - 4 contract spread [14][20][24]

一五年 2025 年 8 月 17 日 关注新花生 - 一 投资咨询从业资格号:Z0019456 yinkaiyi@gtht.com (1) 花生市场回顾 2 现货市场,花生价格下跌。截止至 2025年8月14日,全国通货米均价为 8400元/吨,较上周价格 下跌 1.18%。本周花生市场呈弱稳震荡态势,花生现货整体成交氛围清淡,目前处于新陈花生交替的关键 阶段,各方主体普遍持观望态度,价格波动有限,整体需求的持续疲软,贸易商以刚需补库为主。预计花 生价格或维持震荡弱稳格局。 期货市场,8月15日当周,花生期货下跌。花生主力合约(PK2511)最高价8020元/吨,最低 7818元/吨,收盘价 7822元/吨(前一周收盘 7952元/吨）。 花生市场展望 (2) 8 月中下旬豫南豫北春花生陆续上市,9月初蒜、麦茬花生也将陆续进入上市期,供应呈现逐步增 加,新陈李交替供需呈现弱平衡趋势。新李花生价差较大,新李价格向陈李花生靠拢。陈李花生因中间商 清库心理意愿增加导致议价空间加大,价格呈现微幅偏弱,新陈花生价格相互制约影响,内贸市场需求方 采购谨慎,多以小车按需补货流转为主,闰月导致中秋节食品厂及榨油备货需求延后 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The trading volume of peanuts has decreased. The price of general peanuts in Henan is stable, while in the Northeast it is weak. The purchase price of oil mills is stable. The price of imported peanuts is stable, but the import volume has significantly decreased. The operating rate of oil mills has slightly increased, the spot price of peanut meal is strong, and the price of peanut oil is stable. The profit of oil mill pressing has slightly increased. Downstream consumption remains weak. The inventory of peanut oil in oil mills has decreased, and the peanut inventory has also declined but remains at a high level. This week, the price of October peanuts fluctuated at the bottom after rising and then falling due to the influence of oils and fats. The spread between October and January contracts is stable. Some spring peanuts have been listed, but the demand is weak. The planting area of new - crop peanuts has increased, and the planting cost has decreased. The spot price of peanuts continues to fall, and the futures price fluctuates at the bottom [6]. - Recommended strategies include trying the option strategy of selling pk510 - C - 8400, establishing short positions for October peanuts above 8200, and conducting reverse arbitrage for the October - January spread when it is high [5][6]. 3. Summary According to Relevant Catalogs Chapter 1: Comprehensive Analysis and Trading Strategies - Option strategy: Try selling the pk510 - C - 8400 option strategy [5]. - Futures strategy: Establish short positions for October peanuts above 8200, and conduct reverse arbitrage for the October - January spread when it is high [6]. Chapter 2: Core Logic Analysis - **Peanut Price**: The purchase price of oil mills is stable, the price of imported peanuts is stable, and the price of general peanuts has declined. In domestic markets, the price of peanuts in Henan is stable, while in the Northeast it has fallen. The general peanut trading is average, and the price has dropped. The basic purchase price of oil mills is between 7500 - 7650 yuan/ton, remaining stable compared to last week. The price of Sudanese peanuts is 8300 yuan/ton, also stable compared to last week [9][11]. - **Domestic Demand**: The operating rate of oil mills has slightly increased. As of August 15th, the weekly operating rate of peanut oil mills is 5.26%, a 0.15% increase from the previous week. The arrival volume of oil mills is 0.02 million tons, a decrease. The peanut inventory in oil mills is 89,500 tons, a decrease of 7000 tons from last week. The peanut oil inventory is 39,000 tons, a decrease of 100 tons from last week [15]. - **Pressing Profit**: The purchase price of peanuts by oil mills is stable, the price of peanut meal has slightly increased, and the price of peanut oil is stable. The pressing profit of oil mills is 124 yuan/ton, a 6 - yuan increase from last week. The average price of first - grade peanut oil is 14,900 yuan/ton, remaining stable compared to last week. The