国信期货玉米周报：进入节前平淡期，玉米窄幅波动-20260206

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Past week, corn spot prices fluctuated and adjusted, with overall small fluctuations, and the Northeast production area was weaker than North China; futures fluctuated in a narrow range and showed a stalemate; the basis increased slightly, while the C03 - C05 spread decreased slightly. The weakness of the March contract was mainly due to concerns about the selling pressure in spring and the lack of demand support after the downstream restocking was completed. As of February 5, the national corn sales progress reached 63%, significantly higher than in previous years, which was conducive to alleviating the post - Spring Festival selling pressure. The feed demand was resilient, but enterprises had limited motivation to significantly increase inventory under the expectation of capacity reduction; the demand of deep - processing enterprises was expected to remain weak. The inventory in the north and south ports was low, providing some support. The futures market was slightly at a discount, and there was some support for the downstream of corn. The operation strategy was to treat it as a volatile market [7] 3. Summary According to the Directory 3.1 Weekly Analysis and Outlook - Corn Futures Market Changes: Not detailed in the provided content - Corn Spot Market Changes: Past week, corn spot prices fluctuated and adjusted, with overall small fluctuations, and the Northeast production area was weaker than North China [7] - Corn Spot Market: Regional Price Difference: Not detailed in the provided content - Corn Selling Progress: As of February 5, the national corn sales progress reached 63%, significantly higher than in previous years, and the progress in the Northeast production area was significantly higher than that in North China [7] - Corn Import: Not detailed in the provided content - Feed and Livestock Breeding Demand: The livestock and poultry inventory in the breeding industry was high, so the feed demand was resilient, but enterprises had limited motivation to significantly increase inventory under the expectation of capacity reduction [7] - Feed and Livestock Breeding Demand: Feed Output: Not detailed in the provided content - Deep - processing Demand: Deep - processing enterprises' inventory had returned to a neutral level after recent restocking. Considering the poor deep - processing profit, the later - stage demand was expected to remain weak [7] - Substitutes: Not detailed in the provided content - North Port Corn Dynamics: The inventory in the north port increased, but the absolute level was still low [7] - South Port Grain Dynamics: The inventory in the south port was also at a low level [7] 3.2 Domestic Corn Starch Market Dynamics - Corn Starch Futures: Not detailed in the provided content - Corn Starch Spot: A table of data was provided, but no specific analysis was given [82] - Corn - Starch Price Difference: Not detailed in the provided content - Corn Starch Production and Inventory: Not detailed in the provided content - Corn Starch Downstream Demand: Not detailed in the provided content - Cassava Starch: Not detailed in the provided content 3.3 International Corn Market Dynamics - US Corn Futures Market: Not detailed in the provided content - US Corn Sowing and Growth Progress: Not detailed in the provided content - Brazilian Corn Crop Progress: Not detailed in the provided content