Report Summary 1. Report Industry Investment Rating No information provided in the content 2. Report's Core View - The domestic Zhengzhou sugar futures stopped falling and rebounded slightly. The market has digested the negative impact of the significant year - on - year increase in May's import data in advance. The basis remains above 400 yuan/ton, strongly supporting Zhengzhou sugar. With the decrease in warehouse receipts and the market price showing certain resilience, the 5600 yuan/ton support line is expected to be effective if the international market doesn't decline further [59]. - In the international market, Brazil's production data in the second half of May exceeded market expectations, and the sugar - making ratio continued to rise, suppressing prices. However, due to the rising crude oil price and the influence of the sugar - alcohol ratio, and the fact that Pakistan will purchase 750,000 tons of sugar, which may boost international sugar prices in the short term [59]. - The operation suggestion is to focus on short - long trading [60]. 3. Summary by Directory 3.1 Sugar Market Analysis - **Futures Price Trends**: Zhengzhou sugar futures rebounded this week with a weekly increase of 0.99%, while ICE sugar futures were searching for a bottom with a weekly decline of 1.15% [9]. - **Spot Price and Basis Trends**: No detailed description of spot price trends, but the basis remains above 400 yuan/ton, strongly supporting Zhengzhou sugar [59]. - **National Production and Sales Situation**: In the 2024/25 sugar - making season, the cumulative sugar sales rate in May was 72.69%, 6.52 percentage points faster than the same period last year [19]. - **Sugar Import Situation**: In May, 350,000 tons of sugar were imported, a year - on - year increase of 320,000 tons. Based on the ICE sugar July contract price of 17 cents/pound, the in - quota import cost from Brazil was 4632 yuan/ton, and the out - of - quota cost was 5889 yuan/ton; for Thailand, the in - quota cost was 4656 yuan/ton, and the out - of - quota cost was 5920 yuan/ton [23]. - **Domestic Industrial Inventory**: In the 2024/25 sugar - making season, the industrial inventory in May was 3.0483 million tons, a year - on - year decrease of 322,100 tons [26]. - **Zhengzhou Commodity Exchange Warehouse Receipts and Effective Forecasts**: This week, the total of Zhengzhou sugar warehouse receipts and forecasts was 28,279, a decrease of 837 from the previous week. The number of warehouse receipts was 28,279, and the effective forecast was 0 [34]. - **Brazilian Production Progress**: In the second half of May, the cumulative crushing volume was 127 million tons, a year - on - year decrease of 11.85%, and the sugar production was 6.954 million tons, a year - on - year decrease of 11.64% [38]. - **Brazilian Bi - weekly Sugar - making Ratio**: The bi - weekly cumulative sugar - making ratio of sugarcane in central - southern Brazil was 49.99%, compared with 47.81% in the same period last year [40]. - **Brazilian Monthly Sugar Exports**: In May, Brazil's sugar export volume was 2.2532 million tons, a decrease of 557,500 tons compared with the same period last year [47]. - **International Main Production Area Weather Conditions**: In Brazil, rainfall in the main production areas increased slightly, which was beneficial for sugarcane crushing. In India, the monsoon brought abundant precipitation [54][55].

