玉米淀粉日报-20250716

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The US corn planting is completed, and the price is weak. With the reduction of Sino-US tariffs, the price continues to decline, and weather factors may be a potential market driver. China has adjusted tariffs on US corn and sorghum, and the import profit of foreign corn is relatively high. The domestic corn market shows different trends in different regions, with short - term stability in the north and potential tight supply in North China. The starch market is affected by corn prices and downstream demand, with inventory increasing and limited short - term downward space for the 09 contract [3][4][5]. - In the short term, domestic 09 corn is expected to fluctuate narrowly, and there is a possibility of a rebound in North China corn due to tight supply. For trading strategies, a light - position short - term long on 09 corn can be considered, and for the spread between 09 corn and starch, a wait - and - see approach is recommended [6][7]. 3. Summary by Directory Part 1: Data - Futures Data: On July 16, 2025, different corn and corn starch futures contracts showed various closing prices, price changes, trading volumes, and open interest changes. For example, the closing price of C2601 was 2293, down 2 with a decline of 0.09%, and its trading volume decreased by 15.37% to 373,438, while the open interest increased by 1.77% to 1,054,601. There are also data on basis, spreads (including corn inter - term, starch inter - term, and cross - variety spreads) [2]. - Spot and Basis Data: The spot prices of corn in different regions such as Qinggang, Jiajisheng Chemical, and Zhucheng Xingmao are provided, along with their price changes and basis. The same goes for starch in different companies like Longfeng, COFCO, and Jiali [2]. Part 2: Market Judgment - Corn: The US corn market is affected by planting progress, tariff policies, and potential weather speculation. In China, the northern port's flat - hatch price is stable, the Northeast corn spot is stable, the supply in North China is tight, and the wheat - corn substitution continues. The domestic breeding demand is weak, and the downstream feed enterprises have high inventory. The short - term corn spot is relatively stable, but there is a possibility of a rebound in North China corn [3][4]. - Starch: The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn spot in Shandong has rebounded. The starch inventory has increased this week, reaching 1346,000 tons, a monthly increase of 2.83% and a year - on - year increase of 26.27%. The starch price depends on corn prices and downstream stocking. The short - term downward space for the 09 starch contract is limited [5]. Part 3: Corn Options - Option strategies are proposed, suggesting that enterprises with spot positions close out short positions on corn call options, or short - term investors can try bottom - accumulating purchases [10]. Part 4: Relevant Attachments - Multiple charts are provided, including those showing the spot prices of corn in different regions, the basis of the corn 09 contract, the 9 - 1 spreads of corn and corn starch, the basis of the corn starch 09 contract, and the spread between corn starch and corn 09 contracts [11][13][17].