研究报告 纯碱周报 证监许可【2012】1087 号 期货从业资格证号：F3076451 投资咨询资格证号：Z0019257 电话：15117218912 邮箱：houfan@qq.com 纯碱供需矛盾 市场弱势持续 华龙期货投资咨询部 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 摘要： 【行情复盘】 投资咨询业务资格： 上周纯碱主力合约 SA2509 价格在 1219-1158 元/吨之间运 行，价格保持低位震荡。 研究员：侯帆 截至 2025 年 7 月 4 日下午收盘，当周纯碱期货主力合约 SA2509 下跌 18 元/吨，周度跌幅 1.51%，报收 1174 元/吨。 【基本面分析】 供给方面产量、产能利用率继续回落，截止到 2025 年 7 月 3 日，国内纯碱产量 70.90 万吨，环比下跌 0.77 万吨，跌幅 1.09%。 其中，轻质碱产量 31.31 万吨，环比减少 1.15 万吨。重质碱产量 39.59 万吨，环比增加 0.38 万吨。 报告日期：2025 年 7 月 7 日星期一 库存情况纯碱库存持续增长，截止到 2025 年 7 月 3 日，国 内纯碱厂家总库存 ...

Report Summary 1. Investment Rating - The investment rating for the steel industry is ★★ [7] 2. Core Viewpoints - The contradiction in the steel fundamentals is not prominent currently. With the continuous three - week rebound in rebar production and increasing production - restriction disturbances, steel prices are expected to fluctuate in the medium term [6][33] - It is recommended to take a bullish stance on dips and treat the market with a bias towards long positions in a volatile market [7][34] 3. Summary by Directory Price Analysis - **Futures Price**: Last week, the rebar 2510 contract rose 0.03% [5] - **Spot Price**: The analysis involves the market price of rebar, but no specific price data is presented [11] - **Basis and Spread**: No specific analysis content is provided Important Market Information - On July 4th, the research group of the Ministry of Housing and Urban - Rural Development conducted research in Guangdong and Zhejiang provinces, emphasizing promoting the stable, healthy, and high - quality development of the real estate market and taking multiple measures to stabilize the market [16] Supply - side Situation - In late June, according to CISA data, the daily output of key steel enterprises' crude steel decreased by 0.9% month - on - month, pig iron increased by 0.3% month - on - month, and steel increased by 6.4% month - on - month. The steel inventory of key steel enterprises decreased by 4.7% month - on - month [6][31] - According to Mysteel data, this week, the weekly output of rebar increased by 3.24 tons week - on - week, the steel mill inventory decreased by 5.13 tons week - on - week, the social inventory increased by 1.34 tons week - on - week, the weekly output of the five major steel products increased by 4.17 tons week - on - week, and the total inventory decreased by 0.1 tons week - on - week [32] Demand - side Situation - As of June 2025, the current value of the non - manufacturing PMI in the construction industry was 52.8, a month - on - month increase of 1.8%; the current value of the steel circulation industry's purchasing manager index was 45.6, a month - on - month decrease of 1.9% [23] Fundamental Analysis - In late June 2025, the daily output of national crude steel decreased by 0.9% month - on - month, pig iron increased by 0.3% month - on - month, and steel increased by 1.3% month - on - month. The steel inventory of key steel enterprises decreased by 4.7% compared with the previous ten - day period, but increased compared with the beginning of the year, the same period last month, the same period last year, and the same period the year before last [31] - According to Mysteel data, this week, the weekly output of rebar increased, the steel mill inventory decreased, the social inventory increased, the weekly output of the five major steel products increased, and the total inventory decreased slightly [32] 后市展望 - Currently, the contradiction in the steel fundamentals is not prominent. With the continuous three - week rebound in rebar production and increasing production - restriction disturbances, steel prices are expected to fluctuate in the medium term [6][33] Operation Strategy - It is recommended to take a bullish stance on dips and treat the market with a bias towards long positions in a volatile market [7][34]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The egg futures market experienced intensified long - short battles last week. High egg - laying hen存栏 and adverse weather conditions put significant pressure on egg prices, but an increase in the number of culled chickens and rising procurement demand for cold - storage eggs provided support. In the short term, the market may continue to fluctuate. With the boost of the consumption peak season in the third quarter, egg prices are expected to have a phased recovery, but the annual price peak may be lower than that of last year [8][59]. 