Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In the corn market, the USDA's November supply - demand report shows a slightly bearish outlook for US corn, but in the domestic market, cold weather in Northeast and North China has led to farmers' reluctance to sell, reduced available grain sources, and stronger corporate purchase prices. Corn futures prices have strengthened recently, and short - term observation is recommended [2]. - In the starch market, with the increase in new - season corn supply, the industry's operating rate has recovered, increasing supply - side pressure. However, the current supply - demand structure is good, downstream demand is acceptable, and enterprise sales are smooth. Starch futures have oscillated and risen in tandem with the corn market, and short - term observation is recommended [3]. 3. Summary by Directory Futures Market - Corn starch futures closing price (active contract) is 2182 yuan/ton, and the corn starch futures closing price (active contract) of another data is 2489 yuan/ton, down 16 yuan. Corn monthly spread (1 - 5) is - 61 yuan/ton, and corn starch monthly spread (1 - 3) is 2 yuan, down 3 yuan. Corn futures open interest (active contract) is 934047 lots, down 13255 lots, and corn starch futures open interest (active contract) is 227112 lots, down 10823 lots [2]. Outer - disc Market - CBOT corn futures closing price (active contract) is 430.25 cents/bushel, and CBOT corn total open interest (weekly) is 1543065 contracts, up 13269 contracts. CBOT corn non - commercial net long position is - 51186 contracts, down 15017 contracts [2]. Spot Market - The average spot price of corn is 2275.29 yuan/ton, the ex - factory price of corn starch in Changchun is 2510 yuan/ton, unchanged; the ex - factory price in Weifang is 2750 yuan/ton, unchanged; the ex - factory price in Shijiazhuang is 2680 yuan/ton, unchanged [2]. Upstream Situation - The predicted sown area of corn in the US is 427.11 million hectares, the predicted yield is 131 million tons; in Brazil, the predicted sown area is 36.44 million hectares, the predicted yield is 22.6 million tons; in Argentina, the predicted sown area is 53 million hectares, the predicted yield is 7.5 million tons; in China, the predicted sown area is 295 million hectares, the predicted yield is 44.3 million tons [2]. Industry Situation - Corn inventory in southern ports is 320,000 tons, in northern ports is 1240,000 tons, down 0.5 tons from the previous week. The monthly import volume of corn is 60,000 tons, and the monthly export volume of corn starch is 12,780 tons, down 2,020 tons [2]. Downstream Situation - The monthly output of feed is 3128.7 million tons, the corn starch processing profit in Shandong is 25 yuan/ton, down 10 yuan; in Hebei is 104 yuan/ton, down 10 yuan; in Jilin is 22 yuan/ton, down 20 yuan. The alcohol enterprise operating rate is 67.29%, and the starch enterprise operating rate is 63.48%, up 0.71% [2]. Option Market - The 20 - day historical volatility of corn is 8.57%, down 0.76%; the 60 - day historical volatility is 7.7%, down 0.09%. The implied volatility of at - the - money call options for corn is 5.92%, down 1.64%; the implied volatility of at - the - money put options is 5.92%, down 1.64% [2]. Industry News - The USDA's November supply - demand report shows that the expected US corn yield in the 2025/26 season is adjusted down to 1.6752 billion bushels, the export target is increased by 100 million bushels to 3.075 billion bushels, and the ending inventory is increased [2]. Key Points of Attention - Monitor the weekly corn consumption data from Mysteel and the operating rate and inventory of starch enterprises on Thursday and Friday [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **Corn**: In the US, as the corn harvest progresses, supply pressure will gradually increase, but the recent rise in soybeans and wheat provides spill - over support. In China, the main producing areas are in the stage of releasing sales pressure, with sufficient market supply. Feed and deep - processing rigid demand exists, and the expansion of CGS storage acquisition boosts traders' enthusiasm. The futures market showed a slightly stronger trend at the end of the day, and short - term observation is recommended [2]. - **Corn Starch**: With the increase in new - season corn supply and the recovery of processing profits, the industry's operating rate has continuously rebounded, increasing supply - side pressure. However, downstream signing and提货 have slowed down slightly, and inventory has increased slightly. The futures market fluctuated and closed higher along with the corn market, and short - term observation is recommended [3]. 