玉米淀粉日报-20251105

Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The US corn market is experiencing narrow - range fluctuations. Although the US - China relationship has eased and the price has rebounded, the high production level remains a factor. The import profit of foreign corn has declined, and the domestic corn spot has short - term downward space. The starch price is mainly affected by corn price and downstream stocking, and the corn starch spot is expected to decline later [4][6][7]. 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Disk - For corn futures, C2601 closed at 2134, down 1 (- 0.05%), with a trading volume of 391,795 (- 3.51%) and an open interest of 935,749 (0.94%); C2605 closed at 2235, up 3 (0.13%), with a trading volume of 23,599 (- 30.92%) and an open interest of 235,990 (- 0.30%); C2509 closed at 2257, up 3 (0.13%), with a trading volume of 1,577 (- 37.40%) and an open interest of 12,563 (0.44%). - For corn starch futures, CS2601 closed at 2451, up 7 (0.29%), with a trading volume of 72,439 (- 26.65%) and an open interest of 215,252 (0.84%); CS2605 closed at 2555, up 7 (0.27%), with a trading volume of 1,577 (- 54.60%) and an open interest of 6,108 (- 0.18%); CS2509 closed at 2594, unchanged (0.00%), with a trading volume of 26 (- 60.61%) and an open interest of 450 (0.45%) [2]. 3.1.2 Spot and Basis - Corn spot prices in different regions: Qinggang was 1965 yuan, Songyuan Jiji was 2010 yuan, Zhucheng Xingmao was 2290 yuan, Shouguang was 2216 yuan, Jinzhou Port was 2160 yuan, Nantong Port was 2250 yuan, and Guangdong Port was 2250 yuan, all unchanged. The basis ranged from - 292 to 33 yuan. - Starch spot prices in different regions: Longfeng was 2650 yuan, COFCO was 2650 yuan, Cargill was 2800 yuan, Yufeng was 2890 yuan, Jinyu was 2800 yuan, Zhucheng Xingmao was 2900 yuan, and Hengren Industry and Trade was 2800 yuan, all unchanged. The basis ranged from 95 to 345 yuan [2]. 3.1.3 Spreads - Corn inter - delivery spreads: C01 - C05 was - 101 (- 4), C05 - C09 was - 22 (0), C09 - C01 was 123 (4). - Starch inter - delivery spreads: CS01 - CS05 was - 104 (0), CS05 - CS09 was - 39 (7), CS09 - CS01 was 143 (- 7). - Cross - variety spreads: CS09 - C09 was 337 (- 3), CS01 - C01 was 317 (8), CS05 - C05 was 320 (4) [2]. 3.2 Market Outlook 3.2.1 Corn - The US corn market is in narrow - range fluctuations. The import profit of foreign corn has declined, with the December Brazilian import price at 2160 yuan. The northern port FOB price is stable, and the Northeast corn production area spot is stable. The supply in North China has increased, and the corn spot has started to stabilize. The spread between Northeast and North China corn has widened. The wheat price in North China is stable, and the wheat - corn spread is large. The domestic breeding demand is stable, but the corn spot still has short - term downward space [4][6]. 3.2.2 Starch - The number of trucks arriving at Shandong deep - processing plants has increased, and the Shandong corn spot is stable. The starch inventory has increased this week, with the manufacturer's inventory at 113.8 million tons, an increase of 1.0 million tons from last week, a monthly increase of 0.89% and a year - on - year increase of 33.26%. The starch price depends on the corn price and downstream stocking. The by - product price is still strong. The North China corn is short - term strong, while the Northeast corn is falling. The corn - starch spot spread is low, and the corn starch spot is expected to decline later [7]. 3.3 Trading Strategies - Unilateral: The US corn has support at 400 cents per bushel. Wait and see for C05 and C01 corn. - Arbitrage: Try to narrow the spread between C01 corn and starch when it is high [9]. 3.4 Corn Options - Option strategy: Short - term strategy of accumulating puts and calls, with rolling operations [11]. 3.5 Relevant Attachments - The report provides multiple charts, including those showing corn spot prices in different regions, corn 01 contract basis, corn 1 - 5 spreads, corn starch 1 - 5 spreads, corn starch 01 contract basis, and corn starch 01 contract spreads [13][15][20].