国信期货玉米周报：上量有所缩减，玉米企稳反弹-20250720

Report Title - "Uptake Declines, Corn Stabilizes and Rebounds — Guoxin Futures Corn Weekly Report" [2] Report Date - July 20, 2025 [2] Report Industry Investment Rating - Not provided Core Viewpoints - Corn spot prices showed signs of stabilization last week, with the selling pace of grain holders slowing down, a significant reduction in the number of trucks arriving at the doorsteps of deep - processing enterprises in major producing areas, and more enterprises raising prices. Futures prices rebounded after hitting the bottom, and the basis weakened slightly. This week, the transaction rate of imported corn auctions decreased significantly, and the market also began to expect a slowdown in the auction pace, leading to a recovery in market sentiment. Looking ahead, domestic corn inventories and southern imported grain inventories have been declining continuously, indicating that the overall supply pressure is not large. Grain holders have largely digested the negative impact of imported corn auctions, and the market may re - enter a stage of low supply volume. On the demand side, feed production still maintains good growth, but due to poor breeding profits and the impact of wheat substitution, the replenishment demand for corn from feed enterprises is suppressed. Deep - processing profits continue to be in the red, the de - stocking of finished product inventories is slow, and the operating rate remains at a low level, providing insufficient support for corn demand. Overall, as the selling sentiment on the spot side stabilizes, the short - term bottom support for corn has strengthened, but due to insufficient demand - side stimulation, there is limited upside potential for corn prices. The recommended operation is to be bullish in the short term [7]. Summary by Directory 1. International Corn Market Dynamics 1.1 US Corn Futures Market - Not provided [10] 1.2 US Corn Sowing and Growth Progress - Not provided [14] 1.3 US Corn Export Sales - Not provided [19] 1.4 Brazilian Corn Crop Progress - Not provided [27] 2. Domestic Corn Market Dynamics 2.1 Corn Futures Market Changes - Not provided [33] 2.2 Corn Spot Market Changes - Not provided [42] 2.3 Corn Spot Market: Regional Price Differences - Not provided [48] 2.4 Corn Selling Progress - Not provided [54] 2.5 Corn Imports - Not provided [58] 2.6 Feed and Aquaculture Demand - Not provided [66] 2.7 Feed and Aquaculture Demand: Feed Production - Not provided [75] 2.8 Deep - processing Demand - Not provided [76] 2.9 Substitutes - Not provided [80] 2.10 North Port Corn Dynamics - Not provided [86] 2.11 South Port Corn Dynamics - Not provided [91] 2.12 South Port Grain Dynamics - Not provided [92] 3. Corn Starch Market Dynamics 3.1 Corn Starch Futures - Not provided [97] 3.2 Corn Starch Spot - A table shows data from July 7 to July 18, including prices such as 2700, 2760, 2790, etc. [107] 3.3 Corn - Starch Price Difference - Not provided [114] 3.4 Corn Starch Production and Inventory - Not provided [122] 3.5 Corn Starch Downstream Demand - Not provided [128] 3.6 Cassava Starch - Not provided [132]