3. Summary by Relevant Catalogs Futures Market - **Prices**: The closing price of the 20 - corn starch futures active contract was 2469 yuan/ton, down 9 yuan; the corn monthly spread (1 - 5) was 18 yuan/ton, down 1 yuan; the corn starch monthly spread (1 - 3) was - 90 yuan/ton; the CS - C spread of the main contract was 345 yuan/ton [2]. - **Positions**: The futures positions of the active contracts of yellow corn and corn starch were 970616 hands and 222626 hands respectively, with an increase of 34867 hands and 7374 hands. The net long positions of the top 20 futures holders of corn and corn starch were - 91289 hands and - 59953 hands respectively, with an increase of 11371 hands and 723 hands. The registered warehouse receipts of yellow corn and corn starch were 0 hands and 12453 hands respectively [2]. Outer - Disk Market - The closing price of the active contract of CBOT corn was 4.25 cents per bushel, and the total position of CBOT corn was 1543065 contracts, an increase of 13269 contracts. The non - commercial net long position of CBOT corn was - 15017 contracts, a decrease of 51186 contracts [2]. Spot Market - **Corn Prices**: The average spot price of corn was 2236.47 yuan/ton, down 1.18 yuan; the flat - hatch price of corn at Jinzhou Port was 2150 yuan/ton; the CIF price of imported corn was 2054.11 yuan/ton, up 69.58 yuan; the international freight of imported corn was 0 US dollars/ton [2]. - **Corn Starch Prices**: The ex - factory quotes of corn starch in Changchun, Weifang, and Shijiazhuang were 2510 yuan/ton, 2750 yuan/ton, and 2680 yuan/ton respectively, with no change. The basis of the main corn starch contract was 41 yuan, down 18 yuan; the basis of the main corn contract was - 18.82 yuan, down 2.33 yuan [2]. - **Substitute Prices**: The average spot price of wheat was 2487.67 yuan/ton, down 3.51 yuan; the spread between cassava starch and corn starch was 291 yuan, down 7 yuan; the spread between corn starch and 30 - powder was - 236 yuan, down 2 yuan [2]. Upstream Situation - **Sowing and Yield Forecast**: The predicted sowing areas of corn in the US, Brazil, Argentina, China, and Ukraine were 36.44 million hectares, etc., and the predicted yields were 131 million tons, etc. [2]. - **Inventory**: The corn inventory in southern ports was 12.7 million tons, and the deep - processing corn inventory was 282.7 million tons, an increase of 49.3 million tons. The corn inventory in northern ports was 108 million tons [2]. Industry Situation - **Inventory**: The weekly inventory of starch enterprises was 112.8 million tons, a decrease of 1.2 million tons; the monthly import volume of corn was 6 million tons, and the monthly export volume of corn starch was 12780 tons, a decrease of 2020 tons [2]. Downstream Situation - **Output and Consumption**: The monthly output of feed was 201.5 million tons; the weekly consumption of deep - processing corn was 8.99 million tons; the alcohol enterprise operating rate was 68.42%, and the starch enterprise operating rate was 58.86%, an increase of 3.24 percentage points [2]. - **Profit**: The processing profits of corn starch in Shandong, Hebei, and Jilin were 59 yuan/ton, 124 yuan/ton, and 114 yuan/ton respectively, with a decrease of 5 yuan/ton, 8 yuan/ton, and no change [2]. Option Market - The 20 - day and 60 - day historical volatilities of corn were 9.31% and 7.38% respectively, with a decrease of 0.04 percentage points and 0.17 percentage points. The implied volatilities of at - the - money call and put options of corn were 8.12%, an increase of 1.11 percentage points [2]. Industry News - As of November 3, the planting progress of the first - season corn in Brazil's Paraná state in the 2025/26 season was 99%, up from 98% last week and the same as last year [2]. - China will cancel the maximum 15% retaliatory tariffs on some US agricultural products starting from November 10, while retaining the 10% additional