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]

Group 1: Industry Investment Rating - No information provided regarding the industry investment rating. Group 2: Core Viewpoints - The supply pressure of U.S. corn has weakened, and crude oil is expected to oscillate at a high level. It is predicted that U.S. corn will oscillate strongly at the bottom. North China corn supply is still low, and the spot price of corn continues to rise, while the purchase price at the northern port is stable today. The price of wheat in North China continues to rise, and the price difference between Northeast and North China corn remains low. However, farmers' grain sales are expected to increase in March, so the upward space for Northeast corn spot is limited, and the 05 corn contract will maintain a high - level oscillation [7]. - The 05 U.S. corn has support at 450 cents per bushel. It is advisable to wait and see for the 05 corn contract. For the 05 corn and starch, it is recommended to widen the spread when the price is low [8][9]. - The option strategy is a short - term cumulative put strategy with rolling operations [10]. Group 3: Summary by Directory Data - Futures data: For different futures contracts such as C2601, C2605, C2509, CS2601, CS2605, CS2509, information on closing prices, price changes, price change percentages, trading volumes, trading volume change percentages, open interest, and open interest change percentages is provided. For example, the closing price of C2601 is 2371, with a price increase of 3 and a price increase percentage of 0.13%, a trading volume of 2,455 with a decrease of 22.04%, and an open interest of 12,128 with an increase of 4.16% [1]. - Spot price data: The spot prices and price changes of corn in different regions such as Qinggang, Songyuan Jiajie, Zhucheng Xingmao, Shouguang, Jinzhou Port, Nantong Port, and Guangdong Port are given. For example, the spot price in Qinggang is 2230 with a price increase of 10 [1]. - Starch price data: The spot prices and price changes of starch in different enterprises such as Longfeng, COFCO, Yihai (Heilongjiang), Yufeng, Jinyu, Zhucheng Xingmao, and Hengren Industry and Trade are provided. For example, the spot price of Longfeng is 2830 with no price change [4]. - Spread data: Information on corn inter - period spreads, starch inter - period spreads, and cross - variety spreads is provided. For example, the C01 - C05 spread is - 25 with a change of 2 [4]. Market Analysis - **Corn**: Crude oil prices have risen, U.S. corn prices have increased, and the global corn supply pressure has weakened. U.S. corn will continue to oscillate strongly. The import profit of foreign corn has increased, with the import price from Brazil in July at 2319 yuan. The northern port's flat - hatch price is stable at around 2410 yuan, and the spot price in the Northeast corn - producing area continues to rise. The deep - processing start - up rate has increased, and the spot price of corn continues to rise. The price difference between North China and Northeast corn remains low. Wheat and corn are being auctioned, the price of North China wheat is strong, and the price difference between wheat and corn has widened, reducing corn's cost - effectiveness. The domestic breeding demand is average, the inventory of downstream feed enterprises has increased, and the downstream has replenished stocks. The supply of Northeast corn has increased recently, and the price has continued to rise. The port inventory is low, and the purchase price at the northern port is stable today. The 05 corn contract oscillates strongly, and it is expected to oscillate in the short term. Attention should be paid to the auction policy [3][5]. - **Starch**: The number of trucks arriving at deep - processing plants in Shandong is still low, the spot price of Shandong corn is strong, and the starch price in Shandong is around 2970 yuan. The spot price of Northeast starch is also rising. This week, the corn starch inventory has decreased to 120.9 million tons, a decrease of 1 million tons from last week, with a monthly increase of 0.92% and a year - on - year decrease of 11.2%. The starch price mainly depends on the corn price and downstream stocking. The average income from by - products in the past few years has been over 600 yuan, and today the by - product contribution in Shandong is 652 yuan (713 yuan in Heilongjiang). The by - product price is relatively strong recently, higher than last year, and the spot price difference between corn and starch is at a low level. North China corn is strong in the short term, and Northeast corn is still rising. As the weather warms up, the supply of corn is expected to increase, the downstream start - up rate will increase, and the upward space for the corn spot price is limited. Enterprises are already profitable. The 05 starch contract oscillates strongly following corn, and the starch spot price is rising in the short term. It is expected that the 05 starch contract will oscillate within a narrow range in the short term [6]. Related Attachments - The report provides six figures, including 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 visually show the price trends and relationships of different indicators [13][14][18].