price of small - pressed fragrant peanut oil is 16,800 yuan/ton, also stable. Due to the strong spot price of soybean meal, the price difference between peanut meal and soybean meal is low, and the price of peanut meal is strong, reaching 3270 yuan/ton this week, a 10 - yuan increase from last week [19]. - **Basis and Spread**: The spread between October and January peanuts is stable at around 140 yuan. The spot - futures price difference has declined. It is recommended to mainly adopt a wait - and - see approach [24]. - **Peanut Import**: In June, the import volume of peanut kernels was 27,000 tons, and from January to June, the cumulative import volume was 94,000 tons, a 76% decrease compared to the same period last year. In June, the export volume of peanut kernels was 1000 tons, and from January to June, the cumulative export volume was 78,000 tons, a 30% increase compared to the same period last year. In June, the import volume of peanut oil was 39,000 tons, and from January to June, the cumulative import volume was 182,000 tons, a 33% increase compared to last year [29]. Chapter 3: Weekly Data Tracking - **Peanut Price**: Charts show the historical price trends of Shandong general peanut kernels, the purchase price of oil mills, and the basis between Shandong spot and continuous contracts [10]. - **Domestic Demand**: Charts display the historical operating rate of peanut oil mills, the peanut kernel inventory, and the pressing volume of oil mills [14]. - **Pressing Profit**: Charts present the historical pressing profit of oil mills, the price difference between peanut meal and soybean meal, and the price of Shandong peanut oil [18]. - **Basis and Spread**: Charts show the historical basis between Shandong peanuts and continuous contracts, and the spread trends between January - April, April - October, and October - January contracts [23][39]. - **Peanut Import**: Charts and data illustrate the historical import and export volumes of peanut kernels and peanut oil, as well as the year - on - year changes in cumulative import volumes [28][42]. - **Downstream**: Charts display the historical operating rate of pressing plants, the peanut pressing volume, and the peanut oil inventory in oil mills [52]. - **Peanut Oil Import**: Charts and data show the historical import price and cumulative import volume of peanut oil, and the import volume of peanut oil from different countries [56][59]. - **Price Differences**: Charts present the historical price differences between soybean meal and peanut meal, peanut oil and soybean oil, peanut oil and sunflower oil, and peanut oil and rapeseed oil [61][66].

大宗商品研究所 农产品研发报告 花生日报 2025 年 8 月 13 日 | 期货从业证号： | | | | 第一部分 | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | F03107370 | | | | 花生数据日报 | | | | 2025/8/13 | | 投资咨询证号： | 期货盘面 | | | | | | | | | Z0018389 | 期货 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | | PK604 | 8028 | 68 | 0.85% | 72 | 453.85% | 266 | 3.50% | | 联系方式： | PK510 | 8116 | 36 | 0.44% | 64,408 | 124.98% | 89,499 | -6.47% | | :liudayong_qh@chinastck .c | PK601 | 8002 | 32 | 0.40% | 13,847 | 350.60% | 20,362 | 16.05% | | om.cn | 现 ...

投资咨询证号： Z0018389 大宗商品研究所 农产品研发报告 花生日报 2025 年 8 月 11 日 | 研究员：刘大勇 | | --- | 期货从业证号： F03107370 联系方式： :liudayong_qh@chinastck .c om.cn | 花生数据日报 | | | | | | | | 2025/8/11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | PK604 | | 7960 | -10 | -0.13% | 24 | 26.32% | 252 | 6.33% | | PK510 | | 8074 | -24 | -0.30% | 34,942 | 3.59% | 98,959 | -0.27% | | PK601 | | 7948 | -10 | -0.13% | 3,815 | 76.70% | 16,339 | 8.21% | | 现货与基差 | | | ...

