玉米淀粉日报-20260210

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints of the Report - The supply pressure of US corn has weakened, and it is expected to fluctuate strongly at the bottom. Corn spot in North China is strong, while that in Northeast China is stable. The price difference between Northeast and North China corn has widened. The corn spot still has room to fall, and the 03 corn contract will also decline, but the decline space of the 07 corn contract is limited [2][4][6]. - The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn spot in Shandong is strong. The starch spot in Northeast China is stable. The inventory of corn starch has decreased this week. The starch price mainly depends on the corn price and downstream stocking. It is expected that the 03 starch contract on the disk will fluctuate at a high level in the short term [5]. 3. Summary by Directory 3.1 Data - Futures Quotes: The closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interests, and open interest change rates of multiple corn and corn starch futures contracts are provided. For example, the closing price of C2601 is 2264, with a price increase of 7 and a price change rate of 0.31%, a trading volume of 274 with a decrease rate of 25.75%, and an open interest of 3448 with an increase rate of 0.17% [1]. - Spot Price and Basis: The spot prices and price changes of corn and starch in different regions are given. For example, the spot price of corn in Qinggang is 2135, with no price change; the spot price of starch in Longfeng is 2730, with no price change. The basis of corn and starch is also provided, such as the basis of C2601 is - 173 [1]. - Spread: The spreads and their price changes of corn inter - period, starch inter - period, and cross - variety are provided. For example, the spread of C01 - C05 is - 22, with a price change of - 5; the spread of CS01 - CS05 is - 8, with a price change of 1 [1][3]. 3.2 Market Judgment - Corn: The US corn price has fallen back but is still oscillating at the bottom. The import profit of foreign corn has increased. The northern port's flat - warehouse price is stable, and the Northeast corn spot is stable. The supply in North China has decreased before the Spring Festival, and the spot is stable. The price difference between North China and Northeast corn has widened. The wheat price in North China is strong, and the price difference between wheat and corn is large. The domestic breeding demand is stable, and the inventory of downstream feed enterprises has increased. The 03 contract is oscillating in a narrow range, and the spot basis is strengthening [2][4]. - Starch: The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn spot in Shandong is strong. The starch spot in Northeast China is stable. The inventory of corn starch has decreased this week. The starch price mainly depends on the corn price and downstream stocking. The by - product price has started to weaken but is still higher than last year. The price difference between corn and starch is at a low level. The 03 starch contract is oscillating strongly following the corn, and the starch spot has stabilized in the short term [5]. 3.3 Trading Strategies - Unilateral: The 03 US corn has support at 420 cents per bushel. Go long on the 07 and 05 corn contracts on dips [7]. - Arbitrage: Conduct reverse arbitrage on the 3 - 7 corn contracts, and go long on the spread between the 05 corn and starch contracts on dips [7]. 3.4 Corn Options - The option strategy is a short - term cumulative put strategy with rolling operations [8]. 3.5 Related Attachments - Multiple charts are provided, including the northern port's corn flat - warehouse 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 [12][14][16][18][19].