玉米淀粉日报-20260318

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The supply pressure of US corn has weakened, and with crude oil at a high level, US corn is expected to oscillate strongly at the bottom. The spot price of North China corn has limited upside, while Northeast corn remains stable. The price of North China wheat continues to rise, and the price difference between Northeast and North China corn has widened. The 05 corn contract is expected to maintain high - level oscillations [3][6][8]. - The inventory of corn starch has decreased this week. The price of starch mainly depends on the price of corn and downstream stocking. The by - product price is relatively strong, and the spot price difference between corn and starch is at a low level. The 05 starch contract is expected to oscillate at a high level in the short term [7]. 3. Summary by Directory First Part: Data - Futures Disk: The closing prices, price changes, price change percentages, trading volumes, trading volume change percentages, open interest, and open interest change percentages of multiple corn and corn starch futures contracts are presented. For example, the CS2605 contract closed at 2721, with a price change of - 9 and a price change percentage of - 0.33%, a trading volume of 93,487 (a 20.11% increase), and an open interest of 248,048 (a 2.13% increase) [1]. - Spot and Basis: The spot prices, price changes, and basis of corn and starch in different regions are provided. For corn, the spot price in Songyuan Jiji is 2260 yuan, and the basis is - 141; for starch, the spot price of COFCO is 2850 yuan, and the basis is 129 [1]. - Price Spreads: The price spreads and their changes of corn inter - period, starch inter - period, and cross - varieties are given. For example, the C01 - C05 spread is - 19, and the CS01 - CS05 spread is - 23 [1]. Second Part: Market Judgment - Corn: Crude oil is at a high level, and the supply pressure of US corn has weakened, so US corn will oscillate strongly. The import profit of foreign corn has increased. The northern port's flat - warehouse price has stabilized, and the spot price in the Northeast corn - producing area is stable. The wheat - to - corn price difference has decreased, and the cost - effectiveness of corn has weakened. The domestic breeding demand is average, and the inventory of downstream feed enterprises has increased. The 05 corn contract oscillates narrowly due to the impact of auctions, and the spot price of corn is relatively strong in the short term [3][6]. - Starch: The number of vehicles arriving at Shandong deep - processing plants has decreased, and the spot price of Shandong corn is stable. The inventory of corn starch has decreased this week. The price of starch mainly depends on the price of corn and downstream stocking. The by - product price is relatively strong. The 05 starch contract oscillates narrowly following corn, and the short - term upside of the spot price of starch is limited [7]. Third Part: Corn Options - Option Strategy: A short - term cumulative put option strategy with rolling operations is recommended [11]. Fourth Part: Related Attachments - Multiple charts are provided, including the northern port's corn flat - warehouse price, the basis of the corn 05 contract, the 5 - 9 price spread of corn and corn starch, the basis of the corn starch 05 contract, and the price spread of the corn starch 05 contract [14][15][19].