Group 1: Report's Investment Rating - No information provided Group 2: Core Viewpoints - The trading volume of peanuts has decreased, the price of general peanuts has continued to decline, and the purchase price of oil mills has remained stable. The downstream consumption is still weak, and the futures price is oscillating at the bottom. It is recommended to establish short positions above 8300 for October peanuts, try the option strategy of selling pk510 - C - 8400, and conduct reverse arbitrage for the 10 - 1 spread when it is high [5][6]. Group 3: Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - Option strategy: Try selling the pk510 - C - 8400 option strategy [5]. - Trading logic: Decreased peanut trading volume, falling general peanut prices, stable oil mill purchase prices, weak downstream consumption, and oscillating futures prices at the bottom [6]. - Strategy: Establish short positions above 8300 for October peanuts [6]. - Spread strategy: Conduct reverse arbitrage for the 10 - 1 spread when it is high [6]. Chapter 2: Core Logic Analysis - Peanut price: The price of general peanuts has declined, with the price of Henan peanuts dropping. The purchase price of oil mills and the price of imported peanuts have remained stable. Shandong Junan large peanuts are at 4.1 yuan/jin, Henan Zhengyang new - season peanuts are at 4.25 yuan/jin (down 0.1 yuan/jin from last week), Liaoning Changtu Baisha is at 4.2 yuan/jin (down 0.1 yuan/jin from last week), and Jilin Fuyu Baisha is at 4.2 yuan/jin (down 0.1 yuan/jin from last week). The price of Sudanese peanuts is 8300 yuan/ton, remaining stable. The oil mill's basic purchase price is between 7500 - 7650 yuan/ton, remaining stable [9][11]. - Domestic demand: The operating rate of oil mills has slightly increased. As of August 7, the operating rate of peanut oil mills this week is 5.11%, a 0.8% increase from the previous week. The inventory of oil mills has decreased, with the arrival volume this week at 0.08 million tons, an increase. The peanut inventory of oil mills is 96,300 tons, a decrease of 6000 tons from last week, and the peanut oil inventory is 39,000 tons, a decrease of 100 tons from last week [13][15]. - Pressing profit: The purchase price of peanuts and the price of peanut oil are stable, but the pressing profit has slightly decreased. The pressing profit of peanut oil mills is 119 yuan/ton, a decrease of 18 yuan/ton from last week. The average price of first - grade peanut oil is 14,900 yuan/ton, a decrease of 50 yuan/ton from last week, and the price of small - squeezed concentrated fragrant oil is 16,800 yuan/ton, a decrease of 50 yuan/ton from last week. The price of peanut meal is strong, at 3260 yuan/ton this week, an increase of 10 yuan/ton from last week [17][19]. - Basis and spread: It is advisable to wait and see. This week, the October - January spread of peanuts has remained stable at around 140 yuan, and the spot - futures price difference has declined [21][24]. - Peanut imports: In June, the import of peanut kernels was 27,000 tons, and from January to June, the cumulative import was 94,000 tons, a 76% decrease compared to the same period last year. The export of peanut kernels in June was 1000 tons, and from January to June, the cumulative export was 78,000 tons, a 30% increase compared to the same period last year. The import of peanut oil in June was 39,000 tons, and from January to June, the cumulative import of peanut oil was 182,000 tons, a 33% increase compared to last year [27][29]. Chapter 3: Weekly Data Tracking - Peanut price: Charts show the historical prices of Shandong general peanut kernels, oil mill purchase prices, and the basis between Shandong spot and continuous contracts [10]. - Basis and spread: Charts show the historical trends of the 1 - 4 spread, 4 - 10 spread, and 10 - 1 spread of peanuts [39]. - Peanut imports and exports: Charts show the historical import and export volumes of peanut kernels and peanut oil, as well as the cumulative import volume and price of peanut oil [28][56]. - Pressing profit: Charts show the historical pressing profit of peanut oil mills, the price difference between peanut meal and soybean meal, and the price of Shandong peanut oil [18]. - Downstream data: Charts show the historical operating rate of pressing plants, peanut pressing volume, and peanut oil inventory of oil mills [51].