国信期货玉米周报：进口玉米拍卖压制，市场表现走弱-20250713

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - In the past week, the corn spot price fluctuated and adjusted, the futures continued to decline, and the basis of the northern port strengthened slightly. The domestic new - crop corn has good weather with no speculation topics, and the old - crop grain reserves are being consumed with reduced inventories at all levels. However, the continuous auction of imported corn by the China Grain Reserves Corporation, the continued substitution advantage of wheat in some areas, and the market's concern about China's potential purchase of US agricultural products have alleviated concerns about future supply shortages. The price - holding mentality of grain holders has loosened, and their willingness to sell has increased. In July, the average daily number of trucks arriving at the doorsteps of deep - processing enterprises in the main producing areas increased significantly month - on - month. On the demand side, the feed output increased year - on - year, but the decrease in the proportion of domestic corn added weakened the positive impact of the increase in feed output. The profits of deep - processing enterprises were poor, and the operating rate decreased. Overall, the domestic corn market lacks new positive incentives recently, and the successive auctions of imported corn continue to suppress the market. It is expected to fluctuate weakly in the short term, and attention should be paid to the release rhythm of imported corn. For operation, short - term trading is recommended. [7] 3. Summary According to the Directory 3.1 International Corn Market Dynamics - 1.1 US Corn Futures Market: Not provided in the content - 1.2 US Corn Sowing and Growth Progress: Not provided in the content - 1.3 US Corn Export Sales: Not provided in the content - 1.4 Brazilian Corn Crop Progress: Not provided in the content 3.2 Domestic Corn Market Dynamics - 2.1 Corn Futures Market Changes: Not provided in the content - 2.2 Corn Spot Market Changes: Not provided in the content - 2.3 Corn Spot Market: Regional Spread: Not provided in the content - 2.4 Corn Selling Progress: Not provided in the content - 2.5 Corn Import: Not provided in the content - 2.6 Feed and Aquaculture Demand: Not provided in the content - 2.7 Feed and Aquaculture Demand: Feed Output: Not provided in the content - 2.8 Deep - processing Demand: The profits of deep - processing enterprises are poor, and the operating rate decreases [7] - 2.9 Substitutes: Wheat has a substitution advantage in some areas [7] - 2.10 Northern Port Corn Dynamics: The basis of the northern port strengthened slightly [7] - 2.12 Southern Port Grain Dynamics: Not provided in the content 3.3 Corn Starch Market Dynamics - 3.1 Corn Starch Futures: Not provided in the content - 3.2 Corn Starch Spot: Not provided in the content - 3.3 Corn - Starch Spread: Not provided in the content - 3.4 Corn Starch Production and Inventory: Not provided in the content - 3.5 Corn Starch Downstream Demand: Not provided in the content - 3.6 Cassava Starch: Not provided in the content