国信期货玉米周报：现货区域分化，期货近强远弱-20250912

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The corn spot price showed significant regional differentiation in the past week, with the spot price in Northeast China being relatively strong and that in North China being weak. The port spot price was generally volatile. The domestic new corn is about to be listed in large quantities. Although the remaining domestic grain is tight, the market may maintain a near - strong and far - weak pattern in the short term. It is recommended to treat it with a weak shock [7]. 3. Summary According to the Directory 3.1 Weekly Analysis and Outlook - Corn Futures Market Changes: Not provided in the content - Corn Spot Market Changes: The spot price in Northeast China was strong. The arrival of trucks at the door of deep - processing enterprises in Heilongjiang increased but remained at a low level, indicating tight remaining grain in circulation. The spot price in North China was weak. The arrival of trucks at the door of deep - processing enterprises in Shandong increased significantly, and grain - holding entities accelerated the shipment before the new corn was listed, while deep - processing enterprises had a strong willingness to lower prices. The port spot price was generally volatile [7]. - Corn Spot Market: Regional Spread: Not provided in the content - Corn Selling Progress: Not provided in the content - Corn Import: Not provided in the content - Feed and Aquaculture Demand: The piglet price has dropped significantly recently, and the profit of piglet sales has entered the loss range. Coupled with the policy - level attempt to promote the orderly reduction of production capacity in the industry, it forms a pessimistic expectation for future feed demand [7]. - Feed and Aquaculture Demand: Feed Production: Not provided in the content - Deep - processing Demand: The deep - processing profit has been poor, the starch startup rate has decreased, and the demand for corn is weak [7]. - Substitutes: Not provided in the content - North Port Corn Dynamics: The inventory at the northern port has decreased rapidly, and the absolute inventory level has returned to a low level in recent years, which provides some support for the port spot price [7]. - South Port Corn Dynamics: Not provided in the content - South Port Grain Dynamics: Not provided in the content 3.2 Corn Starch Market Dynamics - Corn Starch Futures: Not provided in the content - Corn Starch Spot: Not provided in the content - Corn - Starch Spread: Not provided in the content - Corn Starch Production and Inventory: Not provided in the content - Corn Starch Downstream Demand: Not provided in the content - Cassava Starch: Not provided in the content 3.3 International Corn Market Dynamics - US Corn Futures Market: Not provided in the content - US Corn Sowing and Growth Progress: Not provided in the content - US Corn Export Sales: Not provided in the content - Brazilian Corn Crop Progress: Not provided in the content