Group 1: Report Title and Date - The report is titled "Guoxin Futures Apple Weekly Report: Stronger Oscillation, Awaiting New Season Guidance" and is dated June 22, 2025 [2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core View - As of June 19, 2025, the total remaining cold storage apple volume in the country is 1.0883 million tons, at the lowest level in the past five years. The cold storage inventory ratio is about 8.24%, with a weekly环比 decrease of 0.69 percentage points and a year-on-year decrease of 4.51 percentage points. The destocking rate is 87.05%. With less inventory in cold storage and declining downstream demand, the supply and demand are in a stalemate. The new season's apples are in the early stage of bagging, and the fruit - hanging issues in the production areas need to be verified by the initial bagging results. Short - term operations are recommended to be treated with a bullish oscillation mindset [35] Group 4: Summary by Directory 1. This Week's Market Review - This week, the main contract of apple futures, AP2510, showed a stronger oscillation [7] 2. Supply - side Situation - As of June 19, 2025, the total remaining cold storage apple volume in the country is 1.0883 million tons, at the lowest level in the past five years. The cold storage remaining volume in Shandong production area is 657,600 tons, and that in Shaanxi production area is 291,700 tons [12][35] 3. Demand - side Situation - As of June 19, 2025, the national cold storage inventory ratio is about 8.24%, with a weekly环比 decrease of 0.69 percentage points and a year - on - year decrease of 4.51 percentage points. The destocking rate is 87.05%. Apples are in the off - season, and the listing of seasonal fruits impacts the apple market, reducing market demand and the purchasing enthusiasm of merchants [17] - In May 2025, the export volume of fresh apples was about 50,000 tons, a 28.57% decrease from the previous month and a 16.67% decrease from the same period last year. The second - quarter export volume of fresh apples in 2025 is expected to decline [19] - As of June 20, in Shandong Yantai Qixia, the price of 80 and above first - and second - grade fruit farmer's slice - red apples is 3.5 - 4.0 yuan/jin, striped apples are 3.5 - 4.5 yuan/jin, merchant's slice - red apples are 4.0 - 4.5 yuan/jin, striped apples are 4.0 - 5.0 yuan/jin. The price of general goods is 2.8 - 3.0 yuan/jin, and the third - grade merchant's goods are 2.5 - 3.0 yuan/jin. The mainstream price of 70 apples is 2.5 - 2.7 yuan/jin. Sellers sell according to the market, there are few buyers, and the trading volume is low [31]

Report Overview - Report Title: "Supply-demand Margin Improves, Coking Coal and Coke Rebound Slightly - Guoxin Futures" [2] - Report Date: June 22, 2025 [4] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The supply of coking coal and coke has tightened due to environmental protection and accidents, and the inventory pressure at the Sino-Mongolian border affects the low customs clearance at the Ganqimaodu Port. The demand side shows that the coke enterprise's operation has declined slightly, while the steel mill's hot metal output has increased slightly month-on-month. The supply-demand relationship has improved marginally, leading to a slight rebound in the market. It is recommended to conduct short-term operations [66]. 3. Summary by Directory 3.1 Double-Coke Market Review - The report reviews the market of double-coke (coking coal and coke) main contracts for the week, but specific data and details are not provided in the given content [11] 3.2 Coking Coal Fundamental Overview - **Production**: As of this Friday, the operating rate of sample coal washing plants was 61.34%, a week-on-week increase of 3.98%. The output of upstream coal mines decreased marginally, while the operating rate of coal washing plants increased slightly week-on-week [16]. - **Imports**: As of the end of April 2025, China's total imports of coking coal were 36.327 million tons, a year-on-year decrease of 3.31%, changing from an increase to a decrease. Imports from Russia, Canada, and the United States increased, while imports from Mongolia, the main importing country, decreased year-on-year, mainly due to weak domestic demand and poor downstream purchasing enthusiasm [20]. - **Port Inventory**: The total coking coal inventory at six ports was 3.0331 million tons, a week-on-week decrease of 87,100 tons [25]. - **Coke Enterprise Inventory**: Mysteel surveyed that the coking coal inventory of 230 independent coke enterprises nationwide was 6.6565 million tons, a week-on-week decrease of 38,800 tons. Coke enterprises were in the red and consumed in-plant inventory, leading to a decline in coking coal inventory [30]. - **Steel Mill Inventory**: Mysteel surveyed that the coking coal inventory of sample steel mills was 7.7466 million tons, a week-on-week increase of 6,800 tons. Steel mills purchased as needed to keep in-plant inventory stable [33]. 