大宗商品研究所 农产品研发报告 花生日报 2025 年 9 月 29 日 | 第一部分 | | | | | 数据 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | 2025/9/29 | | 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 | 7842 | 16 | 0.20% | 52 | 205.88% | 437 | 1.63% | | PK510 | 7800 | 12 | 0.15% | 1,733 | -32.46% | 1,628 | -48.72% | | PK601 | 7820 | 48 | 0.61% | 24,514 | 83.69% | 57,942 | 5.55% | | 现货与基差 | | | | | | | | | 现货 | 河南南阳 | 山东济宁 | 山东临沂 | 日照花生粕 | 日照豆粕 | 花生油 | 日照一级豆油 | | 今日报价 | 8800 | 8600 ...

花生：关注产区上量情况 尹恺宜 投资咨询从业资格号：Z0019456 yinkaiyi@gtht.com 报告导读： （1） 花生市场回顾 现货市场，花生价格平稳。截止至 9 月 25 日全国通货米均价 4.23 元/斤，周环比上涨 0.08 元/斤、 涨幅 1.15%。 河南麦茬、山东蒜茬、河北、东北等产区花生陆续上市，当前部分区域以晾晒为主， 即将 进入新米集中上市期，全国产量增加预期下，供应压力将持续释放。食品与油脂终端消费需求改善不明 显，双节临近，部分油厂计划停机休假、进行设备检修等，预计停产 8-12 天，短期需求或有所减弱。 二 〇 二 五 年 度 2025 年 9 月 28 日 期货市场，9 月 26 日当周，花生期货下跌。花生主力合约（PK2511）最高价 7858 元/吨，最低 7740 元/吨，收盘价 7798 元/吨（前一周收盘 7834 元/吨）。 （2） 花生市场展望 优质干货供应紧张为其价格提供坚实支撑，而次货偏多及需求不振则压制了整体价格的上行空间。新 花生上市进度整体偏慢，河南持续阴雨天气不仅推迟上市，更导致花生水分偏高、发霉发芽现象增多，造 成质量分化，山东、河北、东北产区 ...

新季花生涨跌互现 盘面底部震荡 181/181/181 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | 周度数据追踪 | 10 | 银河农产品 研究员：刘大勇 期货从业证号：F03107370 投资咨询证号：Z0018389 GALAXY FUTURES 1 227/82/4 228/210/172 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 花生策略推荐 ◼ 期权策略：可以尝试卖出pk511-P-7600期权策略。 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 第二章 核心逻辑分析 4 第一章 综合分析与交易策略 2 第三章 周度数据追踪 10 3 GALAXY FUTURES 68/84/105 210/1 ...

投资咨询证号： Z0018389 联系方式： 大宗商品研究所 农产品研发报告 花生日报 2025 年 9 月 18 日 | 研究员：刘大勇 | | --- | 期货从业证号： F03107370 :liudayong_qh@chinastck .c om.cn | 花生数据日报 | | | | | | | | 2025/9/18 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 7870 | 2 | 0.03% | 6 | -50.00% | 439 | 0.23% | | PK510 | | 7844 | 26 | 0.33% | 1,540 | -31.83% | 9,450 | -10.38% | | PK601 | | 7838 | 10 | 0.13% | 7,805 | -9.97% | 46,165 | 0.00% | | 现货与基差 | | | | | | ...

