拍卖预期增加，期货回落，现货仍偏强

1. Report Industry Investment Rating - The investment rating for corn and corn starch is "Bullish" [1] 2. Core View of the Report - In the short - term, the spot price of corn continued to oscillate strongly, while the futures price declined slightly due to weak basis, increased hedging pressure, and stronger auction expectations. The energy demand is expected to recover moderately, which will significantly exceed the decline in deep - processing demand. Corn spot prices are expected to continue to rise, and it is recommended to hold the existing 07 long positions, 7 - 9 positive spreads, and 7 - 11 positive spreads strategies [2][3] 3. Summary by Relevant Catalogs 3.1 Price Review 3.1.1 Corn - Analyzes the performance of corn's futures and spot prices, basis, spot price trends, and 7 - 9 and 7 - 11 month spreads [13][18][19] 3.1.2 Corn Starch - Examines the futures and spot prices, basis, the spread between starch and corn futures, the spot price spread in Weifang, and the by - product income compensation of corn starch [21][22][28] 3.2 Corn Fundamental Information Weekly Observation 3.2.1 Receipt and Auction of Reserves - Focuses on the corn auction and procurement information on the Sinograin online bidding platform [30][32] 3.2.2 Inventory - Covers the grain inventory, foreign - trade inventory, domestic - trade inventory in southern ports, and the inventory in northern ports of corn, as well as the corn inventory and consumption of major deep - processing enterprises [34][37][43] 3.2.3 Substitutes - Analyzes the price spread between wheat and corn and the theoretical substitution advantage spread of wheat for corn [50][51] 3.2.4 Demand - Considers the profitability of corn - to - ethanol production, the operating rate of corn alcohol, and the average weight of slaughtered pigs [53][54][56] 3.3 Corn Starch Fundamental Information Weekly Observation 3.3.1 Profitability - Analyzes the profitability and profit of corn starch enterprises [59][61] 3.3.2 Supply - Focuses on the operating rate and processing volume of corn starch enterprises [63][64] 3.3.3 Demand - Examines the operating rates of fructose syrup, maltose syrup, corrugated paper, and box - board paper in the starch sugar industry [67][69][70] 3.3.4 Inventory - Covers the available inventory and the seasonal trend of registered warehouse receipts of corn starch enterprises [73][74]