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].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The supply pressure of US corn has weakened, and the rise in crude oil has driven up the price of corn. It is expected that US corn will oscillate strongly at the bottom. The supply of North China corn remains low, and the spot price of corn continues to rise, as does the price of Northeast corn, with the purchase price of northern ports being strong today. The price of North China wheat continues to rise, and the price difference between Northeast and North China corn remains low. However, farmers are selling more grain in March, so the upside potential of the spot price of Northeast corn is expected to be limited, as is the upside potential of the 05 corn contract [8]. - The price of Shandong corn is strong, and the price of starch in Shandong and Northeast China is rising. The inventory of corn starch has increased this week. Currently, the price of starch mainly depends on the price of corn and downstream stocking. The price difference between corn and starch is at a low level. The short - term price of North China corn is strong, and the price of Northeast corn is still rising. As the weather warms up, the supply of corn is expected to increase, and the upside potential of the corn spot price is limited. The 05 starch contract followed corn and rose then fell. The spot price of starch is rising in the short term, and it is expected to oscillate at a high level in the short term [7]. 3. Summary of Each Section Part 1: Data Futures Market - For corn futures, the closing prices of C2601, C2605, and C2509 are 2368, 2395, and 2416 respectively, with price increases of 17, 2, and 4, and price increase rates of 0.72%, 0.08%, and 0.17%. The trading volumes of C2601, C2605, and C2509 are 6,857, 1,545,357, and 103,172 respectively, with increase rates of 115.97%, 95.41%, and 121.04%. The open interests of C2601, C2605, and C2509 are 9,246, 1,435,081, and 123,072 respectively, with change rates of 29.97%, - 5.56%, and 0.79% [2]. - For corn starch futures, the closing prices of CS2601, CS2605, and CS2509 are 2707, 2716, and 2727 respectively, with price increases of 12, 5, and - 5, and price increase rates of 0.44%, 0.18%, and - 0.18%. The trading volumes of CS2601, CS2605, and CS2509 are 82, 130,647, and 7,064 respectively, with increase rates of 26.15%, 64.97%, and 80.07%. The open interests of CS2601, CS2605, and CS2509 are 135, 261,060, and 16,077 respectively, with change rates of 0.00%, - 1.74%, and - 2.37% [2]. Spot Market and Basis - For corn, the spot prices in Qinggang, Songyuan Jiajie, Zhucheng Xingmao, Shouguang, Jinzhou Port, Nantong Port, and Guangdong Port are 2210, 2260, 2440, 2400, 2400, 2530, and 2530 respectively. The price changes are 20, 0, 0, 0, 5, 30, and 10 respectively. The basis values are - 206, - 156, 24, - 16, 5, 114, and 114 respectively [2]. - For starch, the spot prices of Longfeng, COFCO, Yihai (Heilongjiang), Yufeng, Jinyu, Zhucheng Xingmao, and Hengren Industry and Trade are 2830, 2700, 2750, 2950, 2960, 2990, and 2900 respectively. The price changes are 50, 0, 0, 0, 20, 20, and 0 respectively. The basis values are 114, - 16, 34, 234, 244, 274, and 184 respectively [2]. Price Spreads - For corn inter - delivery spreads, C01 - C05 is - 27 with a change of 15, C05 - C09 is - 21 with a change of - 2, and C09 - C01 is 48 with a change of - 13. - For starch inter - delivery spreads, CS01 - CS05 is - 9 with a change of 7, CS05 - CS09 is - 11 with a change of 10, and CS09 - CS01 is 20 with a change of - 17. - For cross - variety spreads, CS09 - C09 is 311 with a change of - 9, CS01 - C01 is 339 with a change of - 5, and CS05 - C05 is 321 with a change of 3 [2]. Part 2: Market Analysis Corn - Affected by the sharp rise in crude oil, US corn prices have risen, and the global corn supply pressure has weakened. The import profit of foreign corn has increased, and the import price from Brazil in July is 2325 yuan. The closing prices at northern ports are strong, around 2400 yuan, and the spot prices in Northeast corn - producing areas continue to rise. The deep - processing operating rate has increased, and the supply of corn has increased on weekends. The spot price of corn continues to rise, and the price difference between North China