Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core View - Policy support is expected to boost the pig market, while the corn market is facing downward pressure with limited upward potential on the futures price [2][3][7]. 3. Summary by Category Pig Market - Futures: The LH2511 contract closed at 13,840 yuan/ton, down 0.5% from the previous week's settlement price [3]. - Spot: The national average price of ternary pigs was 13.82 yuan/kg, up 0.02 yuan/kg week-on-week [3]. - Profit: As of August 22, the profit of self - breeding and self - raising pigs was 33.95 yuan/head, an increase of 33.95 yuan/head week - on - week; the profit of purchasing piglets for fattening was - 151.8 yuan/head, an increase of 5.25 yuan/head week - on - week; the pig - grain ratio was 5.84, unchanged week - on - week [3]. - Market Situation: Pig prices were volatile last week with regional differences. Southern prices rose slightly due to second - fattening and transportation, while northern prices weakened due to increased supply and limited demand. Policy support from potential state reserve purchases and improved demand from the start of the school season in late August are expected to support prices [3]. Corn Market - Futures: The C2511 contract closed at 2,175 yuan/ton, down 0.78% from the previous week's settlement price [5]. - Spot: The national average spot price of corn was 2,381.96 yuan/ton, down 12.16 yuan/ton week - on - week. Port prices also declined [5]. - Industrial Consumption: From August 14 - 20, 2025, 149 major corn deep - processing enterprises consumed 113.62 million tons of corn, down 0.45 million tons week - on - week. Corn starch production and开机率 decreased, while the DDGS industry开机率 and production increased [6]. - Inventory: As of August 20, the corn inventory of 96 major processing enterprises in 12 regions was 3.147 billion tons, a decrease of 7.5%. As of August 22, the total corn inventory in four northern ports was about 1.5 billion tons, and in Guangdong ports it was 750 million tons [6]. - Market Situation: The corn spot market was weak last week. Supply increased due to import auctions and rotation sales in the Northeast, and increased arrivals in the North China. Demand was affected by equipment maintenance in starch plants and remained at a rigid level in feed enterprises. The futures price rebounded slightly but the upward space is limited [7].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - Last week, the four stock index futures varieties continued to rise significantly, with relatively large increases in CSI 300 and CSI 500. The basis of the four stock index futures varieties remained in the futures discount mode, and the discount depth improved. The A - share market continued the previous general upward trend, with the Shanghai Composite Index breaking through the 2021 bull - market high and standing above 3800 points. Although there was sector rotation, there were still risks in the long - term view [4]. - The initiator and promoter of this round of market are not retail investors. The core clue of this round of market is around industrial trends and performance. There will be a relay process of new and old funds in the market, and the continuation of the future market requires new allocation clues [5]. - At the Jackson Hole Global Central Bank Annual Meeting on Friday night, Federal Reserve Chairman Powell expressed a clear signal of accelerating interest rate cuts, which provides a new basis for domestic monetary easing. More overseas funds will flow into A - shares. Next week, the stock index may accelerate the attack on the integer mark, and then it will be judged whether to further attack or oscillate and adjust according to the market sentiment and news. The four major stock index futures are still treated as oscillating strongly [6]. Group 3: Summary by Relevant Catalogs Market Review - Last week, the four stock index futures varieties continued to rise significantly, with relatively large increases in CSI 300 and CSI 500. The basis of the four stock index futures varieties remained in the futures discount mode, and the discount depth improved. The A - share market continued the previous general upward trend, with the Shanghai Composite Index breaking through the 2021 bull - market high and standing above 3800 points. As of August 22, there was sector rotation, but the low - level switching was not obvious. There were still risks in the long - term view [4]. Comprehensive Analysis - The initiator and promoter of this round of market are not retail investors. The core clue from the start to the acceleration of this round of market is around industrial trends and performance. There will be a relay process of new and old funds in the market, and the continuation of the future market requires new allocation clues rather than being restricted by liquidity [5]. Outlook for the Future Market - At the Jackson Hole Global Central Bank Annual Meeting on Friday night, Federal Reserve Chairman Powell expressed a clear signal of accelerating interest rate cuts, which provides a new basis for domestic monetary easing. More overseas funds will flow into A - shares. Next week, the stock index may accelerate the attack on the integer mark, and then it will be judged whether to further attack or oscillate and adjust according to the market sentiment and news. The four major stock index futures are still treated as oscillating strongly [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Last week, the market sentiment declined, and the prices of coking coal and coke futures mainly fell. The coking coal 2601 contract and the coke 2601 contract both decreased significantly, breaking the support of the 20 - day moving average, showing a short - term bearish trend [1][3][4][6]. 