3. Section - by - Section Summary 3.1. Trend Review - **Futures Price**: The main contract of egg futures, JD2508, fluctuated last week. As of last Friday, it closed at 3,582 yuan per 500 kilograms, with a total trading volume of 125,885 lots, an open interest of 184,136 lots, and a weekly increase of 1.1% [5][12]. - **Spot Price**: The average price of eggs in the main producing areas last week was 2.70 yuan per catty, a week - on - week decrease of 6.25%; in the main consuming areas, it was 2.76 yuan per catty, a week - on - week decrease of 2.47%. The price in the main producing areas first declined and then stabilized, while that in the main consuming areas showed a weakening trend [7][16]. - **Chick Price**: The chick price was generally weak last week. The average price of commercial - generation chicks in key national regions was 3.88 yuan per chick, a week - on - week decrease of 0.02 yuan per chick, a decrease of 0.51%, and a year - on - year increase of 31.08%. The utilization rate of hatching eggs was about 60% - 80% [22]. - **Old Hen Price**: The price of old hens fluctuated strongly last week. The average price of old hens in representative markets in key producing areas was 4.65 yuan per catty, a week - on - week increase of 0.03 yuan per catty, an increase of 0.65% [26]. 3.2. Fundamental Analysis - **Supply Side** - **Egg - laying Hen存栏**: As of June, the national egg - laying hen存栏 was about 1.27 billion, a year - on - year increase of 5.75%. The supply was abundant, and the contradiction between supply and demand would be further intensified [31]. - **Shipping Volume in Producing Areas**: The shipping volume in representative markets in the main producing areas decreased by 0.63% week - on - week and 17.52% year - on - year. It first weakened and then increased [35]. - **Old Hen Slaughter**: The total slaughter volume of old hens last week was 529,200, a week - on - week decrease of 1.54%. The average slaughter age was 503 days, and the slaughter volume decreased with a slightly earlier slaughter age [41]. - **Demand Side** - **Arrival Volume in Consuming Areas**: As of last Thursday, the arrival volume in the Beijing market increased by 2.06% week - on - week, while that in the Guangdong market decreased by 20.03% week - on - week. The overall downstream consumption demand was average [45]. - **Sales Volume in Consuming Areas**: The egg sales volume last week was 5,928.27 tons, a week - on - week decrease of 3.56% [49]. - **Inventory Situation**: The inventory in the production link last week was 1.23 days, a week - on - week increase of 17.14%; the inventory in the circulation link was 1.52 days, a week - on - week increase of 3.40%. The overall inventory increased slightly [53]. - **Egg - laying Hen Breeding Cost and Profit**: The egg - laying hen breeding cost last week was 3.55 yuan per catty, remaining flat week - on - week. The breeding profit was - 0.85 yuan per catty, a week - on - week decrease of 0.17 yuan per catty, a decrease of 25.00%. The egg - laying hen breeding loss further expanded [57]. 3.3. Market Outlook The egg futures market may continue to fluctuate in the short term. With the boost of the third - quarter consumption peak season, egg prices are expected to have a phased recovery, but the annual price peak may be lower than that of last year [59]. 3.4. Operation Strategy Due to the short - term market uncertainty, it is recommended to wait and see. Continuously monitor the signals of capacity reduction and demand recovery in July [10][60].