and Northeast corn has widened. The wheat and corn auctions continue. The price of North China wheat is relatively strong, around 2550 yuan/ton, and the price difference between wheat and corn has narrowed. The domestic breeding demand will decline in March, and the inventory of downstream feed enterprises has increased. The short - term spot price of corn is relatively strong. However, the supply of Northeast corn has increased, and the upside potential of the 05 corn contract is expected to be limited [4][6]. Starch - The number of trucks arriving at Shandong deep - processing enterprises is still low, and the spot price of Shandong corn is strong. The spot price of starch in Shandong is around 2920 yuan, and the spot price of Northeast starch is also rising. The inventory of corn starch has increased this week to 121.9 million tons, an increase of 2.1 million tons from last week, with a monthly increase rate of 1.75% and a year - on - year decrease rate of 11.4%. The current starch price mainly depends on the corn price and downstream stocking. The by - product prices are relatively strong, and the price difference between corn and starch is at a low level. The short - term price of North China corn is strong, and the price of Northeast corn is still rising. As the weather warms up, the supply of corn is expected to increase, and the upside potential of the corn spot price is limited. The 05 starch contract followed corn and rose then fell. The spot price of starch is rising in the short term, and it is expected to oscillate at a high level in the short term [7]. Trading Strategies - Unilateral trading: The 05 US corn has support at 440 cents per bushel. For the 05 corn contract, go short on short - term rallies with a light position and set a stop - loss. - Arbitrage: Go long on the spread between the 05 corn and starch contracts when the spread is low [9][10]. Part 3: Corn Options - Option strategy: Adopt a short - term put - accumulation strategy and conduct rolling operations [11]. Part 4: Related Diagrams - The report provides six diagrams, showing the closing price of northern port corn, the basis of the 05 corn contract, the price spread between the 5th and 9th corn contracts, the price spread between the 5th and 9th corn starch contracts, the basis of the 05 corn starch contract, and the price spread between the 05 corn starch and corn contracts [14][15][19].

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Views - The global corn supply pressure is weakening, and the US corn is still oscillating at the bottom. The import profit of foreign corn has increased, and the price of Brazilian imports in July is 2,206 yuan. The spot price of corn in the Northeast is relatively stable, while that in North China is weakening. The 05 corn contract is expected to have limited short - term upside, and there may be a slight decline in March [4][7]. - The supply of corn in Shandong is relatively tight, the price of corn starch in Shandong is around 2,820 yuan, and the spot price in the Northeast is stable. The inventory of corn starch has increased this week. The current starch price depends on the corn price and downstream inventory. 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 [8]. - The US corn supply pressure is weakening, and it is expected to oscillate strongly at the bottom. The corn spot price in North China has risen, and that in the Northeast is stable. The price difference between Northeast and North China corn has widened. There will still be slight selling pressure in the Northeast in March, and the 05 corn contract will decline [9]. Group 3: Summary by Directory 1. Data - **Futures**: For corn futures contracts (C2601, C2605, C2509), the closing prices are 2310, 2342, and 2365 respectively, with price increases of 10, 10, and 11, and price increase rates of 0.43%, 0.43%, and 0.47%. For corn starch futures contracts (CS2601, CS2605, CS2509), the closing prices are 2653, 2673, and 2699 respectively, with price increases of 10, 10, and 12, and price increase rates of 0.38%, 0.37%, and 0.44% [2]. - **Spot and Basis**: The spot prices of corn vary in different regions, with prices in Qinggang, Songyuan Jiajiaji, etc. being 2150, 2190 yuan. The spot prices of starch in different regions such as Longfeng and COFCO are 2750, 2700 yuan. The basis of corn and starch also varies in different regions [2]. - **Spreads**: The spreads of corn and starch in different periods and cross - varieties are presented, for example, the C01 - C05 spread is - 32, and the CS09 - C09 spread is 334 [2]. 