Hopewind(SH:603063) Nan Hua Qi Huo·2025-10-24 01:46Report Information - Report Title: Nanhua Futures Corn & Starch Industry Daily Report - Date: October 24, 2025 - Analyst: Dai Hongxu (Investment Consulting License No.: Z0021819) - Research Assistant: Kang Quangui (Qualification Certificate No.: F03148699) - Investment Consulting Business Qualification: CSRC Permit [2011] No. 1290 [1] Core Viewpoints - Northeast autumn grain harvest is over 80%, with varying selling progress in different provinces; North China and Huanghuai autumn grain harvest is nearly 80% [2] - After the spot price rebounded, farmers' selling sentiment was positive, market supply remained high, and the purchase price showed a weakening trend after rising [2] - The corn futures market rose yesterday, partly due to the sharp rise in soybeans; the spot market was weak, and the number of trucks arriving in Shandong increased significantly [2] - The starch market strengthened, with stable to rising prices in the Northeast and tight supply of small packages in North China [2] - On Thursday, CBOT corn futures continued to rise by nearly 1% [2] Market Data Corn & Starch Spot Prices and Main Contract Basis | Location | Corn Price | Change | Location | Corn Starch Price | Change | | --- | --- | --- | --- | --- | --- | | Jinzhou Port | 2180 | 0 | Shandong | 2760 | 0 | | Shekou Port | 2310 | 0 | Jilin | 2550 | 0 | | Harbin | 2000 | 0 | Heilongjiang | 2460 | 0 | | Jinzhou Port Main Contract Basis | 40 | -7 | Shandong Main Contract Basis | 310 | -24 | [2] Corn & Starch Futures Prices | Contract | 2025-10-22 | 2025-10-23 | Change | Change Rate | | --- | --- | --- | --- | --- | | Corn 11 | 2114 | 2117 | 3 | 0.14% | | Corn 01 | 2133 | 2140 | 7 | 0.33% | | Corn 03 | 2163 | 2167 | 4 | 0.18% | | Corn 05 | 2239 | 2244 | 5 | 0.22% | | Corn 07 | 2263 | 2264 | 1 | 0.04% | | Corn 09 | 2274 | 2274 | 0 | 0.00% | | Corn Starch 11 | 2410 | 2429 | 19 | 0.79% | | Corn Starch 01 | 2426 | 2450 | 24 | 0.99% | | Corn Starch 03 | 2442 | 2465 | 23 | 0.94% | | Corn Starch 05 | 2549 | 2558 | 9 | 0.35% | | Corn Starch 07 | 2563 | 2575 | 12 | 0.47% | | Corn Starch 09 | 2612 | 2618 | 6 | 0.23% | | Wheat Average Price | 2475 | 2483 | 8 | 0.32% | [3][6] US Corn Prices and Import Profits | Item | Price | Daily Change | Increase Rate | Import Profit | | --- | --- | --- | --- | --- | | CBOT Corn Main Contract | 427.75 | 4 | 0.94% | - | | COBT Soybean Main Contract | 1061.25 | 11.5 | 1.1% | - | | CBOT Wheat Main Contract | 513 | 9.25 | 1.84% | - | | US Gulf Duty-paid Price | 2120.45 | 11.14 | 0.53% | 189.55 | | US West Duty-paid Price | 1967.33 | 11.05 | 0.56% | 342.67 | [30] Factors Affecting the Market Bullish Factors - The number of state reserve grain purchase points increased, with an obvious price-supporting purpose, supporting price stability [5] - Weather disturbances in North China changed market expectations, weakening the downward momentum of forward prices and making it difficult to suppress prices during purchases [5] Bearish Factors - Weather disturbances dissipated, market focus returned to supply pressure, supply remained high, and short-term price pressure increased [2] - The pig industry is in the process of capacity regulation, which may affect the long-term feed demand for corn [5]