Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The US corn report lowered the yield, and with the easing of Sino - US relations, US corn rebounded but remained in a narrow - range oscillation due to high production. China has set tariffs on US corn and sorghum, while foreign corn import profits are high. Domestic corn prices are under pressure, with short - term decline potential. Starch prices are mainly affected by corn prices and downstream stocking, and are expected to weaken in the short term [4][7][8]. - It is recommended to take a wait - and - see approach for 05 and 01 corn, try short - selling 01 starch, and attempt to narrow the spread between 01 corn and starch. For options, a short - term strategy of cumulative put and call options with rolling operations is suggested [9][10][12]. 3. Summary by Directory 3.1 Data - Futures Market: On October 27, 2025, most corn and starch futures contracts closed down. For example, C2601 closed at 2112, down 21 (-0.99%); CS2601 closed at 2425, down 16 (-0.66%). Trading volume and open interest also showed different changes [2]. - Spot and Basis: Corn spot prices in some regions declined. For instance, the price in Zhucheng Xingmao dropped 32 yuan, and the basis varied by region. Starch spot prices were stable, and the basis was positive. Price spreads between different contracts also changed [2]. 3.2 Market Analysis - Corn: US corn is in a narrow - range oscillation. In China, the northern port flat - hatch price declined, and the northeast and north China corn prices dropped. The wheat - corn price spread widened, and the domestic breeding demand was stable. The short - term corn price has room to fall, and the market is concerned about the selling pressure of Jilin corn at the end of October [4][7]. - Starch: The number of trucks arriving at Shandong deep - processing plants increased, and the corn price in Shandong was weak. Starch inventory decreased this week. Starch prices are mainly affected by corn prices and downstream stocking, and are expected to weaken in the short term [8]. 3.3 Trading Strategies - Unilateral Trading: Wait and see for 05 and 01 corn, try short - selling 01 starch [10]. - Arbitrage: Try to narrow the spread between 01 corn and starch [10]. - Options: Adopt a short - term strategy of cumulative put and call options with rolling operations [12]. 3.4 Related Charts - The report includes charts showing the spot price of corn in different regions, the basis and price spreads of corn and starch futures contracts, which visually reflect the price trends and relationships of corn and starch [14][16][22].
玉米淀粉日报-20251027
Yin He Qi Huo·2025-10-27 10:05