2. Market Judgment - **Corn**: The US corn is oscillating at the bottom. The import profit of foreign corn has increased. The spot price in the Northeast is relatively stable, while that in North China is weakening. The price difference between wheat and corn has decreased, and the cost - effectiveness of corn has weakened. The domestic breeding demand will decline in March. The 05 corn contract is expected to have limited short - term upside, and there may be a slight decline in March [4][7]. - **Starch**: The supply of corn in Shandong is relatively tight, the price of corn starch in Shandong is around 2,820 yuan, and the spot price in the Northeast is stable. The inventory of corn starch has increased this week. The current starch price depends on the corn price and downstream inventory. 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 [8]. 3. Trading Strategies - **Unilateral**: The 05 US corn has support at 430 cents per bushel. Short the 05 corn contract lightly when the price is high [10]. - **Arbitrage**: Expand the spread between the 05 corn and starch contracts when the price is low [11]. 4. Corn Options - The option strategy is a short - term cumulative put option strategy with rolling operations [12]. 5. Relevant Attachments - The attachments include figures such as the North Port corn closing price, the basis of the corn 05 contract, the corn 5 - 9 spread, the corn starch 5 - 9 spread, the basis of the corn starch 05 contract, and the spread of the corn starch 05 contract [16][18][20][22][23]

1. Report Industry Investment Rating No relevant content provided. 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 North China corn is still low, and the spot price has risen, while the price of Northeast corn has remained stable. However, there will still be a slight selling pressure in Northeast China in March, and the price of Northeast corn will fall later, as will the 05 corn contract [8]. - The price of North China wheat is stable, and the price difference between Northeast and North China corn has widened. The 05 corn contract is expected to have limited short - term upward space [6]. - The number of trucks arriving at Shandong deep - processing plants is still low, and the spot price of Shandong corn is strong. The spot price of starch in Shandong is around 2,820 yuan, and that in Northeast China is stable. The inventory of corn starch has increased this week. The spot price of starch is mainly determined by the price of corn and downstream inventory preparation. The price of by - products has started to weaken but is still higher than last year. The spot price difference between corn and starch is at a low level. The spot price of North China corn is expected to rise, and the spot price of starch will also rise in the short term, but the 05 starch contract on the futures market is expected to oscillate at a high level [7]. 3. Summary by Directory 3.1 Data - **Futures Market**: The closing prices of C2601, C2605, C2509, CS2601, CS2605, and CS2509 all increased, with price increases of 11, 12, 17, 20, 25, and 37 respectively, and corresponding price increase rates of 0.48%, 0.51%, 0.72%, 0.76%, 0.94%, and 1.38%. The trading volume of C2601, C2509, CS2509 increased by 43.04%, 47.64%, 41.78% respectively, while that of C2605, CS2601, CS2605 decreased by 7.37%, 53.49%, 16.90% respectively. The open interest of all contracts increased, with the increase rates ranging from 3.21% to 19.12% [2]. - **Spot and Basis**: The spot prices of corn in different regions such as Qinggang, Songyuan Jiji, Zhucheng Xingmao, etc. showed different degrees of change, with the price of Zhucheng Xingmao increasing by 10 yuan, Shouguang by 24 yuan, Jinzhou Port by 5 yuan, Nantong Port by 30 yuan, and Guangdong Port by 20 yuan. The spot prices of starch in different regions also changed, with Yufeng increasing by 10 yuan and Jinyu Corn by 40 yuan. The basis of corn and starch in different regions also varied [2]. - **Price Spreads**: In the corn inter - delivery spread, C01 - C05 was - 32 with a change of - 1, C05 - C09 was - 22 with a change of - 5, and C09 - C01 was 54 with a change of 6. In the starch inter - delivery spread, CS01 - CS05 was - 20 with a change of - 5, CS05 - CS09 was - 24 with a change of - 12, and CS09 - CS01 was 44 with a change of 17. In the cross - variety spread, CS09 - C09 was 333 with a change of 20, CS01 - C01 was 343 with a change of 9, and CS05 - C05 was 331 with a change of 13 [2]. 