tax [2]. - Analysts expect that as of November 2, the US corn harvest was 83% complete, up from 72% a week ago [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - For corn, as the U.S. corn harvest progresses, supply pressure will gradually increase, though the recent significant rise in U.S. soybeans provides spill - over support for U.S. corn prices. In the domestic market, the Northeast has sufficient supply, and the upward space for spot prices is limited. In the North China and Huanghuai regions, prices fluctuate slightly. Corn futures prices are in low - level consolidation, and short - term observation is recommended [2]. - For starch, with the increasing supply of new - season corn and the recovery of processing profits and industry operating rates, supply - side pressure is rising. However, downstream signing and picking up have slowed down, and inventory has increased slightly. Starch futures are oscillating in tandem with the corn market, and short - term watching is advised [3]. 3. Summary by Related Catalogs 3.1 Futures Market - Corn starch futures closing price (active contract) is 2134 yuan/ton, corn monthly spread (1 - 5) is - 4 yuan/ton, and corn starch monthly spread (1 - 3) is - 101 yuan/ton. Futures positions, net buying volume of the top 20 positions, and registered warehouse receipts for both corn and corn starch are also provided [2]. 3.2 Outer - market - CBOT corn futures closing price (active contract) is - 4 cents/bushel, CBOT corn total positions are 1543065 (weekly), and non - commercial net long positions are - 51186 (weekly) [2]. 3.3 Spot Market - The average spot price of corn is 2234.31 yuan/ton, and the factory - quoted prices of corn starch in different regions such as Changchun, Weifang, and Shijiazhuang are provided. There are also data on import prices, freight, and various price spreads [2]. 3.4 Upstream Situation - Forecasted sowing areas and yields of corn in the U.S., Brazil, Argentina, China, and Ukraine are presented. Corn inventories in southern and northern ports and deep - processing inventories are also included [2]. 3.5 Industry Situation - Corn inventories in ports, starch enterprise inventories, import and export volumes of corn and corn starch, and feed production are shown [2]. 3.6 Downstream Situation - Deep - processing corn consumption, corn starch processing profits in different regions, alcohol and starch enterprise operating rates are provided [2]. 3.7 Option Market - Historical volatility and implied volatility of corn options are given [2]. 3.8 Industry News - Analysts expect that as of November 2, the U.S. corn harvest was 83% complete, higher than the previous week's estimate. S&P Global Commodity Insights predicts that the U.S. 2025 corn output will be 16.803 billion bushels, higher than last month's forecast [2]. 3.9 Key Focus - Thursday and Friday's mysteel corn weekly consumption, as well as starch enterprise operating rates and inventory situations should be monitored [3].

Report Industry Investment Rating - Not provided in the report Core Views - International corn market maintains low - level volatile as US corn supply pressure increases with harvest progress, but market expects US corn yield to be lower than USDA's previous forecast; domestic corn prices show a slight rebound in Northeast due to improved storage, farmers' reluctance to sell, and traders' positive actions, while in North China and Huanghuai, market is more stable with slow sales and low - level arrival at deep - processing enterprises. Corn futures prices maintain low - level consolidation, and short - term observation is recommended [2] - Corn starch faces cost support decline due to increased new - season corn supply, and still has market demand squeezed by cassava starch; however, industry operation rate is lower than usual, and with good order fulfillment, enterprise inventory has slightly decreased. Starch futures move in tandem with the corn market, and short - term observation is recommended [3] Summary by Relevant Catalogs Futures Market - Corn starch futures closing price (active contract) is 2135 yuan/ton, down 97 yuan; corn futures closing price (active contract) is 2444 yuan/ton, down 11 yuan; corn starch monthly spread (1 - 3) is - 2 yuan, and corn monthly spread (1 - 5) is - 9 yuan [2] - Corn