Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The US corn report is bearish, with US corn hitting a new low. Chinese tariffs on US corn and sorghum have increased, but foreign corn import profits are high. Corn spot prices are expected to be relatively stable in the short term but may decline due to imports, domestic auctions, and the upcoming new corn harvest. Starch demand is weak, and enterprises may face long - term losses. The 09 starch contract is expected to fluctuate weakly in the short term [5][8][9] Group 3: Summary According to Relevant Catalogs 1. Data Futures盘面 - For corn futures contracts C2601, C2605, and C2509, the closing prices are 2204, 2275, and 2279 respectively, with daily increases of 0.50%, 0.62%, and 0.83%. For starch futures contracts CS2601, CS2605, and CS2509, the closing prices are 2586, 2643, and 2651 respectively, with daily increases of 0.93%, 0.76%, and 0.23% [2] Spot and Basis - Corn spot prices in different regions vary, with prices in Qinggang, Jiajishenghua, and other places ranging from 2215 to 2502. Starch spot prices in different enterprises range from 2800 to 3020. The basis of corn and starch also shows different values in different regions and enterprises [2] Spreads - Corn and starch have different inter - period spreads and cross - variety spreads, such as C01 - C05 with a spread of - 71 and a daily change of - 3, and CS01 - CS05 with a spread of - 57 and a daily change of 4 [2] 2. Market Judgment Corn - The US corn report increased the planting area, and US corn reached a new low. Chinese tariffs on US corn and sorghum have increased, but foreign corn import profits are high. Northern port flat - price is stable, and Northeast corn is stable, while North China corn is weak. Wheat continues to substitute for corn, and domestic breeding demand is weak. Corn spot prices are expected to be stable in the short term but may decline [5][7] Starch - The number of trucks arriving at Shandong deep - processing plants has increased, and Shandong corn is strong. Starch inventory has increased this week. Starch prices depend on corn prices and downstream stocking. By - product prices are strong, and the spot price difference between corn and starch is low. Starch demand is weak, and enterprises may face long - term losses. The 09 starch contract is expected to fluctuate weakly in the short term [8] 3. Trading Strategies - Unilateral: The domestic 09 corn contract will continue to fluctuate narrowly. Short - sell 09 and 01 corn contracts when prices are high - Arbitrage: Buy spot and short - sell the 09 corn contract in a rolling manner. Wait and see the spread between 09 corn and starch [10] 4. Corn Options - Enterprises with spot positions can close out short positions in corn call options, or short - sell on rallies in the short term and conduct rolling operations [13] 5. Relevant Attachments - The attachments include charts of corn and starch spot prices, basis, spreads, etc., covering multiple time periods and contracts, with data sources from Galaxy Futures and iFinD Information [15][17][21]
玉米淀粉日报-20250813
Yin He Qi Huo·2025-08-13 14:18