3.2 Market Analysis - **Corn**: The US corn market is in a narrow - range fluctuation, and the global corn supply pressure has weakened, but it is still in a bottom - oscillating state. The import profit of foreign corn has increased, and the import price from Brazil in July is 2,213 yuan. The closing price of northern ports is strong, and the spot price in the Northeast corn - producing area is stable. The supply of corn in North China is low, and the spot price has risen. The price difference between North China and Northeast corn has widened. The wheat - to - corn price difference has decreased, and the cost - effectiveness of corn has weakened. The domestic aquaculture demand will decline in March, and the inventory of downstream feed enterprises has increased. The short - term spot price of corn is relatively stable, but there will be a slight decline in March, and the short - term upward space of the 05 corn contract on the futures market is limited [4][6]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants is still low, and the spot price of Shandong corn is strong. The spot price of starch in Shandong is around 2,820 yuan, and that in Northeast China is stable. The inventory of corn starch has increased this week, with the factory inventory reaching 1.118 million tons, an increase of 93,000 tons from last week, a monthly increase of 4.6%, and a year - on - year decrease of 17.2%. The price of starch is mainly determined by the price of corn and downstream inventory preparation. The price of by - products has started to weaken but is still higher than last year. The spot price difference between corn and starch is at a low level. The spot price of North China corn is expected to rise, and the spot price of starch will also rise in the short term, but the 05 starch contract on the futures market is expected to oscillate at a high level [7]. 3.3 Trading Strategies - **Single - side Trading**: The 05 US corn contract has support at 430 cents per bushel. Try to short the 05 corn contract at high prices [9]. - **Arbitrage**: Go long on the spread between 05 corn and starch contracts at low prices [10]. 3.4 Corn Options - **Option Strategy**: Adopt a short - put strategy in the short term and conduct rolling operations [11]. 3.5 Relevant Attachments There are six figures in total, including the closing price of northern port corn, the basis of the 05 corn contract, the 5 - 9 spread of corn, the 5 - 9 spread of corn starch, the basis of the 05 corn starch contract, and the spread of the 05 corn starch contract, which visually show the price trends and relationships of different indicators [14][15][19].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The global corn supply pressure has weakened, and the US corn is still oscillating at the bottom. The import profit of foreign corn has increased, and the price of Brazilian imports in July was 2,194 yuan. The northern port's closing price has risen, and the spot price in the Northeast corn - producing area is stable. The domestic corn spot is relatively stable in the short - term, but the 03 corn has room to fall. The 03 starch is expected to oscillate weakly in the short - term [3][5][7]. - The inventory of corn starch has decreased this week. The current starch price depends on the corn price and downstream stocking. The by - product price is still strong, and the spot price difference between corn and starch is at a low level. Due to the end of pre - holiday stocking, the starch spot is weak, and enterprises are still in a loss [6]. 