玉米淀粉日报-20251222

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The USDA's December report was bullish for US corn, but high production levels suggest that the US corn market will likely remain in a strong, volatile range [4][7]. - In the domestic market, North - East Chinese corn is relatively strong due to farmers' reluctance to sell, while North - China corn has seen an increase in supply and stable prices. The price difference between North - East and North - China corn has narrowed. Corn futures are expected to oscillate at the bottom [5][7]. - Corn starch prices are mainly influenced by corn prices and downstream inventory - building. With rising inventory and relatively stable corn prices, the profitability of starch enterprises has declined. The 03 starch futures contract is expected to oscillate at the bottom in the short term [6]. 3. Summary by Directory 3.1 Data - Futures Market: For corn futures, C2601 closed at 2220, down 1 (-0.05%); C2605 closed at 2227, down 1 (-0.04%); C2509 closed at 2257, unchanged. For starch futures, CS2601 closed at 2497, down 5 (-0.20%); CS2605 closed at 2532, down 7 (-0.28%); CS2509 closed at 2587, down 3 (-0.12%)[2]. - Spot and Basis: Corn spot prices in different regions ranged from 2080 - 2430 yuan/ton. Starch spot prices were between 2700 - 2890 yuan/ton. Corn basis values varied from - 177 to 173 yuan/ton, and starch basis values were between 168 - 358 yuan/ton[2]. - Spreads: Corn inter - delivery spreads such as C01 - C05 was - 7 (unchanged), C05 - C09 was - 30 (down 1). Starch inter - delivery spreads like CS01 - CS05 was - 35 (up 2), CS05 - CS09 was - 55 (down 4). Cross - variety spreads included CS09 - C09 at 330 (down 3), CS01 - C01 at 277 (down 4), CS05 - C05 at 305 (down 6)[2]. 3.2 Market Analysis and Trading Strategies - Corn: US corn exports were raised and stocks were lowered in the USDA's December report, but production remained high. Import profits for foreign corn decreased. In the domestic market, North - East corn was strong, while North - China corn supply increased. The price difference with North - China wheat was large, and corn had cost - effectiveness. The short - term outlook for corn spot prices was relatively strong, but there were concerns about seasonal selling pressure in late December and downstream inventory - building [4][5]. - Starch: The number of trucks delivering to Shandong deep - processing plants increased. Corn starch inventory rose to 107.4 million tons this week, up 2.5 million tons from last week, with a monthly increase of 0.5% and a year - on - year increase of 22.3%. Starch prices depended on corn prices and downstream inventory - building. With strong by - product prices, the profitability of starch enterprises declined. The 03 starch futures contract was expected to oscillate at the bottom [6]. - Trading Strategies: For single - side trading, 03 US corn had support at 430 cents per bushel, and it was recommended to go long on 07 corn at low prices with a light position. For arbitrage, it was advised to wait and see. For options, a short - term put - accumulation strategy with rolling operations was suggested [8][9][10]. 3.3 Corn Options - On December 22, 2025, the C2605 - P - 2240.DCE option had an underlying price of 2,227 and a closing price of 51.00, with a change of - 0.5. The C2603 - P - 2200.DCE option had an underlying price of 2,192 and a closing price of 37.00, with a change of 1.5 [12]. 3.4 Related Diagrams - The report includes diagrams showing various aspects of corn and corn - starch prices such as regional corn spot prices, corn 01 contract basis, corn 1 - 5 spreads, corn - starch 1 - 5 spreads, corn - starch 01 contract basis, and corn - starch 01 contract spreads [14][16][18].