研究报告 2025 年油脂半年报 | 华龙期货投资咨询部 | | | | --- | --- | --- | | 投资咨询业务资格： | | | | 证监许可【2012】1087 号 | | | | 农产品板块研究员：姚战旗 | | | | 期货从业资格证号：F0205601 | | | | 投资咨询资格证号：Z0000286 | | | | 电话：13609351809 | | | | 邮箱：445012260@qq.com | | | | 报告日期：2025 年 7 | 月 | 1 星期二 | 考，请投资者务必阅读正文之后 的免责声明。 摘要： 美联储进入降息周期后，市场对 2025 年美联储 降息次数的预期差异较大，特朗普对全球的贸易以 及国际局势的不确定性将增加将扰动油脂市场。国 际、国内宏观政策以对油脂的影响比重明显增强， 在整体供需收紧的格局下，油脂重心有望维持高位。 棕榈油，2025 下半年度全球供应格局仍偏紧， 棕油价格支撑偏强，远有树龄老化带来的供给增长 瓶颈，近有低库存支撑，需求端亦有印尼 生物柴油 计划的不确定性，供需不确定性较高。未来重点关 注产地库存节奏，只要产地累库不明显，棕油价格 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - In the first half of 2025, the egg market was in a trough with high supply and weak demand. Although there were signs of capacity reduction in June, the re - balance of supply and demand still needed time. In the short term, egg prices faced great pressure, but with the arrival of the traditional consumption peak season in the third quarter, demand would recover and prices might bottom - out and rebound, though the increase would be limited and the price peak might not exceed last year's level [6][7][49] 3. Summary by Relevant Catalogs 3.1. First Half of 2025 Egg Market Review 3.1.1. Futures Prices - In the first half of 2025, the main egg futures contract showed a volatile downward trend, dropping below 3000 yuan in March. There were rebounds in March - April and May - June, but they were limited. As of June 30, the main JD2508 contract closed at 3566 yuan/500 kilograms, with a 0.68% increase [14] 3.1.2. Spot Prices - The egg spot market in China continued to weaken in the first half of 2025, with prices below the cost line. The average price in the main production areas dropped from 3.23 yuan/jin at the beginning of the year to 2.64 yuan/jin in mid - June, a cumulative decline of 18.3%. As of June 30, it was 2.67 yuan/jin, a 40% decrease from the beginning of the year. The price movement could be divided into three stages: a sharp decline after the Spring Festival, a weak rebound, and an accelerated decline [18] 3.2. Fundamental Analysis 3.2.1. Laying Hen Inventory - The laying hen inventory remained high in June 2025, at about 1.27 billion. The supply was abundant, and the supply - demand contradiction was intensified by the high mold rate in the rainy season and the low prices of substitutes [21] 3.2.2. Old Hen Price Analysis - In the first half of 2025, the average price of old hens was 5.11 yuan/jin, a 1.73% decrease compared to the same period in 2024. As of June 30, it was 4.64 yuan/jin, a 19.58% decrease from the beginning of the year. The price fluctuated in stages, affected by factors such as egg prices, holidays, and supply - demand imbalances [26][27] 3.2.3. Chick Sales and Price Analysis - In the first half of 2025, chick sales showed a "decrease - increase - decrease" trend, with a monthly average of 423.4 million, a 0.12% increase compared to the same period in 2024. Chick prices first rose and then fell, reaching a high of 4.57 yuan/chick in February and a low of 3.90 yuan/chick in June. The decline was due to factors such as low egg prices, high feed costs, and low replenishment enthusiasm [32][34] 3.2.4. Elimination Progress Analysis - From January to June 2025, the monthly average old hen slaughter volume was 1.9618 million, a 13.95% decrease compared to the same period in 2024. The slaughter volume first decreased and then increased in the first quarter and continued to rise in the second quarter. The average slaughter age was 527 days, a 1.71% increase year - on - year [40] 3.2.5. Laying Hen Breeding Cost and Profit - Egg - laying hen breeding has been in a loss state this year. As of now, the breeding cost is 3.53 yuan/jin, and the loss is 0.73 yuan/jin [44] 3.3. Futures - Spot Basis and Inter - Month Spread - No detailed analysis content provided, only data tables such as futures - spot basis and inter - month spread are presented [44] 3.4. Market Outlook - In the short term, egg prices face great pressure. With the arrival of the peak season in the third quarter, demand will recover and prices may rebound, but the increase will be limited [49] 3.5. Operation Strategy - In the short term, it is recommended to wait and see due to market uncertainties. In the medium - to - long term, pay attention to the marginal changes in capacity reduction and demand recovery in July. If they resonate, a trend rebound may occur [50]