3. Summary by Related Catalogs 3.1. Futures and Spot Market Conditions - The coking coal 2601 contract closed at 1162 on Friday last week, with a weekly decline of 5.53%. The mainstream spot market quotes remained stable. The coke 2601 contract closed at 1678.5 on Friday last week, with a weekly decline of 2.95%. The mainstream spot market quotes were mainly stable [3]. 3.2. Fundamental Analysis 3.2.1. Coking Coal - **Supply Side**: The utilization rate of the approved production capacity of 523 coking coal mines nationwide was 85.2%, a month - on - month increase of 1.5%. The utilization rate of the production capacity of 314 independent coal washing plants was 36.1%, a month - on - month decrease of 0.41%. The daily output of clean coal was 257,000 tons, a month - on - month decrease of 7,000 tons. Due to the continuous disturbances in coal mines, the inventory of raw coal in coking coal mines and clean coal in coal washing plants increased [3]. - **Demand Side**: After continuous price increases, the profits of coking enterprises continued to recover, and the operating rate increased slightly. However, the profit recovery of coking enterprises narrowed, and the willingness to accept high - priced coal continued to decline. Steel mills' blast furnace operating rates remained high, but the procurement of coking and steel enterprises was mainly on - demand. The proportion of auction failures and price - cut transactions increased [4]. - **Overall**: Last week, the supply of coking coal decreased slightly, and the demand remained stable. The coking coal 2601 contract fell significantly, and the short - term trend was bearish [4]. 3.2.2. Coke - **Supply Side**: The utilization rate of the production capacity of all - sample independent coking enterprises was 74.42%, a month - on - month increase of 0.08%. The daily output was 654,500 tons, a month - on - month increase of 70 tons. The profit per ton of 30 sample coking enterprises was 23 yuan/ton, a month - on - month increase of 3 yuan/ton. Due to environmental protection requirements, the supply of coke is expected to be restricted. The spot price of coke at ports remained stable, and the inventory decreased slightly [6]. - **Demand Side**: The blast furnace operating rate of 247 steel mills was 83.36%, a month - on - month decrease of 0.23%. The daily output of hot metal was 2.4075 million tons, a month - on - month increase of 900 tons. The profitability of steel mills decreased slightly but remained good. Some steel mills in North China will limit production during the parade, which is expected to suppress the demand for coke [6]. - **Overall**: Last week, the supply and demand of coke remained stable. The coke 2601 contract fell significantly, and the short - term trend was bearish [6]. 3.3. Arbitrage - Last week, the coking coal ratio fell significantly, with an average of 1.44. Currently, it is at a relatively high level in the same period in the past 5 years. Attention should be paid to the range of 1.35 - 1.55 [7]. 3.4. Inventory | Product | Location | Inventory (thousand tons) | Weekly Change (thousand tons) | | --- | --- | --- | --- | | Coking Coal | Port | 261.49 | 6 | | | All - sample independent coking plants | 966.41 | - 10.47 | | | 247 sample steel mills | 812.31 | 6.51 | | | Total | 2040.21 | 2.04 | | Coke | Port | 214.12 | - 0.99 | | | All - sample independent coking plants | 64.37 | 1.86 | | | 247 sample steel mills | 609.59 | - 0.21 | | | Total | 888.08 | 0.66 | [8]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The market has started to gradually trade on the weak reality, and the steel and iron ore futures markets have continued to operate weakly. The short - term steel mill profitability has slightly contracted, and the steel output has continued to slightly decrease. Although the short - term apparent demand for steel has recovered, the inventory has continued to accumulate. The short - term iron ore futures market is expected to follow the steel market and start to stabilize slightly [3][5][8][10] Summary by Commodity Steel Futures - This week, the steel 10 - contract continued to decline slightly under the drive of long - position main force position reduction. As of Friday, it closed at 3,119 yuan/ton, a week - on - week decrease of 69 yuan and a weekly decline of 2.16% [5] Spot - This week, the mainstream