Nanhua Futures(SH:603093) Jin Tou Wang·2025-11-23 23:27Core Viewpoint - The corn futures market is experiencing a slight upward trend, with a weekly increase of 0.60% in prices, while supply pressures are gradually easing due to consumption of existing stocks [1][2][3] Market Performance - As of November 21, 2025, the main corn futures contract closed at 2195 CNY/ton, with a weekly trading range between 2162 CNY/ton and 2205 CNY/ton, and an increase in open interest by 2138 contracts compared to the previous week [1] - The weekly opening price was 2188 CNY/ton, indicating a stable trading environment [1] Supply and Demand Analysis - The USDA reported net corn export sales for the 2025/2026 marketing year at 2.2597 million tons, a significant increase from the previous week's 1.3948 million tons [2] - National corn inventory among 96 major processing enterprises was recorded at 2.727 million tons, reflecting a slight decrease of 0.29% [2] - The corn prices in the Bayuquan Port region for new corn with 15% moisture content ranged from 2170 to 2175 CNY/ton, showing a decrease of 10 CNY/ton from the previous day [2] Institutional Insights - Nanhua Futures noted that while supply pressures are easing, the fourth quarter's supply capacity remains sufficient, and the market is observing the selling sentiment among farmers [3] - Dongwu Futures highlighted that feed enterprises are experiencing low inventory levels, which, combined with strong demand from downstream sectors, is leading to a tightening supply situation and a rebound in spot prices [3] - The overall grain selling progress is at 22%, which is faster than the same period last year, indicating a robust selling pace [3]