玉米淀粉日报-20260106

Report Summary 1. Report Industry Investment Rating The report does not provide an industry investment rating. 2. Core Views - The US corn market is experiencing a rebound but remains in a bottom - oscillating state due to high production levels despite reduced inventory. The import profit of foreign corn is rising, and the domestic corn market shows regional differences, with Northeast corn being relatively strong and North China corn being weak. The corn spot market is expected to be relatively stable in the short term, and the 03 corn futures will likely oscillate within a narrow range [4][7][9]. - The starch market is mainly influenced by corn prices and downstream inventory preparation. The inventory of corn starch has increased this week. Due to the strong corn price and weak starch price, corporate profitability has declined. The 03 starch futures are expected to oscillate weakly at the bottom [8]. 3. Summary by Directory 3.1 Data - Futures Market: Different corn and corn - starch futures contracts show various price changes, trading volume changes, and open - interest changes. For example, the C2601 corn futures contract closed at 2288, down 5 (-0.22%), with a trading volume of 1,778 (down 74.10%) and an open interest of 18,650 (up 1.49%) [2]. - Spot and Basis: Corn spot prices vary by region, with some prices stable and others slightly decreasing. Starch spot prices are relatively stable, and the basis of both corn and starch shows different values in different regions. The spreads between different futures contracts of corn, starch, and cross - varieties also show changes [2]. 3.2 Market Judgment - Corn: The US corn is in a bottom - oscillating state. The domestic corn market has regional differences, with Northeast corn being strong due to low supply and farmer reluctance to sell, while North China corn is weak due to increased supply. The domestic breeding demand is stable, and the downstream feed enterprise inventory has increased. The market is concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and the downstream inventory - building situation [4][7]. - Starch: The number of trucks arriving at Shandong deep - processing plants has increased, leading to a weakening of Shandong corn prices. The starch inventory has increased this week. The starch price mainly depends on corn prices and downstream inventory preparation. The by - product prices are strong, and the spot price difference between corn and starch is low. The 03 starch futures follow the corn price and oscillate at the bottom [8]. 3.3 Trading Strategies - Unilateral: The 03 US corn has support at 430 cents per bushel, and it is recommended to build long positions in 07 corn at low prices [10]. - Arbitrage: It is recommended to wait and see [11]. 3.4 Corn Options The option strategy is a short - term cumulative put strategy with rolling operations [12]. 3.5 Related Attachments The attachments include multiple charts showing the North Port corn flat - warehouse price, corn 05 contract basis, corn 5 - 9 spread, corn starch 5 - 9 spread, corn starch 05 contract basis, and corn starch 05 contract spread, providing historical data for reference [16][18][20][23].