steel prices in various regions generally decreased slightly, and the overall trading volume was average. As of Friday, the national average steel price decreased by 49 yuan to 3,335 yuan/ton, with different price adjustments in different regions [5] Supply - The blast furnace operating rate of 247 domestic steel mills was 83.36%, a week - on - week decrease of 0.23% and a year - on - year increase of 5.89%. The blast furnace iron - making capacity utilization rate was 90.25%, a week - on - week increase of 0.03% and a year - on - year increase of 5.95%. The average operating rate of 90 electric - arc furnace steel mills was 56.67%, a week - on - week decrease of 0.72% and a year - on - year increase of 22.48%. The steel weekly output decreased by 5.8 tons to 2.1465 million tons, still at a low level compared to the same period [5] Demand - This week, the building material trading volume continued to slightly decrease, while the apparent steel consumption started to recover. The 5 - day average building material trading volume decreased by 0.29 tons to 97,100 tons, and the steel apparent demand increased by 48,600 tons to 1.948 million tons, still at a low level compared to the same period [8] Inventory - This week, the inventory of five major steel products and steel inventory continued to accumulate. As of Friday, the total steel inventory increased by 198,500 tons to 6.0704 million tons, still at a low level compared to the same period [8] Basis - As of Friday, the lowest warehouse - receipt quote for steel in Shanghai was 3,280 yuan/ton, with a premium of 161 yuan over the steel 10 - contract, a week - on - week expansion of 29 yuan. It is expected that the steel basis will continue to expand [8] Comprehensive Judgment - With the seventh round of coke price increase implemented, the short - term steel mill profitability has slightly contracted, and the steel output has continued to slightly decrease. Although the short - term apparent demand has recovered, the inventory has continued to accumulate. After a week of rapid adjustment in the steel futures market, the short - term market pessimism has been released, and there is a technical rebound demand in the short - term market, with the upper pressure level focusing on the electric - arc furnace valley - electricity cost in East China [8] Iron Ore Futures - This week, the iron ore 01 - contract maintained a narrow - range consolidation trend. As of Friday, it closed at 770 yuan/ton, a week - on - week decrease of 6 yuan/ton and a weekly decline of 0.77% [8] Spot - This week, the prices of mainstream imported iron ore varieties generally decreased slightly, and the price of domestic iron ore concentrate started to decline steadily. The overall trading volume was average, with different price adjustments for different varieties in different ports [8] Supply - As of the 18th, the total iron ore shipments from Australia and Brazil were 27.56 million tons, a week - on - week increase of 2.257 million tons. The 45 - port arrival volume was 24.766 million tons, a week - on - week increase of 947,000 tons. Currently, the iron ore shipments and arrivals are at the average and medium - high levels of the same period respectively [10] Demand - Currently, the daily average port ore handling volume of 45 ports is 341,040 tons, a week - on - week decrease of 5,760 tons. The weekly average trading volume of port iron ore spot is 106,300 tons, a week - on - week increase of 100 tons. The daily average pig iron output of 247 steel mills is 240,750 tons, a week - on - week increase of 90 tons. The daily consumption of imported ore by 247 steel mills is 297,840 tons, a week - on - week decrease of 680 tons [10] Inventory - As of the 22nd, the iron ore inventory at 45 ports continued to slightly accumulate, reaching 138.452 million tons, a week - on - week increase of 259,300 tons. The imported iron ore inventory of 247 steel mills is 90.6547 million tons, a week - on - week decrease of 708,600 tons [10] Basis - As of Friday, the optimal delivery products (PB powder and Newman powder) at Qingdao Port are priced at 810 yuan/ton, with a premium of 40 yuan over the iron ore 10 - contract, a week - on - week contraction of 7 yuan. It is expected that the iron ore basis will continue to expand [10] Comprehensive Judgment - In the short term, the imported iron ore shipments are gradually increasing, and the arrival volume is expected to gradually increase according to the two - to - four - week lag. The port inventory will face certain pressure. On the demand side, the daily average pig iron output continues to slightly increase, while the steel mill daily consumption starts to slightly decline. It is expected that the short - term iron ore futures market will follow the steel market and start to stabilize slightly [10]

