观点总结（ 淀粉） 截至1月14日，全国玉米淀粉企业淀粉库存总量110万吨，较上周下降2.50万吨，周降幅2.22%，月降幅0.18%；年同比增幅21.48 %。企业库存仍处于同期高位，总体供应压力仍存。不过，春节临近，下游淀粉糖，造纸等下游领域进入生产旺季，淀粉需求有所 增加。关注春节前下游备货对玉米淀粉价格带动情况。盘面来看，今日淀粉市场随玉米同步回落，短期观望。 重点关注 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 玉米系产业日报 2026-01-14 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原 ...

玉米系产业日报 2026-01-13 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):(日,元/吨) 玉米月间价差(5-9):(日,元/吨) | 2284 -14 | -6 玉米淀粉期货收盘价(活跃合约):(日,元/ 4 玉米淀粉月间价差(3-5):(日,元/吨) | 2561 -30 | -5 0 | | | | | 吨) | | | | | 期货持仓量(活跃合约):黄玉米(日,手) | 1099156 | 6449 期货持仓量(活跃合约):玉米淀粉(日,手) | 197666 | -1451 | | | | | 8469 期货前20名持仓:净买单量:玉米淀粉(日, | | | | | 期货前20名持仓:净买单量:玉米(日,手) | -152819 | | -41793 | -1777 | | | 注册仓单量:黄玉米(日,手) | 38148 | 73 注册仓单量:玉米淀粉(日,手) 手) | 12477 | 0 | | | 主力合约CS-C价差(日,元/吨 ...

Report Overview - The report is a daily report on the corn industry dated January 12, 2026, covering various aspects of the corn and corn starch markets [1][2]. 1. Market Data Summary Futures Market - Corn futures closing price (active contract) is 2,290 yuan/ton, up 27 yuan; corn starch futures closing price (active contract) is 2,566 yuan/ton, up 31 yuan [2]. - Corn monthly spread (5 - 9) is -18 yuan/ton, down 1 yuan; corn starch monthly spread (3 - 5) is -30 yuan/ton, up 13 yuan [2]. - Corn futures open interest (active contract) is 1,092,707 lots, up 42,864 lots; corn starch futures open interest (active contract) is 199,117 lots, up 1,957 lots [2]. - Net long positions of the top 20 futures holders for corn is -161,288 lots, down 14,814 lots; for corn starch is -40,016 lots, up 664 lots [2]. - Registered warehouse receipts for yellow corn is 38,075 lots, up 1,520 lots; for corn starch is 12,477 lots, unchanged [2]. - The spread between the main CS - C contracts is 329 yuan/ton, up 6 yuan [2]. - CBOT corn futures closing price (active contract) is 445.25 cents/bushel, down 0.5 cents; total CBOT corn open interest (weekly) is 1,537,728 contracts, down 5,287 contracts [2]. - Non - commercial net long positions in CBOT corn (weekly) is 60,112 contracts, up 6,920 contracts [2]. Spot Market - Average spot price of corn is 2,354.41 yuan/ton, up 2.55 yuan; factory - quoted price of corn starch in Changchun is 2,570 yuan/ton, unchanged [2]. - FOB price of corn at Jinzhou Port is 2,310 yuan/ton, unchanged; factory - quoted price of corn starch in Weifang is 2,750 yuan/ton, unchanged [2]. - CIF price of imported corn is 2,064.44 yuan/ton, down 1.78 yuan; international freight for imported corn is 43 US dollars/ton, unchanged [2]. - Basis of the main corn contract is 64.41 yuan/ton, down 24.45 yuan; basis of the main corn starch contract is 4 yuan/ton, down 31 yuan [2]. - The spread between Shandong starch and corn (weekly) is 424 yuan/ton, up 2 yuan; the spread between tapioca starch and corn starch (weekly) is 626 yuan/ton, down 35 yuan [2]. - The spread between corn starch and 30 - powder is -218 yuan/ton, down 1 yuan [2]. Upstream Situation - Forecasted annual corn production in the US is 425.53 million tons, down 1.58 million tons; sown area is 36.44 million hectares, up 0.55 million hectares [2]. - Forecasted annual corn production in Brazil is 131 million tons, unchanged; sown area is 22.6 million hectares, unchanged [2]. - Forecasted annual corn production in Argentina is 53 million tons, unchanged; sown area is 7.5 million hectares, unchanged [2]. - Forecasted annual corn production in China is 295 million tons, unchanged; sown area is 44.3 million hectares, unchanged [2]. - Forecasted annual corn production in Ukraine is 32 million tons, unchanged [2]. - Corn inventory at southern ports (weekly) is 77.2 million tons, up 11.4 million tons; deep - processing corn inventory (weekly) is 354 million tons, up 4.6 million tons [2]. - Corn inventory at northern ports (weekly) is 175 million tons, up 18 million tons [2]. Industry and Downstream Situation - Import volume of corn (monthly) is 36 million tons, up 30 million tons; export volume of corn starch (monthly) is 19,170 tons, up 6,390 tons [2]. - Feed production (monthly) is 2,977.9 million tons, up 20.9 million tons [2]. - Corn starch processing profit in Shandong is -9 yuan/ton, down 3 yuan; in Hebei is 61 yuan/ton, unchanged; in Jilin is -49 yuan/ton, unchanged [2]. - Sample feed corn inventory days (weekly) is 30.1 days, up 0.18 days [2]. - Deep - processing corn consumption (weekly) is 138.17 million tons, down 0.11 million tons [2]. - Alcohol enterprise operating rate (weekly) is 62.04%, down 1.46 percentage points; starch enterprise operating rate (weekly) is 59.37%, down 0.49 percentage points [2]. Option Market - 20 - day historical volatility of corn is 11.37%, up 0.72 percentage points; 60 - day historical volatility of corn is 9.6%, up 0.25 percentage points [2]. - Implied volatility of at - the - money call options for corn is 11.01%, down 2.12 percentage points; for at - the - money put options is 11.01%, down 2.12 percentage points [2]. 