3.3 Coke Fundamental Overview - **Supply**: From January to May 2025, the national coke output was 207.23 million tons, a year-on-year increase of 3.3%. In May, the coke output was 42.38 million tons, a year-on-year increase of 2.4% and a month-on-month increase of 1.9% [38]. - **Coke Enterprise Operation**: The capacity utilization rate of sample coke enterprises surveyed by Steel Union was 73.42%, a week-on-week decrease of 0.54%. Coke enterprise profits declined, operation decreased month-on-month, but the absolute level remained high [43]. - **Coke Enterprise Inventory**: As of this Friday, the total coke inventory of Mysteel's independent coke enterprise full sample was 809,300 tons, a week-on-week decrease of 63,800 tons. Downstream purchasers bought as needed, supply contracted, and coke enterprise inventory decreased slightly but remained at a relatively high level [48]. - **Port Inventory**: The total port coke inventory was 2.0311 million tons, a week-on-week increase of 2,000 tons [52]. - **Steel Mill Inventory**: Mysteel surveyed that the coke inventory of 247 steel mills was 634,200 tons, a week-on-week decrease of 86,400 tons. Blast furnace operation remained stable. During the off-season, downstream had no motivation to replenish inventory and actively consumed in-plant inventory, leading to a decline in in-plant coke inventory [57]. - **Demand**: In May 2025, China's crude steel output was 86.55 million tons, a year-on-year decrease of 6.9%; pig iron output was 74.11 million tons, a year-on-year decrease of 3.3%; steel output was 127.43 million tons, a year-on-year increase of 3.4%. From January to May, China's crude steel output was 431.63 million tons, a year-on-year decrease of 1.7%; pig iron output was 362.74 million tons, a year-on-year decrease of 0.1%; steel output was 605.82 million tons, a year-on-year increase of 5.2%. Mysteel surveyed that the daily average hot metal output of 247 steel mills was 2.4218 million tons, a week-on-week increase of 57,000 tons. Hot metal output remained flat, providing short-term support for the actual consumption of furnace materials [62]. 3.4 Double-Coke Future Outlook - The supply side continues to tighten due to environmental protection and accidents. The inventory pressure at the Sino-Mongolian border affects the low customs clearance at the Ganqimaodu Port. The demand side shows that the coke enterprise's operation has declined slightly, while the steel mill's hot metal output has increased slightly month-on-month. The supply-demand relationship has improved marginally, leading to a slight rebound in the market. It is recommended to conduct short-term operations [66].

Group 1: Report Title and Date - The report is titled "Weakening Consumption, Lackluster Rebound of Zhengzhou Cotton - Guoxin Futures Cotton Weekly Report" and was released on June 22, 2025 [2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - Domestically, this week Zhengzhou cotton oscillated within a narrow range, and the market trend was indecisive. The basis in Xinjiang continued to strengthen, with a supply shortage in some areas. Consumption pressure remained high, with a decline in the operating rates of textile and weaving enterprises, an accumulation of finished - product inventories, and a lack of new orders. The impact of high - temperature forecasts in southern Xinjiang on cotton growth was expected to be limited. Internationally, in the short term, cotton prices were affected by oil price fluctuations due to the international situation. The war situation would continue to disrupt the market. Fundamentally, the drought index in the main U.S. cotton - producing areas was at the five - year average level and showed a slight downward trend weekly. Precipitation increased recently, and the drought index in most areas dropped to 0. There were few catalysts for U.S. cotton. China's procurement of U.S. cotton was at a standstill. Overall, there were no major fundamental contradictions, and prices might fluctuate following macro - events [52] Group 4: Cotton Market Analysis Futures Price Trends - Zhengzhou cotton futures oscillated within a narrow range this week, with a weekly increase of 0.04%. ICE cotton