Report Overview - The report is a precious metals weekly report from Caida Futures, dated August 25, 2025, focusing on gold price trends and related influencing factors [1] Investment Rating - No investment rating is provided in the report Core View - With the increasing likelihood of a Fed rate cut in September, gold prices are expected to strengthen in the medium - term. The complex situation of the Russia - Ukraine conflict and the Fed's monetary policy adjustment are the main factors affecting gold prices [1][4][7] Summary by Related Content Gold Price Performance - Last week, gold prices first declined and then rose. The New York gold price closed at $3,417 per ounce, and the Shanghai gold price closed at 781.12 yuan per gram [1] Russia - Ukraine Conflict - Although Trump has met with leaders of Russia, Ukraine, and Europe, the Russia - Ukraine conflict has actually intensified due to large differences between the two sides on issues such as territory, and the future development remains uncertain [2] Fed Rate - Cut Expectations - Fed Chairman Powell's speech at the Jackson Hole central bank annual meeting was interpreted as dovish, increasing the probability of a 25 - basis - point rate cut in September to 89% from 75% the previous day, and the expected cumulative rate - cut amplitude this year has also increased to about 58 basis points [4] - Trump has pressured Powell and replaced Fed governors. The voices within the Fed supporting rate cuts have increased. After the weakening of employment data, a preventive rate cut is reasonable, and the probability of a 25 - basis - point rate cut in September is increasing [6][7] Market Impact - The US dollar index fell to around 97.70 last Friday. Gold prices rebounded significantly due to positive news. In the short - term, gold prices need consolidation, and in the medium - term, they are expected to strengthen under the background of the Fed's new rate - cut cycle [7]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The short - term disk of rebar and iron ore is expected to operate weakly, with the previous rebar rebound nearing its end and entering an adjustment phase, and the iron ore disk following the coking coal and coke trends for adjustment [3][8][11] 3. Summary by Category Rebar - **Futures**: This week, the rebar 10 - contract declined slightly under the drive of increased short - position by main players, closing at 3188 yuan/ton on Friday, a week - on - week decrease of 25 yuan or 0.78% [5] - **Spot**: The mainstream rebar prices in major regions decreased slightly, with the national average rebar price dropping 10 yuan to 3384 yuan/ton [5] - **Supply**: The blast furnace operating rate of 247 steel mills was 83.59%, a week - on - week decrease of 0.16% and a year - on - year increase of 4.75%. The rebar weekly output decreased by 0.73 tons to 220.45 tons, still at a low level compared to the same period [5] - **Demand**: The building material trading volume decreased slightly, and the apparent consumption of rebar dropped significantly. The 5 - day average building material trading volume decreased by 0.2 tons to 10.0 tons, and the rebar apparent consumption decreased by 20.85 tons to 189.94 tons [8] - **Inventory**: The inventory of five major steel products and rebar continued to accumulate. The total rebar inventory increased by 30.51 tons to 587.19 tons [8] - **Basis**: The basis of rebar is expected to continue to widen, as the current basis is around the average value [8] Iron Ore - **Futures**: This week, the iron ore 01 - contract completed the roll - over, maintaining a range - bound trend. It closed at 776.0 yuan/ton on Friday, a week - on - week increase of 2.5 yuan/ton or 0.32% [8] - **Spot**: The prices of mainstream imported iron ore varieties increased slightly, and the price of domestic iron ore concentrate rose steadily [8] - **Supply**: As of the 11th, the total iron ore shipments from Australia and Brazil were 2530.3 tons, a week - on - week decrease of 1.9 tons. The 45 - port arrivals totaled 2381.9 tons, a week - on - week decrease of 125.9 tons [11] - **Demand**: The daily average port clearance volume of 45 ports was 334.67 tons, a week - on - week increase of 12.82 tons. The daily average hot metal output of 247 steel mills was 240.66 tons, a week - on - week increase of 0.34 tons [11] - **Inventory**: As of the 15th, the iron ore inventory at 45 ports continued to accumulate slightly, reaching 13819.27 tons. The imported iron ore inventory of 247 steel mills was 9136.34 tons, a week - on - week increase of 123 tons [11] - **Basis**: The basis of iron ore is expected to continue to widen, as the current basis is at the average level [11]

