玉米淀粉日报-20250717

Report General Information - Report Name: Corn Starch Daily Report [2][3] - Report Date: July 17, 2025 [2] Report Industry Investment Rating - Not provided in the report. Report Core Views - The U.S. corn planting is completed, with prices weakening. After the reduction of Sino - U.S. tariffs, U.S. corn prices may continue to fall, and weather factors are likely to be a future market focus. China has adjusted tariffs on U.S. corn and sorghum, and foreign corn has high import profits. In the short - term, corn prices may stabilize, with the 09 corn contract expected to oscillate narrowly, and there is potential for a rebound in the future. Starch prices are mainly influenced by corn prices and downstream stocking. In the medium - to - long - term, due to weak demand, starch enterprises will be in a long - term loss state. The 09 starch contract's decline is expected to be limited in the short - term [5][7][8][9] Summary by Relevant Catalogs Part 1: Data Futures Market - Corn Futures: Contracts C2601, C2605, and C2509 closed at 2240, 2278, and 2296 respectively, with increases of 0.27%, 0.22%, and 0.13%. Their trading volumes increased by 130.34%, 295.42%, and 48.33%, and open interests increased by 2.50%, 3.95%, and 0.48% [2] - Starch Futures: Contracts CS2601, CS2605, and CS2509 closed at 2610, 2641, and 2646 respectively, with increases of 0.31%, 0.00%, and 0.26%. Their trading volumes increased by 6.08%, 20.69%, and 39.72%, and open interests increased by 4.68%, 1.80%, and 0.21% [2] Spot and Basis - Corn Spot: Prices in different regions such as Qinggang, Jiajishenghua, and Zhuchengxingmao were 2230, 2240, and 2502 respectively. Price changes were 0, 0, and 10, and basis were - 66, - 56, and 206 [2] - Starch Spot: Prices in different enterprises such as Longfeng, Zhongliang, and Jiajie were 2800, 2800, and 2850 respectively. All price changes were 0, and basis were 159, 159, and 209 [2] Spread - Corn Inter - period Spread: For example, C01 - C05 was - 38 with a change of 1, C05 - C09 was - 18 with a change of 2 [2] - Starch Inter - period Spread: For example, CS01 - CS05 was - 31 with a change of 8, CS05 - CS09 was - 5 with a change of - 7 [2] - Cross - variety Spread: For example, CS09 - C09 was 350 with a change of 4, CS01 - C01 was 370 with a change of 2 [2] Part 2: Market Judgment Corn - The U.S. corn planting is completed, prices are weak, and after the reduction of Sino - U.S. tariffs, prices may continue to fall. Weather factors are likely to be a future market focus. China has adjusted tariffs on U.S. corn and sorghum, and foreign corn has high import profits. The northern port's flat - warehouse price is stable, and the northeast corn spot price is stable. The supply of North China corn is tight, and the price has a strong support at around 2400 yuan/ton [5][7] Starch - The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong has rebounded. The starch inventory has increased this week, with the manufacturer's inventory at 134.6 million tons, a monthly increase of 2.83% and a year - on - year increase of 26.27%. The starch price is mainly influenced by corn prices and downstream stocking. In the medium - to - long - term, due to weak demand, enterprises will be in a long - term loss state. The decline of the 09 starch contract is expected to be limited in the short - term [8] Trading Strategies - Unilateral: The domestic 09 corn will continue to oscillate narrowly. You can try to go long on 09 corn with a light position and conduct rolling operations [10] - Arbitrage: Close the position of buying spot and shorting 09 corn, and wait and see on the spread between 09 corn and starch [10] Part 3: Corn Options - Option Strategies: Enterprises with spot can close the position of selling corn call options, or try bottom - accumulating purchases in the short - term [13] Part 4: Relevant Attachments - The attachments include charts of various data such as corn spot prices in different regions, corn 09 contract basis, corn 9 - 1 spread, starch 9 - 1 spread, starch 09 contract basis, and starch 09 contract spread [14][16][20]