futures open interest (active contract) is 927070 lots, down 479 lots; corn starch futures open interest (active contract) is 213454 lots, down 2229 lots [2] - Net long positions of the top 20 futures holders for corn are - 87776 lots, down 1588 lots; for corn starch, net long positions are - 63035 lots [2] - Registered warrants for yellow corn are 66351 lots, and for corn starch are 12453 lots, unchanged [2] - The spread between the main CS and C contracts is 340 yuan/ton [2] Outer Market - CBOT corn futures closing price (active contract) is 434.75 cents/bushel, up 3.75 cents; CBOT corn total open interest (weekly) is 1543065 contracts, up 13269 contracts [2] - CBOT corn non - commercial net long positions are - 51186 contracts, down 15017 contracts [2] Spot Market - Average spot price of corn is 2234.31 yuan/ton, up 0.58 yuan; factory - quoted price of corn starch in Changchun is 2510 yuan/ton, unchanged [2] - FOB price of corn in Jinzhou Port is 2150 yuan/ton, unchanged; factory - quoted price of corn starch in Weifang is 2750 yuan/ton, unchanged [2] - CIF price of imported corn is 1981.94 yuan/ton, up 0.67 yuan; factory - quoted price of corn starch in Shijiazhuang is 2680 yuan/ton, unchanged [2] - Basis of the main corn starch contract is 57 yuan, down 13 yuan; basis of the main corn contract is 99.31 yuan, up 6.58 yuan [2] - Spread between Shandong starch and corn (weekly) is 614 yuan, up 52 yuan; spread between cassava starch and corn starch (weekly) is 291 yuan, down 7 yuan [2] - Spread between corn starch and 30 - powder is - 234 yuan, up 1 yuan [2] Upstream Situation - Forecasted sown area of corn in the US is 427.11 million hectares, and forecasted yield is 36.44 million tons, up 0.55 million tons [2] - Forecasted sown area of corn in Brazil is 131 million hectares, and forecasted yield is 22.6 million tons, unchanged [2] - Forecasted sown area of corn in Argentina is 53 million hectares, and forecasted yield is 7.5 million tons, unchanged [2] - Forecasted sown area of corn in China is 295 million hectares, and forecasted yield is 44.3 million tons, unchanged [2] - Forecasted yield of corn in Ukraine is 32 million tons [2] - Corn inventory at southern ports is 60.7 million tons, up 49.3 million tons; deep - processing corn inventory is 282.7 million tons [2] - Corn inventory at northern ports is 108 million tons, and starch enterprise weekly inventory is 112.8 million tons, down 1.2 million tons [2] Industrial Situation - Monthly import volume of corn is 6 million tons, and monthly export volume of corn starch is 12780 tons, down 2020 tons [2] Downstream Situation - Monthly output of feed is 3128.7 million tons; corn starch processing profit in Shandong is 64 yuan/ton, up 3 yuan [2] - Sample feed corn inventory days are 24.1 days, up 0.06 days; corn starch processing profit in Hebei is 132 yuan/ton, unchanged [2] - Deep - processing corn consumption is 135.32 million tons; corn starch processing profit in Jilin is 114 yuan/ton, down 1 yuan [2] - Alcohol enterprise operation rate is 68.42%, and starch enterprise operation rate is 58.86%, up 3.24 percentage points [2] Option Market - 20 - day historical volatility of corn is 9.32%, up 0.13 percentage points; 60 - day historical volatility of corn is 7.53%, up 0.08 percentage points [2] - Implied volatility of at - the - money call options for corn is 9.1%, down 0.31 percentage points; implied volatility of at - the - money put options for corn is 9.1%, down 0.31 percentage points [2] Industry News - As of October 30, the sowing progress of the first - season corn in the central and southern regions of Brazil in the 2025/26 season is 60%, compared with 55% a week ago and 59% in the same period last year [2] - For the week ending October 30, 2025, the US corn export inspection volume is 1668781 tons, compared with 1242451 tons last week and 800209 tons in the same period last year [2]

