玉米淀粉日报-20260310

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The supply pressure of US corn has weakened, and it is expected to oscillate strongly at the bottom. The supply of domestic corn is relatively tight, and the price is expected to remain high in the short term. The price of corn starch is mainly affected by the price of corn and downstream inventory. It is expected to oscillate at a high level in the short term [4][6][7]. 3. Summary by Directory 3.1 Data - Futures Market: The closing prices of most corn and corn starch futures contracts declined on March 10, 2026. For example, C2601 closed at 2365, down 3 (-0.13%); CS2601 closed at 2697, down 10 (-0.37%) [2]. - Spot Market: The prices of corn and corn starch in different regions showed different trends. The price of corn in Qinggang increased by 10 yuan, while that in Nantong Port and Guangdong Port decreased by 10 yuan. The price of starch in Yihai (Heilongjiang) increased by 50 yuan, and that in Zhucheng Xingmao and Hengren Industry and Trade increased by 10 yuan and 40 yuan respectively [2]. - Basis: The basis of corn and corn starch in different regions also varied. The basis of corn in Qinggang was -187, while that in Zhucheng Xingmao was 33. The basis of starch in Longfeng was 124, and that in Zhucheng Xingmao was 294 [2]. - Spread: The spreads of corn and corn starch showed different changes. For example, the spread of C01 - C05 was -16, up 11; the spread of CS01 - CS05 was -9, unchanged [2]. 3.2 Market Analysis - Corn: The sharp decline in crude oil and the correction of US corn have reduced the global corn supply pressure. The import profit of foreign corn has increased. The spot price of corn in the northern ports and the Northeast has continued to rise. The opening rate of deep - processing in North China has increased, but the price increase space of corn is limited due to the increase in corn supply and the general domestic breeding demand. It is expected that the short - term decline space of the 05 corn futures contract is limited [4][6]. - Starch: The number of trucks arriving at deep - processing plants in Shandong is still low, and the spot price of starch in Shandong and the Northeast is rising. The inventory of corn starch has increased this week. The price of starch mainly depends on the price of corn and downstream inventory. It is expected that the 05 starch futures contract will oscillate at a high level in the short term [7]. 3.3 Trading Strategies - Unilateral: The 05 US corn has support at 440 cents per bushel. Close the short position of 05 corn and wait and see [9]. - Arbitrage: Go long on the spread between 05 corn and starch at a low price [10]. 3.4 Corn Options - The option strategy is a short - term put - accumulation strategy with rolling operations [11]. 3.5 Related Attachments - The attachments include multiple charts such as the closing price of corn in the northern ports, the basis of the 05 corn contract, the spread of corn 5 - 9, the spread of corn starch 5 - 9, the basis of the 05 corn starch contract, and the spread of the 05 corn starch contract [14][15][19].