玉米淀粉日报-20250612

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The U.S. corn planting progress has accelerated, and U.S. corn prices are in a bottom - oscillating state. Chinese corn prices are expected to be strong in the short - term due to reduced supply and potential downstream replenishment demand in June. The 07 corn contract is expected to oscillate narrowly in the short - term, and the price will be affected by policies in the long - term. - Corn starch prices are mainly influenced by corn prices and downstream stocking. The inventory of corn starch has decreased this week. In the long - term, due to weak demand, starch enterprises are in a loss state, but the profit will be repaired as many enterprises shut down. The 07 starch contract is also expected to oscillate narrowly in the short - term [5][7][8]. 3. Summary by Directory 3.1 Data - Futures Market: For corn futures, C2601 closed at 2266, down 3 (-0.13%); C2505 closed at 2299, up 1 (0.04%); C2509 closed at 2396, unchanged (0.00%). For corn starch futures, CS2601 closed at 2673, unchanged (0.00%); CS2505 closed at 2685, up 8 (0.30%); CS2509 closed at 2776, up 1 (0.04%) [3]. - Spot and Basis: Corn spot prices in different regions showed different trends, with prices in some areas remaining stable and in others rising. The basis also varied. Starch spot prices in some regions increased slightly. The basis for starch was positive in all regions [3]. - Spreads: Corn inter - delivery spreads and starch inter - delivery spreads, as well as cross - variety spreads, showed different changes [3]. 3.2 Market Judgment - Corn: The U.S. corn is in a bottom - oscillating state. The import profit of foreign corn is acceptable. The spot price of corn in the north is stable, while in the northeast it is strong, and in the north - central region, it has increased significantly. The supply is low, and the downstream demand is still weak, but it is expected that the corn price will rise in the short - term. In the medium - and long - term, policy - related grains may be auctioned after June [5][7]. - Starch: The number of trucks arriving at Shandong deep - processing plants has decreased, and corn prices in Shandong have continued to rise. The starch inventory has decreased this week. In the long - term, due to weak demand, starch enterprises are in a loss state, but the profit will be repaired as many enterprises shut down. The 07 starch contract is expected to oscillate narrowly in the short - term [8]. 3.3 Trading Strategies - Unilateral Strategy: The domestic 07 corn contract will oscillate narrowly, and it is recommended to wait and see [10]. - Arbitrage Strategy: Hold the position of buying spot and short - selling 07 corn. Expand the spread between 09 corn and starch when the spread is low, and conduct oscillating operations [13]. 3.4 Corn Options - Option Strategy: Enterprises with spot positions can sell corn call options and hold them [14]. - Option Data: Information on option contracts such as C2509 - P - 2380.DCE and C2507 - P - 2360.DCE, including the underlying asset price, closing price, and implied volatility, is provided [14]. 3.5 Relevant Attachments - The report provides multiple charts, including those showing corn spot prices in different regions, corn 09 contract basis, corn 9 - 1 spread, corn starch 9 - 1 spread, corn starch 09 contract basis, and corn starch 09 contract spread [16][19][20].