玉米：或有回调

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The corn market may experience a callback. Although the supply - demand mismatch has not been resolved, it is marginally alleviated. After the price reaches a high level, the upward momentum is limited, and there may be a short - term price correction. Attention should be paid to the inventory accumulation at the northern ports [1][6] Summary by Relevant Catalogs Corn Market Review Spot Market - In the week of December 5, 2025, the national average price of corn was 2358.63 yuan/ton, up 30 yuan/ton from the previous week. The price of corn in North China showed mixed trends, and the price of corn in Northeast China continued to rise. The bulk shipping and collection price of corn in the north was 2250 - 2270 yuan/ton, and the bulk shipping quotation in Guangdong Shekou was 2450 - 2470 yuan/ton [1] Futures Market - In the week of December 5, 2025, the futures market rose. The price at the northern port was strong, the inventory was at a low level in recent years, and the market sentiment was strong. The highest price of the main contract (C2601) was 2310 yuan/ton, the lowest was 2226 yuan/ton, and the closing price was 2295 yuan/ton. The basis of the main corn C2601 contract weakened [2] Corn Market Outlook CBOT Corn - In the week of December 5, 2025, CBOT corn futures fell 0.7%. The abundant global supply offset the support from strong US corn exports, and the expected good harvest of South American corn also pressured the US corn futures price. Analysts expect the USDA to possibly lower the forecast of US corn ending stocks [3] Wheat and Corn Auction - As of the week of December 4, 2025, the transaction rate of corn competitive procurement decreased by 4.21% compared with the previous week. The national average wheat price was 2524 yuan/ton. Due to tight supply and strong purchasing demand from some flour mills, there was an expectation of a price breakthrough, but the demand side was restricted [4] Corn Starch Inventory - As of the week of December 5, 2025, the total inventory of corn starch in the main producing areas was 824,900 tons, an increase of 22,800 tons or 2.84% from the previous period, and an increase of 0.86% compared with the same period last year. Due to high - level production and weak downstream demand, the inventory pressure increased [5] Callback Risk - The supply - demand mismatch has not been resolved but is marginally alleviated. The high - price transactions in the sales area are average, and the inventory is expected to increase slowly. After the price reaches a high level, the upward momentum is limited, and there may be a short - term price correction. Attention should be paid to the inventory accumulation at the northern ports [6]