玉米淀粉日报-20260126

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The global corn supply pressure has weakened, and the US corn is still oscillating at the bottom. The import profit of foreign corn has increased, and the price of Brazilian imports in July was 2,194 yuan. The northern port's closing price has risen, and the spot price in the Northeast corn - producing area is stable. The domestic corn spot is relatively stable in the short - term, but the 03 corn has room to fall. The 03 starch is expected to oscillate weakly in the short - term [3][5][7]. - The inventory of corn starch has decreased this week. The current starch price depends on the corn price and downstream stocking. The by - product price is still strong, and the spot price difference between corn and starch is at a low level. Due to the end of pre - holiday stocking, the starch spot is weak, and enterprises are still in a loss [6]. 3. Summary by Relevant Catalogs 3.1 Data - Futures Data: The closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interests, and open interest change rates of multiple futures contracts such as C2601, C2605, C2509, etc. are provided. For example, the closing price of C2601 is 2,253, with a price change of - 2 and a price change rate of - 0.09%, the trading volume is 2,139 with an increase rate of 52.13%, and the open interest is 2,090 with an increase rate of 16.11% [1]. - Spot Price Data: The spot prices of corn in different regions (such as Qinggang, Songyuan Jiajie, etc.) and the spot prices of starch of different enterprises (such as Longfeng, COFCO, etc.) are provided, along with their price changes and basis [1]. - Spread Data: The spreads and their price changes of corn inter - period, starch inter - period, and cross - variety are provided. For example, C01 - C05 spread is - 37 with a price change of - 5, CS01 - CS05 spread is - 22 with a price change of 16, and CS09 - C09 spread is 332 with a price change of - 2 [4]. 3.2 Market Analysis - Corn: The drought in Argentina has led to a bottom - up rebound of US corn, but it is still oscillating at the bottom. The import profit of foreign corn has increased. The northern port's closing price has risen, and the Northeast corn spot is stable. The supply of corn in the North has decreased, and the spot is strong. The price difference between Northeast and North China corn has decreased. The wheat and corn auctions continue, and corn has cost - effectiveness. The domestic breeding demand is stable, and the inventory of downstream feed enterprises has increased. The market is concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and the downstream inventory - building situation [3][5]. - Starch: The number of vehicles arriving at Shandong deep - processing plants has increased, and the Shandong corn spot is stable. The starch inventory has decreased this week. The starch price mainly depends on the corn price and downstream stocking. The by - product price is strong, and the spot price difference between corn and starch is at a low level. Due to the end of pre - holiday stocking, the starch spot is weak, and enterprises are still in a loss. The 03 starch has followed the corn to fall, and it is expected to oscillate weakly in the short - term [6]. 3.3 Trading Strategies - Unilateral Trading: The 03 US corn has support at 420 cents per bushel. Short - sell the 03 corn with a light position and short - sell the 03 starch when the price is high [8]. - Arbitrage: Conduct a reverse spread on the 35 starch [9]. 3.4 Corn Options - The option strategy is a short - term cumulative put option strategy with rolling operations [10]. 3.5 Relevant Attachments - Multiple figures are provided, including the northern port's 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, to help analyze the market trends [13][14][18].