Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-10-23 01:02Report Information - Report Title: Nanhua Futures Corn & Starch Industry Daily Report - Date: October 23, 2025 - Analyst: Dai Hongxu (Investment Consulting License No.: Z0021819) - Research Assistant: Kang Quangui (Qualification Certificate No.: F03148699) - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [1] Core Viewpoint - As the weather in North China improves, the focus returns to the pressure of new - season supply. The spot market is stable, while the futures market shows a downward adjustment. The price may decline later due to selling pressure. Starch sales are improving, but the inventory is still high. The CBOT corn futures rose 0.95% on Wednesday due to expected lower yields [2] Key Points by Category Market Conditions - Spot Market: Prices in various ports and regions remained stable on October 23, 2025. For example, the price in Jinzhou Port was 2180 yuan/ton, unchanged from the previous day. The basis of Jinzhou Port's main continuous contract increased by 11 to 47 [3] - Futures Market: On October 22, most corn futures contracts closed lower. For instance, the corn 01 contract dropped 11 yuan to 2133 yuan, a 0.51% decline. Some corn starch futures contracts showed small fluctuations, like the corn starch 11 contract rising 11 yuan to 2410 yuan, a 0.46% increase [3] Factors Affecting the Market - Positive Factors: The number of state - reserve granary purchase points increased, aiming to support prices. The meteorological problems in North China weakened the downward price momentum, making it difficult to push down prices [5] - Negative Factors: The pig industry is in the process of capacity adjustment, which may affect long - term corn feed demand. With the dissipation of weather disturbances, the focus is back on supply pressure, increasing short - term price pressure [5] Other Market Data - US Market: On October 23, 2025, the CBOT corn main continuous contract price was 423.75, up 4 with a 0.95% increase. The import profit of US corn from the Gulf of Mexico was 200.69 yuan/ton, and that from the US West Coast was 353.72 yuan/ton [27]