Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-09-19 10:03Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - For corn, maintain a bearish outlook. The USDA's supply - demand report shows an increase in the estimated planting and harvest areas of US corn in the 2025/26 season, a decrease in the estimated yield per acre, and an overall increase in production, which is higher than analysts' average expectations. In the domestic market, although low trade - grain inventories support prices, factors such as imported corn auctions, wheat for feed, approaching new - corn harvest seasons in North and Northeast China, and weak downstream demand lead to a decline in purchase prices. However, the slightly higher opening prices of new - season corn in some areas support market sentiment. [8][9][10] - For corn starch, also maintain a bearish outlook. The raw - material corn is in a new - old alternation period. Some enterprises have new maintenance due to insufficient raw - material supply, and the industry's operating rate is low. Although demand has slightly improved and inventory pressure has declined, the overall inventory is still high, and the substitution advantages of cassava starch and wheat starch squeeze the market demand for corn starch. [13][14] 3. Summary According to the Catalog 3.1 Weekly Highlights Summary - Corn: The closing price of the main 2511 contract was 2168 yuan/ton, a decrease of 29 yuan/ton from the previous week. The USDA's report shows an increase in US corn production. Domestically, new - corn harvest is approaching, and downstream demand is weak, but the slightly higher opening prices of new - season corn support sentiment. [10] - Corn Starch: The closing price of the main 2511 contract was 2463 yuan/ton, a decrease of 11 yuan/ton from the previous week. The raw - material supply is in an alternation period, the operating rate is low, demand has slightly improved, and inventory has decreased, but it is still high, and substitution products squeeze the market. [14] - Strategy Suggestion: Maintain a bearish outlook for both corn and corn starch. [9][13] 3.2 Futures and Spot Market Conditions - Futures Price and Position Changes: The 11 - month contract of corn futures closed lower with a total position of 811,835 lots, a decrease of 39,928 lots from the previous week. The 11 - month contract of corn starch futures also closed lower with a total position of 208,130 lots, a decrease of 9,924 lots from the previous week. [20] - Top 20 Net Position Changes: The top 20 net position of corn futures was - 4,758, and the net short position decreased compared to last week. The top 20 net position of starch futures was - 43,805, and the net short position also decreased. [26] - Futures Warehouse Receipts: The registered warehouse receipts of yellow corn were 30,658, and those of corn starch were 8,330. [32] - Spot Price and Basis: As of September 18, 2025, the average spot price of corn was 2360.59 yuan/ton, and the basis between the active 11 - month contract and the spot average price was + 192 yuan/ton. The spot price of corn starch in Jilin was 2800 yuan/ton and in Shandong was 2900 yuan/ton, with a stable - to - weak trend this week. The basis between the 11 - month contract and the Jilin Changchun spot was 337 yuan/ton. [37][42] - Futures Inter - month Spread: The 11 - 1 spread of corn was 10 yuan/ton, at a medium level in the same period. The 11 - 1 spread of starch was - 15 yuan/ton, also at a medium level in the same period. [48] - Futures Spread between Starch and Corn: The spread between the 11 - month contracts of starch and corn was 295 yuan/ton. In the 38th week of 2025, the spread between Shandong corn and corn starch was 456 yuan/ton, an increase of 40 yuan/ton from the previous week. [58] - Substitute Spread: As of September 18, 2025, the spot price of wheat was 2429.61 yuan/ton, and the spot price of corn was 2360.59 yuan/ton, with a wheat - corn spread of 69.02 yuan/ton. In the 38th week of 2025, the average spread between cassava starch and corn starch was 257 yuan/ton, an increase of 34 yuan/ton from the previous week. [63] 3.3 Industrial Chain Situation - Corn - Supply - Side: Port Inventory: As of September 12, 2025, the domestic trade corn inventory in Guangdong Port was 60.1 tons, a decrease of 5.50 tons from the previous week, and the foreign trade inventory was 0 tons, unchanged from the previous week. The corn inventory in the four northern ports was 72.9 tons, a decrease of 21.6 tons week - on - week, and the shipping volume was 32.1 tons, a decrease of 1.60 tons week - on - week. [52] - Supply - Side: Monthly Import Volume: In August 2025, China's ordinary corn import volume was 4.00 tons, a decrease of 39.00 tons (90.70%) from the same period last year and a decrease of 2.00 tons from the previous month. [71] - Supply - Side: Feed Enterprise Inventory: As of September 18, the average inventory of national feed enterprises was 26.16 days, a decrease of 0.75 days from the previous week, a week - on - week decrease of 2.79%, and a year - on - year decrease of 10.23%. [75] - Demand - Side: Livestock Inventory: As of the end of the second quarter of 2025, the pig inventory was 424.47 million, a year - on - year increase of 2.2%. As of the end of July, the breeding sow inventory was 40.42 million, a decrease of 10,000 from the previous month, accounting for 103.6% of the normal reserve of 39 million. [79] - Demand - Side: Processing Profit: As of September 18, 2025, the corn starch processing profit in Jilin was - 162 yuan/ton. The corn alcohol processing profit in Henan was - 155 yuan/ton, in Jilin was - 692 yuan/ton, and in Heilongjiang was - 284 yuan/ton. [88] 3.4 Industrial Chain Situation - Corn Starch - Supply - Side: Enterprise Inventory: As of September 17, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.34 million tons, a decrease of 5.91%. [92] - Supply - Side: Starch Enterprise Operation and Inventory: From September 11 - 17, 2025, the total national corn processing volume was 517,200 tons, an increase of 6,900 tons from the previous week; the national corn starch output was 249,100 tons, an increase of 5,200 tons from the previous week; the weekly operating rate was 48.15%, an increase of 1.01% from the previous week. As of September 17, the total starch inventory of national corn starch enterprises was 1.2 million tons, a decrease of 26,000 tons from the previous week, a weekly decrease of 2.12%, a monthly decrease of 8.95%, and a year - on - year increase of 37.46%. [96] 3.5 Option Market Analysis As of September 19, the implied volatility of the options corresponding to the main 2511 contract of corn was 10.21%, an increase of 1.13% from 9.08% the previous week. The implied volatility fluctuated and rebounded, at a slightly higher level than the 20 - day, 40 - day, and 60 - day historical volatilities. [99]