玉米淀粉日报-20250624

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The US corn planting is basically finished, and the US corn market is in a weak state with bottom - level fluctuations. It is likely to be affected by weather factors in the future. The import profit of foreign corn is high, and the domestic corn market is expected to strengthen in the short - and medium - term. The corn starch market has a decline in inventory, and the short - term 09 starch contract will fluctuate narrowly [5][8][9] Group 3: Summary by Directory 1. Data - Futures Disk: For corn futures, C2601 closed at 2291 with a 0.09% increase, C2505 at 2317 with a 0.09% decrease, and C2509 at 2408 with a 0.04% decrease. For corn starch futures, CS2601 closed at 2679 with a 0.67% decrease, CS2505 at 2698 with a 0.41% decrease, and CS2509 at 2744 with a 1.53% decrease. The trading volume and open interest of some contracts changed significantly [3] - Spot and Basis: Corn spot prices in different regions showed different trends. For example, the price in Qinggang was 2280 yuan, and the price in Jinzhou Port was stable at around 2390 yuan. Starch spot prices in different regions were also stable, with prices ranging from 2780 - 2990 yuan. The basis of corn and starch in different regions was also provided [3] - Spreads: The spreads between different corn contracts (such as C01 - C05, C05 - C09) and different starch contracts (such as CS01 - CS05, CS05 - CS09) and the spreads between corn and starch contracts (such as CS09 - C09, CS01 - C01) were presented, along with their changes [3] 2. Market Judgment - Corn: The US corn is in bottom - level fluctuations, and it is easy to speculate on weather. The import profit of foreign corn is high. The domestic corn market has different situations in different regions. The supply is low, and the demand is weak. The corn price is expected to strengthen in the short - term, and the spot basis will strengthen. The policy - grain auction is expected in July [5][8] - Starch: The number of trucks arriving at Shandong deep - processing plants increased, and the corn price in Shandong declined. The starch inventory decreased this week. The starch price mainly depends on the corn price and downstream stocking. The short - term 09 starch contract will fluctuate narrowly [9] 3. Trading Strategies - Unilateral: The domestic 09 corn contract will fluctuate narrowly or short on rebounds [11] - Arbitrage: Those with spot can short the 09 corn contract. Expand the spread between 09 corn and starch contracts when the spread is low and conduct oscillatory operations [12] 4. Corn Options - The option strategy is that enterprises with spot can sell corn call options. The data of some corn put options (such as C2509 - P - 2380.DCE) on June 23, 2025, including the underlying price, closing price, change rate, IV, Delta, Gamma, Vega, and Theta, were provided [15] 5. Related Attachments - The report provided six figures, including the spot price of corn in different regions, the basis of the corn 09 contract, the 9 - 1 spread of corn and corn starch, the basis of the corn starch 09 contract, and the spread of the corn starch 09 contract [17][19][21]