Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The steel market is expected to maintain a volatile trend before the Spring Festival, following macro - sentiment. Factors such as coal production, iron ore supply, and steel demand influence the market [5]. - The total inventory of steel products is accumulating, with the inventory of rebar accelerating and the inventory of hot - rolled coils still decreasing overall. The demand for rebar is decreasing, while the demand for hot - rolled coils, although slightly declining, is still better than the same period last year [5]. - The cost of steel has support due to coal production, imports, and the shortage of pb powder, but the resumption of hot metal production restricts the upward space of steel prices [5]. Group 3: Summary by Directory Market Information - Spot prices: Shanghai Zhongtian rebar is 3230 yuan (-20), Beijing Jingye rebar is 3140 yuan (-), Shanghai Angang hot - rolled coil is 3280 yuan (-10), and Tianjin Hegang hot - rolled coil is 3170 yuan (+ - 0) [4]. Market Judgement - **Transaction Strategy** - The unilateral trend of steel is expected to be volatile [6]. - For arbitrage, it is recommended to short the hot - rolled coil to coking coal ratio at high prices and continue to hold the short position of the hot - rolled coil to rebar spread [6]. - For options, it is recommended to wait and see [7]. - **Important Information** - In 2025, the total profit of industrial enterprises above designated size in China was 73982.0 billion yuan, a year - on - year increase of 0.6% [8]. - Five steel mills have announced maintenance plans, with an estimated total impact on production of about 45.5 tons [9][10]. Relevant Attachments - Multiple figures are provided, including the basis of rebar and hot - rolled coil contracts (01, 05, 10), the spread between different contracts (01 - 05, 05 - 10, 10 - 01), the spread between hot - rolled coil and rebar, the disk profit of rebar and hot - rolled coil contracts, the cash profit of different steel products in different regions, and the cost of electric furnaces [15][17][20] etc.

研究所 农产品研发报告 生猪日报 2026 年 1 月 27 日 【生猪日报】出栏压力增加 现货整体下行 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn 单边：观望 套利：观望 | | | | | 生猪价格日报 | | 2026/1/27 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 现货价格 | | | | | | | 今 日 | 昨 日 | 变 化 | | 今 日 | 昨 日 | 变 化 | | 河南（0） | 13.18 | 13.24 | -0.06 | 山西（-100） | 12.97 | 13.04 | -0.07 | | 湖北（0） | 12.80 | 12.90 | -0.10 | 辽宁（-300） | 12.84 | 12.91 | -0.07 | | 安徽（200） | 13.23 | 13.40 | -0.17 | 吉林（-300） | 12.72 | 12.77 | -0.05 | | 湖南（ ...

Group 1: Report Overview - The report is an apple daily report in the agricultural product research report, dated January 27, 2024 [1] Group 2: Market Information Spot Prices - The Fuji apple price index was 108.44, down 0.09 from the previous trading day. The average wholesale price of 6 kinds of fruits was 7.84, down 0.04 [2] - The price of Qixia first and second - grade paper - bagged 80 apples was 4.00, down 0.10; the price of Penglai first and second - grade paper - bagged 80 apples was 4.10, down 0.15; the price of Luochuan semi - commercial paper - bagged 70 apples was 4.20, unchanged; the price of Yiyuan paper - bagged 70 apples was 2.50, unchanged [2] Futures Prices - AP01 was 8239, up 23 from the previous close; AP05 was 9466, down 69; AP10 was 8330, down 14 [2] - The spread AP01 - AP05 was - 1227, up 92; AP05 - AP10 was 1136, down 55; AP10 - AP01 was 91, down 37 [2] Other Price Differences - The difference between Qixia first and second - grade 80 apples and AP01 was - 239, down 223; the difference between Qixia first and second - grade 80 apples and AP10 was - 330.0, down 186; the difference between Qixia first and second - grade 80 apples and AP05 was - 1466, down 131 [2] Group 3: Market News and Views Apple Market News - As of January 21, 2026, the apple cold - storage inventory in the main producing areas of China was 682.78 million tons, a decrease of 21.88 million tons from the previous week. The inventory removal speed continued to accelerate but was lower than the same period last year [7] - In December 2025, the export volume of fresh apples was about 15.65 million tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. The