玉米淀粉日报-20260331

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The supply pressure of US corn is weakening, and crude oil is expected to oscillate strongly. It is predicted that the bottom of US corn will oscillate strongly. The supply of North China corn is decreasing, and the spot corn still has room to decline in the short term. The corn in Northeast China is weak, and the purchase price at the northern port is weak today. The auction transaction price of North China wheat has declined, and the price difference between Northeast corn and North China corn has narrowed. Recently, the volume of wheat auctions has increased, and it is expected that the spot price of Northeast corn still has room to decline. The 05 corn contract is expected to maintain a weak oscillation [9]. - The number of trucks arriving at Shandong deep - processing plants has increased, the spot price of Shandong corn has declined, and the spot price of starch in Shandong and Northeast China is also weak. The inventory of corn starch has increased this week. The current starch price mainly depends on the corn price and downstream inventory - building. 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 weakly in the short term [8]. Group 3: Summary by Directory 1. Data - Futures Disk: For corn futures (C2601, C2605, C2509) and corn starch futures (CS2601, CS2605, CS2509), the closing prices, price changes, price change percentages, trading volumes, trading volume change percentages, open interest, and open interest change percentages are provided. For example, C2601 closed at 2365, up 3 with a 0.13% increase, trading volume was 4,068 with a - 38.63% decrease, and open interest was 21,860 with a 0.16% increase [2]. - Spot and Basis: Corn spot prices are given for different locations such as Qinggang, Songyuan Jiajie, etc., along with price changes and basis. Starch spot prices are provided for different manufacturers like Longfeng, COFCO, etc., with price changes and basis. For example, the corn price in Qinggang is 2225 with no change, and the basis is - 155 [2]. - Price Spreads: Corn inter - delivery spreads (e.g., C01 - C05, C05 - C09), starch inter - delivery spreads (e.g., CS01 - CS05, CS05 - CS09), and cross - variety spreads (e.g., CS09 - C09, CS01 - C01) are presented, along with their price changes [2]. 2. Market Judgment - Corn: The global corn supply pressure is weakening, and US corn is expected to oscillate strongly. The import profit of foreign corn has increased. The northern port's flat - hatch price is weak, and the spot price in the Northeast corn - producing area is weak. The price difference between North China and Northeast corn has narrowed. The wheat price is weak, and the price difference between wheat and corn has narrowed, reducing the cost - effectiveness of corn. The domestic aquaculture demand is average, and the inventory of downstream feed enterprises has increased. The 05 corn contract is expected to oscillate weakly in the short term, and attention should be paid to the auction policy [4][7]. - Starch: The number of trucks arriving at Shandong deep - processing plants has increased, the spot price of Shandong corn has declined, and the spot price of starch in Shandong and Northeast China is weak. The inventory of corn starch has increased this week. The current starch price mainly depends on the corn price and downstream inventory - building. 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 weakly in the short term [8]. 3. Trading Strategies - Unilateral: The 05 US corn has support at 450 cents per bushel. It is recommended to wait and see for the 05 corn contract [10]. - Arbitrage: Short the spread between the 07 corn and starch contracts when the price is high [11]. 4. Corn Options - Option Strategy: Adopt a short - put strategy in the short term and conduct rolling operations [12]. 5. Related Attached Figures - The report includes figures such as the northern port's corn flat - hatch 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, which provide historical data and trends for reference [16][17][22].