国信期货玉米周报：供需偏宽松，玉米连续调整-20251219

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The corn market experienced a weakening trend last week, with spot prices fluctuating weakly and futures prices mainly falling. The main contract switched to 2603, the port basis rose, the 1 - 3 spread strengthened, and the 3 - 5 spread weakened. The 2603 contract faced significant pressure. Fundamentally, the number of trucks arriving at deep - processing enterprises in Heilongjiang and Shandong increased. The selling pressure rebounded after the snow cleared, and the bullish sentiment of grain holders weakened. The grain sales of farmers continued, but the sales progress in Northeast China slowed slightly, while it remained normal in North China. It is expected that there will be a small peak in grain sales before the Spring Festival. Regarding imported corn, Brazilian corn will gradually arrive at ports, which will help relieve the tight inventory situation in the South. On the demand side, the breeding profit has been poor, the short - term feed demand has resilience but the outlook is pessimistic. The deep - processing profit is still not good, and the operating rate remains low and stable. The raw material inventory of feed mills and deep - processing enterprises has continuously increased, and the inventory in the northern ports has also increased significantly, weakening the boost from restocking. Overall, the stage of supply - demand mismatch in the corn market has ended, and it is expected to fluctuate weakly in the future under the background of poor demand and sufficient supply [7] 3. Summary According to the Directory 3.1 Weekly Analysis and Outlook - Corn Futures Market Changes: No specific content provided - Corn Spot Market Changes: No specific content provided - Corn Spot Market: Regional Spreads: No specific content provided - Corn Sales Progress: The grain sales of farmers continued, but the sales progress in Northeast China slowed slightly, while it remained normal in North China. It is expected that there will be a small peak in grain sales before the Spring Festival [7] - Corn Import: Brazilian corn will gradually arrive at ports, which will help relieve the tight inventory situation in the South [7] - Feed and Breeding Demand: The breeding profit has been poor, the short - term feed demand has resilience but the outlook is pessimistic [7] - Feed and Breeding Demand: Feed Production: No specific content provided - Deep - processing Demand: The deep - processing profit is still not good, and the operating rate remains low and stable [7] - Substitutes: No specific content provided - Northern Port Corn Dynamics: The raw material inventory of feed mills and deep - processing enterprises has continuously increased, and the inventory in the northern ports has also increased significantly, weakening the boost from restocking [7] - Southern Port Corn Dynamics: No specific content provided - Southern Port Grain Dynamics: No specific content provided 3.2 Domestic Corn Starch Market Dynamics - Corn Starch Futures: No specific content provided - Corn Starch Spot: No specific content provided - Corn - Starch Spread: No specific content provided - Corn Starch Production and Inventory: No specific content provided - Corn Starch Downstream Demand: No specific content provided - Cassava Starch: No specific content provided 3.3 International Corn Market Dynamics - US Corn Futures Market: No specific content provided - US Corn Sowing and Growth Progress: No specific content provided - US Corn Export Sales: No specific content provided - Brazilian Corn Crop Progress: No specific content provided