国信期货玉米周报：余粮供应趋紧，玉米走势偏强-20250615

Report Title - "Surplus Grain Supply Tightens, Corn Trends Strongly - Guoxin Futures Corn Weekly Report" [2] Report Date - June 15, 2025 [2] Report Industry Investment Rating - Not provided Core View - In the past week, the spot price of corn rose widely, market sentiment warmed up significantly, and terminal buyers increased their purchasing prices. The futures market rebounded rapidly and then entered a consolidation phase. Near - month contracts were generally stronger than far - month contracts, and the C09 - C01 spread widened. Fundamentally, domestic surplus grain tightened further, and the increase in imported arrivals was limited, strengthening market expectations of a supply gap. The start of the minimum purchase price for wheat alleviated market concerns, and although wheat still had a cost - performance advantage over corn, the substitution might not be enough to make up for the gap. The inventory at north and south ports decreased significantly, verifying the expectation of tightened surplus grain. Overall, corn is expected to fluctuate and trend upwards in the future. Follow - up attention should be paid to policy grain auctions and the price ratio of substitutes. It is recommended to hold long positions at low levels [7] Summary by Directory 1. Corn Futures Market Changes - Not detailed in the provided content 2. Starch Futures Market Changes - Not detailed in the provided content 3. Corn Spot Market Changes - The report provides price data for different regions including national, northeast, north - China, and south - China average prices, as well as prices in specific cities such as Harbin, Changchun, etc. For example, the national average price rose from 2301 to 2333, the northeast average price rose from 2205 to 2251, the north - China average price rose from 2361 to 2378, and the south - China average price rose from 2460 to 2494 [28] 4. Corn Spot Market: Regional Spreads - Not detailed in the provided content 5. Starch Spot Market Changes - The report provides price data from May 29 to June 12. For example, on May 29, the prices were 2650, 2700, 2740, 2860, 2850, and on June 12, they were 2650, 2700, 2740, 2870, 2880 [42] 6. Corn Starch Spreads - Not detailed in the provided content 7. Corn Selling Progress - Not detailed in the provided content 8. Corn Imports - Not detailed in the provided content 9. Feed and Livestock Demand - Not detailed in the provided content 11. Deep - processing Demand - Not detailed in the provided content 12. Corn Starch Production and Inventory - Not detailed in the provided content 13. Corn Starch Downstream Demand - Not detailed in the provided content 14. Starch Apparent Consumption - Not detailed in the provided content 15. Substitutes - Not detailed in the provided content 16. North Port Corn Dynamics - Not detailed in the provided content 17. South Port Corn Dynamics - Not detailed in the provided content 18. South Port Grain Dynamics - Not detailed in the provided content 19. US Corn Futures Market - Not detailed in the provided content 20. US Corn Planting and Growth Progress - Not detailed in the provided content 21. US Corn Export Sales - Not detailed in the provided content 22. Brazilian Corn Crop Progress - Not detailed in the provided content