Report Industry Investment Rating - Investment rating: ★★ [6] Core Viewpoints of the Report - In June 2025, the 2510 contract of rebar rose by 1.15%. The manufacturing, non-manufacturing, and composite PMIs in June all increased compared to the previous month. The central bank aims to consolidate the stability of the real estate market, and anti-dumping duties will be imposed on imported stainless steel products. From May to June, the molten iron output reached its peak and then declined. Although there was a rebound at the end of June, the overall supply contraction trend remained unchanged. In the second half of the year, production cuts will be the main variable in supply. Currently, due to high temperatures and heavy rainfall across the country, it has entered the traditional off - season for demand, and demand has weakened. With no prominent fundamental contradictions at present, steel prices in July are expected to fluctuate mainly. The recommended trading strategy is to wait and see [5][31][32] Summary by Relevant Catalogs Price Analysis - This section includes analyses of futures prices, spot prices, and basis spreads, but specific data and conclusions are not elaborated in the text [7][9][12] Important Market Information - In June, the manufacturing, non-manufacturing, and composite PMIs were 49.7%, 50.5%, and 50.7% respectively, up 0.2, 0.2, and 0.3 percentage points from the previous month. The central bank's second - quarter meeting in 2025 focused on revitalizing existing commercial housing and land to stabilize the real estate market. On June 25, the central bank conducted 300 billion yuan of Medium - term Lending Facility (MLF) operations. From January to May, transportation fixed - asset investment was 1.2 trillion yuan. Since July 1, 2025, anti - dumping duties of 20.2% - 103.1% will be imposed on imported stainless steel billets and hot - rolled stainless steel sheets/coils from the EU, UK, South Korea, and Indonesia for 5 years [14] Supply - side Situation - This section mentions the blast furnace operating rate in Tangshan, but specific data and conclusions are not elaborated in the text [15] Demand - side Situation - As of May 2025, the current value of the non - manufacturing PMI in the construction industry was 51, a month - on - month decrease of 0.9%; the current value of the Steel Distribution Industry Purchasing Managers' Index was 47.5, a month - on - month decrease of 1.3% [21] Fundamental Analysis - In Linfen, Shanxi, a coal mine with a production capacity of 900,000 tons was shut down for 10 - 15 days due to safety hazards. Last week, the weekly output of rebar was 2.1784 million tons, a week - on - week increase of 56,600 tons; the steel mill inventory was 1.856 million tons, a week - on - week increase of 32,800 tons; the social inventory was 3.634 million tons, a week - on - week decrease of 53,500 tons. The weekly output of the five major steel products was 8.8099 million tons, a week - on - week increase of 124,800 tons; the total inventory was 13.4003 million tons, a week - on - week increase of 11,400 tons; the apparent demand was 8.7985 million tons, a week - on - week decrease of 43,300 tons. The blast furnace operating rate of 247 steel mills was 83.82%, unchanged from the previous week and up 0.71% year - on - year; the blast furnace iron - making capacity utilization rate was 90.83%, up 0.04% from the previous week and up 1.70% year - on - year; the steel mill profitability rate was 59.31%, unchanged from the previous week and up 16.45% year - on - year; the daily average molten iron output was 2.4229 million tons, up 110,000 tons from the previous week and up 2.85 million tons year - on - year. Jiangsu Yonggang plans to overhaul a 1080³ blast furnace for about 2 months starting in early July, which is expected to affect about 200,000 tons of molten iron [30] 后市展望 - From May to June, the molten iron output reached its peak and then declined. Although there was a rebound at the end of June, the overall supply contraction trend remained unchanged. In the second half of the year, production cuts will be the main variable in supply. Currently, due to high temperatures and heavy rainfall