Group 1 - As of the week ending August 29, 2025, corn futures closed at 2191 CNY/ton, with a weekly decline in the K-line and an increase in open interest by 28,014 contracts compared to the previous week [1] - During the week of August 25-29, the corn futures opened at 2175 CNY/ton, reached a high of 2197 CNY/ton, and a low of 2150 CNY/ton, resulting in a weekly change of 1.58% [1] Group 2 - The USDA's latest drought report indicates that as of the week ending August 26, approximately 5% of the U.S. corn planting area was affected by drought, unchanged from the previous week and down from 8% year-on-year [2] - For the week ending August 21, U.S. net corn export sales for the 2024/2025 marketing year were -18,000 tons, an improvement from -27,000 tons the previous week; for the 2025/2026 marketing year, net sales were 2.09 million tons, down from 2.86 million tons the previous week [2] - As of August 27, 2025, the total corn inventory of 96 major processing enterprises across 12 regions in China was 2.942 million tons, reflecting a decrease of 6.51% [2] Group 3 - Guosen Futures noted that recent rapid outflows of warehouse receipts and increased inventory reduction at northern ports have alleviated short-term pressure; however, wheat retains a substitution advantage in some areas, and the demand side remains weak due to general livestock profits and ongoing losses in deep processing, leading to insufficient motivation for large-scale replenishment [3] - Zhengxin Futures observed that the quality of U.S. corn is better than expected, leading to a weak fluctuation; domestic reserve purchases are supporting wheat prices, but the arrival of some spring corn and lower opening prices are stimulating short-term increases in corn supply, while market sentiment remains bearish [3] - In the medium to long term, with the new corn harvest approaching and traders increasing selling pressure, the overall outlook for corn is expected to remain weak [3]
玉米中期的供需格局仍趋于宽松 整体将弱势运行
Jin Tou Wang·2025-09-01 00:21