import volume was 0.31 million tons, a month - on - month increase of 21.31% and a year - on - year increase of 20.02%. The cumulative import volume in 2025 was 11.68 million tons, a year - on - year increase of 19.72% [7] - On January 26, the mainstream price of apples in the producing areas was stable. During the weekend, the number of traders packing and shipping in the cold storage in the producing areas increased significantly, and the enthusiasm for Spring Festival stocking increased [7] - In Shandong, the price of high - quality late - maturing paper - bagged Fuji apples in stock was stable. In Qixia, the mainstream price of 80 and above first, second, and third - grade fruit was 3.0 - 3.5 yuan per catty. In Shaanxi, the mainstream price was stable. In Luochuan, the mainstream price of 70 and above semi - commercial fruit was 3.8 - 4.2 yuan per catty, and high - quality fruit was 4.5 - 5.0 yuan per catty [7] Trading Logic - This year, the apple cold - storage inventory is low and the quality is poor. The pre - Spring Festival stocking enthusiasm has increased recently, and the inventory removal speed has accelerated. The apple cold - storage inventory cost is high, about 9700 - 10000 yuan per ton. Considering the low inventory, high downstream stocking enthusiasm, and high inventory cost, the overall trend of the apple May contract is expected to be strong [5] Trading Strategies - For the single - side strategy, hold the long position of the May contract and short the October contract on rallies [8] - For the arbitrage strategy, go long on the May contract and short the October contract [8] - For the options strategy, it is recommended to wait and see [8] Group 4: Related Attachments - The report includes 10 figures, such as the price of Qixia first and second - grade paper - bagged 80 apples, the price of Luochuan semi - commercial paper - bagged 70 apples, AP contract basis, spreads between different AP contracts, apple arrival volume in wholesale markets, 6 - fruit average price, national cold - storage apple inventory, and national cold - storage apple delivery volume [10][13][20][22][25]

Group 1: Report General Information - Report Title: Sugar Daily Report [2] - Report Date: January 27, 2026 [2] - Researcher: Liu Qiannan [4] Group 2: Data Analysis Futures Market - SR09: Closing price 5,185, down 4, down 0.08%, volume 16,144, down 1384, open interest 103,859, up 2180 [3] - SR01: Closing price 5,296, down 7, down 0.13%, volume 128, down 102, open interest 838, up 28 [3] - SR05: Closing price 5,168, down 4, down 0.08%, volume 190,426, down 9709, open interest 472,603, up 4628 [3] Spot Market - Spot prices in different regions: Liuzhou 5330 (down 10), Kunming 5155 (down 10), Wuhan 5630 (unchanged), Nanning 5300 (down 10), Bayuquan 5460 (down 70), Rizhao 5415 (down 40), Xi'an 5760 (unchanged) [3] - Basis: Liuzhou 162, Kunming -13, Wuhan 462, Nanning 132, Bayuquan 292, Rizhao 247, Xi'an 592 [3] Spread - SR05 - SR01: Spread -128, up 3; SR09 - SR05: Spread 17, unchanged; SR09 - SR01: Spread -111, up 3 [3] Import Profit - Brazil import: ICE主力 14.77, premium 0.17, freight 32.75, in - quota price 4046, out - of - quota price 5125, spread with Liuzhou 205, spread with Rizhao 290, spread with futures 171 [3] - Thailand import: ICE主力 14.77, premium 1.05, freight 18.00, in - quota price 4098, out - of - quota price 5192, spread with Liuzhou 138, spread with Rizhao 223, spread with futures 104 [3] Group 3: Market Outlook Important Information - Brazil exported 173.76 million tons of sugar and molasses in the first four weeks of January 2026, with a daily average of 10.86 million tons. In January 2025, the export volume was 206.22 million tons, with a daily average of 9.37 million tons [5] - As of January 24, 2026, in the 2025/26 crushing season, 41 sugar mills in Punjab, Pakistan were in operation, crushing 2489 million tons of sugarcane and producing 232.9 million tons of refined sugar, an increase of 26.6 million tons compared to the same period of the previous season [5] - In Yunnan, 2 more sugar mills started operation on January 27, 2026, and 1 more is expected to start this week. As of now, 47 sugar mills have started operation in the 2025/26 crushing