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - New peanuts are about to be listed, and the price of peanuts has been continuously adjusted weakly this month. The new peanuts in Jiangxi and other places are listed in small quantities, and the procurement of new rice in the wholesale market is limited. The off - season procurement enthusiasm is low, and the support is insufficient. The drought in some areas may affect the growth of spring peanuts. The oil mills' purchase of oil peanuts is mostly suspended, the start - up rate is low, and the price of peanut oil is weakly adjusted. The enterprise start - up rate of peanut meal is low, and the downstream procurement is not active [6]. - The planting area of new - season peanuts has increased slightly, and the total output is expected to remain high. After the small amount of new peanuts are listed, the price has weakened. The short - term market price is likely to continue the weak trend. In the short term, the spot price is likely to fluctuate weakly, and the medium - term trend depends on weather and market demand. For futures, the peanut weighted index has been oscillating for nearly a year. Given the continuous increase in planting area and unchanged demand, the short - term price is likely to oscillate weakly, and the medium - term focus is on whether the price will decline rapidly. Trend traders can try an insurance strategy, and short - term traders can go short at high prices [7]. 3. Summary by Directory 3.1 Main Viewpoints - The planting area of new - season peanuts increases slightly, and the total output is expected to be high. The new peanuts in Jiangxi are listed in small quantities, and the price weakens after a small increase in supply. The short - term market price is likely to continue to decline. The spot price is likely to oscillate weakly in the short term, and the medium - term trend depends on weather and demand. Futures are likely to oscillate weakly in the short term, and the medium - term focus is on the downward trend. Trend traders can use an insurance strategy, and short - term traders can go short at high prices [7]. 3.2 Market Review - **Overall Situation**: The peanut weighted index has been oscillating and declining this month, while the oil and fat sector has been oscillating and rising. Since September 2024, the peanut weighted index has been oscillating, and the price continued to fall this month with increased trading volume and a reduced decline, indicating some support at the lower limit of the range. The oil and fat sector is stronger than peanuts, and attention should be paid to its callback volume and price [8][10]. - **2510 Contract**: The price of the 2510 contract has been oscillating downward this month, with a rapid decline after rising. There is some buying support at around 8100, but whether the price can strengthen in the short term depends on the follow - up of buying [13]. 3.3 Fundamental Analysis - **Oil Mill Inventory and Start - up Rate**: The end - of - month inventory of peanut oil is 39,090 tons, a decrease of 510 tons from the previous month. The start - up rate of oil mills is 4.32%, a decrease of about 2.52% from the previous month [16]. - **Peanut Commodity Price (Baisha)**: The Baisha peanut price has been continuously weakening this month as the old peanut inventory is being consumed and the bargaining space has increased [19]. - **Peanut Oil Price Trend**: The average price of first - class ordinary peanut oil in the main producing areas this month is 15,000 yuan/ton, basically the same as last month [23]. - **Peanut Meal Price Trend**: The peanut meal price has been oscillating narrowly this month, while rapeseed meal and soybean meal have been oscillating upward [27]. - **Imported Peanut Quantity and Price**: The cold - storage new refined peanuts imported from Sudan are quoted at 8,600 - 8,700 yuan/ton with almost no stock. The Senegalese oil peanuts are quoted at 7,800 yuan/ton, with good quality at 8,000 yuan/ton and refined peanuts at 8,500 yuan/ton, and the trading volume is small. There will be few subsequent arrivals of African peanuts [31]. - **Market Price Index Compared with Last Month**: In the wholesale market, the overall peanut price is mainly negotiated, and the overall transaction price is relatively stable [33]. 3.4 Spread Tracking - The report provides the data source for the basis spread of peanuts - Baisha but does not elaborate on the specific spread situation [35][37]

