Ruida Futures(SZ:002961) Rui Da Qi Huo·2026-01-12 09:07Report Overview - The report is a daily report on the corn industry dated January 12, 2026, covering various aspects of the corn and corn starch markets [1][2]. 1. Market Data Summary Futures Market - Corn futures closing price (active contract) is 2,290 yuan/ton, up 27 yuan; corn starch futures closing price (active contract) is 2,566 yuan/ton, up 31 yuan [2]. - Corn monthly spread (5 - 9) is -18 yuan/ton, down 1 yuan; corn starch monthly spread (3 - 5) is -30 yuan/ton, up 13 yuan [2]. - Corn futures open interest (active contract) is 1,092,707 lots, up 42,864 lots; corn starch futures open interest (active contract) is 199,117 lots, up 1,957 lots [2]. - Net long positions of the top 20 futures holders for corn is -161,288 lots, down 14,814 lots; for corn starch is -40,016 lots, up 664 lots [2]. - Registered warehouse receipts for yellow corn is 38,075 lots, up 1,520 lots; for corn starch is 12,477 lots, unchanged [2]. - The spread between the main CS - C contracts is 329 yuan/ton, up 6 yuan [2]. - CBOT corn futures closing price (active contract) is 445.25 cents/bushel, down 0.5 cents; total CBOT corn open interest (weekly) is 1,537,728 contracts, down 5,287 contracts [2]. - Non - commercial net long positions in CBOT corn (weekly) is 60,112 contracts, up 6,920 contracts [2]. Spot Market - Average spot price of corn is 2,354.41 yuan/ton, up 2.55 yuan; factory - quoted price of corn starch in Changchun is 2,570 yuan/ton, unchanged [2]. - FOB price of corn at Jinzhou Port is 2,310 yuan/ton, unchanged; factory - quoted price of corn starch in Weifang is 2,750 yuan/ton, unchanged [2]. - CIF price of imported corn is 2,064.44 yuan/ton, down 1.78 yuan; international freight for imported corn is 43 US dollars/ton, unchanged [2]. - Basis of the main corn contract is 64.41 yuan/ton, down 24.45 yuan; basis of the main corn starch contract is 4 yuan/ton, down 31 yuan [2]. - The spread between Shandong starch and corn (weekly) is 424 yuan/ton, up 2 yuan; the spread between tapioca starch and corn starch (weekly) is 626 yuan/ton, down 35 yuan [2]. - The spread between corn starch and 30 - powder is -218 yuan/ton, down 1 yuan [2]. Upstream Situation - Forecasted annual corn production in the US is 425.53 million tons, down 1.58 million tons; sown area is 36.44 million hectares, up 0.55 million hectares [2]. - Forecasted annual corn production in Brazil is 131 million tons, unchanged; sown area is 22.6 million hectares, unchanged [2]. - Forecasted annual corn production in Argentina is 53 million tons, unchanged; sown area is 7.5 million hectares, unchanged [2]. - Forecasted annual corn production in China is 295 million tons, unchanged; sown area is 44.3 million hectares, unchanged [2]. - Forecasted annual corn production in Ukraine is 32 million tons, unchanged [2]. - Corn inventory at southern ports (weekly) is 77.2 million tons, up 11.4 million tons; deep - processing corn inventory (weekly) is 354 million tons, up 4.6 million tons [2]. - Corn inventory at northern ports (weekly) is 175 million tons, up 18 million tons [2]. Industry and Downstream Situation - Import volume of corn (monthly) is 36 million tons, up 30 million tons; export volume of corn starch (monthly) is 19,170 tons, up 6,390 tons [2]. - Feed production (monthly) is 2,977.9 million tons, up 20.9 million tons [2]. - Corn starch processing profit in Shandong is -9 yuan/ton, down 3 yuan; in Hebei is 61 yuan/ton, unchanged; in Jilin is -49 yuan/ton, unchanged [2]. - Sample feed corn inventory days (weekly) is 30.1 days, up 0.18 days [2]. - Deep - processing corn consumption (weekly) is 138.17 million tons, down 0.11 million tons [2]. - Alcohol enterprise operating rate (weekly) is 62.04%, down 1.46 percentage points; starch enterprise operating rate (weekly) is 59.37%, down 0.49 percentage points [2]. Option Market - 20 - day historical volatility of corn is 11.37%, up 0.72 percentage points; 60 - day historical volatility of corn is 9.6%, up 0.25 percentage points [2]. - Implied volatility of at - the - money call options for corn is 11.01%, down 2.12 percentage points; for at - the - money put options is 11.01%, down 2.12 percentage points [2]. 2. Industry News - As of January 7, the sown area of the 2025/26 corn season in Argentina reached 89.1% of the total expected area (7.8 million hectares), up from 84.2% a week ago but still 3.2% behind last year, indicating slower sowing this year [2]. - US corn has entered the export peak season, with relatively high short - term supply pressure. However, good US corn export conditions support its price. The market is awaiting the USDA monthly supply - demand report and quarterly grain inventory report [2]. - In China, the grain - selling progress in the Northeast production area is faster than the same period last year, and the traditional selling window has shortened, but there has been no large - scale supply. The regulatory reserve corn has not been implemented, while the supply from CGS and other sources continues to increase. CGS Inner Mongolia Branch has supplied 200,000 tons in a single week. Recently, snowfall has limited the supply from the grass - roots level, and traders' purchases are small. Deep - processing enterprises have slightly raised purchase prices [2]. - In the North China and Huanghuai production areas, as the Spring Festival approaches, the grain - selling speed of grass - roots farmers has not accelerated significantly. As the amount of dry grain increases and the quality improves, traders' willingness to build inventories of high - quality corn has gradually increased, and grass - roots trading is relatively stable. Feed - using enterprises have sufficient safety inventories, and their purchasing mentality is cautious. Processing enterprises adjust purchase prices according to the arrival volume [2]. 3. Core Views Corn - The corn futures price has increased with rising positions recently, showing a relatively strong performance, but the driving force for continuous growth remains to be observed. It is recommended to wait and see for now [2]. Starch - As of January 7, the total corn starch inventory of enterprises is 112.5 million tons, up 0.20 million tons from last week, with a weekly increase of 0.18%, a monthly increase of 2.09%, and a year - on - year increase of 25.14%. The enterprise inventory is still at a high level in the same period, and the overall supply pressure remains. However, after the sharp increase in tapioca starch prices, some downstream customers have resumed purchasing corn starch, increasing its demand. Attention should be paid to the impact of pre - Spring Festival downstream stocking on corn starch prices. Recently, driven by the rise in corn prices, starch prices have also increased. It is recommended to wait and see in the short term [3]. 4. Key Points to Watch - Pay attention to Mysteel's weekly corn consumption, starch enterprise operating rates, and inventory levels on Thursday and Friday [3].