Report Overview - The report is a peanut daily report dated September 17, 2025, provided by the Commodity Research Institute's Agricultural Product R & D department [1][2] 1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - Recently, the prices of domestic peanuts and imported peanuts have remained stable. Although the supply is still low and downstream demand is weak, peanut prices are expected to remain relatively stable in the short - term. Peanut oil and peanut meal prices are also stable, and oil mills' theoretical profit is acceptable. The 11 - contract peanuts are starting to strengthen and will experience short - term bottom - range fluctuations. It is expected that the output of the new peanut season will be similar to last year, and with the decrease in planting costs and the partial listing of new peanuts, the 11 - contract peanuts will continue to fluctuate within a narrow range [5][11] 3. Summary by Directory 3.1 Data - **Futures Market**: PK604 closed at 7868, up 2 (0.03%), with a trading volume of 12 (up 33.33%) and an open interest of 438 (up 0.46%); PK510 closed at 7818, up 2 (0.03%), with a trading volume of 2,259 (down 56.49%) and an open interest of 10,545 (down 11.45%); PK601 closed at 7828, up 8 (0.10%), with a trading volume of 8,669 (down 54.73%) and an open interest of 46,165 (up 2.74%) [3] - **Spot Market**: In Henan Nanyang, peanuts were priced at 8600 yuan/ton (down 400 yuan/ton); in Shandong Jining and Linyi, they were 8400 yuan/ton (stable). The price of Rizhao peanut meal was 3350 yuan/ton (stable), Rizhao soybean meal was 2970 yuan/ton (down 20 yuan/ton), peanut oil was 14670 yuan/ton (stable), and Rizhao first - grade soybean oil was 8560 yuan/ton (up 30 yuan/ton). The import price of Sudanese peanuts was 8500 yuan/ton (stable) [3] - **Spread**: The PK01 - PK04 spread was - 40 (up 6); the PK04 - PK10 spread was 50 (stable); the PK10 - PK01 spread was - 10 (down 6) [3] 3.2 Market Analysis - In the Northeast, the price of 308 common peanuts in Fuyu, Jilin was 4 yuan/jin (up 0.1 yuan/jin), and in Changtu, Liaoning was 4.1 yuan/jin (down 0.05 yuan/jin). In Henan, the price of Baisha common peanuts was 4.2 - 4.35 yuan/jin (down 0.1 yuan/jin), and in Junan, Shandong was 4.1 yuan/jin (stable). The price of imported Sudanese refined peanuts was 8150 yuan/ton, and Senegalese oil peanuts were 7600 - 7800 yuan/ton (stable). Most peanut oil mills stopped purchasing today, with the pre - stop mainstream transaction price at 7300 - 7900 yuan/ton and the theoretical break - even price at 8050 yuan/ton. Domestic first - grade ordinary peanut oil was priced at 14800 yuan/ton (stable), and small - pressed fragrant peanut oil was 16500 yuan/ton (stable). Rizhao soybean meal was 2970 yuan/ton (down 10 yuan/ton), and the unit - protein spread between peanut meal and soybean meal was high, with peanut meal expected to be weak in the short - term [5][9] 3.3 Trading Strategies - **Single - side**: The 11 - contract peanuts are fluctuating at a low level. Currently, it is advisable to wait and see. After stabilization, one can try to go long on the 05 - contract peanuts [12] - **Spread**: Wait and see [13] - **Options**: Hold the short position of pk511 - P - 7600 [14] 3.4 Related Attachments - The report provides six charts, including the spot price of Shandong peanuts, peanut oil mill's profit, peanut oil price, the basis between peanut spot and continuous contracts, the spread between the 10 - 1 contracts, and the spread between the 1 - 4 contracts [16][22][25]

Group 1: Report Investment Rating - No relevant information provided Group 2: Core View - The short - term peanut prices are expected to be relatively stable due to less supply and weak downstream demand, and the new - season peanut output is expected to increase with lower planting costs. 