futures weakened, with a weekly decline of 1.81% [11] Spot Prices - This week, the cotton price index rose. The 3128 index increased by 59 yuan/ton compared with last week, and the 2129 index increased by 37 yuan/ton [15] Cotton Import Situation - In May, 40,000 tons of cotton were imported, a year - on - year decrease of 220,000 tons [17] Cotton Inventory Situation - In May, the commercial cotton inventory was 3.4587 million tons, a year - on - year decrease of 315,400 tons. The industrial cotton inventory was 941,100 tons, a year - on - year increase of 55,200 tons [26] Downstream Inventory Situation - In May, the yarn inventory was 22.34 days, a year - on - year decrease of 5.19 days. The grey fabric inventory was 32.89 days, a year - on - year increase of 1.94 days [31] Yarn Prices - This week, yarn prices remained stable. The prices of OE 10s, Combed 32s, and Combed 40s cotton yarns were the same as last week [34] Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total number of Zhengzhou cotton warehouse receipts and forecasts decreased by 161. There were 10,607 warehouse receipts and 308 valid forecasts, totaling 10,915 [38] U.S. Cotton Export Situation - According to the USDA weekly export sales report, as of June 5, the net sales of U.S. upland cotton for the current market year increased by 60,200 bales, and the net sales for the next market year were 36,100 bales [41] U.S. Weather Situation - The drought index in the main U.S. cotton - producing areas and Texas was at the five - year average level and showed a slight downward trend weekly. Recently, precipitation increased in the main producing areas, and the drought index in most areas except Texas and Arizona dropped to 0 [52] Group 5: Market Outlook - Domestically, the market was in a stalemate, with supply shortages in some areas and high consumption pressure. The impact of high - temperature forecasts on cotton growth needed further monitoring. Internationally, the market was affected by the international situation and war. Fundamentally, U.S. cotton lacked catalysts, and China's procurement was at a standstill. Overall, prices might fluctuate with macro - events [52]

供应缩减预期 甲醇增仓上行 1 行情回顾 2 甲醇基本面分析 3 后市展望 Part1 第一部分 行情回顾 200 250 300 200 300 数据来源：WIND 国信期货 2023-02-01 2023-03-01 2023-04-01 2023-05-01 2023-06-01 2023-07-01 2023-08-01 2023-09-01 2023-10-01 2023-11-01 2023-12-01 2024-01-01 2024-02-01 2024-03-01 2024-04-01 2024-05-01 2024-06-01 甲醇主力合约MA2509截止收盘在2529元/吨，周涨幅6.35%，增仓12万手，持仓88万手，港口基差大幅上行约100元。 --国信期货甲醇周报 2025年6月22日 目 录 CONTENTS 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 4 -400 -300 -200 -100 0 100 400 500 1月2日 1月10日 1月18日 1月26日 2月3日 2月11日 2月19日 2月27日 3月6日 3月14日 3月22日 3月30日 4月8日 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View In the past week, the live hog spot market rebounded steadily, the futures market was volatile and strong, the basis weakened, and the spread between LH9 and LH11 was volatile and strong. The spot market was supported by farmers' resistance to price cuts, the average weight continued to decline, and the second - fattening significantly shrank, providing strong support for the peak - season contract LH09. Fundamentally, the obvious month - on - month increase in the number of fertile sows in April and May continued to suppress the LH2603 contract. In the short and medium term, the monthly month - on - month increase in the number of sample piglets born from January to May means that the theoretical slaughter volume will continue to grow. Currently, it is the off - season for consumption, and the overall demand support is limited. It is expected that the spot market will be volatile and weak in the short term. For futures, the LH09 contract corresponds to the peak consumption season. Although the theoretical slaughter volume will still increase, due to policy - guided weight reduction and restricted sales of second - fattened hogs, the average slaughter weight may be lower, partially alleviating the pressure of the slaughter volume. The futures market has certain support for now. The operation should be treated with a volatile and strong attitude, and continue to pay attention to the rhythm of weight reduction [7]. 3. Summary by Directory 1. Weekly Analysis and Outlook - The live hog spot market rebounded steadily last week, with the futures market being volatile and strong. The basis weakened, and the LH9 - LH11 spread was volatile and strong. The spot was supported by farmers' resistance, and the decline in average weight and reduction in second - fattening supported the LH09 contract. The increase in fertile sows in April and May suppressed the LH2603 contract. The increase in piglet numbers from January to May indicates growing slaughter volume. Consumption is in the off - season, and the spot is expected to be volatile and weak in the short term. The LH09 contract has support due to potential weight reduction, and the operation should be treated with a volatile and strong attitude [7]. 