Group 1: Report General Information - Report Type: Peanut Daily Report [2] - Date: August 4, 2025 [2][3] Group 2: Market Data Futures Market - PK604: Closing price 7954, down 2 (-0.03%); Volume 14, up 27.27%; Open interest 228, up 1.79% [3] - PK510: Closing price 8084, down 10 (-0.12%); Volume 34,124, up 19.70%; Open interest 98,881, down 0.58% [3] - PK601: Closing price 7948, up 6 (0.08%); Volume 2,450, up 8.17%; Open interest 13,173, up 5.87% [3] Spot Market and Basis - Spot prices: Henan Nanyang 9000, Shandong Jining 8400, Shandong Linyi 8400, Rizhao peanut meal 3300, Rizhao soybean meal 2920, peanut oil 15000, Rizhao first - grade soybean oil 8330 [3] - Price changes: Henan Nanyang 0, Shandong Jining 0, Shandong Linyi 0, Rizhao peanut meal 0, Rizhao soybean meal 20, peanut oil 0, Rizhao first - grade soybean oil 40 [3] - Basis: Henan Nanyang 916, Shandong Jining 316, Shandong Linyi 316, soybean meal - peanut meal 1, peanut oil - soybean oil 6670 [3] Import Prices - Sudanese peanuts: 8250, unchanged [3] Spreads - PK01 - PK04 spread: - 6, up 8; PK04 - PK10 spread: - 130, up 8; PK10 - PK01 spread: 136, down 16 [3] Group 3: Market Analysis - Peanut prices: Henan prices fell, Northeast prices dropped. Northeast Jilin Fuyu 308 general peanuts at 4.25 yuan/jin, down 0.05 yuan/jin; Liaoning Changtu 4.25 yuan/jin, down 0.05 yuan/jin; Henan Baisha general peanuts at 4.25 - 4.35 yuan/jin, down 0.05 yuan/jin; Shandong Junan 4.1 yuan/jin, stable. Imported Sudanese refined peanuts at 8300 yuan/ton, stable [5] - Peanut oil: Most peanut oil mills stopped purchasing. Mainstream transaction price at 7650 - 7700 yuan/ton, theoretical break - even price for mills at 8110 yuan/ton. Domestic first - grade ordinary peanut oil at 15000 yuan/ton, stable; small - squeezed fragrant peanut oil at 17000 yuan/ton, stable [5] - By - products: Rizhao soybean meal stable at 2890 yuan/ton. Peanut meal - soybean meal unit protein spread is high, short - term peanut meal is weak, 48 - protein peanut meal at 3250 yuan/ton [8] Group 4: Trading Strategies - Unilateral: Short - sell PK510 after a rebound as it is in a low - level oscillation [10][11] - Spread: Wait and see [12] - Options: Sell pk510 - C - 8800 [13] Group 5: Related Attachments - Figures include Shandong peanut spot prices, peanut oil mill profit, peanut oil prices, peanut spot - futures basis, peanut 10 - 1 contract spread, and peanut 1 - 4 contract spread [15][22][23]

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints - The supply of peanuts remains tight, but downstream demand is still weak, so short - term peanut prices are relatively weak. Peanut oil spot prices are stable, and peanut meal prices have been stable recently. Oil mills' theoretical profit from peanut pressing is acceptable. Peanut 10 futures are expected to have a narrow - range oscillation due to factors such as expected increase in planting area and decrease in planting cost [5][9]. 3. Summary by Directory 3.1 First Part: Data - **Futures Disk**: PK604 closed at 8048, down 6 (-0.07%), with a trading volume of 29 (down 70.41%) and an open interest of 212 (up 1.44%); PK510 closed at 8102, down 40 (-0.49%), with a trading volume of 70,017 (down 41.26%) and an open interest of 102,299 (up 0.63%); PK601 closed at 8026, down 22 (-0.27%), with a trading volume of 3,631 (down 38.56%) and an open interest of 11,382 (up 4.14%) [3]. - **Spot and Basis**: Henan Nanyang peanut spot price was 9000, Shandong Jining and Linyi were 8400, all unchanged. The price of Rizhao peanut meal was 3300, Rizhao soybean meal was 2850, peanut oil was 15000, and Rizhao first - grade soybean oil was 8260 (up 20). The basis of Henan Nanyang peanuts was 898, Shandong Jining and Linyi were 298, and the basis of peanut oil - soybean oil was 6740. The import price of Sudanese peanuts was 8250, unchanged [3]. - **Spreads**: The spread of PK01 - PK04 was - 22 (down 16), PK04 - PK10 was - 54 (up 34), and PK10 - PK01 was 76 (down 18) [3]. 3.2 Second Part: Market Analysis - Peanut prices in Henan and Northeast China were stable. Northeast Jilin Fuyu 308 general peanuts were 4.4 yuan/jin, Liaoning Changtu was 4.4 yuan/jin, Henan's Baisha general peanuts were 4.4 - 4.45 yuan/jin, Shandong Junan was 4.1 yuan/jin, and imported Sudan refined peanuts were 8300 yuan/ton, all unchanged. Most peanut oil mills stopped purchasing, with the mainstream transaction price at 7650 - 7700 yuan/ton, and the theoretical cost - break price of oil mills was 8110 yuan/ton. Peanut oil and soybean oil prices were stable, with domestic first - grade ordinary peanut oil at 15000 yuan/ton and small - pressed fragrant peanut oil at 17000 yuan/ton [5]. - Rizhao soybean meal spot price was weak, at 2840 yuan/ton (down 10 yuan/ton). The unit - protein price difference between peanut meal and soybean meal was high, and short - term peanut meal was weak, with 48 - protein peanut meal at 3250 yuan/ton [8]. 3.3 Third Part: Trading Strategies - **Unilateral**: Peanut 10 futures are in a low - level oscillation, and short - term investors should wait and see [10]. - **Calendar Spread**: Wait and see [11]. - **Options**: Sell pk510 - C - 8800 [12]. 