玉米周报：补库提振减弱，玉米震荡调整-20260130

Report Title - "补库提振减弱 玉米震荡调整 —— 国信期货玉米周报" released on January 30, 2026 [2] Report Industry Investment Rating - Not provided Core View - In the past week, the corn spot price fluctuated slightly, with the Jinzhou Port spot price rising 0.43% to 2,320 yuan/ton, while the futures price dropped from a high, with the main contract C2603 falling 1.26% to 2,271 yuan/ton, and the near-far month spread first surging and then falling. As downstream restocking nears completion, the spot market has turned to a volatile state, and the futures market has declined due to concerns about the spring grain sales pressure. Fundamentally, according to My Agricultural Products Network data, the national grain sales progress has advanced to 60% this week, a 4-percentage-point increase from last week and a 2-percentage-point increase year-on-year. Regionally, the sales progress in the Northeast is still slow, and that in North China lags behind last year. On the demand side, the scale of livestock and poultry farming remains at a relatively high level, with strong short-term rigid demand, but there is a possibility of weakening demand in the future under the background of capacity reduction. Feed enterprises' raw material inventory has increased again this week and is at a neutral level year-on-year. Deep-processing enterprises' raw material inventory has significantly rebounded after previous restocking, but the inventory consumption ratio is still at a relatively low level. In terms of ports, the grain inventory at southern ports is at a low level, and the inventory at northern ports has increased but is still not high year-on-year. Overall, as the Spring Festival approaches, the spot market enters a period of light trading. For futures, as the registered warehouse receipts increase, the upward momentum in the near term weakens, but the discount of the futures price to the spot price will still provide some support. The operation strategy is to adopt a volatile mindset [7] Summary by Directory 1. Weekly Analysis and Outlook - 1.1 Corn Futures Market Changes - Not provided - 1.2 Corn Spot Market Changes - The Jinzhou Port spot price rose 0.43% to 2,320 yuan/ton last week [7] - 1.3 Corn Spot Market: Regional Spread - Not provided - 1.4 Corn Sales Progress - The national grain sales progress has advanced to 60% this week, a 4-percentage-point increase from last week and a 2-percentage-point increase year-on-year. Regionally, the sales progress in the Northeast is still slow, and that in North China lags behind last year [7] - 1.5 Corn Import - Not provided - 1.6 Feed and Livestock Farming Demand - The scale of livestock and poultry farming remains at a relatively high level, with strong short-term rigid demand, but there is a possibility of weakening demand in the future under the background of capacity reduction [7] - 1.7 Feed and Livestock Farming Demand: Feed Production - Not provided - 1.8 Deep-Processing Demand - Deep-processing enterprises' raw material inventory has significantly rebounded after previous restocking, but the inventory consumption ratio is still at a relatively low level [7] - 1.9 Substitutes - Not provided - 1.10 Northern Port Corn Dynamics - The inventory at northern ports has increased but is still not high year-on-year [7] - 1.11 Southern Port Corn Dynamics - Not provided - 1.12 Southern Port Grain Dynamics - The grain inventory at southern ports is at a low level [7] 2. Domestic Corn Market Dynamics - 2.1 Corn Starch Futures - Not provided - 2.2 Corn Starch Spot - Not provided - 2.3 Corn - Starch Spread - Not provided - 2.4 Corn Starch Production and Inventory - Not provided - 2.5 Corn Starch Downstream Demand - Not provided - 2.6 Cassava Starch - Not provided 3. International Corn Market Dynamics - 3.1 US Corn Futures Market - Not provided - 3.2 US Corn Sowing and Growth Progress - Not provided - 3.4 Brazilian Corn Crop Progress - Not provided