season in Yunnan, 2 more than the same period last year [5] Logic Analysis - International market: Brazilian sugar supply pressure will ease as the harvest season approaches. The market focus has shifted to the Northern Hemisphere, where most sugar production is in an increasing cycle. India's high bi - weekly production may lead to higher - than - expected growth, putting downward pressure on international sugar prices. However, due to the low sugar price and strong commodities, the US sugar price is expected to fluctuate at the bottom in the short term [8] - Domestic market: China's sugar production is at its peak, and the output is likely to increase significantly this season. In 2025, China imported 491.88 million tons of sugar, an increase of 56.22 million tons year - on - year. The supply pressure is obvious, and the Zhengzhou sugar price is expected to continue to decline in the short term. But considering the low price and cost support, the decline space is limited [8] Trading Strategies - Unilateral: The international sugar price is expected to fluctuate at the bottom in the short term. The May contract is expected to fluctuate due to supply pressure above and cost support below [9] - Arbitrage: Hold off [10] - Options: Sell put options [11] Group 4: Related Attachments - Figures include Guangxi and Yunnan monthly inventory, production, spot prices, basis, and spreads [13][18][20][22][24][26]

Group 1: Investment Rating - No relevant information provided Group 2: Core Views - Near the Spring Festival, the overall demand for egg spot has been good recently, with spot prices rising. The profit situation is favorable, leading to a decrease in market culling enthusiasm. Considering that the egg consumption off - season starts after the Spring Festival, although the inventory situation has improved, the overall reduction has weakened recently due to the good egg price performance. Therefore, it is advisable to consider shorting the June contract on rallies [8] Group 3: Summary by Directory 1. Futures and Spot Market - **Futures Market**: JD01 closed at 3600, unchanged from the previous day; JD05 closed at 3475, down 52 from the previous day; JD09 closed at 3850, down 64 from the previous day. The 01 - 05 spread was 125, up 52; the 05 - 09 spread was - 375, up 12; the 09 - 01 spread was 250, down 64. The ratios of 01, 05, and 09 eggs to corn and soybeans also had corresponding changes [2] - **Spot Market**: The average price of eggs in the main production areas was 3.88 yuan/jin, up 0.07 yuan/jin from the previous day, and the average price in the main sales areas was 4.15 yuan/jin, up 0.04 yuan/jin from the previous day. The average price of culled chickens was 4.65 yuan/jin, up 0.02 yuan/jin from the previous day [2] 2. Fundamental Information - **Price Trends**: The national mainstream egg prices mostly continued to rise. Prices in Beijing, Northeast China, Shandong, Henan and other regions increased. Egg prices continued to fluctuate and consolidate, with normal sales [4] - **Inventory and Production Data**: In December, the national laying - hen inventory was 1.344 billion, a decrease of 80 million from the previous month, a year - on - year increase of 5%, and lower than expected. The monthly output of laying - hen chicks in the sample enterprises monitored by Zhuochuang Information in December was about 39.59 million, with little change month - on - month and a year - on - year decrease of 13.9% [5] - **Culling Data**: From January 16th, the weekly culling volume of laying hens in the main production areas was 17.33 million, with little change from the previous week. The average culling age of culled chickens was 485 days, an increase of 1 day from the previous week [5] - **Sales Data**: As of January 16th, the weekly egg sales volume in the representative sales areas was 7391 tons, a decrease of 2.6% from the previous week, at a historical low [5] - **Profit and Inventory Data**: As of January 15th, the weekly average profit per jin of eggs was 0.13 yuan/jin, an increase of 0.26 from the previous week. On January 9th, the expected profit of laying - hen farming was - 14.14 yuan/feather, a decrease of 0.41 yuan/jin from the previous week. The average weekly