2. Industry News - As of January 7, the sown area of the 2025/26 corn season in Argentina reached 89.1% of the total expected area (7.8 million hectares), up from 84.2% a week ago but still 3.2% behind last year, indicating slower sowing this year [2]. - US corn has entered the export peak season, with relatively high short - term supply pressure. However, good US corn export conditions support its price. The market is awaiting the USDA monthly supply - demand report and quarterly grain inventory report [2]. - In China, the grain - selling progress in the Northeast production area is faster than the same period last year, and the traditional selling window has shortened, but there has been no large - scale supply. The regulatory reserve corn has not been implemented, while the supply from CGS and other sources continues to increase. CGS Inner Mongolia Branch has supplied 200,000 tons in a single week. Recently, snowfall has limited the supply from the grass - roots level, and traders' purchases are small. Deep - processing enterprises have slightly raised purchase prices [2]. - In the North China and Huanghuai production areas, as the Spring Festival approaches, the grain - selling speed of grass - roots farmers has not accelerated significantly. As the amount of dry grain increases and the quality improves, traders' willingness to build inventories of high - quality corn has gradually increased, and grass - roots trading is relatively stable. Feed - using enterprises have sufficient safety inventories, and their purchasing mentality is cautious. Processing enterprises adjust purchase prices according to the arrival volume [2]. 3. Core Views Corn - The corn futures price has increased with rising positions recently, showing a relatively strong performance, but the driving force for continuous growth remains to be observed. It is recommended to wait and see for now [2]. Starch - As of January 7, the total corn starch inventory of enterprises is 112.5 million tons, up 0.20 million tons from last week, with a weekly increase of 0.18%, a monthly increase of 2.09%, and a year - on - year increase of 25.14%. The enterprise inventory is still at a high level in the same period, and the overall supply pressure remains. However, after the sharp increase in tapioca starch prices, some downstream customers have resumed purchasing corn starch, increasing its demand. Attention should be paid to the impact of pre - Spring Festival downstream stocking on corn starch prices. Recently, driven by the rise in corn prices, starch prices have also increased. It is recommended to wait and see in the short term [3]. 4. Key Points to Watch - Pay attention to Mysteel's weekly corn consumption, starch enterprise operating rates, and inventory levels on Thursday and Friday [3].

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Report's Core View - For corn, wait for the USDA monthly supply - demand report and quarterly grain inventory report. The domestic corn market shows different situations in different regions. The corn acquisition in the Northeast has passed half, and after the New Year's Day, the reserve corn and imported corn are being put into the market. The deep - processing enterprises' inventory is rising, and feed enterprises maintain rigid procurement. In the North China and Huanghuai regions, the market supply increases as the Spring Festival approaches. The corn futures price is relatively volatile recently, and it is advisable to wait and see [2]. - For corn starch, as of January 7, the enterprise inventory is at a high level in the same period, with a supply pressure. However, the demand increases as some downstream customers turn to corn starch due to the large increase in the price of tapioca starch. The starch price has been oscillating recently, and short - term waiting and seeing is recommended [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Corn starch futures closing price (active contract) is 2248 yuan/ton, up 37 yuan compared to the previous period. Corn monthly spread (5 - 9) is - 21 yuan/ton, and corn starch monthly spread (3 - 5) is - 43 yuan/ton [2]. - Futures positions of active contracts: 1011495 hands for yellow corn and 195499 hands for corn starch. The net long positions of the top 20 futures holders for corn starch are - 172821 hands, a decrease of 4995 hands [2]. - Registered warehouse receipts: - 7740 hands for yellow corn and 31655 hands for corn starch. The CS - C spread of the main contract is 320 yuan/ton [2]. 3.2 Outer - market Market - CBOT corn futures closing price (active contract) is 443.75 cents/bushel, down 0.75 cents. CBOT corn total positions (weekly) are 1543015 contracts, an increase of 26463 contracts. The non - commercial net long positions of CBOT corn are 53192 contracts, a decrease of 11680 contracts [2]. 3.3 Spot Market - The average spot price of corn is 2353.33 yuan/ton, down 1.18 yuan. The factory - gate price of corn starch in Changchun is 2570 yuan/ton, unchanged; in Weifang, it is 2750 yuan/ton, down 50 yuan; in Shijiazhuang, it is 2730 yuan/ton, unchanged [2]. - The import price of corn (CIF) is 2050.4 yuan/ton, down 0.65 yuan. The international freight of imported corn is 0 dollars/ton. The basis of the main corn starch contract is 41 yuan, down 37 yuan [2]. 