2. Key Data and Charts - **Live Hog Futures Market**: No specific content provided in the given text. - **Live Hog Spot Market**: The spot market rebounded steadily last week, with limited demand support due to the off - season [7]. - **Live Hog Spot: Basis after Regional and Weight Adjustment**: On June 19, 2025, with the benchmark contract LH2507 at 13255, data on standard pig prices, weight ranges, regional premiums and discounts, and basis in different provinces are presented. For example, in Henan, the standard pig price was 14.38, and the basis was 1125 [25]. - **Live Hog Spot: Price Difference between Fat and Standard Pigs**: No specific content provided in the given text. - **Live Hog Spot: Regional Price Difference**: No specific content provided in the given text. - **Change in Fertile Sows**: The number of fertile sows increased significantly month - on - month in April and May, which continued to suppress the LH2603 contract [7]. - **Change in Piglets**: The number of sample piglets born from January to May increased month - on - month, indicating that the theoretical slaughter volume will continue to grow later [7]. - **Verification of Live Hog Inventory and Fattening Pig Feed**: No specific content provided in the given text. - **Live Hog Slaughter Situation**: No specific content provided in the given text. - **Pork Consumption Situation**: Currently, it is the off - season for consumption, and the overall demand support is limited [7]. - **Frozen Meat Market Dynamics**: No specific content provided in the given text. - **Cost and Profit**: No specific content provided in the given text. - **Central Reserve Frozen Pork Operations**: In case of excessive price drops, at the national level, temporary reserve purchases are not started for the third - level early warning, considered for the second - level, and started for the first - level. For excessive price increases, in the case of market cyclical fluctuations, reserve releases are started for the second - level early warning and increased for the first - level. In case of special situations like major animal disease risks, after the first - level early warning, releases are mainly concentrated in key periods [73]. - **Multi - caliber Comparison**: No specific content provided in the given text.

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core View of the Report - Over the past week, the corn spot price fluctuated and rose, the futures showed a strong - side fluctuation, the basis weakened slightly, and the C7 - 9 spread decreased slightly due to the impact of imported corn auctions. - Fundamentally, the remaining grain at the grassroots level is almost exhausted, the supply volume remains low, the imported corn and substitutes in May are still scarce, and there is no significant increase in tracked imported ship purchases, so the overall supply pressure in the later period is not large. - In terms of consumption, the feed production volume maintains year - on - year growth, but the low wheat - corn price difference has a certain squeezing effect on the use of corn in the feed field. - In terms of deep - processing, the starch processing profit has been repaired due to the strengthening of by - products, and the industry's operating rate has slightly increased. - In terms of inventory, the domestic - trade corn at southern ports has increased, the corn inventory at northern ports has continued to decline, and the raw material inventories of feed enterprises and deep - processing enterprises have also decreased, so the overall inventory pressure has continued to ease. - Overall, the corn supply - demand pattern tends to improve, and it is expected to fluctuate and strengthen in the later period. The operation should adopt a bullish mindset [7]. 3. Summary by Relevant Catalog 6. Corn产区天气监控 - Currently, summer sowing in most parts of the Huanghuai region is nearing completion, and most summer corn has emerged. In most parts of North China and the eastern part of Northwest China, summer corn is in the sowing to emergence stage. It is expected that from June 21 - 24, most of the summer - sowing areas will have mostly sunny weather and suitable soil moisture [62].