Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-18 09:02Report Industry Investment Rating - No information provided in the given content Core Viewpoints - Chicago Board of Trade (CBOT) corn futures closed higher on Monday, supported by the spill - over from the rising soybean market. US corn harvest is almost finished, with high phased supply pressure. The USDA report is slightly bearish. In the domestic market, cold and snowy weather in the Northeast and North China has led to farmers' reluctance to sell, reducing the available grain supply and causing a slight increase in enterprise purchase prices. Corn futures prices have strengthened recently, and short - term observation is recommended [2]. - With the increase in the new - season corn supply, the industry operating rate has continued to rise, increasing supply - side pressure. However, the current supply - demand structure is good, downstream demand is acceptable, and enterprise sales are smooth. Corn starch inventory has decreased slightly week - on - week. Recently, starch has oscillated and closed higher in line with the corn market, and short - term observation is recommended [3]. Summary by Directory Futures Market - Corn futures closing price (active contract) is 2168 yuan/ton, down 73 yuan; corn starch futures closing price (active contract) is 2467 yuan/ton, down 6 yuan. Corn monthly spread (1 - 5) is - 12 yuan/ton, and corn starch monthly spread (1 - 3) is - 22 yuan/ton, down 8 yuan [2]. - Corn futures open interest (active contract) is 943129 lots, and corn starch futures open interest (active contract) is 218727 lots, down 8385 lots. The net long positions of the top 20 futures holders for corn are - 109948 lots, and for corn starch are - 47013 lots, up 1963 lots [2]. - The registered warehouse receipt volume of yellow corn is 0 lots, and that of corn starch is 69337 lots. The CS - C spread of the main contract is 339 yuan/ton, down 8 yuan [2]. Outer - market - CBOT corn futures closing price (active contract) is 434.75 cents/bushel. CBOT corn total open interest (weekly) is 1543065 contracts, up 13269 contracts. The non - commercial net long position of CBOT corn is - 51186 contracts, down 15017 contracts [2]. Spot Market - The average spot price of corn is 2278.82 yuan/ton. The ex - factory quotes of corn starch in Changchun, Weifang, and Shijiazhuang are 2510 yuan/ton, 2750 yuan/ton, and 2680 yuan/ton respectively, with no change [2]. - The import CIF price of corn is 2031.92 yuan/ton, and the international freight is 0 US dollars/ton. The basis of the corn starch main contract is 42 yuan, and the basis of the corn main contract is 110.82 yuan. The spread between Shandong starch and corn is 500 yuan/ton, down 24 yuan [2]. Substitute Spot Prices - The average spot price of wheat is 2494.94 yuan/ton. The spread between tapioca starch and corn starch is 440 yuan/ton, up 118 yuan. The spread between corn starch and 30 - powder is - 217 yuan, down 8 yuan [2]. Upstream Situation - The predicted sown areas of corn in the US, Brazil, Argentina, and China are 427.11 million hectares, 131 million hectares, 53 million hectares, and 295 million hectares respectively. The predicted corn yields in the US, Brazil, Argentina, China, and Ukraine are 36.44 million tons, 22.6 million tons, 7.5 million tons, 44.3 million tons, and 32 million tons respectively [2]. - The corn inventory in southern ports is 86.6 million tons, and the deep - processing corn inventory is 273.5 million tons, down 6 million tons. The corn inventory in northern ports is 124 million tons [2]. Industry Situation - The monthly import volume of corn is 6 million tons, and the monthly export volume of corn starch is 12.78 thousand tons, down 2.02 thousand tons. The monthly output of feed is 3128.7 million tons [2]. - The sample feed corn inventory days are 25.61 days. The deep - processing corn consumption is 138.65 million tons. The alcohol enterprise operating rate is 67.29%, and the starch enterprise operating rate is 63.48%, up 0.71% [2]. Downstream Situation - The corn starch processing profits in Shandong, Hebei, and Jilin are 25 yuan/ton, 104 yuan/ton, and 22 yuan/ton respectively, down 10 yuan/ton, 10 yuan/ton, and 20 yuan/ton [2]. Option Market - The 20 - day historical volatility of corn is 8.04%, and the 60 - day historical volatility is 7.03%. The implied volatility of at - the - money call options for corn is 7.69%, and that of at - the - money put options is 7.03%, up 1.11% [2]. Key Data on Corn Starch Inventory - As of November 12, the total starch inventory of national corn starch enterprises is 113.3 million tons, down 0.50 million tons from last week, with a weekly decline of 0.44%, a monthly increase of 0.44%, and a year - on - year increase of 27.59% [3].