11 - contract peanuts are in a bottom - range oscillation. The report suggests waiting for stabilization before considering long positions in 05 - contract peanuts [5][10] Group 3: Summary by Directory First Part: Data - **Futures Disk**: PK604 closed at 7866 with a 0.33% increase, trading volume decreased by 64.00%, and open interest decreased by 0.46%; PK510 closed at 7816 with a 0.20% increase, trading volume decreased by 22.44%, and open interest decreased by 16.95%; PK601 closed at 7820 with a 0.36% increase, trading volume increased by 94.40%, and open interest increased by 11.56% [3] - **Spot and Basis**: In the spot market, prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 9000, 8400, and 8400 respectively, with no change. The basis of Henan Nanyang was 1184, and that of Shandong Jining and Linyi was 584. Imported Sudanese rice was priced at 8500 with no change [3] - **Spread**: PK01 - PK04 spread was - 46 with a 2 increase; PK04 - PK10 spread was 50 with a 10 increase; PK10 - PK01 spread was - 4 with a 12 decrease [3] Second Part: Market Analysis - Peanut prices in Henan declined while those in the Northeast remained stable. Imported peanut prices were stable. Most peanut oil mills stopped purchasing today, and the prices of peanut oil and soybean oil were stable. By - product prices were also stable, but the unit - protein price difference between peanut meal and soybean meal was high, and peanut meal was expected to be weak in the short term [5][8] Third Part: Trading Strategy - **Single - side**: Wait and see for 11 - contract peanuts, and consider going long on 05 - contract peanuts after stabilization [11] - **Monthly Spread**: Wait and see [12] - **Options**: Hold the short position of pk511 - P - 7600 [13] Fourth Part: Related Attachments - The report provides six figures, including those on Shandong peanut spot prices, peanut oil mill profit, peanut oil prices, peanut spot - futures basis, and spreads between different peanut contracts [15][21][24]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The supply of peanuts is still low, and downstream demand remains weak. Peanut prices are expected to be relatively stable in the short term. The spot price of peanut oil is stable, and peanut meal has been stable recently. The theoretical profit of oil mills from pressing is acceptable. The new - season peanut production is expected to increase, and the planting cost will decrease. Peanut futures are expected to fluctuate narrowly [5][11]. Group 3: Summary by Directory 1. Data - **Futures Market**: PK604 closed at 7840, down 10 (-0.13%), with a trading volume of 25 (up 38.89%) and an open interest of 438 (down 0.45%); PK510 closed at 7800, unchanged, with a trading volume of 6,694 (down 53.37%) and an open interest of 14,338 (down 20.70%); PK601 closed at 7792, down 18 (-0.23%), with a trading volume of 9,851 (down 18.96%) and an open interest of 40,281 (up 5.39%) [3]. - **Spot Market**: In the spot market, the price of peanuts in Henan decreased, while that in the Northeast increased. The price of 308 common peanuts in Fuyu, Jilin was 3.9 yuan/jin, stable; that in Changtu, Liaoning was 4.15 yuan/jin, up 0.2 yuan/jin. The price of Baisha common peanuts in Henan was 4.3 - 4.35 yuan/jin, down 0.05 yuan/jin. The price of peanuts in Junan, Shandong was 4.1 yuan/jin, stable. The price of imported Sudan refined new peanuts was 8150 yuan/ton, and that of Senegalese oil - peanuts was 7600 - 7800 yuan/ton, stable. The price of peanut oil was stable, with domestic first - class ordinary peanut oil at 14800 yuan/ton and small - pressed fragrant peanut oil at 16500 yuan/ton. The spot price of soybean meal in Rizhao was 2980 yuan/ton, down 20 yuan/ton, and the 48 - protein peanut meal was 3260 yuan/ton [5][9]. - **Price Difference**: The PK01 - PK04 spread was - 48, down 8; the PK04 - PK10 spread was 40, down 10; the PK10 - PK01 spread was 8, up 18 [3]. 2. Market Analysis - The price of peanuts in Henan decreased, while that in the Northeast increased. It is expected that the peanut spot price will be relatively stable in the short term. Most peanut oil mills stopped purchasing today, and the mainstream transaction price before the stop was 7300 - 7900 yuan/ton, with the theoretical break - even price of oil mills at 8050 yuan/ton [5]. 3. Trading Strategy - **Single - side**: Peanut 11 is oscillating at a low level. Currently, it is advisable to wait and see. After stabilizing, one can try to go long on Peanut 05 [12]. - **Monthly Spread**: Wait and see [13]. - **Options**: Hold the short position of pk511 - P - 7600 [14]. 4. Related Attachments - The report provides six charts, including the spot price of Shandong peanuts, the pressing profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread between Peanut 10 - 1 contracts, and the spread between Peanut 1 - 4 contracts [16][22][25].

