Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The US corn market shows a narrow - range oscillation. Although the US - China relationship has eased and the price has rebounded, the high - level production remains a factor. China maintains a 15% tariff on US corn and a 22% tariff on US sorghum, while the import profit of foreign corn is relatively high. [4] - In the domestic market, the northern port corn prices are falling, and the northeast corn spot prices continue to decline. The north - south price difference is narrowing. The domestic corn has cost - effectiveness compared to wheat, but the short - term wheat price increase is limited due to the possible wheat auction. The domestic aquaculture demand is stable, and the downstream feed enterprises have low inventory. [4][6] - The starch price is mainly affected by corn price and downstream stocking. The current inventory of corn starch has decreased this week. The profit of starch enterprises is good due to the large decline in corn prices. The short - term 01 starch futures contract is expected to oscillate weakly. [7] 3. Summary by Directory First Part: Data - Futures Market: Among corn futures, C2601 closed at 2123 with a 0.52% increase, C2605 at 2230 with a 0.58% increase, and C2509 at 2261 with a 0.49% increase. Among starch futures, CS2601 closed at 2424 with a 0.04% decrease, CS2605 at 2541 with a 0.16% decrease, and CS2509 at 2593 with a 0.19% decrease. [2] - Spot and Basis: The spot price of corn in northern ports is around 2130 yuan, and the northeast corn spot price continues to decline. The north - south price difference is narrowing. The starch spot price is relatively stable, with the basis mostly positive. [2][6] - Spread: For corn inter - period spreads, C01 - C05 is - 107 with a - 2 change; for starch inter - period spreads, CS01 - CS05 is - 117 with a 3 change; for cross - variety spreads, CS09 - C09 is 332 with a - 16 change. [2] Second Part: Market Judgment - Corn: The US corn market oscillates narrowly. The domestic northern port corn prices are falling, and the northeast corn spot prices continue to decline. The north - south price difference is narrowing. The domestic corn has cost - effectiveness compared to wheat, but the short - term wheat price increase is limited. The domestic aquaculture demand is stable, and the downstream feed enterprises have low inventory. [4][6] - Starch: The number of trucks arriving at Shandong deep - processing plants has increased, and the Shandong corn spot price is weak. The starch inventory has decreased this week. The starch price is mainly affected by corn price and downstream stocking. The short - term 01 starch futures contract is expected to oscillate weakly. [7] - Trading Strategies: It is recommended to wait and see for 05 and 01 corn futures, and try to narrow the spread between 01 corn and starch. [9] Third Part: Corn Options The recommended option strategy is a short - term strategy of accumulating puts and calls with rolling operations. [11] Fourth Part: Related Attachments The report provides multiple charts, including those showing the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn and corn starch, the basis and spread of corn starch 01 contract, etc. [13][15][19]
玉米淀粉日报-20251028
Yin He Qi Huo·2025-10-28 09:39