inventory in the production link was 0.97 days, slightly decreasing from the previous week, and the average weekly inventory in the circulation link was 1.05 days, also slightly decreasing from the previous week [6] 3. Trading Logic - Near the Spring Festival, the overall demand for egg spot is good, with rising prices and favorable profits. The culling enthusiasm has decreased. The weekly culling volume of laying hens in the main production areas from January 23rd was 16.27 million, a decrease of 5% from the previous week, and the average culling age was 490 days, an increase of 5 days from the previous week. Considering the post - Spring Festival consumption off - season, it is advisable to short the June contract on rallies [8] 4. Trading Strategies - **Single - side**: Consider shorting the June contract on rallies [9] - **Arbitrage**: It is recommended to wait and see [9] - **Options**: It is recommended to wait and see [10]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The cotton sales progress remains fast, and the sales volume is at a high level in the same period over the years. The improvement of Sino-US relations and the expected expansion of Xinjiang textile mills in the new year support the fundamental upward trend. However, the previous bullish sentiment has been digested, and the cotton price has corrected. It is expected to fluctuate within a range in the short term. The cotton yarn market continues to be weak in the short term. [6][10] - For trading strategies, it is expected that the US cotton will likely fluctuate within a range in the short term, and Zhengzhou cotton is also expected to fluctuate within a range. For arbitrage and options, it is advisable to wait and see. [8][9][10] Summary by Related Catalogs Market Information - **Futures Market**: The closing prices of CF01, CF05, and CF09 contracts decreased by 150, 45, and 55 respectively; CY01 remained unchanged, CY05 decreased by 30, and CY09 remained unchanged. The trading volume of CF05 increased by 154,281, and that of CY05 decreased by 195. [2] - **Spot Market**: CCIndex3128B decreased by 17 yuan/ton, Cot A was 74.55 cents/pound, and the price of (FC Index):M: to - port decreased by 0.40. Among yarns, CY IndexC32S remained unchanged, and the price of Indian S - 6 remained unchanged. [2] - **Spreads**: In cotton inter - period spreads, the 1 - 5 spread decreased by 105, the 5 - 9 spread increased by 10, and the 9 - 1 spread increased by 95. In cotton yarn inter - period spreads, the 1 - 5 spread increased by 30, the 5 - 9 spread decreased by 30, and the 9 - 1 spread remained unchanged. [2] Market News and Views Cotton Market News - **ON - CALL Data**: As of January 16, the number of unpriced contracts of the ON - CALL 2603 contract by sellers decreased by 477 to 19,274, equivalent to a decrease of 10,000 tons compared to last week. The total number of unpriced contracts of sellers in the 2025/26 season increased by 2,449 to 40,722, equivalent to 920,000 tons, an increase of 60,000 tons compared to last week. The total number of unpriced contracts of ICE sellers increased to 52,321, equivalent to 1.19 million tons, an increase of 3,166 compared to last week, or 70,000 tons. [4] - **Brazilian Cotton Planting**: As of January 24, the cotton planting in Brazil in the 2025/26 season was 60.6% completed, a 24.3 - percentage - point increase from the previous period and 14.3 percentage points faster than the same period last year, but 2 percentage points slower than the average of the past three years. [4] - **US Cotton Inspection**: As of January 23, 2026, the cumulative inspection volume of US upland cotton + Pima cotton was 2.9374 million tons, accounting for 96.9% of the estimated US cotton production for the year, 7% slower than the same period last year. The inspection volume of US upland cotton was 2.8576 million tons, with an inspection progress of 97%, a 6% decrease year - on - year; the inspection volume of Pima cotton was 79,800 tons, with an inspection progress of 94.5%, 18% slower than the same period last year. [5] Trading Logic - The cotton sales progress is fast, and the improvement of Sino - US relations and the expected expansion of Xinjiang textile mills support the fundamental