玉米淀粉日报-20250804

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The decline of US corn is limited, and the domestic corn spot is short - term stable but with a weakening trend due to factors like import auctions and weak demand. The 09 - contract corn is expected to fluctuate narrowly, and the 01 - contract corn can be short - sold at high prices. For starch, the short - term 09 - contract on the futures market will fluctuate narrowly, and the enterprise will be in a long - term loss state due to weak demand [5][7][8][9][10]. 3. Summary by Directory First Part: Data - Futures Market: For corn futures, C2601 closed at 2212 with a decline of 0.05%, C2605 at 2263 with an increase of 0.35%, and C2509 at 2284 with a decline of 0.57%. For starch futures, CS2601 closed at 2580 with a decline of 0.04%, CS2605 at 2625 with an increase of 0.04%, and CS2509 at 2664 with a decline of 0.15% [3]. - Spot and Basis: Corn spot prices in various regions showed different changes. For example, the price in Qinggang was 2255 yuan with a decline of 5 yuan, and the basis varied from - 29 to 230 yuan. Starch spot prices were stable, and the basis was between 175 and 395 yuan [3]. - Spreads: In the corn market, the C01 - C05 spread was - 51 with a decline of 9, and in the starch market, the CS01 - CS05 spread was - 45 with a decline of 2. The CS09 - C09 spread was 380 with an increase of 9 [3]. Second Part: Market Judgment - Corn: US corn planting is finished, and it is weak. With the reduction of Sino - US tariffs, the decline space is limited. Domestic northern port prices are stable, and the supply in North China is tight. Due to factors such as import auctions and weak demand, the spot price is short - term stable but weak [5][7]. - Starch: The number of trucks arriving at Shandong deep - processing plants increases, and the inventory decreases. The price depends on corn price and downstream stocking. In the long - term, due to weak demand, enterprises will be in a loss state, and the 09 - contract on the futures market will fluctuate narrowly [8]. Third Part: Corn Options - Option Strategy: Enterprises with spot can close out short positions of corn call options, or short - term investors can try to sell at high prices and operate in a rolling manner [13]. Fourth Part: Related Attachments - The attachments include charts of various data such as corn spot prices in different regions, corn 09 - contract basis, corn 9 - 1 spreads, and corn starch 9 - 1 spreads, which visually show the historical trends of these data [15][17][18][20].