玉米淀粉日报-20260317

1. Report Industry Investment Rating - No relevant information provided 2. Core Views - The global supply pressure of US corn has weakened, and it is expected to remain strongly volatile at the bottom. The spot price of North China corn has limited upside, while the price in Northeast China is stable. The price difference between Northeast and North China corn has widened. With the increase in wheat auctions in March, the upside of Northeast corn spot price is limited, and the May corn contract is expected to remain in high - level volatility [4][6][8]. - The number of trucks arriving at Shandong deep - processing plants has increased, and the spot price of Shandong corn is weak. The spot price of starch in Northeast China is strong. The inventory of corn starch has decreased this week. The starch price depends on the corn price and downstream inventory. The by - product price is relatively strong. The spot price difference between corn and starch is at a low level. The upside of the May starch contract is limited, and it is expected to be in high - level volatility in the short term [7]. 3. Summary by Directory 3.1 Data - Futures盘面: For corn futures, C2601 closed at 2366 with a rise of 1 and a gain of 0.04%, C2605 closed at 2386 with a rise of 7 and a gain of 0.29%, C2509 closed at 2405 with a rise of 1 and a gain of 0.04%. For starch futures, CS2601 closed at 2709 with a rise of 3 and a gain of 0.11%, CS2605 closed at 2730 with a fall of 13 and a decline of 0.48%, CS2509 closed at 2740 with a fall of 5 and a decline of 0.18% [2]. - Spot and Basis: Corn spot prices in Qinggang, Songyuan Jiajie, Zhucheng Xingmao, Shouguang, Jinzhou Port, Nantong Port, and Guangdong Port were 2230, 2260, 2520, 2494, 2400, 2510, and 2530 respectively. Starch spot prices in Longfeng, COFCO, Yihai (Heilongjiang), Yufeng, Jinyu, Zhucheng Xingmao, and Hengren Industry and Trade were 2850, 2850, 2850, 3070, 3030, 3080, and 3060 respectively [2]. - Price Spread: For corn inter - period spreads, C01 - C05 was - 20 with a fall of 6, C05 - C09 was - 19 with a rise of 6, C09 - C01 was 39 with no change. For starch inter - period spreads, CS01 - CS05 was - 21 with a rise of 16, CS05 - CS09 was - 10 with a fall of 8, CS09 - CS01 was 31 with a fall of 8. For cross - variety spreads, CS09 - C09 was 335 with a fall of 6, CS01 - C01 was 343 with a rise of 2, CS05 - C05 was 344 with a fall of 20 [2]. 3.2 Market Judgment - Corn: Crude oil is at a high level, US corn has declined, and the global corn supply pressure has weakened. The import profit of foreign corn has increased. The northern port closing price is stable, and the Northeast corn spot price is stable. The price of North China corn has started to fall. The May corn contract is affected by auctions and shows narrow - range volatility. It is expected to be volatile in the short term [4][6]. - Starch: The number of trucks arriving at Shandong deep - processing plants has increased, and the Shandong corn spot price is weak. The Northeast starch spot price is strong. The corn starch inventory has decreased this week. The starch price depends on the corn price and downstream inventory. The by - product price is relatively strong. The May starch contract follows the corn and shows narrow - range volatility. The upside of the starch spot price is limited, and it is expected to be in high - level volatility in the short term [7]. 3.3 Trading Strategies - Unilateral: The May US corn has support at 450 cents per bushel. Try to go long on the May corn contract at low prices [9]. - Arbitrage: Wait and see for the spread between the May corn and starch contracts [9]. 3.4 Corn Options - The option strategy is a short - term cumulative put strategy with rolling operations [11]. 3.5 Related Attachments - The attachments include graphs of North Port corn closing price, May corn contract basis, corn 5 - 9 spread, corn starch 5 - 9 spread, May corn starch contract basis, and May corn starch - corn contract spread [13][14][18]