Market Review - The main corn futures contract rose by 0.75% to 2154 CNY/ton in the last trading session [1] Fundamental Summary - As of November 7, the U.S. corn import CIF price was 263 USD, down 3 USD from the previous day, with an import cost of 2161 CNY, a decrease of 20 CNY [2] - After tariffs, the import cost price was 2671 CNY, down 25 CNY from the previous day [2] - The Brazilian National Grain Exporters Association (ANEC) forecasts that Brazil's corn exports in November will reach 5.57 million tons, up from 4.92 million tons year-on-year [2] - The Siga-MS project, in collaboration with the state government and the Mato Grosso do Sul Soybean and Corn Growers Association, reported favorable weather conditions leading to a significant increase in corn yield for the 2024/25 second season, with yields rising from 67.05 bags per hectare to 108.4 bags per hectare, an increase of 61.7% [2] Institutional Perspectives - Zhengxin Futures noted that previous bullish sentiment has been digested, leading to a retreat in U.S. corn prices. Domestic new grain supply is slightly increasing, with stable corn spot prices and a strong short-term market performance. However, in the medium to long term, abundant new season corn production is expected to keep prices low [3] - Guotou Anxin Futures observed that the increase in new corn supply from Northeast China is slowing, with prices remaining stable to slightly strong. Increased supply from Shandong was noted, with 1117 vehicles remaining for deep processing in the morning. The potential easing of U.S.-China relations and the reduction of tariffs on U.S. corn imports to 11% within quotas and 75% outside quotas are significant developments [3] - The future dynamics of new grain listings in Northeast China are under observation, with a cautious approach towards weak price fluctuations until a clear turning point is confirmed [3]
中美关系或趋于缓和 玉米短期盘面表现坚挺
Jin Tou Wang·2025-11-07 06:04