1. Report Industry Investment Rating - The short - term outlook for the peanut futures market is weak [2] 2. Core Viewpoints - In the spot market, peanut prices initially rose but then fell. The national average price of general - purpose peanuts was 4.15 yuan per catty as of September 11, down 0.07 yuan per catty week - on - week. The price increase in some areas was due to factors such as the end of spring peanut sales by farmers in some regions and the impact of rainy weather on new peanut listing. However, the subsequent increase in the supply of new peanuts from Hebei and other places and weak downstream procurement led to price declines [1]. - In the futures market, the peanut futures rose in the week of September 12. The main peanut contract (PK2511) had a high of 7,884 yuan per ton, a low of 7,750 yuan per ton, and a closing price of 7,774 yuan per ton (compared to 7,826 yuan per ton the previous week) [1]. - Looking ahead, in the spot market, the new peanuts in Henan are affected by rainfall, with water and quality issues restricting effective supply. In late September, peanuts from Hebei, Shandong, and other regions will be listed, bringing phased supply pressure. In the futures market, it is expected to be weak in the short - term, with prices likely to face pressure again when Henan's wheat - stubble peanuts and Northeast Baisha peanuts are concentratedly listed at the end of September and early October [2]. 3. Summary by Directory 3.1 Basis and Spread - The basis of Henan Baisha general - purpose peanuts and Sudan refined peanuts shows different trends over the years. The 11 - 1 spread has weakened [5][6]. - The price of new Baisha peanuts in Henan Zhumadian decreased by about 440 yuan per ton week - on - week, a decline of 5.0%. The prices of new Baisha in Henan Huangludian and new large peanuts in Henan were basically flat week - on - week. The price of old Japanese peanuts in Liaoning was basically flat week - on - week, and the new 308 peanuts in Liaoning were just launched this week without comparable prices [6]. 3.2 Price Data - The arrival volume of 6 oil - type peanut markets was about 0.77 million tons, down 4.36% week - on - week and 34.34% year - on - year. The arrival volume of 14 commercial peanut markets was about 0.4 million tons, up 8.25% week - on - week and down 5.91% year - on - year. The arrival volume of 20 domestic markets was about 1.17 million tons, down 0.38% week - on - week and 26.74% year - on - year [7]. 3.3 Supply - There are data on the arrival volume of different types of peanut markets over the years, including oil - type peanut markets, commercial peanut markets, and domestic markets, which can reflect the supply situation [7][9][13]. 3.4 Demand - The arrival volume of sample oil mills was about 0.52 million tons, up 21.38% week - on - week but down 70.04% year - on - year. The mainstream price of domestic first - grade peanut oil was 14,500 - 15,200 yuan per ton, with stable quotes but some negotiation space in actual transactions. The terminal consumption market was weak. The mainstream price of peanut meal was 3,200 - 3,300 yuan per ton, with stable quotes but negotiable actual transactions. The terminal aquaculture industry's support for raw material procurement was limited, and the overall market transaction was light. The theoretical profit of peanut processing in some domestic oil mills this week was 15.9 yuan per ton, up 100 yuan per ton from last week. The comprehensive startup rate of sample enterprises was 7.22%, the same as last week and down 2.17% from the same period last year. The peanut crushing volume of sample oil mills was about 1.28 million tons, basically the same as last week and down 23.11% year - on - year [14]. 3.5 Inventory - There are data on the peanut inventory and peanut oil inventory of sample oil mills over the years, which can reflect the inventory situation of the peanut industry [18].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The new - season peanut prices are falling, and the futures market is oscillating at the bottom. Traders can try selling the pk511 - P - 7600 option strategy, consider buying 05 peanuts at low prices, and conduct reverse arbitrage on the 10 - 1 spread when it is high [5][6]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Option Strategy**: Try selling the pk511 - P - 7600 option strategy [5]. - **Trading Logic**: Peanut trading volume has decreased. The prices of general - purpose peanuts in Henan and Northeast China have declined, while the purchase prices of oil mills are relatively strong. The price of general - purpose peanuts in Henan is around 4.3 yuan per jin. Imported peanut prices are stable, but the import volume has decreased significantly. The operating rate of oil mills has increased, the spot price of peanut meal is stable, the price of peanut oil has fallen, and the profit of oil mills from pressing has decreased. Downstream consumption remains weak. The inventory of peanut oil and peanuts in oil mills is decreasing but