玉米：震荡寻底

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - In the week of September 19, both the corn spot and futures markets declined. Newly harvested grains are gradually coming onto the market, and prices are weakening [1][2]. - The price of CBOT corn dropped by 1.4% in the week of September 19. The harvest pace in the US corn - growing belt is accelerating, and the rebound of the US dollar index has also pressured commodities priced in dollars [3]. - Corn starch inventory has decreased. As the Double Festival approaches, the downstream demand for the Double Festival stocking has gradually started, and the downstream terminal demand has slowly improved [5]. - In the short - term, the futures market will mainly fluctuate. The price decline rate is expected to be slow under the background of low carry - over stocks. Attention should be paid to the selling mentality after the new grains are listed [7]. Summary According to the Catalog 1. Corn Market Review Spot Market - As of September 19, the national average corn price was 2360.39 yuan/ton, a decrease of 26 yuan/ton from the previous week. Different regions had different price ranges [1]. Futures Market - In the week of September 19, the futures market declined. The main contract (C2511) had a high of 2200 yuan/ton, a low of 2156 yuan/ton, and a closing price of 2168 yuan/ton. The corn starch main 2511 contract closed at 2463 yuan/ton on September 19. The basis of the corn main C2511 contract strengthened [2]. 2. Corn Market Outlook CBOT Corn - In the week of September 19, CBOT corn futures dropped 1.4%. The harvest in the US corn - growing belt accelerated, and the dollar index rebound pressured commodities [3]. Wheat Price and Corn Auction - As of September 18, the national average wheat price was 2436 yuan/ton. The demand was sluggish, and the market was oversupplied. The feed substitution advantage of wheat was weakened, and the feed consumption demand decreased. There were various corn auction transactions with different planned and actual transaction volumes and changing transaction rates [4]. Corn Starch Inventory - As of the week of September 18, the total inventory of corn starch in the main producing areas was 861,800 tons, a slight decrease of 13,400 tons from the previous period, a decline of 1.53%, but an increase of 12.92% compared to the same period last year [5]. New Grain Listing - The prices of dry and wet grains are diverging, with the Northeast being slightly stronger and North China being weaker. In late September, the supply of new grains is expected to increase. The short - term futures market will mainly fluctuate, and attention should be paid to the selling mentality after the new grains are listed [7].