Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-05-14 09:14Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Corn: The pressure on the import side has significantly decreased due to the unavailability of Brazil's second - crop corn, which is beneficial to the domestic corn market. However, the USDA's forecast of a large ending inventory of US corn in the 2025/26 season restricts market prices. In the domestic market, the supply situation varies by region. In the Northeast, the supply of grain from the grass - roots level is running out, and traders are holding grain firmly. In the North China and Huanghuai regions, the supply has increased, and the procurement of deep - processing enterprises is cautious. The spring sowing progress of new crops in some areas is slower than last year. The corn market is oscillating higher, and short - term participation is recommended [3]. - Corn Starch: The supply - demand situation of corn starch is weak, with the industry in deep losses. The operating rate of corn starch enterprises has decreased, and the supply pressure has declined. Although the raw material price is firm and the spot price of corn starch performs well, the downstream demand is poor, and the industry inventory remains high. The starch futures price continues to decline, and short - term participation is recommended [3]. 3. Summary by Directory 3.1 Futures Market - Domestic Futures: The closing price of the active contract of domestic corn futures is 2356 yuan/ton, up 12 yuan; the closing price of the active contract of corn starch futures is 2702 yuan/ton, down 71 yuan. The net long position of the top 20 futures holders of corn is - 157206 hands, and that of corn starch is 879 hands. The registered warehouse receipts of yellow corn are 201247 hands, and those of corn starch are 21368 hands. The CS - C spread of the main contract is 406 yuan/ton, down 9 yuan [2]. - Foreign Futures: The closing price of the active contract of CBOT corn futures is 442.5 cents/bushel, down 4.75 cents. The total position of CBOT corn is 1548526 contracts, up 4592 contracts. The non - commercial net long position of CBOT corn is 115899 contracts, down 59530 contracts [2]. 3.2 Spot Market - Corn: The average spot price of corn is 2373.33 yuan/ton, down 0.4 yuan. The flat - hatch price of corn at Jinzhou Port is 2320 yuan/ton, unchanged. The CIF price of imported corn is 2175.34 yuan/ton, down 0.88 yuan [2]. - Corn Starch: The ex - factory quotes of corn starch in Changchun, Weifang, and Shijiazhuang are 2670 yuan/ton, 2880 yuan/ton, and 2830 yuan/ton respectively, all unchanged. The basis of the main corn starch contract is - 34 yuan, up 31 yuan [2]. 3.3 Industry Situation - Supply: The inventory of corn in southern ports is 150.3 tons, down 14.8 tons; the inventory in northern ports is 508 tons, down 13 tons. The monthly import volume of corn is 8 tons, unchanged. The monthly export volume of corn starch is 20.35 tons, down 0.93 tons [2]. - Demand: The monthly output of feed is 2777.2 tons, down 66.4 tons. The consumption of deep - processed corn is 121.97 tons, down 2.15 tons. The operating rate of alcohol enterprises is 41.22%, down 4.12 percentage points; the operating rate of starch enterprises is 57.17%, down 5.74 percentage points [2]. 3.4 Key Information - As of May 11, the sowing progress of US corn in 18 states accounting for 92% of the national sowing area is 62%, higher than last week and last year's same period [2]. - As of May 10, the harvest progress of Brazil's first - season corn in the 2024/25 season is 77.6%, higher than last week and last year's same period [2]. - As of May 14, the total starch inventory of national corn starch enterprises is 142.1 tons, down 1.5 tons from last week, with a weekly decline of 1.04%, a monthly increase of 2.45%, and a year - on - year increase of 27.22% [3].