Report Investment Rating - No investment rating information provided Core Views - For corn, with the U.S. corn harvest advancing, supply pressure will gradually increase, but the expected lower U.S. corn yield and the Sino - U.S. trade agreement expectation support the market. In China, the new corn supply is increasing, leading to a slight decline in purchase prices. Corn futures prices are in a low - level consolidation [2]. - For corn starch, the increasing supply of raw corn weakens cost support, and the substitution of tapioca starch squeezes market demand. However, the lower - than - usual industry operation rate, good order fulfillment, and slightly decreased inventory are positive factors. Starch futures prices move in sync with the corn market and are recommended for short - term observation [2][3]. Section Summaries Futures Market - Corn futures closing price (active contract) is 2116 yuan/ton, down 105 yuan/ton; corn starch futures closing price (active contract) is 2427 yuan/ton, down 11 yuan/ton. Corn futures open interest (active contract) is 925389 hands, and corn starch futures open interest (active contract) is 208744 hands, down 1335 hands [2]. Outer - market - CBOT corn futures closing price (active contract) is 3.75 cents/bushel, and the total open interest is 1543065 contracts, up 13269 contracts. Non - commercial net long positions are - 51186 contracts, down 15017 contracts [2]. Spot Market - The average spot price of corn is 2242.75 yuan/ton, and the ex - factory price of corn starch in Changchun is 2510 yuan/ton, unchanged [2]. Upstream - Forecasted corn planting areas in the U.S., Brazil, Argentina, China, and Ukraine are 427.11, 36.44, 22.6, 44.3, and 32 million hectares respectively, with forecasted yields of 53, 7.5, 295, 44.3, and 32 million tons respectively, all unchanged [2]. Industry - Corn inventories in southern and northern ports are 9.3 and 11 million tons respectively, and the starch enterprise weekly inventory is 112.8 million tons, down 1.2 million tons [2]. Downstream - The monthly output of feed is 201.5 million tons, and the processing profit of corn starch in Shandong is 128 yuan/ton, down 7 yuan/ton [2]. Options Market - The 20 - day historical volatility of corn is 8.48%, down 0.43%, and the implied volatility of at - the - money call options is 10.24%, up 0.74% [2]. Industry News - As of October 26, the U.S. corn harvest was 72% complete, up from 59% a week ago. As of October 25, Brazil's 2025/26 first - season corn planting was 40.0% complete, up from 33.2% last week [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - The U.S. government shutdown has led to the non - release of the crop progress report by the U.S. Department of Agriculture, causing cautious market trading. As the U.S. corn harvest progresses, supply pressure will gradually increase, putting downward pressure on U.S. corn prices. However, the estimated lower corn yield in the U.S. this year than the previous USDA forecast provides some support for prices [3]. - In the domestic Northeast region, the accelerated harvest of new - season corn, the purchase of new grain by multiple Sinograin direct - affiliated warehouses, and the improvement of corn storage conditions have led to a slowdown in the shipment of some growers. Although deep - processing enterprises have raised quotes, the pressure of concentrated supply of new - season corn still exists, and prices fluctuate slightly. In the North China and Huanghuai regions, the remaining grain in the market is scarce, and the market supply is increasing rapidly, causing the purchase price to fluctuate weakly [3]. - For corn starch, the increasing supply of new - season corn reduces cost support, and the substitution advantage of tapioca starch squeezes market demand. However, the industry's operating rate is lower than the same period in previous years, the supply - side pressure is not large, and enterprise inventories have slightly declined. The corn starch market is generally in a bearish trend [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Corn futures: The closing price of the active contract is 2140 yuan/ton, up 7 yuan; the 1 - 5 monthly spread is - 104 yuan/ton, up 2 yuan; the open interest of the active contract is 892,982 lots, up 39,613 lots; the net long position of the top 20 futures holders is - 74,538 lots, up 1,689 lots; the registered warehouse receipts are 61,968 lots, unchanged [2]. - Corn starch futures: The closing price of the active contract is 2450 yuan/ton, up 24 yuan; the 11 - 1 monthly spread is - 21 yuan/ton, down 5 yuan; the open interest of the active contract is 207,369 lots, up 5,801 lots; the net long position of the top 20 futures holders is - 51,697 lots, up 7,186 lots; the registered warehouse receipts are 12,504 lots, unchanged; the CS - C spread of the main contract is 344 yuan/ton, up 6 yuan [2]. - CBOT corn futures: The closing price of the active contract is 423.75 cents/bushel, up 4 cents; the total open interest is 1,543,065 contracts, up 13,269 contracts; the non - commercial net long position is - 51,186 contracts, down 15,017 contracts [2]. 