短期供应偏紧，大豆价格震荡运行

Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [3][6] Core Viewpoints - Short - term soybean supply is tight, and prices are fluctuating. The domestic peanut price may maintain a weak and volatile pattern [1][5] Summary by Related Catalogs Soybean Market Analysis - Futures: The closing price of the soybean 2505 contract yesterday was 4298.00 yuan/ton, up 58.00 yuan/ton (+1.37%) from the previous day. Spot: The edible soybean spot basis was A05 - 138, up 22 (+32.14%) from the previous day. On Wednesday, CBOT soybean futures closed higher, with the benchmark contract up 0.5%, hitting a two - month high. On April 24, soybean prices in some regions of Heilongjiang showed different trends [2] - Domestic soybean prices rose yesterday. The increase in domestic prices was between 0.03 - 0.13 yuan/jin, mainly due to factors such as the depletion of remaining grain in the producing areas, changes in Sino - US economic and trade relations, and the expectation of tight market supply and demand. The mentality in the producing areas is divided, and the market trading is still not smooth. The follow - up needs to pay attention to policy expectations, and it is expected that the market will have intense long - short games [3] Strategy - The investment strategy is neutral [3] Peanut Market Analysis - Futures: The closing price of the peanut 2505 contract yesterday was 8246.00 yuan/ton, up 130.00 yuan/ton (+1.60%) from the previous day. Spot: The average peanut spot price was 8280.00 yuan/ton, with no change from the previous day. The spot basis was PK05 - 246.00, up 130.00 (+112.07%) from the previous day. As of April 17, 2025, the national average price of common peanuts was 8260 yuan/ton, up 0.24% from last week. The domestic peanut trading atmosphere has slightly improved this week, but prices still lack strong upward support, and the game between supply and demand continues [4] - The supply from the grassroots level remains low, and the trading rhythm is relatively gentle. It is expected that the peanut price may maintain a weak and volatile pattern [4][5] Strategy - The investment strategy is neutral [6]