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core Viewpoints of the Report - Last week, the four stock index futures varieties showed a continuous upward trend, with relatively large increases in CSI 1000 and CSI 500. The basis of the four stock index futures varieties remained in the futures discount mode, and the discount depth improved. The A - share market continued to break through and reach a new high, with small - cap growth styles relatively dominant, and sectors such as communication, electronics, and power equipment leading the way, while the banking sector declined significantly. There was a certain market rotation, and in the long run, industries supported by national policies will maintain an upward - trending oscillation [3]. - In July, external demand remained resilient beyond expectations, but domestic demand - related indicators declined. Extreme weather and investment decline dragged down industrial production, and the growth rate of the service production index also slightly declined. Investment growth in July dropped significantly, especially in manufacturing and real estate development. Social retail growth declined in July due to the gap in subsidy funds and the overdraft of subsequent consumption by the "618 Shopping Festival". It is expected that Sino - US economic and trade relations will remain in a phased stable state, and exports in the second half of the year are expected to maintain strong resilience [4][5]. - Next week, the stock index will continue to rise with oscillations in an environment of high trading volume and rapid sector rotation. To break through the integer mark and the previous bull - market high of 3731, both the weight and technology sectors need to work together [5]. 3. Summary by Related Contents Market Performance - Last week, the four stock index futures varieties showed a continuous upward trend. The basis of the futures - spot of the main contracts of stock index futures was 13.52 for IH, 7.05 for IF, - 37.57 for IC, and - 31.3 for IM. The A - share market continued to break through and reach a new high, with small - cap growth styles relatively dominant. Only the banking sector closed down, and there was a certain market rotation [3]. Macroeconomic Situation - In July, external demand remained resilient, but domestic demand - related indicators declined. Extreme weather and investment decline dragged down industrial production, and the growth rate of the service production index also slightly declined. Investment growth dropped significantly, especially in manufacturing and real estate development. Social retail growth declined due to the gap in subsidy funds and the overdraft of subsequent consumption by the "618 Shopping Festival". It is expected that exports in the second half of the year will maintain strong resilience [4][5]. Market Outlook - Next week, the stock index will continue to rise with oscillations in an environment of high trading volume and rapid sector rotation. To break through the integer mark and the previous bull - market high of 3731, both the weight and technology sectors need to work together [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Gold prices are likely to strengthen in the medium - term despite a possible bumpy upward path, as the Fed's new round of interest rate cuts is a major background factor, and the US dollar is in a downward trend [5]. - A September interest rate cut by the Fed is still a high - probability event, though it may shift from a more aggressive 50 - basis - point cut to a 25 - basis - point cut [5]. 3. Summary by Related Content Gold Price - Last week, the gold price oscillated downward. The main contract 2510 of the Shanghai Futures Exchange's gold futures closed at $3381 per ounce, and Shanghai gold closed at 775 yuan per gram [1]. US - Russia Negotiation - The negotiation between Trump and Putin in Alaska didn't result in any agreement. Trump claimed to hold a US - Russia - Ukraine tripartite meeting soon, and Putin hopes to resolve the Ukraine crisis peacefully. However, the key issue is the extent of Ukraine's compromise on the territorial problem [2]. US Economic Data and Interest Rate Cut Expectations - In July, the US CPI showed that inflation didn't worsen. The year - on - year growth was 2.7% (estimated 2.8%, previous 2.7%), and the month - on - month growth was 0.2% (estimated 0.2%, previous 0.3%). The core CPI (excluding food and energy) had a year - on - year growth of 3.1% (estimated 3%, previous 2.9%) and a month - on - month growth of 0.3% (estimated 0.3%, previous 0.2%) [4]. - The US July PPI had an unexpected increase. The month - on - month growth was 0.9% (far exceeding the market expectation of 0.2%), and the year - on - year increase was 3.3%, higher than the Fed's 2% inflation target. This data made the market's expectation of a September interest rate cut by the Fed cool down slightly, with the probability dropping from nearly 100% to 92% [5]. - A September interest rate cut is still likely, with a possible reduction of 25 basis points instead of 50. Trump wants the interest rate to drop to 1%, while the US Treasury Secretary suggests a neutral rate of 3%. A total of 150 basis points of cuts are expected, with 2 - 3 cuts of 25 basis points each this year and reaching 3% next year [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term copper price is expected to maintain a weak oscillation, waiting for macro - news to drive it. The recent Fed rate - cut expectations are volatile, with uncertainties remaining at the macro - level. Domestically, the macro sentiment is neutral. On the supply - demand side, factors such as the increase in processing