玉米淀粉日报-20250515

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The U.S. corn report is neutral, with planting progress accelerating. The U.S. corn is oscillating at the bottom, and the reduction of Sino - U.S. tariffs provides strong support at the bottom. Chinese corn and starch prices are affected by multiple factors such as imports, domestic supply and demand, and policy expectations. Corn prices are expected to be strong in the short - term, while starch prices are expected to have limited downside in the short - term [5][7][8]. 3. Summary by Directory 3.1 Data - Futures盘面: For corn futures (C2601, C2505, C2509) and corn starch futures (CS2601, CS2505, CS2509), prices mostly declined on May 15, 2025. Trading volumes and open interests also showed different degrees of changes, with some contracts having increased open interests and others having decreased trading volumes [3]. - Spot and Basis: Corn spot prices in different regions showed little change, with only a 10 - yuan increase in Zhucheng Xingmao. Starch spot prices were mostly stable, except for a 20 - yuan decrease in Hengren Gongmao. Basis values for both corn and starch varied by region [3]. - Spreads: Corn and starch inter - delivery spreads and cross - variety spreads also changed. For example, the C01 - C05 spread decreased by 16 yuan, and the CS01 - CS05 spread decreased by 12 yuan [3]. 3.2 Market Judgment - Corn: The U.S. corn is oscillating at the bottom. Chinese import tariffs on U.S. corn and sorghum have changed, and foreign corn import profits are acceptable. Domestic corn supply is low, and although downstream demand is weak, prices are expected to rise in the short - term. In the medium - to - long - term, policy - related grain auctions are expected after the price reaches a certain level [5][7]. - Starch: Corn starch inventory decreased this week. The price is mainly affected by corn prices and downstream stocking. In the medium - to - long - term, due to weak demand, starch enterprises will be in a loss state for a long time, but profits will be repaired. The short - term downside of 07 starch on the futures market is limited [8]. 3.3 Trading Strategies - Unilateral: Domestic 07 corn is expected to oscillate narrowly, and short - term long positions can be attempted [10]. - Arbitrage: Hold a position of buying spot and shorting 07 corn, and widen the spread between 07 corn and starch when it is low, with oscillating operations [13]. 3.4 Corn Options - Option strategies suggest that enterprises with spot positions sell corn call options. Information on two option contracts (C2509 - P - 2380.DCE and C2507 - P - 2360.DCE) is provided, including their closing prices and price changes [14]. 3.5 Relevant Attachments - The attachments include various charts such as those showing corn spot prices in different regions, corn 09 contract basis, corn 9 - 1 spreads, corn starch 9 - 1 spreads, corn starch 09 contract basis, and corn starch - corn 09 contract spreads [16][19][21].