3.4 Fourth Part: Related Attachments - There are six related figures, including Shandong peanut spot price, peanut oil mill pressing profit, peanut oil price, peanut spot and continuous contract basis, peanut 10 - 1 contract spread, and peanut 1 - 4 contract spread [14][21][22].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - New peanuts are about to hit the market, and peanut prices are oscillating weakly. The overall peanut prices this week showed a weak adjustment. With the drought in Henan's production area alleviating, traders are accelerating inventory clearance, and there is a strong willingness to clear out lower - quality supplies. The demand side remains weak, with sluggish transactions in the domestic market and strong wait - and - see sentiment among demanders. The short - term downward trend in market price transactions may continue. In the short term, the spot price is likely to remain oscillating weakly, and the long - term market mainly depends on the impact of weather on the growth of new - season peanuts and whether there is a significant improvement in market demand. For futures, the peanut weighted index has been oscillating in the range of 7800 - 8400 for nearly a year. Given the continuous growth of peanut planting area in the past two years and no obvious change in the demand side, the short - term price trend is more likely to oscillate weakly within the range. Trend traders can construct an insurance strategy by combining long futures contracts and buying out - of - the - money put options with a strike price 2 - 3 levels lower. Band traders can buy at the lower end of the range and sell at the upper end, but should pay attention to position management [7]. Summary by Relevant Catalogs 1. Main Viewpoints - New peanuts are about to be launched, and the short - term spot price is likely to oscillate weakly. The long - term market depends on weather and demand. Futures prices are expected to oscillate weakly in the short term. Suggestions for different types of traders are provided [7]. 2. Market Review 2.1 Peanut and Oilseed Sector - The peanut weighted index maintains a narrow - range oscillation, with the buying and selling sides in a relatively balanced state, waiting for the price to break through the small - range. The oilseed sector has encountered some pressure at the upper end of the range, and the key is to see if there is follow - up selling [9][10]. 2.2 Peanut 2510 Contract - Last week, the price of the 2510 contract rose to near the upper end of the range, and then the buying power weakened. This week, the price回调 to near the lower end of the range, showing a short - term weak oscillation pattern [14]. 3. Fundamental Analysis 3.1 Oil Mill Inventory and Operating Rate - The weekly inventory of peanut oil is 39,160 tons, a decrease of 60 tons from the previous month. The operating rate of oil mills is 4.29%, a decrease of about 0.34% compared to last week [17]. 3.2 Peanut Commodity Price (Baisha) - The drought in Henan has eased, and the upcoming launch of new peanuts has accelerated the clearance of lower - quality supplies. The short - term downward trend in market price transactions may continue [20]. 3.3 Peanut Oil Price Trend - The average price of first - grade ordinary peanut oil in the main production areas this week is 15,000 yuan/ton, basically unchanged from last week [24]. 3.4 Peanut Meal Price Trend - The prices of rapeseed meal and soybean meal have fallen back after hitting resistance at the upper end of the range, while the peanut meal price maintains an oscillating pattern [28]. 3.5 Imported Peanuts - The new - crop Sudanese imported refined peanuts are priced at about 8600 - 8700 yuan/ton, and the old - crop at about 8500 yuan/ton, with a slightly weakening price and low inventory and few transactions. Senegalese oil peanuts are priced at about 7800 yuan/ton, and refined peanuts at about 8500 - 8600 yuan/ton, with weak prices and few transactions. African supplies will have few subsequent arrivals. Brazilian high - oleic peanuts of 34/38 specification are priced at 12,000 yuan/ton, and 38/42 specification at 11,500 yuan/ton, with average sales [32]. 3.6 Market Price Index Compared to Last Month - The prices in some domestic markets are slightly weak, with low arrival volumes. Traders mainly consume their previous inventories, and the terminal market sales are slow [35]. 4. Spread Tracking 4.1 Basis Spread - Not elaborated further in the provided content, only the basis chart and data source are given [37][38]