玉米淀粉日报-20260122

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The U.S. corn report was bearish, but the global corn supply pressure has weakened, and U.S. corn has stabilized and rebounded. The import profit of foreign corn has increased, and the import price from Brazil in February is 2,132 yuan. The domestic corn spot price is relatively stable in the short - term, and the starch spot price is also relatively strong, but the enterprise is still in a loss state. The 03 corn has room to fall, and the 03 starch is expected to fluctuate at a high level in the short - term [3][5][6] Summary by Directory Part 1: Data - Futures Disk: For corn futures, C2601 closed at 2,248 with an increase of 4 (0.18%), C2605 at 2,286 with an increase of 9 (0.39%), C2509 at 2,300 with an increase of 4 (0.17%). For corn starch futures, CS2601 closed at 2,575 with a decrease of 5 (-0.19%), CS2605 at 2,606 with an increase of 21 (0.81%), CS2509 at 2,628 with an increase of 14 (0.53%). The trading volume and open interest of some contracts also had significant changes [1] - Spot and Basis: Corn spot prices in different regions had different changes, with the price in Qinggang increasing by 10 to 2,160 yuan, and the price in Jinzhou Port increasing by 5 to 2,340 yuan. Starch spot prices remained stable. The basis of corn and starch in different regions also had corresponding values [1] - Spread: In corn inter - period spreads, C01 - C05 was - 38 with a decrease of 5, C05 - C09 was - 14 with an increase of 5. In starch inter - period spreads, CS01 - CS05 was - 31 with a decrease of 26, CS05 - CS09 was - 22 with an increase of 7. In cross - variety spreads, CS09 - C09 was 328 with an increase of 10, CS01 - C01 was 327 with a decrease of 9 [1] Part 2: Market Judgment - Corn: The U.S. corn report was bearish, but the global corn supply pressure decreased, and U.S. corn rebounded. The import profit of foreign corn increased. The northern port closing price was strong, and the spot price in the Northeast and North China was stable. The spread between Northeast and North China corn decreased. The wheat - corn spread was large, and corn had cost - effectiveness. The domestic breeding demand was stable, and the downstream feed enterprise inventory increased. The short - term corn spot price was relatively stable [3][5] - Starch: The number of vehicles arriving at Shandong deep - processing plants increased, and the corn spot price in Shandong was stable. The starch inventory decreased this week, with the factory inventory at 1.069 million tons, a decrease of 31,000 tons from last week (a monthly decrease of 3.0% and a year - on - year increase of 10.4%). The starch price was mainly affected by corn price and downstream inventory preparation. The by - product price was strong, and the spot spread between corn and starch was at a low level. The starch spot price was strong, and the enterprise was still in a loss state. The 03 starch was expected to fluctuate at a high level in the short - term [6] Part 3: Corn Options - Option Strategy: A short - term cumulative put option strategy with rolling operation was recommended [10] Part 4: Related Attachments - The attachments included figures such as the northern port corn closing 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, which showed the price trends and spreads of different periods and varieties [14][15][19]