still at a high level. The November peanut futures are oscillating at the bottom, and the 11 - 1 spread is stable. Some new peanuts have been listed, demand is weak, the output of new - season peanuts may increase or remain flat, and the planting cost has decreased. Peanut spot prices continue to fall, and futures are oscillating at the bottom [6]. - **Strategy**: The November peanut futures are oscillating at the bottom. Consider buying 05 peanuts at low prices [6]. - **Spread Strategy**: Conduct reverse arbitrage on the 10 - 1 spread when it is high [6]. Chapter 2: Core Logic Analysis - **Peanut Price**: The purchase prices of oil mills and imported peanuts are stable, while the prices of general - purpose peanuts are falling. In Shandong, the price of large - grain peanuts in Junan is 4.1 yuan per jin, a decrease of 0.05 yuan per jin from last week; in Henan, the price of new - season peanuts in Zhengyang is 4.3 yuan per jin, a decrease of 0.05 yuan per jin from last week; in Liaoning, the price of Baisha peanuts in Changtu is 3.95 yuan per jin, a decrease of 0.05 yuan per jin from last week; in Jilin, the price of Baisha peanuts in Fuyu is 3.9 yuan per jin, remaining stable from last week. The general - purpose peanut market has average trading volume, and prices are falling. Most oil mills have stopped purchasing, and the basic purchase price is between 7300 - 7800 yuan per ton, remaining stable from last week. The price of Sudanese old peanuts is 8150 yuan per ton, new peanuts are 8500 yuan per ton, and Senegalese oil - used peanuts are 7600 - 7800 yuan per ton, remaining stable from last week [9][11]. - **Domestic Demand**: The operating rate of oil mills has increased, and peanut inventory has decreased. As of September 11, the operating rate of peanut oil mills this week is 9.47%, a month - on - month increase of 4.21%. The arrival volume of oil mills has increased. The peanut inventory in oil mills is 65,600 tons, a decrease of 7100 tons from last week, and the peanut oil inventory is 37,000 tons, a decrease of 100 tons from last week [13][15]. - **Pressing Profit**: The purchase price of peanuts by oil mills is stable, the price of peanut oil has fallen, and the pressing profit has decreased. The pressing profit of peanut oil mills is 135 yuan per ton, a month - on - month decrease of 58 yuan per ton. The average price of first - grade peanut oil is 14,700 yuan per ton, a decrease of 100 yuan per ton from last week, and the price of small - pressed fragrant peanut oil is 16,500 yuan per ton, a decrease of 200 yuan per ton from last week. 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 relatively strong, remaining stable at 3260 yuan per ton this week [17][19]. - **Basis and Spread**: Adopt a wait - and - see approach. This week, the November peanut futures are oscillating at the bottom, and the 11 - 1 spread is stable at around - 30 yuan. The basis between spot and futures has fallen [21][24]. - **Peanut Import**: The import volume of peanuts has decreased significantly. In July, the import volume of peanut kernels was 9500 tons, and from January to July, the cumulative import volume was 103,000 tons, a 77% decrease compared to the same period last year. In July, the export volume of peanut kernels was 9000 tons, and from January to July, the cumulative export volume was 95,000 tons, a 27% increase compared to the same period last year. In July, the import volume of peanut oil was 42,000 tons, and from January to July, the cumulative import volume of peanut oil was 223,000 tons, a 40% increase compared to the same period last year [27][29]. Chapter 3: Weekly Data Tracking - **Peanut Price**: Charts show the historical price trends of Shandong general - purpose peanut kernels, oil mill procurement prices, and the basis between Shandong spot and continuous contracts [33][34]. - **Basis and Spread**: Charts show the historical trends of the 1 - 4 spread, 4 - 10 spread, and 10 - 1 spread of peanuts [38][39]. - **Peanut Import and Export**: Charts and data show the cumulative import volume of Chinese peanuts, cumulative export volume of peanut kernels, and the import volume of peanut oil, including the import volume from different countries and regions and the import price [41][59]. - **Pressing Profit**: Charts show the historical trends of the pressing profit of peanut oil mills, the price difference between peanut meal and soybean meal, and the price of peanut oil in Shandong [44][45]. - **Downstream**: Charts show the operating rate of pressing plants, peanut pressing volume, and peanut oil inventory in oil mills [51][52]. - **Peanut Oil Import**: Charts and data show the import price of peanut oil and the monthly cumulative import volume of Chinese peanut oil, as well as the import volume from different countries and regions [57][59]. - **Price Difference**: Charts show the price differences between peanut oil and soybean oil, sunflower oil, and rapeseed oil, as well as the price difference between peanut meal and soybean meal [61][65].

