下游提价补库动力减弱 玉米向上空间或承压

News Summary Core Viewpoint - The U.S. corn export inspection volume has decreased significantly, while Brazil's corn planting and harvesting rates show mixed trends, indicating potential shifts in the global corn market dynamics [1][2][3]. Group 1: U.S. Corn Export Data - As of the week ending January 29, 2026, U.S. corn export inspections totaled 1,136,352 tons, a decrease of 27% from the previous week and a 10% decline compared to the same week last year [1]. Group 2: Brazil Corn Production and Planting Rates - Brazil's first corn planting rate reached 95.2% as of January 31, up from 93.6% the previous week and comparable to 95% the same time last year [1]. - The first corn harvesting rate in Brazil was reported at 8.6%, an increase from 7.4% the previous week but lower than 10.5% from the same period last year [1]. - The second corn planting rate in Brazil was at 12%, significantly up from 5.9% the previous week and slightly higher than 5.3% last year [1]. - AgRural has raised its forecast for Brazil's corn production for the 2025/26 season by 600,000 tons to 13.66 million tons [1]. Group 3: Market Insights - According to Guodu Futures, the approach of the Spring Festival has accelerated the sales of grassroots inventory, with quality issues in North China grain sources and low inventory levels supporting corn prices [2]. - Financial Futures noted that while grassroots inventory consumption and pre-holiday stocking by downstream sectors support corn prices, the recovery of deep processing enterprise inventories and weakened price increase motivation may lead to short-term price fluctuations [3].