玉米淀粉日报-20251127

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - US corn is in a narrow - range oscillation, with potential future cuts in yield but still high production. Import profit for foreign corn is falling. Domestic corn has different trends in different regions, with short - term strength in the northeast and stability in the north. Starch prices are mainly influenced by corn prices and downstream stocking, and the current starch market is relatively strong but may decline later. The 01 corn rebound space is limited [4][6][7][8] Group 3: Summary by Directory 1. Data - Futures盘面: C2601 closed at 2243, up 8 (0.36%); C2605 at 2279, up 8 (0.35%); C2509 at 2292, up 10 (0.44%); CS2601 at 2572, up 21 (0.82%); CS2605 at 2640, up 18 (0.68%); CS2509 at 2661, up 14 (0.53%). Trading volume and open interest of different contracts changed with varying degrees [2] - Spot and Basis: Corn spot prices in different regions such as Qinggang, Songyuan Jiji, etc. had different changes today. Starch spot prices in different factories like Longfeng, COFCO, etc. remained unchanged. The basis of corn and starch in different regions and factories was also presented [2] - Spreads: For corn inter - delivery spreads, C01 - C05 was - 36 (unchanged), C05 - C09 was - 13 (down 2), C09 - C01 was 49 (up 2). For starch inter - delivery spreads, CS01 - CS05 was - 68 (up 3), CS05 - CS09 was - 21 (up 4), CS09 - CS01 was 89 (down 7). For cross - variety spreads, CS09 - C09 was 369 (up 4), CS01 - C01 was 329 (up 13), CS05 - C05 was 361 (up 10) [2] 2. Market Analysis - Corn: US corn is in a narrow - range oscillation. Import profit for foreign corn is falling. Northern port closing prices are rising, and northeast corn is strong. North China's corn supply is decreasing, and the price is stable. The price difference between northeast and North China corn is large. Wheat price is stable, and corn has cost - effectiveness. Domestic breeding demand is stable, and downstream feed enterprises' inventory is low. Northeast corn supply is low recently, and traders' hoarding sentiment is strong. The 01 corn is in high - level oscillation, and the spot basis is strengthening [4][6] - Starch: The number of trucks arriving at Shandong deep - processing plants is decreasing, and Shandong corn is stable. Starch in Shandong and the northeast is strong. This week, corn starch inventory decreased to 106.9 million tons, a monthly decrease of 5.23% and a year - on - year decrease of 19.04%. Starch prices depend on corn prices and downstream stocking. By - product prices are strong, and the spot price difference between corn and starch is low. The 01 starch is oscillating strongly following corn, but there is a possibility of decline later [7] 3. Trading Strategies - Unilateral: US corn has support at 400 cents per bushel. Consider short - selling 01 corn lightly at high levels, and wait for 05 corn [9] - Arbitrage: Try to narrow the spread between 01 corn and starch at high levels [9] 4. Corn Options - The option strategy is a short - term accumulated put strategy with rolling operations [10] 5. Related Attachments - There are six figures including those showing corn spot prices in different regions, corn 01 contract basis, corn 1 - 5 spread, corn starch 1 - 5 spread, corn starch 01 contract basis, and corn starch 01 contract spread [14][16][18]