Zhongtai Futures: Domestic commodity markets saw varied performance on Tuesday, with peanuts showing resilience amidst broader declines. The main 10 contract opened at 8,980 yuan/ton, reaching a low of 8,918 yuan/ton before closing at 8,966 yuan/ton. Spot prices for peanuts continued to climb, notably in northeastern production areas. Recent heavy rainfall in Henan, though tapering off, may see resurgence with the potential landfall of Typhoon “Gemi,” as predicted by the Central Meteorological Observatory. This weather event could impact yields and delay new crop listings, alleviating pressure on farmers amid stagnant demand.
Ruida Futures: Planting season for peanuts is underway amid concentrated rainfall, potentially affecting output and timing of market entry. Decreased port arrivals contrast with surplus at grassroots levels, dampening price rebounds. In the off-season for oils and fats, sluggish demand persists, further limiting market activity. With soybean meal inventories rising, pressures on peanut meal demand remain unchanged. Overall, adequate supply conditions prevail, with no immediate catalysts for upward price movement in sight.
Founder Futures: Anticipated growth in new peanut planting area signals a 10.36% year-on-year increase, influenced by recent precipitation in southern Henan and parts of Shandong. Imported peanut arrivals are expected to remain subdued, bolstering current price levels amid supply concerns and higher production costs. Weather impacts on yield expectations and broader oilseed markets will dictate short-term price trends.
In summary, uncertainty looms over peanut futures as weather patterns and supply dynamics take center stage, while subdued demand and ample supply conditions temper immediate bullish sentiment in the market. Traders are advised to remain vigilant to potential shifts in weather patterns and their subsequent impact on market conditions.
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