国信期货玉米周报：期货高位调整，基差被动走强-20250518

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, the national corn spot price first rose and then stabilized, showing an overall high - level consolidation pattern. Futures were weaker than the spot, leading to a higher basis. New - season corn planting area and output are expected to increase steadily compared to the previous year, but the spring sowing progress in the Northeast is slower. Old - crop corn inventory is decreasing, and the demand side is suppressed. Overall, the corn price is expected to fluctuate within a certain range, and the operation should follow a volatile thinking [7]. 3. Summary by Related Catalogs 1. Corn Futures Market Changes No relevant content provided. 2. Starch Futures Market Changes No relevant content provided. 3. Corn Spot Market Changes - The national corn spot price first rose and then stabilized, with the Northeast remaining stable, North China adjusting slightly, northern ports stable, and southern ports rising slightly. The report also provides a table of various price data and the Guangdong - North Port trade theoretical profit (latest value: - 45.0; weekly change: 10.0) [7][29]. 4. Starch Spot Market Changes No relevant content provided. 5. Corn Starch Spread No relevant content provided. 6. Corn Planting Situation - Since May, the temperature in the Northeast has been low and rainfall has been frequent, causing the spring sowing progress to be about one week later than the same period last year. From May 17th to 23rd, most of the northern spring - sowing areas will have fine weather, but there will be obvious precipitation in some areas, which will briefly hinder spring - sowing operations [50]. 6. Corn Selling Progress No relevant content provided. 7. Corn Import No relevant content provided. 8. Feed and Aquaculture Demand No relevant content provided. 10. Deep - processing Demand - The deep - processing profit has continued to deteriorate, the operating rate has decreased, and the deep - processing demand may be poor in the later stage [7]. 11. Starch Production, Sales and Inventory No relevant content provided. 12. Corn Starch Downstream Demand No relevant content provided. 13. Substitutes - The wheat - corn price difference is low, and the substitution effect suppresses the feed demand for corn [7]. 14. North Port Corn Dynamics No relevant content provided. 15. South Port Corn Dynamics No relevant content provided. 16. South Port Grain Dynamics No relevant content provided. 17. US Corn Futures Market No relevant content provided. 18. US Corn Sowing and Growth Progress No relevant content provided. 19. US Corn Export Sales No relevant content provided. 20. Brazilian Corn Crop Progress No relevant content provided.