upward trend. However, the previous bullish sentiment has been digested, and the cotton price has corrected. It is expected to fluctuate within a range in the short term. [6] Trading Strategy - **Single - sided**: It is expected that the US cotton will likely fluctuate within a range in the short term, and Zhengzhou cotton is also expected to fluctuate within a range. [8] - **Arbitrage**: Wait and see. [9] - **Options**: Wait and see. [10] Cotton Yarn Industry News - The domestic market of pure cotton yarn has been sluggish recently, with little improvement. The price of cotton yarn is weak, and the discount for transactions continues to expand. Traders and fabric mills make small - scale purchases, and some fabric mills plan to start their holidays at the end of this month. It is expected that the trading volume will continue to decrease, and the cotton yarn market will remain weak in the short term. [10] Options - **Volatility**: The 60 - day HV of cotton yesterday was 9.2812, with a slight increase in volatility compared to the previous day. The implied volatility of CF605 - C - 14600 was 13.3%, that of CF605 - C - 14200 was 11.3%, and that of CF605 - P - 13800 was 11.2%. [12] - **Options Strategy**: The PCR of the main contract of Zhengzhou cotton yesterday was 0.8667, and the volume PCR of the main contract was 0.4688. The trading volumes of both call and put options decreased today. It is advisable to wait and see. [13][14] Relevant Attachments The report provides multiple figures, including the price difference between domestic and international cotton markets under 1% tariff, cotton basis in January, May, and September, the price difference between CY05 and CF05, CY01 and CF01, and the price differences of CF9 - 1 and CF5 - 9. [16][19][23]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - On January 27, the domestic asphalt market average price was 3,263 yuan/ton, up 4 yuan/ton from the previous day, with a 0.12% increase. The asphalt market showed different trends in different regions. The asphalt price in South China increased due to tight supply, while the demand in East China was shrinking, and the price in the North remained stable. The asphalt price was expected to remain stable in the short - term. The asphalt futures followed the high - level volatility of crude oil, and the domestic spot price was stable, with weakening demand expectations [4][5][6]. 3. Summary by Relevant Catalogs First Part: Relevant Data - **Futures Prices and Positions**: The prices of BU2603 (the main contract) remained unchanged at 3,279 yuan, while BU2604 decreased by 5 yuan (-0.15%) to 3,274 yuan, and BU2605 decreased by 17 yuan (-0.52%) to 3,267 yuan. SC2603 decreased by 10.6 yuan (-2.32%) to 446.7 yuan, and Brent's first - line decreased by 0.4 (-0.58%) to 64.58. The main contract's position decreased by 10,000 lots (-6.00%) to 163,000 lots, and the trading volume decreased by 32,000 lots (-14.56%) to 190,000 lots. The warehouse receipt quantity remained unchanged at 38,480 tons [2]. - **Basis and Spread**: The BU04 - 05 spread increased by 12 to 7, with a 40.00% increase; the BU04 - 03 spread increased by 5 to 5. The Shandong - main contract basis increased by 5 to - 4, with a 55.56% increase; the East China - main contract basis increased by 5 to - 94, with a 5.05% increase; the South China - main contract basis increased by 5 to - 54, with an 8.47% increase [2]. - **Industrial Chain Spot Prices**: The market prices in Shandong, East China, and South China remained unchanged. Shandong gasoline decreased by 12 yuan (-0.17%) to 7,016 yuan, Shandong diesel decreased by 41 yuan (-0.72%) to 5,647 yuan, and Shandong petroleum coke decreased by 30 yuan (-1.04%) to 2,860 yuan. The diluted asphalt discount remained unchanged at - 13.2, and the exchange - rate mid - point increased by 0.0015 (0.02%) to 6.9858 [2]. - **Spread Profits**: The asphalt refinery profit increased by 6.49 (204.06%) to 9.66, the refined oil comprehensive profit decreased by 8.45 (-1560.28%) to - 8.99, the BU - SC cracking spread increased by 72.96 (16.71%) to - 363.56, the gasoline spot - Brent spread increased by 8.56 (1.21%) to 714.28, and the diesel spot - Brent spread decreased by 17.10 (-8.15%) to 192.77 [2]. Second Part: Market Judgement - **Market Overview**: In South China, the asphalt price increased due to tight supply and project rush - work. In East China, the demand was shrinking, and the market transaction was light. In the North, the terminal projects were stagnant, and the prices were stable. In Shandong, the asphalt price was firm due to low inventory and previous contracts. In the Yangtze River Delta, the market was in a situation of having a price but no transaction [4][5]. - **Market Outlook**: Geopolitical turmoil continued, and the crude oil cost fluctuated widely. The asphalt futures followed the high - level volatility of crude oil. The domestic spot price was stable, supported by low inventory and low supply, but the demand was expected to weaken due to the approaching Spring Festival [6]. Third Part: Relevant Attachments - The report includes figures such as the closing price and position of the BU main contract, the asphalt market prices in East China and Shandong, and the gasoline and diesel prices in Shandong, with data from sources like Galaxy Futures, Wind, and Steel Union [9][13][14].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints The report presents the daily data of stock index futures, including IM, IF, IC, and IH, covering aspects such as daily quotes, intraday trends, daily basis, and daily positions [3][21][41][61]. 3. Summary by Related Catalogs IM Futures - **Daily Quotes**: The closing price of the CSI 1000 was 8382.15, up 0.20%. The main contract IM2603 rose 0.55% to close at 8357.2 points. The total trading volume of the four IM contracts was 262,400 lots, down 14,760 lots from the previous day; the total open interest was 398,403 lots, up 3,901 lots from the previous day [3][5]. - **Basis**: The main contract was at a discount of 24.95 points, up 51.28 points from the previous day; the annualized basis rate was -2.06% [5]. - **Positions**: The net short - position ratio and the positions of major seats of each contract are presented, such as the positions of the top five, top ten, and top twenty seats in IM2602, IM2603, etc. [16][18][20]. IF Futures - **Daily Quotes**: The closing price of the CSI 300 was 4705.69, down 0.03%. The main contract IF2603 fell 0.2% to close at 4718.2 points. The total trading volume of the four IF contracts was 142,964 lots, down 46,585 lots from the previous day; the total open interest was 310,326 lots, down 18,138 lots from the previous day [21][22]. - **Basis**: The main contract was at a premium of 12.51 points, up 0.07 points from the previous day; the annualized basis rate was 1.83% [22]. - **Positions**: The net short - position ratio and the positions of major seats of each contract are presented, such as the positions of the top five, top ten, and top twenty seats in IF2602, IF2603, etc. [36][38][39]. IC Futures - **Daily Quotes**: The closing price of the CSI 500 was 8548.93, up 0.50%. The main contract IC2603 rose 0.64% to close at 8547.6 points. The total trading volume of the four IC contracts was 211,372 lots, down 15,305 lots from the previous day; the total open interest was 343,302 lots, down 704 lots from the previous day [41][42]. - **Basis**: The main contract was at a discount of 1.33 points, up 35.36 points from the previous day; the annualized basis rate was -0.11% [42]. - **Positions**: The net short - position ratio and the positions of major seats of each contract are presented, such as the positions of the top five, top ten, and top twenty seats in IC2602, IC2603, etc. [55][57][59]. IH Futures - **Daily Quotes**: The closing price of the SSE 50 was 3052.39, up 0.09%. The main contract IH2603 fell 0% to close at 3064 points. The total trading volume of the four IH contracts was 67,869 lots, down 16,758 lots from the previous day; the total open interest was 114,497 lots, down 4,127 lots from the previous day [61]. - **Basis**: The main contract was at a premium of 11.61 points, up 3 points from the previous day; the annualized basis rate was 2.61% [62]. - **Positions**: The net short - position ratio and the positions of major seats of each contract are presented, such as the positions of the top five, top ten, and top twenty seats in IH2602, IH2603, etc. [76][78][80].

