瑞达期货玉米系产业日报-20251105

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - For corn, as the U.S. corn harvest progresses, supply pressure will gradually increase, though the recent significant rise in U.S. soybeans provides spill - over support for U.S. corn prices. In the domestic market, the Northeast has sufficient supply, and the upward space for spot prices is limited. In the North China and Huanghuai regions, prices fluctuate slightly. Corn futures prices are in low - level consolidation, and short - term observation is recommended [2]. - For starch, with the increasing supply of new - season corn and the recovery of processing profits and industry operating rates, supply - side pressure is rising. However, downstream signing and picking up have slowed down, and inventory has increased slightly. Starch futures are oscillating in tandem with the corn market, and short - term watching is advised [3]. 3. Summary by Related Catalogs 3.1 Futures Market - Corn starch futures closing price (active contract) is 2134 yuan/ton, corn monthly spread (1 - 5) is - 4 yuan/ton, and corn starch monthly spread (1 - 3) is - 101 yuan/ton. Futures positions, net buying volume of the top 20 positions, and registered warehouse receipts for both corn and corn starch are also provided [2]. 3.2 Outer - market - CBOT corn futures closing price (active contract) is - 4 cents/bushel, CBOT corn total positions are 1543065 (weekly), and non - commercial net long positions are - 51186 (weekly) [2]. 3.3 Spot Market - The average spot price of corn is 2234.31 yuan/ton, and the factory - quoted prices of corn starch in different regions such as Changchun, Weifang, and Shijiazhuang are provided. There are also data on import prices, freight, and various price spreads [2]. 3.4 Upstream Situation - Forecasted sowing areas and yields of corn in the U.S., Brazil, Argentina, China, and Ukraine are presented. Corn inventories in southern and northern ports and deep - processing inventories are also included [2]. 3.5 Industry Situation - Corn inventories in ports, starch enterprise inventories, import and export volumes of corn and corn starch, and feed production are shown [2]. 3.6 Downstream Situation - Deep - processing corn consumption, corn starch processing profits in different regions, alcohol and starch enterprise operating rates are provided [2]. 3.7 Option Market - Historical volatility and implied volatility of corn options are given [2]. 3.8 Industry News - Analysts expect that as of November 2, the U.S. corn harvest was 83% complete, higher than the previous week's estimate. S&P Global Commodity Insights predicts that the U.S. 2025 corn output will be 16.803 billion bushels, higher than last month's forecast [2]. 3.9 Key Focus - Thursday and Friday's mysteel corn weekly consumption, as well as starch enterprise operating rates and inventory situations should be monitored [3].