Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The US corn market is at the bottom and may be influenced by weather factors. The import profit of foreign corn is high, and the short - term domestic corn spot is relatively stable, but the upside space is limited. The 09 corn futures will be in a weak and volatile state, and the basis will strengthen. In the long - term, it will be affected by policies and remain volatile. [5][7][9] - The price of corn starch mainly depends on the price of corn and downstream stocking. The inventory has slightly increased this week. In the short - term, the downside space of the 09 starch futures is limited. In the long - term, due to weak demand, enterprises will be in a loss state, and the profit will be repaired. [8] 3. Summary by Directory 3.1 Data - Futures Disk: For corn futures (C2601, C2505, C2509), the closing prices decreased, with the decline ranging from 0.66% to 1.16%. The trading volume of C2505 increased by 453.10%, and the trading volume of C2509 increased by 42.58%. For corn starch futures (CS2601, CS2505, CS2509), the closing prices also decreased, with the decline ranging from 0.87% to 1.38%. The trading volume of CS2601 increased by 82.99%, and the trading volume of CS2509 increased by 37.58%. [3] - Spot and Basis: The spot prices of corn in northern ports and Northeast China declined. The spot price of corn in North China also decreased, and the price difference between Northeast and North China corn narrowed. The price of wheat in North China was weak, and wheat continued to substitute for corn. The spot price of corn starch was stable. [3][5][7] - Spread: For corn inter - period spreads, such as C01 - C05, C05 - C09, and C09 - C01, there were corresponding changes. The same was true for corn starch inter - period spreads and cross - variety spreads. [3] 3.2 Market Judgment - Corn: The US corn market is in a bottom - oscillating state. The import profit of foreign corn is high. The spot price of corn in North China and Northeast China declined, and the domestic breeding demand is weak. The short - term spot price of corn is relatively stable, but the upside space is limited. [5][7] - Corn Starch: The number of trucks arriving at Shandong deep - processing plants increased. The inventory of corn starch increased slightly this week. The price of corn starch mainly depends on the price of corn and downstream stocking. In the short - term, the downside space of the 09 starch futures is limited. [8] 3.3 Trading Strategies - Unilateral: The 09 corn and 09 starch futures will be in a narrow - range oscillation. [10] - Arbitrage: Enterprises with spot goods can short the 09 corn. Expand the spread between 09 corn and starch when it is low and conduct oscillating operations. [10] 3.4 Corn Options - Option Strategy: Enterprises with spot goods can sell corn call options and hold them. [13] 3.5 Related Attachments - The attachments include charts of various prices and spreads of corn and corn starch, such as the spot price of corn in different regions, the basis of corn 09 contract, the 9 - 1 spread of corn and corn starch, the basis of corn starch 09 contract, and the spread of corn starch 09 contract. [15][17][21]
玉米淀粉日报-20250707
Yin He Qi Huo·2025-07-07 14:13