Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-12-01 11:23Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Corn: Globally, the end of the US corn harvest has increased supply pressure, and the relatively loose supply - demand of global and US soybeans has suppressed international corn prices. In China, in the Northeast region, low - temperature storage conditions, farmers' reluctance to sell, and transportation bottlenecks support the bottom price. With rising processing profits and higher operating rates, consumption and procurement by enterprises are increasing, and purchase prices remain strong. In the North China and Huanghuai regions, high mold rates due to rainy weather during the harvest have led to quality issues. After building inventories, feed and processing enterprises adjust prices flexibly. Corn futures are generally strong but have slowed down recently, and caution is advised when chasing the rise [2]. - Starch: As new - season corn supply increases, the industry's operating rate rises, increasing supply pressure. However, downstream demand is good, and some customers have switched back to corn starch due to the large increase in tapioca starch prices. The inventory of corn starch enterprises has decreased. Starch futures have also slowed down after a continuous rise, and caution is needed when chasing the rise [3]. 3. Summary by Directory 3.1 Futures Market - Corn starch futures closing price (active contract) is 2542 yuan/ton, down 24 yuan/ton [2]. - Corn monthly spread (1 - 5) is - 3 yuan/ton, up 6 yuan/ton; corn starch monthly spread (1 - 3) is - 37 yuan/ton [2]. - Corn futures open interest (active contract) is 950183 lots, down 9437 lots; corn starch futures open interest (active contract) is 230178 lots, down 7962 lots [2]. - Net long positions of the top 20 in corn starch futures are - 180343 lots, down 1441 lots; for corn, it is - 35223 lots [2]. - Registered warehouse receipts for yellow corn are 60215 lots, and for corn starch, it is 0 lots [2]. - The CS - C spread of the main contract is 358 yuan/ton [2]. 3.2 Outer Market - CBOT corn futures closing price (active contract) is 447.75 cents/bushel, up 1.5 cents/bushel [2]. - CBOT corn total open interest (weekly) is 1655731 contracts, up 59370 contracts [2]. - CBOT corn non - commercial net long positions are - 120964 contracts, down 28611 contracts [2]. 3.3 Spot Market - Average spot price of corn is 2331.67 yuan/ton, up 1.87 yuan/ton [2]. - Factory quotes for corn starch in Changchun, Weifang, and Shijiazhuang are 2590 yuan/ton, 2800 yuan/ton, and 2730 yuan/ton respectively, with no change [2]. - FOB price of corn in Jinzhou Port is 2290 yuan/ton, with no change; CIF price of imported corn is 2021.85 yuan/ton, down 0.63 yuan/ton; international freight for imported corn is 0 dollars/ton [2]. - The basis of the main corn starch contract is 24 yuan/ton, up 6 yuan/ton; the basis of the main corn contract is 95.67 yuan/ton, up 9.87 yuan/ton [2]. - The price difference between Shandong starch and corn (weekly) is 470 yuan/ton, down 20 yuan/ton [2]. - The price difference between tapioca starch and corn starch (weekly) is 601 yuan/ton, up 147 yuan/ton; the price difference between corn starch and 30 - powder is - 225 yuan/ton, down 1 yuan/ton [2]. 3.4 Upstream Situation - Forecasted sown area and production of corn in the US, Brazil, Argentina, China, and Ukraine are provided. For example, the sown area of corn in the US is 427.11 million hectares, up 0.55 million hectares; production is 131 million tons [2]. - Corn inventory in southern ports (weekly) is 59.9 tons, down 2.9 tons; deep - processing corn inventory (weekly) is 269.8 tons, down 2.9 tons [2]. 3.5 Industry Situation - Corn inventory in northern ports (weekly) is 140 tons, up 6 tons; starch enterprise weekly inventory (weekly) is 106.9 tons, down 4 tons [2]. - Monthly import volume of corn is 6 tons, down 2 tons; monthly export volume of corn starch is 12.78 tons, down 2.02 tons [2]. - Monthly production of feed is 2957 tons, down 171.7 tons; corn starch processing profit in Shandong is - 6 yuan/ton, down 7 yuan/ton; in Hebei, it is 97 yuan/ton, with no change; in Jilin, it is - 43 yuan/ton, with no change [2]. - Sample feed corn inventory days (weekly) is 27.83 days, up 1.6 days [2]. 3.6 Downstream Situation - Deep - processing corn consumption (weekly) is 142.34 tons, up 4.03 tons [2]. - Alcohol enterprise operating rate (weekly) is 71.34%, up 1.89%; starch enterprise operating rate (weekly) is 61.38%, up 0.49% [2]. 3.7 Option Market - 20 - day historical volatility of corn is 8.6%, down 0.24%; 60 - day historical volatility is 8.44%, down 0.08% [2]. - Implied volatility of at - the - money call options for corn is 8.83%, down 3.16%; for at - the - money put options, it is 8.83%, down 3.4% [2]. 3.8 Industry News - As of November 26, the sown area of the 2025/26 corn season in Argentina reached 39.3% of the expected area, up 2% from the previous week [2]. - Analysts predict that the net export sales volume of US corn for the week ending October 23, 2025, will be between 1.1 million and 2.5 million tons [2]. 3.9 Key Focus The weekly consumption of corn and the operating rate and inventory of starch enterprises from Thursday to Friday as reported by Mysteel [3].