Workflow
瑞达期货玉米系产业日报-20250624
  1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For corn, the good condition of US corn and the easing of trade relations between China and the US have led to concerns about long - term import pressure. In the domestic market, the supply of corn is tight, but the upward momentum of corn prices has slowed due to the wheat substitution effect and expected import corn release. The corn futures price has maintained a high - level oscillation recently, and short - term participation is recommended [2]. - For corn starch, affected by continuous production losses, the industry's operating rate is at a low level in recent years. With reduced supply pressure and firm corn prices, the spot price of corn starch is relatively good, and the industry inventory has slightly declined. Today, the starch futures price dropped significantly due to the decline of corn prices, and short - term participation is recommended [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active contract of corn starch futures was 2677 yuan/ton, down 17 yuan/ton; the closing price of the active contract of CBOT corn was 418.5 cents/bushel, down 10.5 cents/bushel [2]. - The trading volume, open interest, and registered warehouse receipts of domestic and foreign corn and corn starch futures all showed different degrees of change, such as the open interest of the active contract of yellow corn decreased by 25172 hands [2]. 3.2 Outer - market - The total open interest of CBOT corn decreased by 21797 contracts to 1592477 contracts, and the non - commercial net long position decreased by 107244 contracts [2]. 3.3 Spot Market - The average spot price of corn was 2424.31 yuan/ton, up 2.35 yuan/ton; the factory quotes of corn starch in different regions remained unchanged [2]. - The basis of the main contract of corn starch was 43 yuan/ton, up 17 yuan/ton; the basis of the main contract of corn was 35.31 yuan/ton, up 21.35 yuan/ton [2]. 3.4 Upstream Situation - The predicted sowing area and output of corn in major countries such as the US, Brazil, Argentina, and China showed different degrees of change, for example, the predicted sowing area of corn in the US was 401.85 million hectares, up 1.82 million hectares [2]. - The corn inventory in southern ports was 113.5 tons, down 5.9 tons; the inventory of deep - processed corn decreased by 5.9 tons to 459.2 tons [2]. 3.5 Industrial Situation - The import volume of corn was 19 tons, and the export volume of corn starch was 27780 tons, up 4060 tons [2]. - The output of feed decreased by 113.2 tons to 2664 tons; the processing profit of corn starch in different regions showed different trends [2]. 3.6 Downstream Situation - The inventory days of sample feed corn decreased by 0.41 days to 33.07 days; the consumption of deep - processed corn decreased by 0.98 tons to 117.62 tons [2]. - The operating rate of alcohol enterprises was 43.8%, down 5.26%; the operating rate of starch enterprises was 51.62%, up 2.91% [2]. 3.7 Option Market - The historical volatility and implied volatility of corn options showed different degrees of decline, such as the 20 - day historical volatility of corn decreased by 0.73% to 6.32% [2]. 3.8 Industry News - As of the week ending June 19, 2025, the US corn export inspection volume was 1476638 tons, lower than the previous week [2]. - As of June 19, the harvest progress of Brazil's second - season corn in the 2024/2025 season was 13%, up from 5.2% a week ago [2]. - As of the week ending June 22, 2025, the good - to - excellent rate of US corn was 70%, lower than market expectations [2].