3.2 Spot Market - Corn: The average spot price is 2253.33 yuan/ton, down 4.91 yuan; the FOB price at Jinzhou Port is 2180 yuan/ton, unchanged; the CIF price of imported corn is 1981.94 yuan/ton, down 0.33 yuan; the international freight of imported corn is 44 US dollars/ton, unchanged; the basis of the main corn contract is 113.33 yuan/ton, down 11.91 yuan [2]. - Corn starch: The ex - factory quotes in Changchun, Weifang, and Shijiazhuang are 2510 yuan/ton, 2750 yuan/ton, and 2680 yuan/ton respectively, all unchanged; the basis of the main corn starch contract is 84 yuan/ton, up 3 yuan; the spread between Shandong starch and corn is 490 yuan/ton, up 44 yuan; the spread between tapioca starch and corn starch is 299 yuan/ton, up 31 yuan; the spread between corn starch and 30 - powder is - 184 yuan/ton, up 2 yuan [2]. 3.3 Upstream Situation - Forecasted sown areas: In the U.S., it is 425.26 million hectares; in Brazil, it is 131 million hectares; in Argentina, it is 53 million hectares; in China, it is 295 million hectares; in Ukraine, it is 32 million hectares, all unchanged except for Ukraine which is up 1.5 million hectares [2]. - Forecasted yields: In the U.S., it is 36.44 million tons; in Brazil, it is 22.6 million tons; in Argentina, it is 7.5 million tons; in China, it is 44.3 million tons, all unchanged except for Brazil which is up 0.55 million tons [2]. - Corn inventories: In southern ports, it is 38.7 million tons, up 5.5 million tons; in northern ports, it is 93 million tons, down 22 million tons; the deep - processing corn inventory is 203.6 million tons, down 8.2 million tons [2]. 3.4 Industry Situation - Import and export: The monthly import volume of corn is 4 million tons, down 2 million tons; the monthly export volume of corn starch is 14,800 tons, down 1,140 tons [2]. - Production: The monthly production of feed is 2,927.2 million tons, up 99.9 million tons [2]. - Corn starch processing profits: In Shandong, it is 75 yuan/ton, up 20 yuan; in Hebei, it is 89 yuan/ton, unchanged; in Jilin, it is 55 yuan/ton, unchanged [2]. 3.5 Downstream Situation - Feed: The sample feed corn inventory days are 24.44 days, down 0.05 days; the deep - processing corn consumption is 122.31 million tons, up 3.04 million tons [2]. - Alcohol and starch enterprises: The alcohol enterprise operating rate is 53.19%, down 1.77%; the starch enterprise operating rate is 55.62%, down 1.12% [2]. 3.6 Option Market - Corn historical volatility: The 20 - day historical volatility is 8.32%, up 0.18%; the 60 - day historical volatility is 6.88%, up 0.06% [2]. - Corn option implied volatility: The implied volatility of at - the - money call options is 10.28%, down 0.13%; the implied volatility of at - the - money put options is 10.28%, down 0.13% [2]. 3.7 Industry News - As of October 20, the planting progress of the first - season corn in the 2025/26 season in Brazil's Paraná state was 94%, up from 90% last week [2]. - The Trump administration plans to provide a new round of aid funds to farmers affected by the trade war and bumper harvests and restart some core functions of the U.S. Department of Agriculture during the government shutdown [2].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - **Corn**: The supply pressure of US corn will gradually increase as the harvest progresses, putting downward pressure on prices. In the domestic market, the enthusiasm of farmers in the Northeast to sell grain has slightly decreased due to snowfall. The purchasing scope of Sinograin is expanding, and some traders and enterprises are more willing to build inventories in advance. The arrival of grain at enterprise factories has significantly decreased, and the price cut of deep - processing enterprises has also decreased. The corn futures price rebounded slightly today, but the overall price is expected to weaken as the supply of new - season corn increases [2]. - **Corn Starch**: The cost support of corn starch has declined as the price of raw material corn weakens. After the holiday, the industry's operating rate has increased significantly, and the inventory has slightly increased. The industry inventory is still high, and the substitution advantages of cassava starch and wheat starch still exist, squeezing the market demand for corn starch. The starch market maintains a bearish outlook [3]. 