3. Summary by Relevant Catalogs 3.1 Data - **Futures Data**: The closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interests, and open interest change rates of multiple futures contracts such as C2601, C2605, C2509, etc. are provided. For example, the closing price of C2601 is 2,253, with a price change of - 2 and a price change rate of - 0.09%, the trading volume is 2,139 with an increase rate of 52.13%, and the open interest is 2,090 with an increase rate of 16.11% [1]. - **Spot Price Data**: The spot prices of corn in different regions (such as Qinggang, Songyuan Jiajie, etc.) and the spot prices of starch of different enterprises (such as Longfeng, COFCO, etc.) are provided, along with their price changes and basis [1]. - **Spread Data**: The spreads and their price changes of corn inter - period, starch inter - period, and cross - variety are provided. For example, C01 - C05 spread is - 37 with a price change of - 5, CS01 - CS05 spread is - 22 with a price change of 16, and CS09 - C09 spread is 332 with a price change of - 2 [4]. 3.2 Market Analysis - **Corn**: The drought in Argentina has led to a bottom - up rebound of US corn, but it is still oscillating at the bottom. The import profit of foreign corn has increased. The northern port's closing price has risen, and the Northeast corn spot is stable. The supply of corn in the North has decreased, and the spot is strong. The price difference between Northeast and North China corn has decreased. The wheat and corn auctions continue, and corn has cost - effectiveness. The domestic breeding demand is stable, and the inventory of downstream feed enterprises has increased. The market is concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and the downstream inventory - building situation [3][5]. - **Starch**: The number of vehicles arriving at Shandong deep - processing plants has increased, and the Shandong corn spot is stable. The starch inventory has decreased this week. The starch price mainly depends on the corn price and downstream stocking. The by - product price is strong, and the spot price difference between corn and starch is at a low level. Due to the end of pre - holiday stocking, the starch spot is weak, and enterprises are still in a loss. The 03 starch has followed the corn to fall, and it is expected to oscillate weakly in the short - term [6]. 3.3 Trading Strategies - **Unilateral Trading**: The 03 US corn has support at 420 cents per bushel. Short - sell the 03 corn with a light position and short - sell the 03 starch when the price is high [8]. - **Arbitrage**: Conduct a reverse spread on the 35 starch [9]. 3.4 Corn Options - The option strategy is a short - term cumulative put option strategy with rolling operations [10]. 3.5 Relevant Attachments - Multiple figures are provided, including the northern port's corn closing 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, to help analyze the market trends [13][14][18].

Report Overview - The report is a corn starch daily report dated January 15, 2026, covering data, market analysis, trading strategies, and related charts [1]. 1. Data Futures Market - **Corn Futures**: C2601 closed at 2282, down 18 (-0.79%); C2605 at 2283, up 8 (0.35%); C2509 at 2301, up 6 (0.26%) [1]. - **Corn Starch Futures**: CS2601 at 2540, up 1 (0.04%); CS2605 at 2597, up 17 (0.65%); CS2509 at 2625, up 11 (0.42%) [1]. Spot Market and Basis - **Corn Spot**: Prices ranged from 2150 in Qinggang to 2460 in Guangdong ports, with price changes from -10 to 20 [1]. - **Corn Starch Spot**: Prices were between 2700 - 2900, with only Hengren工贸 up 30 [1]. Spreads - **Corn Inter - delivery Spreads**: C01 - C05 was -1, down 26; C05 - C09 was -18, up 2; C09 - C01 was 19, up 24 [1]. - **Corn Starch Inter - delivery Spreads**: CS01 - CS05 was -57, down 16; CS05 - CS09 was -28, up 6; CS09 - CS01 was 85, up 10 [1]. - **Cross - variety Spreads**: CS09 - C09 was 324, up 5; CS01 - C01 was 258, up 19; CS05 - C05 was 314, up 9 [1]. 2. Market Analysis Corn - The US corn report significantly increased production, but global corn supply pressure has weakened, limiting the downside of US corn. Import profit of foreign corn has risen, with the February Brazilian import price at 2127 yuan [3]. - Northern port flat - price declined, around 2335 yuan. Northeast corn was strong, while North China's supply increased and prices were stable, narrowing the price gap between the two regions [3][5]. - Wheat and corn auctions continued. Wheat prices in North China were stable around 2490 yuan/ton, and the price gap between wheat and corn remained large, making corn more cost - effective [5]. - Domestic breeding demand was stable, downstream feed enterprises' inventories increased, and