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Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - Last week, the corn futures price was stable first and then rose, with the futures market rebounding on Friday, while the spot price in the production area remained stable with narrow fluctuations. The current grain - selling progress in the production area is faster than the same period last year, and the increased auction of imported corn effectively supplements the grain supply. Although the port inventory has rebounded, the growth rate has slowed down. Meanwhile, CGSGB has been continuously supporting the market, with a procurement volume of 450,000 tons last week and the成交 rate soaring to 67.8%. Some warehouses have stopped purchasing, and the market's expectation of a subsequent tightening of corn supply is gradually rising, providing support for the market rebound. In the short term, the corn price may continue to fluctuate strongly, but the increasing expectation of wheat auctions may suppress the corn price [7][72]. 3. Summary by Directory 3.1. Price Review - Futures Price: Last week, the domestic corn futures price was stable first and then rose, with the main contract C2603 closing at 2,230 yuan/ton at the night - session close on Friday, up 1%; C2605 closed at 2,265 yuan/ton, up 0.98%. The CBOT corn futures main contract fluctuated strongly, closing at 449.50 cents per bushel at the end of last week, down 0.33% [5][13][17]. - Spot Price: As of December 25, the national weekly average price of corn was 2,300 yuan/ton, down 10 yuan/ton from the previous week, and the price center continued to move up over the weekend. The corn price in the Northeast production area was relatively stable, with the price of second - class corn in Harbin and Changchun remaining the same as the previous week. The corn price in the North China production area was stable, and the purchase price of Shouguang Jinyu Corn in Shandong was the same as the previous week. The corn price in the sales area and ports was stable first and then rose, with the self - pick - up price of second - class corn at Shekou Port remaining the same as the previous week, and the flat - hatch price of second - class corn at Bayuquan Port up 10 yuan/ton from the previous week [6][23]. - Basis: As of last Friday, the basis of Dalian Port corn - main contract was 78 yuan/ton, 10 yuan/ton weaker than the previous week [26]. 3.2. Last Week's Related Information Review - Ukraine had harvested 10.895 million hectares of grains (including legumes) as of December 18, accounting for 94% of the planned harvest area, with a yield of 56.576 million tons and an average yield of 5.19 tons per hectare. - The expected total output of Brazilian corn in the 2025/26 season is 142.875 million tons, lower than the previous forecast but higher than that in the 2024/25 season. - The US Department of Agriculture will not issue more agricultural aid beyond the announced $12 billion plan. - Russia's total output of grains and legumes in 2025 will reach 137 million tons (net weight), with the wheat output expected to reach 9 million tons. - As of December 17, the planting area of Argentine corn in the 2025/26 season accounted for 69.5% of the total expected area, up from 59.2% a week ago. - Argentina exported 1,584,095.64 tons of corn in November. - CGSGB's corn procurement in various regions had different transaction rates last week. - Russia's agricultural organizations sold 62.7 million tons of grains from January to November 2025, a year - on - year decrease of 12.8%. - From December 24 to 30, 2025, Russia's corn benchmark price was $205.5 per ton, and the export tariff was 0 rubles per ton. - The EU's agricultural product trade surplus in October 2025 increased significantly to 6.4 billion euros, a month - on - month increase of 18% and a year - on - year increase of 19%. - As of December 22, Ukraine's grain exports in the 2025/26 season were 14.26 million tons, a 32.9% decrease from the same period last year. - As of December 19, the planting of Brazil's first - season corn in the 2025/26 season was 82.0% completed. - Russia's grain exports in the 2025/26 season will reach 53 - 55 million tons, the same as the five - year average. - ComBio expects its revenue to triple in the next five years. - The estimated output of Brazilian and Argentine corn in the 2025/26 season remains unchanged, higher than the USDA's forecast. - Brazil exported 4.426 million tons of corn from December 1 - 19. - As of December 23, the planting progress of Argentine corn in the 2025/26 season was 77.7%. - Kazakhstan exported 3.9 million tons of grains from September to December 19, 2025, higher than the same period last year. - From February 15 to June 30, 2026, Russia's export tariff rate quota for wheat, mixed wheat, barley, and corn is 20 million tons, and the rye export quota is 0 tons. - There will be scattered showers in Brazil's major corn - producing areas in the future. - As of December 22, Ukraine's actual wheat, corn, and sunflower oil exports were far lower than the contract volume. - Russia exported 3.389 million tons of grains from December 1 - 20, a year - on - year increase of 14%. - As of December 24, Ukraine's grain exports in the 2025/26 season were 14.5 million tons, a 31.8% decrease from the same period last year. - As of December 17, Argentine farmers pre - sold 7.91 million tons of corn in the 2025/26 season. - In the 2025/26 season, the EU's corn imports decreased by 21% year - on - year, with the shares of the US and Brazil increasing significantly and the share of Ukraine decreasing significantly [27][28][29][30][31][32][33][35]. 3.3. Corn Supply - Demand Pattern Analysis - Feed Enterprises' Inventory: As of December 25, the average inventory of national sample feed enterprises was 29.88 days, down 0.1 days from the previous week, a month - on - month decrease of 0.33% and a year - on - year decrease of 1.68%. The inventory of feed enterprises decreased slightly this period, and most feed enterprises maintained rolling replenishment [39]. - Deep - processing Enterprises' Corn Inventory: As of December 24, the total corn inventory of national sample deep - processing enterprises was 3.378 million tons, a month - on - month increase of 4.26% and a year - on - year decrease of 26.66% [43]. - Deep - processing Enterprises' Corn Consumption: From December 18 to 24, 2025, national major corn deep - processing enterprises consumed a total of 1.397 million tons of corn, a decrease of 15,900 tons from the previous week. Different types of deep - processing enterprises had different consumption changes [49]. - Deep - processing Enterprises' Startup Situation: From December 18 to 24, 2025, the corn processing volume, starch output, and startup rate of corn starch enterprises all increased month - on - month. The total corn processing volume of national major corn starch processing enterprises was 635,300 tons, an increase of 36,000 tons from the previous week; the corn starch output was 330,800 tons, an increase of 25,000 tons from the previous week; the startup rate was 60.46%, an increase of 0.46 percentage points from the previous week [54]. - Deep - processing Enterprises' Profit Situation: Recently, the profits of corn deep - processing enterprises have been continuously shrinking. As of last Friday, the hedging profit of corn starch by - products in Jilin was - 90 yuan/ton, down 13 yuan/ton from the previous week; in Shandong, it was - 3 yuan/ton, down 18 yuan/ton from the previous week; in Heilongjiang, it was 1 yuan/ton, down 41 yuan/ton from the previous week [58]. - Import and Export Situation: In November 2025, China imported 560,000 tons of corn, a month - on - month increase of 200,000 tons and a year - on - year increase of 260,000 tons, an increase of 87.5%. From January to November 2025, China imported 1.85 million tons of corn, a year - on - year decrease of 11.47 million tons, a decrease of 86.1% [62]. 3.4. Related Products Situation - Corn Starch: Last week, the national average price of corn starch was 2,711 yuan/ton, down 7 yuan/ton from the previous week. The mainstream transaction prices in different regions had different changes [67]. - Pigs: Last week, the pig price first fell and then rose. The national average pig slaughter price was 11.44 yuan/kg, down 0.02 yuan/kg from the previous week, a month - on - month decrease of 0.17% and a year - on - year decrease of 25.67% [71]. 3.5. Operation Strategy - Single - side: Currently, the market is dominated by capital sentiment, and the long - short game has intensified. It is recommended to wait and see for the time being. - Arbitrage: None. - Options: None [8][73].