玉米：关注新粮上市情况

Report Summary 1. Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The report focuses on the corn market, including a review of the current situation and a forward - looking analysis. It suggests paying attention to the new grain listing situation. With new grain about to be listed, the price is expected to decline seasonally, but the decline rate may be slow due to low carry - over stocks. The market will be mainly volatile in the short term [6]. 3. Section Summaries Corn Market Review - Spot Market: In the week of September 12, the corn spot price rebounded slightly. As of September 12, the national average corn price was 2366.08 yuan/ton, down 2 yuan/ton from the previous week. Different regions had different price ranges, such as 2300 - 2420 yuan/ton in Shandong's deep - processing industry [1]. - Futures Market: In the week of September 12, the futures market declined. The main contract (C2511) had a high of 2234 yuan/ton, a low of 2192 yuan/ton, and a closing price of 2197 yuan/ton (compared to 2224 yuan/ton the previous week). The basis of the corn main C2511 contract strengthened from 46 yuan/ton on September 5 to 102 yuan/ton on September 12 [2]. Corn Market Outlook - CBOT Corn: In the week of September 12, CBOT corn futures rose 2.87%. The US Department of Agriculture raised the US corn export forecast to a record level, offsetting the pressure of record - high production. Although the yield per acre was lowered, the planting area was increased, leading to an increase in production and a decrease in ending stocks [3]. - Wheat Price and Corn Auction: As of the week of September 11, the wheat price was stable at 2431 yuan/ton. The demand side was sluggish. Corn auction results showed different transaction rates for different types of auctions. The new - season corn's upcoming listing will reduce the feed substitution advantage of wheat [4]. - Corn Starch Inventory: As of the week of September 11, the total inventory of corn starch in the main producing areas was 875,200 tons, a slight decrease of 16,500 tons (1.85%) from the previous period, but an increase of 10.42% compared to the same period last year. Due to pre - holiday stocking, the downstream demand improved, and the inventory pressure eased [5]. - New Grain Listing: The prices of dry and wet grains are diverging, with the Northeast being slightly stronger and North China being weaker. As new summer corn gradually comes on the market, it is in a seasonal downward trend. The supply of new grain is expected to increase in late September, and the futures market will be mainly volatile in the short term [6].