fees, the rise in global visible inventories, and weak demand during the off - season have a negative impact on copper prices [5] Group 3: Summary by Related Catalogs 1. Supply - demand situation - The SMM copper concentrate TC index is reported at - 37.68 US dollars/ton, with a month - on - month increase. The SMM weekly enameled wire industry machine - tool operating rate decreased by 0.2 percentage points to 78.4% month - on - month, and new orders decreased by 3.18 percentage points. The copper cable enterprise operating rate is 69.3%, continuing to decline from last week, and is expected to slightly drop to 67.6% this week. Although enterprises report that orders have improved compared to the previous period, overall demand has not substantially improved. In August, passenger car sales maintained steady growth, but real - estate transaction areas were significantly weak. The inventories of the three major exchanges increased by 0.7 tons month - on - month [4] 2. Macro - economic situation - The US PPI monthly rate in July reached 0.9%, the largest increase since 2022, indicating a general rise in inflation in the coming months. After the data was released, Fed officials refuted the expectation of a significant rate cut in September, causing the US dollar index to rise and suppressing copper prices. The small - scale meeting between the US and Russian leaders ended without a specific agreement, and the results of the US - Ukraine meeting on Monday should be monitored [4] 3. Market review - Last week, the main contract of Shanghai copper first rose and then fell, mainly affected by the volatile Fed rate - cut expectations. The closing price on Friday was 79,060 yuan/ton, about a 0.7% increase from the previous week [6]

Report Industry Investment Rating - Not provided Core Viewpoints - The overall performance of the live hog market last week was weak with regional differentiation, and the price may fluctuate at a low level in the short term; the corn market was weak and adjusted, and the futures main contract may continue to decline in the short term [5][9] Summary by Relevant Catalogs Live Hogs - Futures: The live hog futures first rose and then fell last week. The LH2511 contract closed at 13,945 yuan/ton, a decrease of 1.38% from the previous week's settlement price [5] - Spot: As of August 15, the self - breeding and self - raising live hog breeding profit was 28.85 yuan/head, a week - on - week decrease of 16.28 yuan/head; the profit of purchasing piglets for breeding was - 157.05 yuan/head, a week - on - week decrease of 22.91 yuan/head; the pig - grain ratio was 5.84, a week - on - week decrease of 0.09. The national live hog spot market showed regional differentiation last week, with the overall being weak. Supply pressure was high due to weight reduction and delayed slaughter in July, and high - temperature inhibited consumption, resulting in oversupply. However, after continuous price drops, farmers had resistance sentiment, and the price decline space was limited [5] Corn - Futures: Last week, the performance of the far - month contracts of corn futures was worse than that of the near - month contracts. The C2509 contract closed at 2,266 yuan/ton, an increase of 0.4% from the previous week's settlement price; the C2511 contract closed at 2,190 yuan/ton, a decrease of 0.59% from the previous week's settlement price [7] - Spot: The national average spot price of corn was 2,394.12 yuan/ton, a week - on - week decrease of 1.47 yuan/ton. The prices in ports were mostly stable with some minor adjustments [7] - Industrial Consumption: From August 7 to August 13, 2025, 149 major corn deep - processing enterprises in the country consumed 1.1406 million tons of corn, a decrease of 24,000 tons from the previous week. The processing volume of corn starch enterprises increased by 15,500 tons to 576,000 tons, and the weekly output of corn starch increased by 10,700 tons to 289,200 tons, with the weekly operating rate rising by 2.07% to 55.9%. The operating rate of the DDGS industry was 42.00%, a decrease of 1.08% from the previous week, and the weekly production decreased by 2,200 tons to 85,470 tons, a decrease of 2.51% [8] - Inventory: As of August 13, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 3.402 million tons, a decrease of 6.62%. As of August 15, the total corn inventory in the four northern ports was about 1.74 million tons, and the corn inventory in Guangdong ports was 750,000 tons [8] - Market Outlook: The national corn spot market was stable with a weak trend last week. Policy grain was continuously put into the market in the Northeast, and the market quotation declined slightly; traders in North China sold at high prices, increasing market circulation, and enterprises lowered purchase prices. Some starch enterprises resumed work, increasing the operating rate, while some alcohol enterprises continued maintenance, reducing the operating rate. In the short term, the corn market will be weakly adjusted, and the main contract on the futures market may continue to decline [9]