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The protein meal market is influenced by complex factors, with macro factors outweighing commodity supply - demand. The domestic rapeseed meal market is expected to maintain a relatively strong short - term pattern, but there are risks of adjustment due to concentrated long - position liquidation [6][135]. - The international and domestic oil markets are highly affected by geopolitical situations, especially the Middle - East situation. The short - term trend is oscillating upwards, but there are risks of sharp fluctuations due to long - position liquidation if the crude oil price adjusts [70][135]. 3. Summary by Directory 3.1 Protein Meal Market Analysis 3.1.1 Market Trends - This week, CBOT soybeans fluctuated at a high level, and the domestic rapeseed meal market followed suit, rising slightly. The soybean meal spot price also increased slightly, but the rebound space was restricted by the "buy oil, sell meal" arbitrage [6]. 3.1.2 Export and Inspection Data - As of the week ending June 12, 2025, the U.S. soybean export inspection volume was 215,803 tons. The total export inspection volume for the 2024/25 season reached 45,415,624 tons, a year - on - year increase of 11.1% [11]. 3.1.3 Sowing Progress and Crop Conditions - As of June 16, the U.S. soybean sowing progress was 93%, the excellent - good rate was 66%, and the emergence rate was 84% [25]. 3.1.4 Weather Conditions - The active weather east of the Rocky Mountains has caused delays in fieldwork, while the weather west of the Rocky Mountains is hot and dry [28]. 3.1.5 Global Market News - China plans to reduce the proportion of soybean meal in feed, which may reduce soybean import demand. The U.S. is expected to increase the planting areas of soybeans, corn, and spring wheat. Ukraine maintains a zero - export - tariff policy for soybeans and rapeseeds. Argentina will raise soybean export tariffs from June 30 [36][37]. 3.1.6 Inventory and Profitability - As of the end of this week, the domestic port's imported soybean inventory was about 5.988 million tons. The domestic spot and futures crushing profits have recovered [45]. 3.1.7 Production and Inventory of Soybean Meal and Rapeseed Meal - As of the 24th week of 2025, the domestic soybean oil mill's average startup rate was 65.04%, and the soybean meal inventory was 413,000 tons. The imported rapeseed startup rate was 13.45%, and the rapeseed meal inventory was 10,000 tons [53][63]. 3.1.8 Apparent Consumption - The estimated apparent consumption of soybean meal in the 24th week was 1.8644 million tons [57]. 3.2 Oil Market Analysis 3.2.1 Market Trends - This week, international oils rose significantly. The U.S. EPA's new biofuel blending proposal and the Middle - East situation drove up the prices. The domestic oil market followed the international market, with different oils taking turns leading the rise [70]. 3.2.2 International Oil Information - India cancelled some palm oil orders due to high prices. Indonesia's palm oil exports increased in May. Malaysia's palm oil exports from June 1 - 20 increased by 10.88% year - on - year. The U.S. NOPA's May soybean oil inventory decreased significantly [75][76][78]. 3.2.3 Weather in Southeast Asia - From June 11 - 13, Typhoon "Utip" brought heavy rain to parts of Vietnam, and seasonal monsoon showers prevailed in other areas [81]. 3.2.4 Spot Price Trends and Spread Analysis - The overall trend of oils this week was rapeseed oil > palm oil > soybean oil. The soybean - palm oil spread slightly declined [109]. 3.2.5 Domestic Oil Inventory - As of the 24th week of 2025, the total inventory of the three major domestic edible oils was 2.1958 million tons, showing a week - on - week increase [94]. 3.2.6 Basis Analysis - This week, the 9 - 1 positive - spread logic applied to soybean oil and palm oil, and the 9 - 1 spread of soybean meal continued to decline [119][122]. 3.3后市展望 3.3.1 Seasonal Analysis - No specific conclusions were drawn from the seasonal analysis charts provided in the report. 3.3.2 Next - Week Market Outlook - Technically, the short - and medium - term indicators of soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil are bullish, while the long - term indicators are entangled [134]. - Fundamentally, the protein meal market may face pressure if the Middle - East peace talks are successful; otherwise, it will continue to oscillate strongly. The oil market will be affected by the Middle - East situation, and short - term oscillations are expected to be strong, but chasing high prices should be done with caution [135].