3. Summary by Relevant Catalogs **Futures Market** - Corn starch futures closing price (active contract) is 2380 yuan/ton, with a daily increase of 6 yuan/ton. - The corn monthly spread (1 - 5) is - 112 yuan/ton, and the corn starch monthly spread (11 - 1) is - 30 yuan/ton, a decrease of 20 yuan/ton. - The futures holding volume of yellow corn (active contract) is 30648 hands, and that of corn starch is 53048 hands, a decrease of 10702 hands. - The net long position of the top 20 futures holders of corn starch is - 52803 hands, a decrease of 3788 hands [2]. **External Market** - The futures closing price of CBOT corn (active contract) is 423 cents per bushel. - The total position of CBOT corn (weekly) is 1543065 contracts, an increase of 13269 contracts. - The non - commercial net long position of CBOT corn (weekly) is - 15017 contracts, a decrease of 51186 contracts [2]. **Spot Market** - The average spot price of corn is 2262.75 yuan/ton, a decrease of 0.39 yuan/ton. - The factory - quoted price of corn starch in Changchun is 2510 yuan/ton, unchanged. - The basis of the corn starch main contract is 130 yuan/ton, a decrease of 6 yuan/ton [2]. **Upstream Situation** - The predicted sown area of corn in the US is 425.26 million hectares, and the predicted output is 35.89 million tons, an increase of 0.77 million tons. - The predicted sown area of corn in Brazil is 131 million hectares, and the predicted output is 22.6 million tons. - The predicted sown area of corn in Argentina is 53 million hectares, and the predicted output is 7.5 million tons [2]. **Industrial Situation** - The corn inventory in southern ports is 203.6 million tons, a decrease of 8.2 million tons. - The inventory of deep - processing corn is 38.7 million tons. - The import volume of corn in September 2025 is 6 million tons [2]. **Downstream Situation** - The output of feed in September is 2927.2 million tons. - The processing profit of corn starch in Shandong is 56 yuan/ton, a decrease of 20 yuan/ton. - The alcohol enterprise operating rate is 53.19%, a decrease of 1.77 percentage points, and the starch enterprise operating rate is 56.74%, an increase of 4.93 percentage points [2]. **Option Market** - The 20 - day historical volatility of corn is 8.22%, a decrease of 2.08 percentage points. - The 60 - day historical volatility of corn is 6.83%, a decrease of 1.73 percentage points. - The implied volatility of at - the - money call options for corn is 15.05%, an increase of 2.55 percentage points [2]. **Industry News** - Nearly 70% of the autumn grain harvest is completed nationwide. For different crops, over 70% of medium - season rice, over 60% of corn, and over 80% of soybeans have been harvested. Regionally, over 80% in the southwest, over 70% in the northwest and Huang - Huai - Hai region, 65% in the Northeast and the middle and lower reaches of the Yangtze River, and nearly 30% in South China [2]. - In September 2025, the import volume of corn and corn flour is 6 million tons. The US Department of Agriculture did not release the crop progress report due to the government shutdown, and the market trading remains cautious [2]. **Key Points of Attention** Pay attention to the weekly consumption of mysteel corn and the operating rate and inventory of starch enterprises on Thursday and Friday [3].