研究所 天然气研发报告 天然气日报 2026 年 1 月 27 日 天然气市场日报 | | | | 国际天然气价格 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 美元/MMBTU | 2026/1/26 | 2026/1/23 | 2026/1/20 | | 2025/12/26 日度涨跌幅 7日涨跌幅 | | 30日涨跌幅 | | HH 2602 | 6.8 | 5.275 | 3.907 | 3.877 | 28.91% | 74.05% | 75.39% | | HH 2603 | 3.898 | 3.609 | 3.234 | 3.306 | 8.01% | 20.53% | 17.91% | | JKM 2603 | 11.225 | 11.285 | 10.805 | 9.64 | -0.53% | 3.89% | 16.44% | | JKM 2604 | 10.925 | 11.07 | 10.415 | 9.335 | -1.31% | 4.90% | 17.03% | | TFU 2602 | 37.407 | ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The report predicts that US corn will experience a relatively strong upward trend at the bottom due to the recent speculation about the drought in Argentina and the weakening supply pressure [8]. - Corn spot prices are expected to remain relatively stable in the short term. However, the upside potential for corn spot prices is limited, and there is room for a decline in the 03 corn futures contract [8]. - The 03 starch futures contract is expected to experience a weakening trend in the short - term, with a downward - trending price movement [7]. 3. Summary by Directory 3.1 Data - **Futures Market**: - Corn futures, including contracts C2601, C2605, and C2509, all showed price declines, with decreases of 0.09%, 0.35%, and 0.22% respectively. Trading volume decreased significantly, while open interest increased [2]. - Corn starch futures, such as contracts CS2601, CS2605, and CS2509, also had price drops, with decreases of 0.39%, 0.35%, and 0.69% respectively. The trading volume of CS2601 increased by 1300%, and open interest increased across the board [2]. - **Spot and Basis**: - Corn spot prices in various regions showed mixed trends. For example, the price in Qinggang remained unchanged, while the price in Nantong Port increased by 10 yuan, and the price in Zhucheng Xingmao decreased by 6 yuan. The basis varied from region to region, with values ranging from - 138 to 152 yuan [2]. - Starch spot prices in different enterprises remained stable, and the basis was positive, with values between 92 and 292 yuan [2]. - **Spread**: - Corn inter - delivery spreads, such as C01 - C05, C05 - C09, and C09 - C01, showed different changes. Starch inter - delivery spreads and cross - variety spreads also had corresponding price fluctuations [2]. 3.2 Market Analysis - **Corn**: - The drought in Argentina has led to a rebound in the price of US corn at the bottom, but it still oscillates at a low level due to the global supply pressure. The import profit of foreign corn has increased, and the import price from Brazil in July was 2194 yuan [4]. - The flat - hatch price at northern ports has decreased, while the spot price in the Northeast corn - producing area has remained stable. The supply of corn in North China has decreased, and the spot price is relatively strong. The price difference between Northeast and North China corn has narrowed [4][6]. - Wheat and corn auctions are ongoing. The wheat price in North China is relatively strong, with a price around 2510 yuan/ton. The price difference between wheat and corn is still large, and corn has a cost - performance advantage. The domestic aquaculture demand is stable, and the inventory of downstream feed enterprises has increased [6]. - **Starch**: - The number of trucks delivering corn to deep - processing enterprises in Shandong has increased, and the local corn spot price has remained stable. The starch price in Shandong is around 2780 yuan, and the spot price in the Northeast is stable. The corn starch inventory has decreased this week, with the manufacturer's inventory at 106.9 million tons, a decrease of 3.1 million tons from last week, a monthly decline of 3.0%, and a year - on - year increase of 10.4% [7]. - The starch price is mainly affected by the corn price and downstream inventory - building. The by - product price is relatively strong, and the spot price difference between corn and starch is at a low level. Due to the end of pre - holiday inventory - building, the starch spot price is weak, and enterprises are still operating at a loss [7]. 3.3 Trading Strategies - **Single - sided trading**: The 03 US corn has support at 420 cents per bushel. Close the short positions of 03 corn and 03 starch [9]. - **Arbitrage**: Close the reverse spread position of the 35 starch contract [10]. - **Option Strategy**: Adopt a short - term cumulative put option strategy with rolling operations [11]. 3.4 Related Attachments - The attachments include six charts, showing the flat - hatch price of corn at northern ports, the basis of the corn 05 contract, the 5 - 9 spread of corn, the 5 - 9 spread of corn starch, the basis of the corn starch 05 contract, and the spread of the corn starch 05 contract, respectively [14][15][18]