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玉米淀粉日报-20250702
Yin He Qi Huo·2025-07-02 12:53

General Information - Report Title: Corn Starch Daily Report - Date: July 2, 2025 - Researcher: Liu Dayong - Contact: liudayong_qh@chinastock.com.cn [6] 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The report analyzes the market conditions of corn and corn starch. For corn, it is expected to have short - term stability with narrow - range fluctuations and strengthening basis. For corn starch, the 09 contract can be considered for short - term long positions, and the spread between 09 corn and starch can be widened at low levels. [9][10] 3. Summary by Directory 3.1 Data - Futures盘面: All major corn and corn starch futures contracts showed price declines on July 2, 2025. For example, C2601 closed at 2262, down 18 (-0.80%), and CS2601 closed at 2666, down 12 (-0.45%). Trading volume of most contracts increased, such as C2601 with a 200.90% increase, while the change in open interest varied. [3] - Spot and Basis: Corn spot prices in different regions had different trends. Northern port flat - price was stable around 2400 yuan, Northeast corn was relatively strong, and North China corn was stable. Corn starch spot prices in some enterprises like Zhongliang increased by 50 yuan. The basis of both corn and corn starch was calculated for different regions. [3] - Spread: Various spreads were presented, including corn inter - period spreads (e.g., C01 - C05 was - 26, down 2), starch inter - period spreads (e.g., CS01 - CS05 was - 14, up 6), and cross - variety spreads (e.g., CS09 - C09 was 368, up 8). [3] 3.2 Market Analysis - Corn: US corn planting is basically finished, with prices in bottom - range oscillations. China's tariffs on US corn and sorghum are set, and foreign corn import profit is high. Northern port flat - price is stable, Northeast corn is strong, North China corn is stable with less supply, and the price difference between Northeast and North China corn is narrowing. Wheat continues to substitute for corn, and domestic breeding demand is weak. Corn spot is expected to be stable in the short term. [5][7] - Corn Starch: The number of trucks arriving at Shandong deep - processing plants decreased, and Shandong corn was stable. Corn starch inventory decreased this week, with a monthly decline of 7.29% and a year - on - year increase of 22.68%. Starch prices depend on corn prices and downstream stocking. The by - product price is relatively strong. In the long - term, due to weak demand, starch enterprises may have more shutdowns and profit restoration. The 09 starch contract is expected to have limited downside. [8] 3.3 Trading Strategy - Unilateral: Domestic 09 corn will continue to fluctuate in a narrow range, and 09 starch can be considered for short - term long positions. [10] - Arbitrage: Those with spot can continue to short 09 corn, and widen the spread between 09 corn and starch at low levels with oscillatory operations. [10] 3.4 Corn Options - Option strategy: Spot - holding enterprises can sell corn call options. Information on some option contracts such as C2509 - P - 2380.DCE is provided. [13] 3.5 Related Attachments - Multiple graphs are presented, 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 - corn 09 contract spread. [15][17][21]