Group 1: Report General Information - Report Title: Peanut Daily Report [2] - Report Date: September 11, 2025 [2][3] - Researcher: Liu Dayong [2] - Researcher's Futures Practitioner Certificate Number: F03107370 [2] - Researcher's Investment Consulting Certificate Number: Z0018389 [2] Group 2: Data Futures Disk | Futures | Closing Price | Change | Change Rate | Trading Volume | Increase/Decrease Rate | Open Interest | Increase/Decrease Rate | | --- | --- | --- | --- | --- | --- | --- | --- | | PK604 | 7868 | -10 | -0.13% | 18 | 500.00% | 435 | 0.93% | | PK510 | 7894 | 18 | 0.23% | 7,767 | 8.34% | 25,643 | -7.08% | | PK601 | 7824 | -22 | -0.28% | 6,322 | -16.91% | 36,770 | 1.19% | [3] Spot and Basis | Spot | Henan Nanyang | Shandong Jining | Shandong Linyi | Rizhao Peanut Meal | Rizhao Soybean Meal | Peanut Oil | Rizhao First - Grade Soybean Oil | | --- | --- | --- | --- | --- | --- | --- | --- | | Today's Quote | 9000 | 8400 | 8400 | 3350 | 2990 | 14780 | 8410 | | Change | 0 | 0 | 0 | 0 | 0 | 0 | -30 | | Basis | 1106 | 506 | 506 | Soybean Meal - Peanut Meal | 0 | Peanut Oil - Soybean Oil | 6370 | [3] Import Price - Sudanese Rice: 8500 yuan/ton, no change - Senegalese Rice: Information incomplete, 0 change [3] Spread | Peanut Inter - period | Spread | Change | Peanut Inter - period | Spread | Change | Peanut Inter - period | Spread | Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | PK01 - PK04 | -44 | -12 | PK04 - PK10 | -26 | -28 | PK10 - PK01 | 70 | 40 | [3] Group 3: Market Analysis - Peanut prices in Henan and Northeast China have declined. In the Northeast, Jilin Fuyu 308 common peanuts are 3.9 yuan/jin, stable; Liaoning Changtu is 3.95 yuan/jin, down 0.05 yuan/jin. In Henan, Baisha common peanuts are 4.3 - 4.4 yuan/jin, down 0.1 yuan/jin; Shandong Junan is 4.1 yuan/jin, down 0.1 yuan/jin. Imported Sudanese refined new rice is 8150 yuan/ton, Senegalese oil - used peanuts are 7600 - 7700 yuan/ton, stable. Peanut spot is expected to be relatively weak in the short term [5] - Most peanut oil mills have stopped purchasing. Before stopping, the mainstream transaction price was 7300 - 7900 yuan/ton, and the theoretical break - even price of oil mills is 8050 yuan/ton. Soybean oil and peanut oil prices are stable, with domestic first - grade ordinary peanut oil at 14800 yuan/ton and small - pressed fragrant peanut oil at 16500 yuan/ton [5][8] - By - products: Rizhao soybean meal spot is weak, at 2980 yuan/ton, stable. The unit protein price difference between peanut meal and soybean meal is high, and peanut meal is weak in the short term, with 48 - protein peanut meal at 3260 yuan/ton [8] Group 4: Trading Strategy - Unilateral: Peanut 11 is oscillating at a low level. Currently, it is advisable to wait and see. Those looking to bottom - fish can try Peanut 05 [11] - Monthly Spread: Wait and see [12] - Options: Hold the short position of pk511 - P - 7600 [13] Group 5: Related Attachments - Figure 1: Shandong Peanut Spot Price (yuan/ton) - Figure 2: Peanut Oil Mill Pressing Profit (yuan/ton) - Figure 3: Peanut Oil Price (yuan/ton) - Figure 4: Basis between Peanut Spot and Continuous Contracts (yuan/ton) - Figure 5: Spread between Peanut 10 - 1 Contracts (yuan/ton) - Figure 6: Spread between Peanut 1 - 4 Contracts (yuan/ton) [15][21][24]