Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-13 09:42Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - For corn, the US Department of Agriculture's August supply - demand report is overall bearish, causing international corn prices to decline. In the domestic market, factors such as continuous import corn auctions, new - season corn growth, and poor market activity lead to weak spot prices. Although the corn futures market oscillated slightly higher today after previous continuous drops, it remains in a weak trend, and a bearish approach is recommended [2]. - For corn starch, as previously - overhauled enterprises resume work, the industry's operating rate has increased, leading to greater supply pressure. Meanwhile, downstream demand is in the off - season, resulting in an obvious oversupply situation. The corn starch futures market maintains a low - level weak oscillation, and a bearish approach is recommended [3]. Group 3: Summary by Related Catalogs Futures Market - Corn starch futures closing price (active contract) is 2279 yuan/ton, with a change of 6 yuan/ton; corn monthly spread (9 - 1) is 75 yuan/ton; corn starch monthly spread (9 - 11) is 96 yuan/ton, with a change of - 10 yuan/ton. Corn futures positions (active contract) decreased by 96939 hands to 508626 hands, and corn starch futures positions (active contract) decreased by 13793 hands to 123723 hands. Other relevant futures data such as net long positions and registered warehouse receipts also have corresponding changes [2]. Outer - market - CBOT corn futures closing price (active contract) is 394.5 cents/bushel, with a change of - 13.25 cents/bushel. CBOT corn total positions increased by 42218 to 1617501, and non - commercial net long positions decreased by 107968 to 25499 [2]. Spot Market - The average spot price of corn is 2395.1 yuan/ton, with a change of 0.98 yuan/ton. The factory - quoted price of corn starch in Changchun is 2710 yuan/ton, with no change. Other spot prices and spreads also have corresponding data [2]. Upstream Situation - Forecasted planting areas and yields of corn in the US, Brazil, Argentina, China, and Ukraine are provided, with most remaining unchanged. Corn inventories in southern and northern ports and deep - processing corn inventories also have corresponding changes [2]. Industry Situation - Corn imports decreased by 3 tons to 16 tons, and corn starch exports increased by 4.06 tons to 27.78 tons. Feed production is 2937.7 tons, and corn starch processing profits in Shandong, Hebei, and Jilin have corresponding changes [2]. Downstream Situation - Deep - processing corn consumption increased by 2.69 tons to 116.46 tons. Alcohol and starch enterprise operating rates increased by 1.28% and 2.07% to 43.08% and 55.9% respectively [2]. Option Market - The 20 - day historical volatility of corn decreased by 0.04% to 9.07%, and the 60 - day historical volatility remained unchanged at 7.46%. The implied volatility of at - the - money call and put options on corn decreased by 1.1% to 12.02% [2]. Industry News - The probability of La Nina occurring in the next few months is 40%, and the US Department of Agriculture's August supply - demand report shows an increase in US corn planting area, yield, and ending inventory [2]. Key Focus - Pay attention to Mysteel's weekly corn consumption, as well as the operating rate and inventory of starch enterprises on Thursday and Friday [3].