3.4 Upstream Situation - The predicted sown area of corn in the US is 425.53 million hectares, and the predicted output is 36.44 million tons, an increase of 0.55 million tons. In Brazil, the sown area is 53 million hectares, and the output is 7.5 million tons; in China, the sown area is 295 million hectares, and the output is 44.3 million tons; in Ukraine, the output is 32 million tons [2]. - The corn inventory in southern ports is 15.6 million tons, and the deep - processing corn inventory is 349.4 million tons, an increase of 11.6 million tons [2]. 3.5 Industry Situation - The corn inventory in northern ports is 157 million tons, a decrease of 31 million tons. The weekly inventory of starch enterprises is 112.5 million tons, an increase of 0.2 million tons [2]. - The monthly import volume of corn is 36 million tons, and the monthly export volume of corn starch is 19.17 million tons, an increase of 6.39 million tons [2]. 3.6 Downstream Situation - The monthly output of feed is 2977.9 million tons. The processing profit of corn starch in Shandong is - 8 yuan/ton, in Hebei is 65 yuan/ton, and in Jilin is - 56 yuan/ton [2]. - The alcohol enterprise operating rate is 63.5%, down 1.38 percentage points, and the starch enterprise operating rate is 59.37%, down 0.49 percentage points [2]. 3.7 Option Market - The 20 - day historical volatility of corn is 11.04%, down 0.04 percentage points; the 60 - day historical volatility is 9.29%, up 0.01 percentage points [2]. - The implied volatility of at - the - money call options for corn is 9.98%, down 0.04 percentage points; the implied volatility of at - the - money put options is 9.98%, down 0.04 percentage points [2]. 3.8 Industry News - Private consulting firm Safras & Mercado's survey shows that Brazil's corn export volume in January may reach 264.7 million tons, far lower than 615.8 million tons in December 2025 [2]. - Broker StoneX says Brazil's first - season corn output in the 2025/26 season is expected to be 26 million tons, a 0.5% decrease from the December forecast, mainly due to the output reduction in Santa Catarina state [2]. 3.9 Key Points to Follow - Pay attention to mysteel's weekly corn consumption, starch enterprise operating rate, and inventory on Thursday and Friday. Also, focus on the impact of downstream stockpiling on corn starch prices [3].

Report's Industry Investment Rating No investment rating mentioned in the report. Core Viewpoints of the Report - For the corn market, the US corn is in the export peak season with high short - term supply pressure, but good export conditions support the price. In the domestic market, the acquisition progress in the Northeast has passed half, and after the New Year's Day, the release of reserve corn and the directional release of imported corn continue. The feed enterprise inventory is at a normal level, and the deep - processing enterprise inventory is relatively low year - on - year. In the Huabei and Huanghuai regions, as the Spring Festival approaches, the willingness to sell grain increases, and the market supply is abundant. The corn futures price is relatively volatile recently, and it is advisable to wait and see [2]. - For the corn starch market, with the increase in the supply of new - season corn, the supply pressure remains. The starch inventory has increased week - on - week, month - on - month, and year - on - year. However, after the large increase in the price of tapioca starch, some downstream customers have repurchased corn starch, increasing the demand. The starch price has been oscillating recently, and short - term waiting and seeing is recommended [3]. Summary by Relevant Catalogs Futures Market - Corn futures: The closing price of the active contract is 2222 yuan/ton, the monthly spread (5 - 9) is - 27 yuan/ton, the open interest of the active contract is 994015 lots (down 7328 lots), the net long position of the top 20 holders is - 167858 lots (up 1031 lots), the registered warehouse receipts are 31655 lots (down 7740 lots), and the CS - C spread of the main contract is 313 yuan/ton (down 8 yuan/ton) [2]. - Corn starch futures: The closing price of the active contract is 2501 yuan/ton (down 8 yuan/ton), the monthly spread (3 - 5) is - 44 yuan/ton (down 1 yuan/ton), the open interest of the active contract is 193513 lots (down 3295 lots), the net long position of the top 20 holders is - 33413 lots (down 1803 lots), and the registered warehouse receipts are 12355 lots (unchanged) [2]. - CBOT corn futures: The closing price of the active contract is 444.5 cents/bushel (up 7.5 cents), the total open interest is 1543015 contracts (up 26463 contracts), and the non - commercial net long position is 53192 contracts (down 11680 contracts) [2]. Spot Market - Corn: The average spot price is 2354.51 yuan/ton (down 1.96 yuan/ton), the FOB price at Jinzhou Port is 2310 yuan/ton (unchanged), and the CIF price of imported corn is 2051.05 yuan/ton (up 3.76 yuan/ton) [2]. - Corn starch: The ex - factory price in Changchun is 2570 yuan/ton (unchanged), in Weifang is 2800 yuan/ton (unchanged), and in Shijiazhuang is 2730 yuan/ton (unchanged). The