玉米淀粉日报-20250610

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - Corn: US corn planting progress is accelerating, leading to a weakening of US corn prices. China has adjusted tariffs on US corn and sorghum, and foreign corn imports are still profitable. Northern port flat - price has increased, Northeast corn is strong, and North China corn has also risen. Wheat is gradually substituting for corn, and domestic breeding demand is weak. However, due to low supply, corn prices are expected to rise in the short - term. There is a risk of a decline in the futures market [5][7]. - Starch: The number of trucks arriving at Shandong deep - processing plants has decreased, and Shandong corn prices have continued to rise. Corn starch inventory has declined this week. Starch prices mainly depend on corn prices and downstream stocking. Starch enterprises are in a long - term loss, and short - term 07 starch futures have limited room for rebound [8]. Summary by Directory First Part: Data Futures Market - Corn Futures: C2601 closed at 2286, up 13 (0.57%), with a trading volume increase of 45.27% and an open interest increase of 8.82%. C2505 closed at 2303, up 16 (0.69%), with a trading volume decrease of 22.01% and an open interest increase of 13.82%. C2509 closed at 2404, up 19 (0.79%), with a trading volume increase of 32.68% and an open interest increase of 8.29% [3]. - Starch Futures: CS2601 closed at 2682, up 15 (0.56%), with a trading volume decrease of 7.64% and an open interest increase of 0.54%. CS2505 closed at 2681, up 15 (0.56%), with a trading volume decrease of 22.22% and an open interest increase of 14.61%. CS2509 closed at 2775, up 17 (0.61%), with a trading volume decrease of 5.22% and an open interest increase of 9.72% [3]. Spot and Basis - Corn Spot: Qinggang was priced at 2240, up 10; Jiagibio - chemical at 2090, unchanged; Zhucheng Xingmao at 2484, unchanged; Shouguang at 2430, up 10; Jinzhou Port at 2350, up 30; Nantong Port at 2470, up 30; and Guangdong Port at 2450, up 10. The basis ranged from - 164 to 80 [3]. - Starch Spot: Longfeng was priced at 2750, unchanged; COFCO at 2750, unchanged; Cargill at 2820, unchanged; Yufeng at 2940, unchanged; Jinyu - mi at 2950, unchanged; Zhucheng Xingmao at 2970, unchanged; and Hengren Industry and Trade at 2920, up 40. The basis ranged from 69 to 289 [3]. Spreads - Corn Inter - delivery Spreads: C01 - C05 was - 17, down 3; C05 - C09 was - 101, down 3; C09 - C01 was 118, up 6. - Starch Inter - delivery Spreads: CS01 - CS05 was 1, unchanged; CS05 - CS09 was - 94, down 2; CS09 - CS01 was 93, up 2. - Cross - variety Spreads: CS09 - C09 was 371, down 2; CS01 - C01 was 396, up 2; CS05 - C05 was 378, down 1 [3]. Second Part: Market Judgment Corn - US corn is weak due to accelerated planting progress and tariff adjustments. Import profits are still available, and domestic corn prices are affected by factors such as port price increases, regional supply - demand imbalances, and wheat substitution. Short - term prices are expected to rise, but the futures market may decline [5][7]. Starch - Shandong corn price increases have affected starch prices. Starch inventory has decreased, and prices depend on corn and downstream stocking. Starch enterprises are in a loss, and short - term futures have limited rebound space [8]. Third Part: Trading Strategies - Unilateral: Domestic 07 corn is expected to fluctuate narrowly. Long positions should be closed, as there is a risk of a decline in the futures market [10]. - Arbitrage: Buy spot and short 07 corn. Expand the spread between 09 corn and starch when it is low, and conduct oscillatory operations [13]. Fourth Part: Option Strategies - Enterprises with spot positions should sell corn call options [14]. Fifth Part: Related Attachments - The attachments include graphs of various price indicators such as regional corn spot prices, corn 09 contract basis, corn 9 - 1 spread, corn starch 9 - 1 spread, corn starch 09 contract basis, and corn starch - corn 09 contract spread [16][19][21].