玉米淀粉日报-20260115

Report Overview - The report is a corn starch daily report dated January 15, 2026, covering data, market analysis, trading strategies, and related charts [1]. 1. Data Futures Market - Corn Futures: C2601 closed at 2282, down 18 (-0.79%); C2605 at 2283, up 8 (0.35%); C2509 at 2301, up 6 (0.26%) [1]. - Corn Starch Futures: CS2601 at 2540, up 1 (0.04%); CS2605 at 2597, up 17 (0.65%); CS2509 at 2625, up 11 (0.42%) [1]. Spot Market and Basis - Corn Spot: Prices ranged from 2150 in Qinggang to 2460 in Guangdong ports, with price changes from -10 to 20 [1]. - Corn Starch Spot: Prices were between 2700 - 2900, with only Hengren工贸 up 30 [1]. Spreads - Corn Inter - delivery Spreads: C01 - C05 was -1, down 26; C05 - C09 was -18, up 2; C09 - C01 was 19, up 24 [1]. - Corn Starch Inter - delivery Spreads: CS01 - CS05 was -57, down 16; CS05 - CS09 was -28, up 6; CS09 - CS01 was 85, up 10 [1]. - Cross - variety Spreads: CS09 - C09 was 324, up 5; CS01 - C01 was 258, up 19; CS05 - C05 was 314, up 9 [1]. 2. Market Analysis Corn - The US corn report significantly increased production, but global corn supply pressure has weakened, limiting the downside of US corn. Import profit of foreign corn has risen, with the February Brazilian import price at 2127 yuan [3]. - Northern port flat - price declined, around 2335 yuan. Northeast corn was strong, while North China's supply increased and prices were stable, narrowing the price gap between the two regions [3][5]. - Wheat and corn auctions continued. Wheat prices in North China were stable around 2490 yuan/ton, and the price gap between wheat and corn remained large, making corn more cost - effective [5]. - Domestic breeding demand was stable, downstream feed enterprises' inventories increased, and short - term corn prices were relatively stable. The market is concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and downstream inventory building [5]. Corn Starch - The number of trucks arriving at Shandong deep - processing plants increased, and Shandong corn prices were stable. Corn starch prices in Shandong were around 2760 yuan, and Northeast prices were stable [6]. - This week, corn starch inventory decreased to 1.1 million tons, down 25,000 tons from last week, with a monthly decline of 0.2% and a year - on - year increase of 21.5% [6]. - Starch prices depend on corn prices and downstream stocking. By - product prices were strong, higher than last year, and the spot price gap between corn and starch was low. Due to strong corn prices, starch prices were also strong, but enterprise profitability declined [6]. 3. Trading Strategies - Unilateral: 03 US corn has support at 430 cents/bushel. Short 03 corn lightly and short 03 starch on rallies [8]. - Arbitrage: Start reverse arbitrage on 35 starch [9]. 4. Corn Options - The option strategy is short - term cumulative put strategy with rolling operations [10]. 5. Related Charts - The report includes charts of North Port corn flat - price, corn 05 contract basis, corn 5 - 9 spreads, corn starch 5 - 9 spreads, corn starch 05 contract basis, and corn starch 05 contract spreads [13][14][18].