玉米淀粉日报-20260129

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The supply pressure of global corn has weakened, and US corn is still oscillating at the bottom. The import profit of foreign corn has increased, and the domestic corn spot is relatively stable in the short - term. The 03 corn still has room to fall, while the 07 and 05 corn can consider building long positions on dips. [4][6][8][9] - The inventory of corn starch has decreased this week. Due to the end of pre - holiday stocking, the starch spot is weak, and the enterprise is still in a loss. It is expected that the short - term 03 starch futures will oscillate weakly. [7] 3. Summary by Relevant Catalogs 3.1 Data - Futures Disk: For corn futures (C2601, C2605, C2509), the closing prices are 2263, 2286, and 2305 respectively, with increases of 0.35%, 0.31%, and 0.35%. For corn starch futures (CS2601, CS2605, CS2509), the closing prices are 2592, 2607, and 2620 respectively, with changes of 0.15%, - 0.12%, and - 0.11%. [2] - Spot and Basis: Corn spot prices in different regions (such as Qinggang, Songyuan Jiji) are stable. The basis of corn and starch in different regions is provided. For example, the basis of corn in Qinggang is - 145, and the basis of starch in Longfeng is 123. [2] - Spreads: Corn inter - period spreads (C01 - C05, C05 - C09, C09 - C01), starch inter - period spreads (CS01 - CS05, CS05 - CS09, CS09 - CS01), and cross - variety spreads (CS09 - C09, CS01 - C01, CS05 - C05) are presented, along with their price changes. [2] 3.2 Market Judgment - Corn: Affected by the drought in Argentina, the supply pressure of US corn has weakened, but it is still oscillating at the bottom. The import profit of foreign corn has increased. Domestic corn spot is relatively stable in the short - term. The market is concerned about the seasonal selling pressure of Northeast China's corn before the Spring Festival and the downstream inventory building situation. [4][6] - Starch: The number of vehicles arriving at Shandong's deep - processing plants has increased, and the corn spot in Shandong is stable. The corn starch inventory has decreased this week. The starch spot is weak due to the end of pre - holiday stocking, and the enterprise is still in a loss. It is expected that the short - term 03 starch futures will oscillate weakly. [7] 3.3 Trading Strategies - Single - side: The 03 US corn has support at 420 cents per bushel. Consider building long positions on dips for the 07 and 05 corn. [9] - Arbitrage: Wait and see. [10] 3.4 Corn Options - Option Strategy: Short - term cumulative put option strategy with rolling operations. [11] 3.5 Relevant Attachments - Multiple charts are provided, including the North 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, to show the price trends over time. [14][15][16][17][19][20]