short - term corn prices were relatively stable. The market is concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and downstream inventory building [5]. Corn Starch - The number of trucks arriving at Shandong deep - processing plants increased, and Shandong corn prices were stable. Corn starch prices in Shandong were around 2760 yuan, and Northeast prices were stable [6]. - This week, corn starch inventory decreased to 1.1 million tons, down 25,000 tons from last week, with a monthly decline of 0.2% and a year - on - year increase of 21.5% [6]. - Starch prices depend on corn prices and downstream stocking. By - product prices were strong, higher than last year, and the spot price gap between corn and starch was low. Due to strong corn prices, starch prices were also strong, but enterprise profitability declined [6]. 3. Trading Strategies - **Unilateral**: 03 US corn has support at 430 cents/bushel. Short 03 corn lightly and short 03 starch on rallies [8]. - **Arbitrage**: Start reverse arbitrage on 35 starch [9]. 4. Corn Options - The option strategy is short - term cumulative put strategy with rolling operations [10]. 5. Related Charts - The report includes charts of North Port corn flat - price, corn 05 contract basis, corn 5 - 9 spreads, corn starch 5 - 9 spreads, corn starch 05 contract basis, and corn starch 05 contract spreads [13][14][18].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The USDA's December report was bullish for US corn, but high production levels suggest that the US corn market will likely remain in a strong, volatile range [4][7]. - In the domestic market, North - East Chinese corn is relatively strong due to farmers' reluctance to sell, while North - China corn has seen an increase in supply and stable prices. The price difference between North - East and North - China corn has narrowed. Corn futures are expected to oscillate at the bottom [5][7]. - Corn starch prices are mainly influenced by corn prices and downstream inventory - building. With rising inventory and relatively stable corn prices, the profitability of starch enterprises has declined. The 03 starch futures contract is expected to oscillate at the bottom in the short term [6]. 3. Summary by Directory 3.1 Data - **Futures Market**: For corn futures, C2601 closed at 2220, down 1 (-0.05%); C2605 closed at 2227, down 1 (-0.04%); C2509 closed at 2257, unchanged. For starch futures, CS2601 closed at 2497, down 5 (-0.20%); CS2605 closed at 2532, down 7 (-0.28%); CS2509 closed at 2587, down 3 (-0.12%)[2]. - **Spot and Basis**: Corn spot prices in different regions ranged from 2080 - 2430 yuan/ton. Starch spot prices were between 2700 - 2890 yuan/ton. Corn basis values varied from - 177 to 173 yuan/ton, and starch basis values were between 168 - 358 yuan/ton[2]. - **Spreads**: Corn inter - delivery spreads such as C01 - C05 was - 7 (unchanged), C05 - C09 was - 30 (down 1). Starch inter - delivery spreads like CS01 - CS05 was - 35 (up 2), CS05 - CS09 was - 55 (down 4). Cross - variety spreads included CS09 - C09 at 330 (down 3), CS01 - C01 at 277 (down 4), CS05 - C05 at 305 (down 6)[2]. 3.2 Market Analysis and Trading Strategies - **Corn**: US corn exports were raised and stocks were lowered in the USDA's December report, but production remained high. Import profits for foreign corn decreased. In the domestic market, North - East corn was strong, while North - China corn supply increased. The price difference with North - China wheat was large, and corn had cost - effectiveness. The short - term outlook for corn spot prices was relatively strong, but there were concerns about seasonal selling pressure in late December and downstream inventory - building [4][5]. - **Starch**: The number of trucks delivering to Shandong deep - processing plants increased. Corn starch inventory rose to 107.4 million tons this week, up 2.5 million tons from last week, with a monthly increase of 0.5% and a year - on - year increase of 22.3%. Starch prices depended on corn prices and downstream inventory - building. With strong by - product prices, the profitability of starch enterprises declined. The 03 starch futures contract was expected to oscillate at the bottom [6]. - **Trading Strategies**: For single - side trading, 03 US corn had support at 430 cents per bushel, and it was recommended to go long on 07 corn at low prices with a light position. For arbitrage, it was advised to wait and see. For options, a short - term put - accumulation strategy with rolling operations was suggested [8][9][10]. 