玉米淀粉日报-20251119

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - The US corn rebounded after the November report lowered the yield, but the production remained high, and it was in a narrow - range oscillation. The import profit of foreign corn declined, and the price of Brazilian imports in December was 2138 yuan. The domestic corn spot was relatively strong in the short - term, with stable demand from the breeding industry and low inventory of downstream feed enterprises. The 01 corn futures had room to fall later. The starch spot was strong due to the corn rebound, but the 01 starch futures on the disk also had room to fall in the short - term [4][6][7]. 3. Summary by Directory 3.1 Data - Futures Disk: For corn futures, C2601 closed at 2175 with a 0.32% increase, C2605 at 2245 with a 0.18% increase, and C2509 at 2272 with a 0.22% increase. For starch futures, CS2601 closed at 2480 with a 0.52% increase, CS2605 at 2560 with a 0.23% increase, and CS2509 at 2612 with a 0.23% increase. The trading volume and open interest of each contract had different changes [2]. - Spot and Basis: The spot prices of corn in different regions such as Qinggang, Songyuan Jiji, etc., and the spot prices of starch in different enterprises such as Longfeng, COFCO, etc., were reported. The basis of corn and starch in different regions and enterprises was also provided [2]. - Spreads: Corn inter - delivery spreads (e.g., C01 - C05 was - 70 with a 3 increase), starch inter - delivery spreads (e.g., CS01 - CS05 was - 80 with a 7 increase), and cross - variety spreads (e.g., CS09 - C09 was 340 with a 1 increase) were presented [2]. 3.2 Market Judgment - Corn: The US corn was in a narrow - range oscillation. The import profit of foreign corn declined. The northern port's flat - hatch price in the north dropped, while the northeast and north China corn spots were stable. The price difference between northeast and north China corn was large. Corn had cost - effectiveness compared to wheat. The domestic breeding demand was stable, and the downstream feed enterprises' inventory was low. The 01 corn futures were strongly oscillating, and the spot basis strengthened. The market was 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 decreased, and the Shandong corn spot was stable. The starch inventory decreased this week, with the manufacturer's inventory at 110.9 million tons, a 2.4 - million - ton decrease from last week, a 1.7% monthly decrease, and a 25.6% year - on - year increase. The starch price depended on corn price and downstream stocking. The by - product price was strong, and the enterprise's profit was good. The 01 starch futures followed the corn to oscillate strongly, but the north China corn price might fall in December, and the starch spot would also decline later [7]. 3.3 Corn Options - The option strategy was a short - term cumulative put strategy with rolling operations. Information about two option contracts (C2605 - P - 2160.DCE and C2601 - P - 2080.DCE) including the underlying price, closing price, and price change was provided [11]. 3.4 Related Attachments - Six figures were provided, including 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 [13][15][19].