basis of the main corn starch contract is 69 yuan/ton (up 8 yuan/ton), and the basis of the main corn contract is 132.51 yuan/ton (up 0.04 yuan/ton) [2]. Upstream Situation - Corn production forecasts: The predicted annual production in the US is 425.53 million tons (down 1.58 million tons), in Brazil is not mentioned, in Argentina is 53 million tons (unchanged), in China is 295 million tons (unchanged), and in Ukraine is 32 million tons (unchanged) [2]. - Corn planting areas: The predicted planting areas in the US is 36.44 million hectares (up 0.55 million hectares), in Brazil is not mentioned, in Argentina is 7.5 million hectares (unchanged), in China is 44.3 million hectares (unchanged), and in Ukraine is not mentioned [2]. - Corn inventory: The inventory at southern ports is 65.8 tons (up 15.6 tons), at northern ports is 157 tons (down 31 tons), and the deep - processing corn inventory is 349.4 tons (up 11.6 tons) [2]. Industry Situation - Corn: The monthly import volume is 36 tons (up 30 tons), the monthly feed production is 2977.9 tons (up 20.9 tons), and the sample feed corn inventory days are 29.92 days (up 0.04 days) [2]. - Corn starch: The monthly export volume is 19.17 tons (up 6.39 tons), the starch enterprise inventory is 112.3 tons (up 2.1 tons, with a week - on - week increase of 1.91%, a month - on - month increase of 3.09%, and a year - on - year increase of 24.64%) [2][3]. Downstream Situation - Corn: The deep - processing corn consumption is 138.28 tons (down 1.42 tons), and the alcohol enterprise operating rate is 63.5% (down 1.38%) [2]. - Corn starch: The starch enterprise operating rate is 59.86% (down 0.6%), the processing profit in Shandong is - 8 yuan/ton (unchanged), in Hebei is 65 yuan/ton (unchanged), and in Jilin is - 56 yuan/ton (unchanged) [2]. Option Market - For corn options, the 20 - day historical volatility is 11.08% (down 0.32%), the 60 - day historical volatility is 9.29% (down 0.01%), and the implied volatility of at - the - money call and put options is 10.02% (up 0.53%) [2]. Industry News - As of the week ending January 1, 2026, the US corn export inspection volume was 1,206,913 tons, compared with the revised 1,335,028 tons last week and 877,214 tons in the same period last year [2]. - As of the week ending December 25, 2025, the net sales volume of US corn in the 2025/26 season was 756,419 tons, compared with 2,202,287 tons in the previous week [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Views - For corn: The U.S. corn is in the export peak season with high short - term supply pressure, but good export conditions and a downward - adjusted 2025/26 carry - over stock forecast support the price. In China, the grain sales progress in the Northeast is fast, with growers reluctant to sell and most grain in the hands of grain depots and traders. Feed enterprises have some inventory, while deep - processing enterprises' inventory is low year - on - year. The supply of raw corn is abundant, and the downstream product prices are weak, so the corn futures price is currently volatile and it's recommended to wait and see [3]. - For corn starch: With the increase in the new - season corn supply, the industry operation is good but there is still supply - side pressure. As of December 31, the national corn starch enterprise inventory increased. However, due to the large increase in tapioca starch price, some downstream customers repurchase corn starch, increasing its demand. The starch price has been oscillating recently, and short - term waiting is advised [3]. 3. Summary by Relevant Catalog Futures Market - Corn futures closing price (active contract) is 2224 yuan/ton, down 25 yuan; corn starch futures closing price (active contract) is 2509 yuan/ton, down 43 yuan. - Corn futures trading volume (active contract) is 1001343 lots, down 7918 lots; corn starch futures trading volume (active contract) is 196808 lots, up 1319 lots [2]. Outer - market - CBOT corn futures closing price is 437 cents/bushel, down 4 cents; CBOT corn total trading volume (weekly) is 1516552 contracts, down 6106 contracts [2]. Spot Market - The average spot price of corn is 2356.47 yuan/ton, up 0.39 yuan; the factory - quoted price of corn starch in Changchun is 2570 yuan/ton, unchanged [2]. Upstream - The predicted annual corn output in the U.S. is 425.53 million tons, down 1.58 million tons; the predicted sown area is 36.44 million hectares, up 0.55 million hectares [2]. Industry - Corn inventory at southern ports is 65.8 tons, up 15.6 tons; starch enterprise weekly inventory is 112.3 tons, up 2.1 tons [2]. Downstream - The monthly output of feed is 2977.9 tons, up 20.9 tons; the corn starch processing profit in Shandong is - 8 yuan/ton, down 5 yuan [2]. Option Market - The 20 - day historical volatility of corn is 11.4%, down 0.15%; the implied volatility of at - the - money call options for corn is 9.49%, up 0.2% [2]. Industry News - The Buenos Aires Grain Exchange (BAGE) reported that as of December 30, 84.2% of the expected 2025/26 corn planting area in Argentina was sown, with 83.1% of the sown corn rated as good or excellent [2].