3.3 Corn Options - On December 22, 2025, the C2605 - P - 2240.DCE option had an underlying price of 2,227 and a closing price of 51.00, with a change of - 0.5. The C2603 - P - 2200.DCE option had an underlying price of 2,192 and a closing price of 37.00, with a change of 1.5 [12]. 3.4 Related Diagrams - The report includes diagrams showing various aspects of corn and corn - starch prices such as regional corn spot prices, corn 01 contract basis, corn 1 - 5 spreads, corn - starch 1 - 5 spreads, corn - starch 01 contract basis, and corn - starch 01 contract spreads [14][16][18].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The US corn continues to rebound, and there may be a downward adjustment of the US corn yield per unit later, indicating potential for further rebound. China has reinstated a 15% tariff on US corn, with a total of 26% tariff within the quota, and a 22% tariff on US sorghum. The import profit of foreign corn is relatively high, with the import price from Brazil in December at 2,140 yuan. The domestic corn spot market is expected to decline with the upcoming large - scale listing of new - season corn, and the 01 corn futures may also fall. The starch market is mainly influenced by corn prices and downstream inventory. With weak long - term demand, starch enterprises will be in a long - term loss state, and the 01 starch futures are expected to decline in the short term [5][7][8]. 3. Summary by Directory 3.1 Data - **Futures Market**: On September 3, 2025, most corn and corn starch futures contracts showed price declines. For example, C2601 closed at 2,182, down 1 (-0.05%); CS2601 closed at 2,520, down 15 (-0.60%). The trading volume of most contracts decreased, while the open interest of some contracts increased. For instance, the trading volume of C2601 decreased by 39.78%, and the open interest of CS2601 increased by 13.13% [3]. - **Spot and Basis**: Corn spot prices in Qinggang increased by 10 yuan to 2,145 yuan, while prices in other regions remained stable. Starch spot prices in all listed regions remained unchanged. The basis of corn and starch in different regions varied, with corn basis ranging from - 114 to 203 yuan and starch basis from 203 to 393 yuan [3]. - **Spreads**: In the corn market, C01 - C05 spread was - 63, up 3; in the starch market, CS01 - CS05 spread was - 77, down 3. The cross - variety spreads such as CS09 - C09 was 215, up 3 [3]. 3.2 Market Analysis - **Corn**: The US corn market has upward potential. In the domestic market, the northern port flat - hatch prices are stable, while the northeast corn spot is weak. The supply in North China has increased, and the corn price is stable. The wheat price in North China is weak, and wheat continues to substitute for corn. The domestic breeding demand is weak, and the downstream feed enterprises have high inventory. With the upcoming large - scale listing of new - season corn, the corn spot price is expected to decline. It is predicted that by the end of September, the corn price in North China may reach 2,200 yuan/ton, and in Heilongjiang, it may be around 2,100 yuan/ton [5][7]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants is stable, and the corn price in Shandong is stable. The starch price in Shandong is around 2,800 yuan, and the northeast starch spot is weak. This week, the corn starch inventory decreased to 126.5 million tons, a decrease of 5.3 million tons from last week, with a monthly decline of 4.2% and a year - on - year increase of 37.2%. The starch price is mainly affected by corn prices and downstream inventory. In the long - term, due to weak demand, enterprises will be in a loss state. The 01 starch futures are expected to decline in the short term [8]. 3.3 Trading Strategies - **Unilateral**: The US corn has support at 400 cents per bushel. It is recommended to mainly observe the 01 corn [10]. - **Arbitrage**: It is recommended to observe [11]. 3.4 Corn Options - For enterprises with spot, it is recommended to close out short positions of corn call options. Short - term traders can try to sell on rallies and conduct rolling operations [14].