across the country, it has entered the traditional off - season for demand, and demand has weakened. With no prominent fundamental contradictions at present, steel prices in July are expected to fluctuate mainly [31] Operation Strategy - The recommended operation strategy is to wait and see [32]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - After the geopolitical tensions eased, methanol returned to its fundamentals and is likely to remain weak in the short - term. It is recommended to wait and see for now [10][34] 3. Summary According to the Directory 3.1 Methanol Trend Review - Last week, affected by the easing of the conflict between Iran and Israel, methanol futures dropped significantly. By Friday afternoon's close, the weighted methanol futures closed at 2399 yuan/ton, a 4.99% decrease from the previous week. In the spot market, port methanol prices mostly rose, with prices in Jiangsu ranging from 2610 - 2820 yuan/ton and in Guangdong from 2440 - 2650 yuan/ton. The inland methanol market continued to rise, with the price in Ordos North Line in the main production area ranging from 1990 - 2033 yuan/ton and the receiving price in Dongying from 2265 - 2315 yuan/ton [12] 3.2 Methanol Fundamental Analysis - **Production**: Last week, China's methanol output increased to 2,057,636 tons, with a capacity utilization rate of 91.31%, a 3.00% increase. Some companies had new overhauls, but the overall recovery volume was greater than the loss volume due to some large - scale plants operating at full capacity [13][15] - **Downstream Demand**: As of June 26, the average weekly operating rate of MTO plants in the Jiangsu and Zhejiang regions was 80.13%, a 3.40 - percentage - point decrease from the previous week. The capacity utilization rates of dimethyl ether, glacial acetic acid, and chlorides increased, while those of formaldehyde decreased slightly [16][18] - **Inventory**: As of June 25, the inventory of Chinese methanol sample production enterprises was 341,600 tons, a 7.02% decrease from the previous period, and the order backlog was 240,700 tons, a 12.08% decrease. The port sample inventory was 670,500 tons, a 14.34% increase [20][23] - **Profit**: Last week, the average weekly profit of domestic methanol samples showed different trends. Coal - based methanol profits generally narrowed, while the economics of coke - oven gas - based and natural - gas - based methanol improved [24] 3.3 Methanol Trend Outlook - **Supply**: This week, methanol plant overhauls are more than restarts. It is expected that China's methanol output will be about 2.0052 million tons, with a capacity utilization rate of about 88.98%, a decrease from last week [30] - **Downstream Demand**: The olefin industry's operating rate is expected to continue to decline. The capacity utilization rate of dimethyl ether is expected to remain flat, that of glacial acetic acid is expected to increase, and those of formaldehyde and chlorides are expected to decrease [31][34] - **Inventory**: The inventory of Chinese methanol sample production enterprises is expected to be 354,900 tons, a slight increase from last week. Port inventory is expected to decline as the import apparent demand may remain weak [34]

研究报告 油脂周报 局势缓和，油脂震荡回落 | 华龙期货投资咨询部 | | | --- | --- | | 投资咨询业务资格： 证监许可【2012】1087 号 | | | 农产品板块研究员：姚战旗 | | | 期货从业资格证号：F0205601 | | | 投资咨询资格证号：Z0000286 | | | 电话：13609351809 | | | 邮箱：445012260@qq.com | | | 报告日期：2025 年 06 月 30 | 星期一 | 的免责声明。 【行情复盘】： 本周油脂期价冲高回落，全周豆油 Y2509 合约下跌 1.89%， 以 8002 元/吨报收，棕榈油 P2509 合约下跌 1.87%以 8376 元/吨 报收，菜油 OI2509 合约下跌 2.67%，以 9466 元/吨报收。 【重要资讯】： 报告日期：2025 年 06 月 30 星期一 榈油方面：南部半岛棕榈油压榨商协会（SPPOMA）数据显示， 2025 年 6 月 1-25 日马来西亚棕榈油单产环比上月同期增加 4.09%。船运调查机构 SGS 公布数据显示，预计马来西亚 6 月 1-25 日棕榈油出口量较上月同期出口 ...

研究报告 铝周报 沪铝或延续震荡运行 | 华龙期货投资咨询部 | | --- | | 投资咨询业务资格： | | 证监许可【2012】1087 号 | | 有色板块研究员：刘江 | | 期货从业资格证号：F0305841 | | 投资咨询资格证号：Z0016251 | | 电话：0931-8582647 | | 邮箱：451591573@qq.com | 摘要： 【宏观面、基本面分析】 5 月份，规模以上工业增加值同比实际增长 5.8%。从环比看， 5 月份，规模以上工业增加值比上月增长 0.61%。2025 年 1—5 月 份，全国固定资产投资 191947 亿元，同比增长 3.7%。其中，民 间固定资产投资同比持平。从环比看，5 月份固定资产投资增长 0.05%。铝土矿进口量环比大幅下降。全球氧化铝供需延续偏紧格 局。氧化铝库存继续增长，但仍然处于底部区域。沪铝库存加速 下降，库存水平处于近年来极低位。LME 铝库存小幅上升，电解 铝国内隐性市场库存延续下降趋势。 【后市展望】 铝价或以震荡趋势为主。 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 【风险提示】 美联储政策变化超预期， ...

