Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-10-28 00:53Report Information - Report Title: Nanhua Futures Corn & Starch Industry Daily Report [1] - Report Date: October 28, 2025 [1] - Analyst: Dai Hongxu (Investment Consulting License No.: Z0021819) [1] - Research Assistant: Kang Quangui (Qualification Certificate No.: F03148699) [1] Core Viewpoints - The corn market is under price pressure due to the ample supply of new grain. The harvest is nearing completion, and the selling pressure remains high, keeping prices under downward pressure. However, the supportive effect of policy purchases is emerging. The Northeast production area has stabilized, while the North China production area is in the recovery phase after weather disruptions, with short - term supply increasing and prices weak. The decreasing supply of high - quality grain will support future prices [2]. - On Monday, the corn futures market declined across the board, with a near - term weak and long - term strong contract structure. The spot market pressure has pushed prices into a short - term correction phase, and prices are likely in a bottom - grinding stage. The starch futures market followed the corn market down. Supported by stable corn prices in the Northeast, the starch spot price remained stable, with moderate trading and high inventory limiting price increases [2]. - On Monday, CBOT corn futures rose by over 1%, as progress in Sino - US economic and trade negotiations boosted export expectations, pushing the futures price to a phased high [2]. 利多 and 利空 Factors Bullish Factors - The number of state reserve purchase points is gradually increasing, clearly aiming to support prices and limit price drops [2]. - The shortage of high - quality corn in North China will become more apparent over time, supporting the expectation of stronger long - term prices [2]. Bearish Factors - The pig industry is in the process of capacity regulation, which may affect long - term corn feed demand. However, the high inventory in the fourth quarter and the current entry of second - fattening pigs support the feed demand at a relatively good level [2]. - Price rebounds have led to increased selling pressure, and the market focus has returned to supply pressure, pushing prices into a short - term correction phase [2]. Price and Basis Data Corn and Starch Spot Prices and Main - Contract Basis | Location | Corn Price (Yuan/Ton) | Price Change (Yuan/Ton) | Location | Corn Starch Price (Yuan/Ton) | Price Change (Yuan/Ton) | | --- | --- | --- | --- | --- | --- | | Jinzhou Port | 2150 | - 10 | Shandong | 2760 | 0 | | Shekou Port | 2290 | - 10 | Jilin | 2550 | 0 | | Harbin | 2010 | 0 | Heilongjiang | 2460 | 0 | | Jinzhou Port Main - Contract Basis | 38 | 11 | Shandong Main - Contract Basis | 335 | 16 | [3] Corn and Starch Futures Prices | Contract | October 24, 2025 | October 27, 2025 | Price Change | Percentage Change | | --- | --- | --- | --- | --- | | Corn 11 | 2110 | 2098 | - 12 | - 0.57% | | Corn 01 | 2133 | 2112 | - 21 | - 0.98% | | Corn 03 | 2161 | 2140 | - 21 | - 0.97% | | Corn 05 | 2237 | 2217 | - 20 | - 0.89% | | Corn 07 | 2258 | 2240 | - 18 | - 0.80% | | Corn 09 | 2250 | 2250 | 0 | 0.00% | | Corn Starch 11 | 2423 | 2431 | 8 | 0.33% | | Corn Starch 01 | 2441 | 2425 | - 16 | - 0.66% | | Corn Starch 03 | 2462 | 2442 | - 20 | - 0.81% | | Corn Starch 05 | 2558 | 2545 | - 13 | - 0.51% | | Corn Starch 07 | 2574 | 2559 | - 15 | - 0.58% | | Corn Starch 09 | 2619 | 2598 | - 21 | - 0.80% | | Wheat Average Price | 2499 | 2499 | 0 | 0.00% | [3][5] US Corn Price and Import Profit | Item | Price | Daily Change | Percentage Change | Import Profit (Yuan/Ton) | | --- | --- | --- | --- | --- | | CBOT Corn Main - Contract | 428 | 4 | 0.94% | | | COBT Soybean Main - Contract | 1083.5 | 23 | 2.17% | | | CBOT Wheat Main - Contract | 526 | 13 | 2.53% | | | US Gulf Port CIF Price | 2128.05 | - 6.81 | - 0.32% | 171.95 | | US West Coast Port CIF Price | 2005.89 | 24.07 | 1.21% | 294.11 | [28]