产需两弱且库存高位 玉米淀粉或跟随玉米行情为主

Core Viewpoint - The corn starch market is experiencing fluctuations in prices and inventory levels, with recent data indicating a slight decrease in prices and a notable change in inventory dynamics [1][3][4]. Price Summary - On September 10, the main corn starch futures contract closed at 2488 yuan/ton, down by 0.99% [1]. - As of September 21, various corn starch prices across different regions and specifications range from 2550 yuan/ton to 3000 yuan/ton, with notable prices including 2780 yuan/ton in Shandong and 2850-2900 yuan/ton in Henan and Inner Mongolia [2]. Inventory and Supply Dynamics - As of September 3, the total inventory of corn starch across the country was 1.265 million tons, reflecting a decrease of 53,000 tons week-on-week, which is a 4.02% drop [3]. - Year-on-year, the inventory has increased by 37.2% [3]. - On September 11, the Dalian Commodity Exchange reported 9,950 corn starch futures warehouse receipts, an increase of 544 receipts from the previous trading day [3]. Market Analysis - According to Southwest Futures, the domestic corn supply and demand are trending towards balance, with consumption showing signs of recovery [4]. - The sales of old grain in major production areas are nearing completion, leading to a rapid return of port inventories and a reduction in inventory pressure [4]. - The report indicates that corn imports have sharply decreased from January to July, with high import profit margins suggesting potential for increased imports in the future [4]. - The expectation of a strong new season corn yield may lead to cost adjustments and potential pressure on corn prices [4]. - The corn starch market is characterized by weak production and demand, with high inventory levels likely following the trends of corn prices [4].