Report Industry Investment Rating - Not provided Core Viewpoints - For corn, the US corn is in the export peak season with high short - term supply pressure, but the reduction of the US corn carry - over inventory forecast by USDA supports the price. In the domestic market, the increased acquisition by reserve warehouses in the Northeast provides support, yet high prices limit purchasing enthusiasm, and the price is adjusting slightly. The corn futures price has fallen from its high recently, so short - term observation is recommended [2]. - For corn starch, the supply pressure increases due to sufficient raw material supply and rising industry operating rates. However, holiday备货 and the shift of some downstream customers from expensive tapioca starch may boost demand. Affected by the decline in corn, the starch price has also dropped, and short - term observation is advised [3]. Summary by Relevant Catalogs Futures Market - Corn starch futures closing price (active contract) is 2497 yuan/ton, down 48 yuan; corn monthly spread (5 - 9) is - 30 yuan/ton, down 5 yuan; corn starch monthly spread (3 - 5) is - 1 yuan/ton, down 1 yuan. The futures closing price of CBOT corn is 443.25 cents/bushel, down 0.75 cents [2]. - Futures positions (active contract): 983336 hands for yellow corn, down 21181 hands; 61003 hands for corn starch, down 18128 hands. The net long positions of the top 20 futures holders are - 91573 hands for corn and - 32111 hands for corn starch [2]. - Registered warehouse receipts: 52466 hands for yellow corn, down 184 hands; 2500 hands for corn starch, unchanged. The CS - C spread of the main contract is 330 yuan/ton, down 3 yuan [2]. Outer Market - CBOT: The total corn positions are 1473739 contracts, up 13996 contracts. The non - commercial net long positions of corn are 67530 contracts, down 19566 contracts [2]. Spot Market - The average spot price of corn is 2347.65 yuan/ton, down 0.98 yuan; the ex - factory price of corn starch in Changchun is 2570 yuan/ton, unchanged. The FOB price of corn in Jinzhou Port is 2280 yuan/ton, down 10 yuan [2]. - The CIF price of imported corn is 2057.76 yuan/ton, up 0.02 yuan; the international freight of imported corn is 0 dollars/ton, unchanged. The basis of the corn starch main contract is 68 yuan/ton, down 3 yuan; the basis of the corn main contract is 155.65 yuan/ton, down 0.98 yuan [2]. - The price difference between Shandong starch and corn is 410 yuan/ton, down 56 yuan; the price difference between tapioca starch and corn starch is 712 yuan/ton, down 13 yuan; the price difference between corn starch and 30 - powder is - 204 yuan/ton, up 25 yuan [2]. Upstream Situation - Forecasted sown areas: 425.53 million hectares in the US, 53 million hectares in Brazil, 295 million hectares in China, and 32 million hectares in Ukraine. Forecasted yields: 131 million tons in the US, 22.6 million tons in Brazil, 44.3 million tons in China, 7.5 million tons in Argentina, and 32 million tons in Ukraine [2]. Industry Situation - Corn inventories: 13.8 million tons in southern ports, 29 million tons in northern ports. The inventory of deep - processed corn is 294 million tons, up 18.6 million tons. The weekly inventory of starch enterprises is 107.4 million tons, up 2.5 million tons [2]. - Import volume of corn is 30 million tons; export volume of corn starch is 19.17 million tons, up 6.39 million tons. The monthly output of feed is 20.9 million tons [2]. Downstream Situation - The sample feed corn inventory days are 29.48 days, down 0.05 days. The processing profit of corn starch in Shandong is - 2 yuan/ton, down 4 yuan; in Hebei is 71 yuan/ton, down 3 yuan; in Jilin is - 67 yuan/ton, unchanged [2]. - The deep - processed corn consumption is 141.29 million tons, down 0.38 million tons. The operating rate of alcohol enterprises is 62.31%, down 3%; the operating rate of starch enterprises is 65.22%, down 0.53% [2]. Option Market - The 20 - day historical volatility of corn is 9.45%, down 0.4%; the 60 - day historical volatility is 8.5%, down 0.03%. The implied volatility of at - the - money call options for corn is 7.94%, up 0.26%; the implied volatility of at - the - money put options is 7.95%, up 0.27% [2]. Industry News - Consultancy Safras & Mercado forecasts Brazil's 2025/26 corn output at 142.875 million tons, lower than the previous forecast but higher than 2024/25. The US Department of Agriculture will not issue more aid beyond the $12 billion plan, and the US corn is in the export peak season with high supply pressure [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints Corn - The US corn is in the peak export season with high short - term supply pressure. The global and US corn supply - demand is relatively loose, suppressing international corn prices. However, the USDA's downward adjustment of the 2025/26 US corn ending inventory forecast supports US corn prices [2]. - In the domestic Northeast