玉米周报：下游补库支撑，玉米偏强震荡-20251128

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the past week, corn futures rose significantly, with the main contract C2601 reaching 2,257 yuan/ton and then entering a high - level oscillation, up over 2% for the week. The C1 - C5 spread first strengthened and then declined. The spot market was generally oscillating strongly. The sales progress in the production areas continued to advance, and the grain - selling progress in the Northeast production area accelerated. Considering this season's yield increase, there was still an ample supply of remaining grain in the production areas. On the demand side, the domestic breeding profit was in the red, and the future demand for feed was not optimistic, but the short - term rigid demand remained strong due to the high存栏 of livestock and poultry. The profit of the deep - processing sector was low, and the operating rate was constrained, but the de - stocking of starch had accelerated recently, which might have a positive impact on deep - processing demand later. In terms of inventory, the inventory of feed enterprises increased this week, but the inventory of feed enterprises in the Southwest was still at a low level, and the inventory - to - consumption ratio of deep - processing enterprises was also low. There was still room for the inventory of downstream grain - using enterprises to increase. The inventory of southern grains was being depleted faster, and the inventory at the northern ports was also low. Overall, the current low downstream inventory was still a supporting factor for corn, but there was still pressure to sell grain before the Spring Festival, and market expectations would be volatile. The operation should be treated with an oscillating view [7]. 3. Summary by Relevant Catalogs 3.1 Weekly Analysis and Outlook 3.1.1 Corn Futures Market Changes - Corn futures rose significantly in the past week, with the main contract C2601 reaching 2,257 yuan/ton and then entering a high - level oscillation, up over 2% for the week. The C1 - C5 spread first strengthened to - 11 and then fell back to around - 30 [7]. 3.1.2 Corn Spot Market Changes - The spot market was generally oscillating strongly. At the beginning of the week, the northern ports and southern sales areas rose significantly, and in the later part of the week, the Northeast production area was stronger than other regions [7]. 3.1.3 Corn Spot Market: Regional Spread - Due to the strengthening of the southern and northern ports, the spread of shipping from the Northeast production area to the south through the ports turned positive [7]. 3.1.4 Corn Selling Progress - The sales progress in the production areas continued to advance, and the grain - selling progress in the Northeast production area accelerated. Considering this season's yield increase, there was still an ample supply of remaining grain in the production areas [7]. 3.1.5 Corn Import - Not provided in the given content 3.1.6 Feed and Breeding Demand - The domestic breeding profit was in the red, and the future demand for feed was not optimistic, but the short - term rigid demand remained strong due to the high存栏 of livestock and poultry [7]. 3.1.7 Feed and Breeding Demand: Feed Production - Not provided in the given content 3.1.8 Deep - processing Demand - The profit of the deep - processing sector was low, and the operating rate was constrained, but the de - stocking of starch had accelerated recently, which might have a positive impact on deep - processing demand later [7]. 3.1.9 Substitutes - Not provided in the given content 3.1.10 Northern Port Corn Dynamics - The inventory at the northern ports was low [7]. 3.1.11 Southern Port Corn Dynamics - Not provided in the given content 3.1.12 Southern Port Grain Dynamics - The inventory of southern grains was being depleted faster [7]. 3.2 Corn Starch Market Dynamics 3.2.1 Corn Starch Futures - Not provided in the given content 3.2.2 Corn Starch Spot - Not provided in the given content 3.2.3 Corn - Starch Spread - Not provided in the given content 3.2.4 Corn Starch Production and Inventory - Not provided in the given content 3.2.5 Corn Starch Downstream Demand - Not provided in the given content 3.2.6 Cassava Starch - Not provided in the given content 3.3 International Corn Market Dynamics 3.3.1 US Corn Futures Market - Not provided in the given content 3.3.2 US Corn Sowing and Growth Progress - Not provided in the given content 3.3.3 US Corn Export Sales - Not provided in the given content 3.3.4 Brazilian Corn Crop Progress - Not provided in the given content