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - The current market for old - crop corn inventory continues to decline, while the demand for corn in the breeding and feed production sectors is steadily increasing. The overall market for circulating grain is in a state of tight balance. Although the new - season wheat listing has a negative impact on grain prices, its actual impact on corn prices is limited, and multiple factors still support corn prices. - In the short term, the futures price may show a volatile trend due to price corrections in some regions and the phased pressure of new wheat listing. In the long - term, the supply - demand gap may drive inventory reduction, and the rigid increase in feed demand will gradually increase the probability of price recovery. [7][54] 3) Summary by Directory I.走势回顾 - **Futures Price Review**: Last week, the domestic corn futures main contract c2509 reached a high of 2420 yuan/ton and then declined, closing at 2384 yuan/ton on Friday, with a 0.21% increase from the previous day. The CBOT corn 09 contract closed at 411.25 cents per bushel, down 12.25 cents or 2.90% from the previous week, hitting a new low since October 2024. [5][13] - **Spot Price Review**: In the Northeast market, the price of second - class corn in Bayuquan was 2400 yuan/ton, up 20 yuan/ton from the previous week; in Jinzhou Port, it was 2380 yuan/ton, unchanged from the previous week. In the North China market, the price of deep - processed corn in Shouguang, Shandong was 2510 yuan/ton, up 30 yuan/ton from the previous week, reaching a new high for the year. In the sales area, the mainstream price of second - class Northeast corn in Guangxi Shekou Port was 2440 - 2470 yuan/ton, basically unchanged from the previous week. [5][18][20] II.上周重要信息回顾 - Policy: Heilongjiang plans to expand the planting area of fine varieties, with a maximum subsidy of 500,000 yuan per variety; Russia lowers wheat export tariffs by 56% and corn export tariffs by 10%. - Weather: China Meteorological Administration predicts heavy rainfall in the southwest to the Huanghuai region in the next 10 days. - Trade: In May 2025, China's grain imports increased by 4.7% year - on - year, and from January to May, cumulative imports decreased by 29.7% year - on - year. - Industry: Brazil will increase the ethanol blending ratio in gasoline from 27% to 30% starting August 1; the ANEC predicts that Brazil's corn exports in June will be 828,959 tons, a 15.7% decrease from last year. The IGC expects the global grain output in the 2025/26 season to increase by 3% year - on - year. [21][22] III.国内玉米供需分析 - **中储粮拍卖情况**: Last week, there was 1 corn procurement auction with a 100% transaction rate; 14 sales auctions with a 90.23% transaction rate; 7 two - way trading auctions with a 90.18% transaction rate; and no import corn auctions. [24][26] - **深加工企业玉米库存情况**: As of June 25, the total corn inventory of 96 major deep - processing enterprises was 4.567 million tons, a 0.54% decrease from the previous period and a 2.40% increase year - on - year. [30] - **深加工企业玉米消费量情况**: From June 19 to 25, 2025, 149 major corn deep - processing enterprises consumed 1.1892 million tons of corn, an increase of 0.0129 million tons from the previous period. Different types of enterprises had different consumption changes. [33] - **饲企库存情况**: As of June 26, the average inventory of national feed enterprises was 32.59 days, a decrease of 0.48 days from the previous week, a 1.45% decrease from the previous period, and a 3.43% increase year - on - year. [40] IV.玉米下游需求情况 - **玉米深加工企业开工情况**: Recently, the start - up rate of corn starch has shown a differentiated trend, and the overall industry start - up rate has slightly declined. From June 19 to 25, 2025, the national corn processing volume was 0.5462 million tons, and the corn starch output was 0.2646 million tons, with the start - up rate at 51.15%, a 0.46% decrease from the previous week. [44] - **玉米深加工企业利润情况**: Last week, the hedging profit of corn starch in Jilin was - 132 yuan/ton, down 3 yuan/ton from the previous week; in Shandong, it was - 117 yuan/ton, up 6 yuan/ton from the previous week; in Heilongjiang, it was - 136 yuan/ton, down 5 yuan/ton from the previous week. [49] - **玉米淀粉**: As of June 26, the total inventory of corn starch in the main producing areas was 940,300 tons, a 2.27% decrease from the previous period and a 9.22% increase year - on - year. The corn starch market remains strong, with some enterprises slightly raising their quotes. [53] V.后市展望 - In the short term, the futures price may fluctuate due to price corrections in some regions and the pressure of new wheat listing. In the long - term, the supply - demand gap may drive inventory reduction, and the rigid increase in feed demand will gradually increase the probability of price recovery. [7][54] VI.操作策略 - In the short term, due to market uncertainties, it is recommended to wait and see. In the long - term, closely monitor recent macro - policy adjustments and domestic and foreign supply - demand changes, and look for long - position layout opportunities in far - month contracts. [9][55]