region, the increased acquisition by reserve depots in December supports the market bottom. But high prices limit the purchasing enthusiasm of grain - using enterprises, and the release of grain sources due to the concerns of growers and traders leads to a price correction. In the North China and Huanghuai regions, the price fluctuates slightly due to the changes in the selling enthusiasm of growers and the influence of policy auction news [2]. - The corn futures price has fallen from the high level recently after the previous over - expected rise. It has high short - term volatility, and it is advisable to wait and see [2]. Corn Starch - With the increase in the supply of new - season corn, the industry operating rate has continuously recovered, increasing the supply - side pressure. However, the downstream demand is good, and the inventory of corn starch enterprises has decreased. The starch futures price has fallen synchronously with corn, and it is advisable to wait and see in the short term [3]. 3. Summary by Relevant Catalogs Futures Market - Corn starch futures closing price (active contract): 2220 yuan/ton; corn futures closing price (active contract): 2502 yuan/ton, down 11 yuan/ton [2]. - Corn monthly spread (1 - 5): - 18 yuan/ton; corn starch monthly spread (1 - 3): 8 yuan/ton, down 3 yuan/ton [2]. - Corn futures open interest (active contract): 444922 lots, down 46263 lots; corn starch futures open interest (active contract): 137793 lots, down 8866 lots [2]. - Net long positions of the top 20 futures holders: - 103390 lots for corn, - 33318 lots for corn starch, up 1952 lots [2]. - Registered warehouse receipts: 56230 lots for yellow corn, 2500 lots for corn starch [2]. - CS - C spread of the main contract: 329 yuan/ton [2]. Outer - market - CBOT corn futures closing price (active contract): 439.5 cents/bushel; CBOT corn total open interest (weekly): 1616139 contracts, up 13001 contracts [2]. - CBOT corn non - commercial net long positions: 120900 contracts [2]. Spot Market - Average spot price of corn: 2353.92 yuan/ton, down 1.96 yuan/ton; factory quotation of corn starch in Changchun: 2590 yuan/ton [2]. - FOB price of corn in Jinzhou Port: 2290 yuan/ton, down 30 yuan/ton; factory quotation of corn starch in Weifang: 2800 yuan/ton [2]. - CIF price of imported corn: 2122.58 yuan/ton, down 18.49 yuan/ton; factory quotation of corn starch in Shijiazhuang: 2730 yuan/ton [2]. - International freight of imported corn: 50 US dollars/ton, down 2 US dollars/ton; basis of the main corn starch contract: 77 yuan/ton, up 13 yuan/ton [2]. Upstream Situation - Forecasted sown area of corn in the US: 425.53 million hectares; forecasted yield: 36.44 million tons, up 0.55 million tons [2]. - Forecasted sown area of corn in Brazil: 131 million hectares; forecasted yield: 22.6 million tons [2]. - Forecasted sown area of corn in Argentina: 53 million hectares; forecasted yield: 7.5 million tons [2]. - Forecasted sown area of corn in China: 295 million hectares; forecasted yield: 44.3 million tons [2]. - Forecasted yield of corn in Ukraine: 32 million tons [2]. Industry Situation - Corn inventory in southern ports: 31.5 million tons, down 20.2 million tons; deep - processing corn inventory: 294 million tons, up 18.6 million tons [2]. - Corn inventory in northern ports: 152 million tons, down 11 million tons; weekly inventory of starch enterprises: 104.9 million tons, down 0.5 million tons [2]. - Monthly import volume of corn: 36 million tons; monthly export volume of corn starch: 19170 tons, up 6390 tons [2]. - Monthly output of feed: 2957 million tons, down 171.7 million tons; processing profit of corn starch in Shandong: 6 yuan/ton, down 7 yuan/ton [2]. Downstream Situation - Inventory days of sample feed corn: 29.53 days, up 0.86 days; processing profit of corn starch in Hebei: 82 yuan/ton [2]. - Deep - processing corn consumption: 141.67 million tons, down 0.09 million tons; processing profit of corn starch in Jilin: - 54 yuan/ton [2]. - Operating rate of alcohol enterprises: 68.22%, down 2.06 percentage points; operating rate of starch enterprises: 62.84%, up 1.18 percentage points [2]. Option Market - 20 - day historical volatility of corn: 11.92%, up 0.27 percentage points; 60 - day historical volatility of corn: 9.48%, up 0.09 percentage points [2]. - Implied volatility of at - the - money call options for corn: 8.59%, down 7.1 percentage points; implied volatility of at - the - money put options for corn: 8.58%, down 7.11 percentage points [2]. Industry News - As of December 11, the sowing of the first - season corn in the central and southern regions of Brazil in the 2025/26 season has ended, and the focus is on weather and crop growth [2]. - In the week ending December 11, 2025, the US corn export inspection volume was 1,582,995 tons, compared with the revised 1,740,898 tons last week and 1,153,344 tons in the same period last year [2].

