玉米淀粉日报-20251113

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The US corn market is in a narrow - range oscillation. Although the recent Sino - US relations have eased and the price has rebounded, the production remains high. The import profit of foreign corn is falling, and the Brazilian import price in December is 2156 yuan. [4] - The spot price of domestic corn is relatively strong in the short - term. The northern port closing price has risen, the supply in North China has decreased, and the downstream feed enterprises have low inventory. However, the market is concerned about the seasonal selling pressure of Northeast corn and downstream inventory - building. [4][6] - The starch price is mainly affected by corn price and downstream stocking. The inventory of corn starch has decreased this week. The 01 starch follows the corn to oscillate strongly, but the corn in North China may fall in December, and the rebound space of the 01 starch is limited. [7] - For trading strategies, the US corn may continue to adjust the yield per unit downward, but it is expected to increase production, remaining in a narrow - range oscillation. The 01 corn rebound space is limited, and it is advisable to wait and see for 05 and 01 corn. One can try to shrink the spread between 01 corn and starch when it is high. [8][9] - For option strategies, a short - term cumulative put strategy with rolling operations is recommended. [11] 3. Summary by Directory 3.1 Data - Futures Disk: For corn futures, C2601 closed at 2186, up 9 (0.41%), with a trading volume of 540,710 (up 18.39%) and an open interest of 957,369 (down 0.61%); C2605 closed at 2257, up 6 (0.27%), with a trading volume of 58,889 (up 38.10%) and an open interest of 275,208 (up 4.37%); C2509 closed at 2282, up 3 (0.13%), with a trading volume of 3,043 (up 27.59%) and an open interest of 15,950 (down 0.57%). For corn starch futures, CS2601 closed at 2507, up 17 (0.68%), with a trading volume of 109,742 (up 33.81%) and an open interest of 236,760 (up 0.70%); CS2605 closed at 2583, up 6 (0.23%), with a trading volume of 570 (up 41.58%) and an open interest of 5,988 (down 0.93%); CS2509 closed at 2628, up 3 (0.11%), with a trading volume of 47 (up 34.29%) and an open interest of 533 (up 2.50%) [2]. - Spot and Basis: Corn spot prices in different regions showed different trends. The prices in Qinggang, Songyuan Jiji, etc. were reported, with some prices rising. The basis of corn and starch in different regions was also provided. For example, the basis of corn in Qinggang was - 322, and the basis of starch in Longfeng was 67 [2]. - Spreads: Corn inter - period spreads (e.g., C01 - C05 was - 71, up 3), starch inter - period spreads (e.g., CS01 - CS05 was - 76, up 11), and cross - variety spreads (e.g., CS09 - C09 was 346, unchanged) were presented [2]. 3.2 Market Judgment - Corn: The US corn market is oscillating narrowly. The import profit of foreign corn is falling. The spot price of domestic corn is relatively strong in the short - term, with the northern port closing price rising, the supply in North China decreasing, and the downstream feed enterprises having low inventory. However, the market is concerned about the seasonal selling pressure of Northeast corn and downstream inventory - building [4][6]. - Starch: The number of vehicles arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong is stable. The corn starch inventory has decreased this week. The starch price is mainly affected by corn price and downstream stocking. The 01 starch follows the corn to oscillate strongly, but the corn in North China may fall in December, and the rebound space of the 01 starch is limited [7]. 3.3 Corn Options The option strategy is a short - term cumulative put strategy with rolling operations. Information on option contracts such as C2605 - P - 2160.DCE and C2601 - P - 2080.DCE, including the underlying asset price, closing price, and change in implied volatility, was provided [11]. 3.4 Related Attachments Graphs such as the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of corn starch 01 contract, and the spread of corn starch 01 contract were presented, showing the price trends of different periods [13][15][19].