玉米&淀粉产业链日报-20250923

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views - New - season supply pressure leads to a decline in futures prices, and many deep - processing enterprises in Northeast China have lowered the purchase price of new grain; the overall demand for corn is stable, and the import pressure is limited; the supply - demand structure is turning loose, and the main task in the fourth quarter is to digest the pressure of new grain [1] - There are both positive and negative factors in the corn market. Positive factors include a slight rebound in spot prices in some areas of Huanghuai, low - volume imports in August, and successful corn procurement by the Chengdu branch of Sinograin. Negative factors are the new - season harvest causing supply pressure and weakened market sentiment due to price cuts by deep - processing enterprises [3] Group 3: Summary of Relevant Catalogs Corn & Starch Futures Price Changes - From September 19 to September 22, 2025, most corn and corn starch futures contracts showed price declines. For example, corn 11 dropped from 2168 to 2158 (-0.46%), and corn starch 11 dropped from 2463 to 2447 (-0.65%). The wheat average price rose slightly by 0.04% [2] Positive Factors - Corn spot prices in some areas of Huanghuai have slightly rebounded [3] - In August, the import of corn remained at a low level, with less substitution pressure [3] - On the 22nd, the Chengdu branch of Sinograin conducted a corn bidding procurement of 4100 tons, all of which were successfully transacted, and there were no sales sessions [3] Negative Factors - Corn is in the new - season harvest and listing period, and the temporary supply surplus exerts pressure on prices [3] - Many deep - processing enterprises have lowered the purchase price of new grain, further weakening market sentiment [3] Spot Prices and Basis - Corn spot prices in different regions (such as Jinzhou Port, Shekou Port, and Harbin) remained unchanged on the day, and the basis of Jinzhou Port's main - continuous contract increased by 21. Corn starch spot prices in different regions (such as Shandong, Jilin, and Heilongjiang) also remained unchanged, and the basis of Shandong's main - continuous contract increased by 42 [11] US Corn Prices and Import Profits - The price of CBOT corn main - continuous contract dropped by 0.59% to 421.75. The import profit of US Gulf is 306.56 yuan/ton, and that of US West is 448.76 yuan/ton [24]