1. Report Industry Investment Rating - No information provided 2. Core Views of the Report - For the corn market, the international corn price is suppressed by high supply pressure and relatively loose global and US corn supply - demand. However, the strong US domestic spot market and good export demand support the price. In the domestic market, Northeast China's increased reserve acquisition supports the market bottom, but some farmers' selling enthusiasm and enterprises' wait - and - see lead to a narrowing of the upward range. In North China and the Huang - Huai region, the price fluctuates narrowly. The corn futures price has fallen from a high recently, and short - term observation is recommended [2]. - For the corn starch market, the supply pressure increases due to abundant raw material supply and rising industry operating rate. But the demand is good, and the inventory has decreased. Affected by the fall of corn prices, the starch price has also fallen, and short - term observation is recommended [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Corn futures: The closing price of the active contract is 2236 yuan/ton, with a decrease of 30 yuan/ton compared to the previous period. The net long position of the top 20 futures holdings is - 125832 hands, a decrease of 2066 hands. The registered warehouse receipt volume is 59705 hands [2]. - Corn starch futures: The closing price of the active contract is 2522 yuan/ton, an increase of 7 yuan/ton. The net long position of the top 20 futures holdings is - 40774 hands, a decrease of 13862 hands. The registered warehouse receipt volume is 0 hands [2]. - The CS - C spread of the main contract is 337 yuan/ton, a decrease of 13 yuan/ton [2]. 3.2 Outer Market - CBOT corn futures: The closing price of the active contract is 444 cents/bushel, a decrease of 1 cent/bushel. The total position is 1637907 contracts, a decrease of 6343 contracts. The non - commercial net long position is 69481 contracts, a decrease of 13862 contracts [2]. 3.3 Spot Market - Corn: The average spot price is 2359.22 yuan/ton, a decrease of 1.37 yuan/ton. The flat - hatch price at Jinzhou Port is 2310 yuan/ton, a decrease of 20 yuan/ton. The CIF price of imported corn is 2146.53 yuan/ton, an increase of 0.89 yuan/ton [2]. - Corn starch: The factory - quoted price in Changchun is 2590 yuan/ton, unchanged; in Weifang is 2800 yuan/ton, unchanged; in Shijiazhuang is 2730 yuan/ton, unchanged [2]. 3.4 Upstream Situation - The predicted sown area and yield of corn in the US, Brazil, Argentina, China, and Ukraine show different figures, with no change in the predicted yield for most regions. The corn inventory in southern ports is 51.7 tons, a decrease of 8.2 tons; the deep - processing corn inventory is 275.4 tons, an increase of 5.6 tons [2]. 3.5 Industry Situation - The corn inventory in northern ports is 163 tons, an increase of 23 tons. The weekly inventory of starch enterprises is 105.4 tons, a decrease of 1.5 tons. The monthly import volume of corn is 6 tons, an increase of 2 tons; the monthly export volume of corn starch is 12.78 tons, a decrease of 2.02 tons [2]. 3.6 Downstream Situation - The monthly output of feed is 2957 tons, a decrease of 171.7 tons. The processing profit of corn starch in Shandong is 6 yuan/ton, unchanged; in Hebei is 100 yuan/ton, unchanged; in Jilin is - 62 yuan/ton, unchanged. The alcohol enterprise operating rate is 70.28%, a decrease of 1.06%; the starch enterprise operating rate is 61.66%, an increase of 0.28% [2]. 3.7 Option Market - The 20 - day historical volatility of corn is 1.99%, and the 60 - day historical volatility is 10.82%, an increase of 0.53%. The implied volatility of at - the - money call and put options for corn is 10.27%, a decrease of 2.63% [2]. 3.8 Industry News - As of December 4, the first - season corn sowing in the central - southern region of Brazil in the 2025/26 season is almost over. - In the week ending December 4, 2025, the US corn export inspection volume was 1,452,822 tons, lower than the previous week and higher than the same period last year [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **Corn**: Globally, the end of the US corn harvest has increased supply pressure, and the relatively loose supply - demand of global and US soybeans has suppressed international corn prices. In China, in the Northeast region, low - temperature storage conditions, farmers' reluctance to sell, and transportation bottlenecks support the bottom price. With rising processing profits and higher operating rates, consumption and procurement by enterprises are increasing, and purchase prices remain strong. In the North