研究所 均重继续下降 盘面企稳反弹 ——国信期货生猪周报 2025年06月15日 研究所 1 周度分析与展望 目 录 2 关键数据与图表 CONTENTS 周度分析与展望 研究所 过去一周生猪现货先弱后稳，整体重心较上周有所下移，期货低位反弹，主力LH09合约表现明显强于其余合约，使得LH7-9月 有差走弱，而LH9-11月差走强。基本面来看，集团场降重增量叠加社会场出栏积极，整体供应偏宽松，而目前消费处于淡季 ，加之二育入场有限，需求支撑亦不足。从中期来看，根据仔猪出生数据及饲料产销数据来看，后期整体出栏量大方向上仍呈 现逐步增多的趋势，尤其是10、11月环比增速或比较明显，供应总体偏充足。但政策指导企业降均重、限二育对供应节奏影 响亦较大，短期来看大企业降重出栏、二育受限使得当前有一定供应压力。而当下二育的减少，又会减轻未来供应的压力，从 而提升远月估值。综合来看，期货后期整体以底部宽幅震荡对待。操作上，短线偏多。 免责声明：本报告以投资者教育为目的，不构成任何投资建议 3 1.生猪期货行情 研究所 2.生猪现货行情 免责声明：本报告以投资者教育为目的，不构成任何投资建议 数据来源:WIND, 国信期货 ...

Report Title - "Surplus Grain Supply Tightens, Corn Trends Strongly - Guoxin Futures Corn Weekly Report" [2] Report Date - June 15, 2025 [2] Report Industry Investment Rating - Not provided Core View - In the past week, the spot price of corn rose widely, market sentiment warmed up significantly, and terminal buyers increased their purchasing prices. The futures market rebounded rapidly and then entered a consolidation phase. Near - month contracts were generally stronger than far - month contracts, and the C09 - C01 spread widened. Fundamentally, domestic surplus grain tightened further, and the increase in imported arrivals was limited, strengthening market expectations of a supply gap. The start of the minimum purchase price for wheat alleviated market concerns, and although wheat still had a cost - performance advantage over corn, the substitution might not be enough to make up for the gap. The inventory at north and south ports decreased significantly, verifying the expectation of tightened surplus grain. Overall, corn is expected to fluctuate and trend upwards in the future. Follow - up attention should be paid to policy grain auctions and the price ratio of substitutes. It is recommended to hold long positions at low levels [7] Summary by Directory 1. Corn Futures Market Changes - Not detailed in the provided content 2. Starch Futures Market Changes - Not detailed in the provided content 3. Corn Spot Market Changes - The report provides price data for different regions including national, northeast, north - China, and south - China average prices, as well as prices in specific cities such as Harbin, Changchun, etc. For example, the national average price rose from 2301 to 2333, the northeast average price rose from 2205 to 2251, the north - China average price rose from 2361 to 2378, and the south - China average price rose from 2460 to 2494 [28] 4. Corn Spot Market: Regional Spreads - Not detailed in the provided content 5. Starch Spot Market Changes - The report provides price data from May 29 to June 12. For example, on May 29, the prices were 2650, 2700, 2740, 2860, 2850, and on June 12, they were 2650, 2700, 2740, 2870, 2880 [42] 6. Corn Starch Spreads - Not detailed in the provided content 7. Corn Selling Progress - Not detailed in the provided content 8. Corn Imports - Not detailed in the provided content 9. Feed and Livestock Demand - Not detailed in the provided content 11. Deep - processing Demand - Not detailed in the provided content 12. Corn Starch Production and Inventory - Not detailed in the provided content 13. Corn Starch Downstream Demand - Not detailed in the provided content 14. Starch Apparent Consumption - Not detailed in the provided content 15. Substitutes - Not detailed in the provided content 16. North Port Corn Dynamics - Not detailed in the provided content 17. South Port Corn Dynamics - Not detailed in the provided content 18. South Port Grain Dynamics - Not detailed in the provided content 19. US Corn Futures Market - Not detailed in the provided content 20. US Corn Planting and Growth Progress - Not detailed in the provided content 21. US Corn Export Sales - Not detailed in the provided content 22. Brazilian Corn Crop Progress - Not detailed in the provided content