China and Huanghuai regions, high mold rates due to rainy weather during the harvest have led to quality issues. After building inventories, feed and processing enterprises adjust prices flexibly. Corn futures are generally strong but have slowed down recently, and caution is advised when chasing the rise [2]. - **Starch**: As new - season corn supply increases, the industry's operating rate rises, increasing supply pressure. However, downstream demand is good, and some customers have switched back to corn starch due to the large increase in tapioca starch prices. The inventory of corn starch enterprises has decreased. Starch futures have also slowed down after a continuous rise, and caution is needed when chasing the rise [3]. 3. Summary by Directory 3.1 Futures Market - Corn starch futures closing price (active contract) is 2542 yuan/ton, down 24 yuan/ton [2]. - Corn monthly spread (1 - 5) is - 3 yuan/ton, up 6 yuan/ton; corn starch monthly spread (1 - 3) is - 37 yuan/ton [2]. - Corn futures open interest (active contract) is 950183 lots, down 9437 lots; corn starch futures open interest (active contract) is 230178 lots, down 7962 lots [2]. - Net long positions of the top 20 in corn starch futures are - 180343 lots, down 1441 lots; for corn, it is - 35223 lots [2]. - Registered warehouse receipts for yellow corn are 60215 lots, and for corn starch, it is 0 lots [2]. - The CS - C spread of the main contract is 358 yuan/ton [2]. 3.2 Outer Market - CBOT corn futures closing price (active contract) is 447.75 cents/bushel, up 1.5 cents/bushel [2]. - CBOT corn total open interest (weekly) is 1655731 contracts, up 59370 contracts [2]. - CBOT corn non - commercial net long positions are - 120964 contracts, down 28611 contracts [2]. 3.3 Spot Market - Average spot price of corn is 2331.67 yuan/ton, up 1.87 yuan/ton [2]. - Factory quotes for corn starch in Changchun, Weifang, and Shijiazhuang are 2590 yuan/ton, 2800 yuan/ton, and 2730 yuan/ton respectively, with no change [2]. - FOB price of corn in Jinzhou Port is 2290 yuan/ton, with no change; CIF price of imported corn is 2021.85 yuan/ton, down 0.63 yuan/ton; international freight for imported corn is 0 dollars/ton [2]. - The basis of the main corn starch contract is 24 yuan/ton, up 6 yuan/ton; the basis of the main corn contract is 95.67 yuan/ton, up 9.87 yuan/ton [2]. - The price difference between Shandong starch and corn (weekly) is 470 yuan/ton, down 20 yuan/ton [2]. - The price difference between tapioca starch and corn starch (weekly) is 601 yuan/ton, up 147 yuan/ton; the price difference between corn starch and 30 - powder is - 225 yuan/ton, down 1 yuan/ton [2]. 3.4 Upstream Situation - Forecasted sown area and production of corn in the US, Brazil, Argentina, China, and Ukraine are provided. For example, the sown area of corn in the US is 427.11 million hectares, up 0.55 million hectares; production is 131 million tons [2]. - Corn inventory in southern ports (weekly) is 59.9 tons, down 2.9 tons; deep - processing corn inventory (weekly) is 269.8 tons, down 2.9 tons [2]. 3.5 Industry Situation - Corn inventory in northern ports (weekly) is 140 tons, up 6 tons; starch enterprise weekly inventory (weekly) is 106.9 tons, down 4 tons [2]. - Monthly import volume of corn is 6 tons, down 2 tons; monthly export volume of corn starch is 12.78 tons, down 2.02 tons [2]. - Monthly production of feed is 2957 tons, down 171.7 tons; corn starch processing profit in Shandong is - 6 yuan/ton, down 7 yuan/ton; in Hebei, it is 97 yuan/ton, with no change; in Jilin, it is - 43 yuan/ton, with no change [2]. - Sample feed corn inventory days (weekly) is 27.83 days, up 1.6 days [2]. 3.6 Downstream Situation - Deep - processing corn consumption (weekly) is 142.34 tons, up 4.03 tons [2]. - Alcohol enterprise operating rate (weekly) is 71.34%, up 1.89%; starch enterprise operating rate (weekly) is 61.38%, up 0.49% [2]. 3.7 Option Market - 20 - day historical volatility of corn is 8.6%, down 0.24%; 60 - day historical volatility is 8.44%, down 0.08% [2]. - Implied volatility of at - the - money call options for corn is 8.83%, down 3.16%; for at - the - money put options, it is 8.83%, down 3.4% [2]. 3.8 Industry News - As of November 26, the sown area of the 2025/26 corn season in Argentina reached 39.3% of the expected area, up 2% from the previous week [2]. - Analysts predict that the net export sales volume of US corn for the week ending October 23, 2025, will be between 1.1 million and 2.5 million tons [2]. 3.9 Key Focus The weekly consumption of corn and the operating rate and inventory of starch enterprises from Thursday to Friday as reported by Mysteel [3].