玉米系产业日报 2025-10-14 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 玉米淀粉期货收盘价(活跃合约):(日,元/ | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):(日,元/吨) | 2093 | 1 | 2385 | -16 | | | 玉米月间价差(1-5):(日,元/吨) | -91 | 吨) -5 玉米淀粉月间价差(11-1):(日,元/吨) | -16 | -15 | | 期货市场 | 期货持仓量(活跃合约):黄玉米(日,手) | 479322 | -72733 期货持仓量(活跃合约):玉米淀粉(日,手) | 112293 | -16434 | | | 期货前20名持仓:净买单量:玉米(日,手) | -32877 | 6034 期货前20名持仓:净买单量:玉米淀粉(日, | -39912 | -2972 | | | 注册仓单量:黄玉米(日,手) | 36709 | 手) 0 注册仓单量:玉米淀粉(日,手) | 12938 | -44 | | | 主力合约CS-C价差(日,元/吨) | 335 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - As the U.S. corn harvest progresses, supply pressure will gradually increase, putting continued downward pressure on U.S. corn prices. In the domestic market, the supply pressure of raw corn increases with the gradual increase in the listing volume of new - season corn, leading to a weakening of the overall price. The cost support for corn starch declines accordingly. The downstream demand for corn starch is also affected by factors such as industry shutdowns during holidays, high inventory, and substitution by other starches, resulting in a bearish outlook for the starch market. [3] 3. Summary by Directory 3.1 Futures Market - Corn starch futures closing price (active contract) is 2092 yuan/ton, with a change of - 31 yuan/ton; corn monthly spread (1 - 5) is - 7 yuan/ton; corn starch monthly spread (11 - 1) is - 86 yuan/ton, with a change of - 1 yuan/ton. - Futures holdings (active contract): yellow corn decreased by 39308 hands, and corn starch increased by 128727 hands to 552055 hands. - The net long positions of the top 20 futures holders for corn are - 38911 hands, with a change of - 36940 hands; for corn starch, it is - 8137 hands, with a change of 959 hands. - Registered warehouse receipts: 14009 hands for yellow corn, an increase of 12982 hands; 36709 hands for corn starch, an increase of 4954 hands. - The spread between the main CS - C contracts is 347 yuan/ton, with a change of - 1 yuan/ton. [2] 3.2 Outer - Market - The closing price of CBOT corn futures (active contract) is - 5 cents per bushel. - CBOT corn total weekly positions are 413.5 million, an increase of 13269. - The non - commercial net long positions of CBOT corn are - 51186 hands, a decrease of 15017 hands. [2] 3.3 Spot Market - The average spot price of corn is 2294.31 yuan/ton, with a change of - 9.81 yuan/ton. - Factory quotes for corn starch: 2510 yuan/ton in Changchun, 2750 yuan/ton in Weifang, and 2680 yuan/ton in Shijiazhuang, all unchanged. - The CIF price of imported corn is 2.63 yuan/ton, and the international freight is 0 dollars/ton. - The basis of the corn starch main contract is 44, with a change of 109; the basis of the corn main contract is NAN. - The spread between Shandong starch and corn is 202.31 yuan/ton, with a change of 86 yuan/ton; the spread between tapioca starch and corn starch is 2448.44 yuan/ton, with a change of 3 yuan/ton; the spread between corn starch and 30 - powder is 154.13 yuan/ton, with a change of - 6 yuan/ton. [2] 3.4 Upstream Situation - Forecasted planting areas (in million hectares): 35.89 million in the United States, 22.6 million in Brazil, 7.5 million in Argentina, 44.3 million in China. - Forecasted corn production (in million tons): 425.26 million in the United States, 131 million in Brazil, 53 million in Argentina, 295 million in China, and 32 million in Ukraine. [2] 3.5 Industry Situation - Corn inventory: 250,000 tons in northern ports, a decrease of 118,000 tons in southern ports. - Starch enterprise weekly inventory is 115,000 tons, with a change of 4300 tons. - Monthly import volume of corn is - 100,000 tons; monthly export volume of corn starch is 6000 tons, an increase of 1440 tons. - Monthly feed production is 999,000 tons. [2] 3.6 Downstream Situation - Corn starch processing profit: 2927.2 yuan/ton in Shandong, with a change of 19 yuan/ton; 24.49 yuan/ton in Hebei, with a change of 10 yuan/ton; 119.27 yuan/ton in Jilin, with a change of - 10 yuan/ton. - Alcohol enterprise operating rate is 3.49%; starch enterprise operating rate is 54.96%, with an increase of 2.36 percentage points. [2] 3.7 Option Market - The historical 20 - day volatility of corn is - 0.45%; the historical 60 - day volatility is 9.68%, with a change of 0.06 percentage points. - The implied volatility of at - the - money call options for corn is - 0.86%; the implied volatility of at - the - money put options is 11.97%, with a change of - 0.86 percentage points. [2] 3.8 Industry News - As of October 8, Argentina's 2025/26 corn planting area accounted for 25.6% of the total expected area (7.8 million hectares), 5.8% higher than a week ago and 7.9% ahead of the same period last year. - As of October 9, 2025, Russia had harvested 131 million tons of grain, with a harvest progress close to 90%. [2] 3.9 Key Concerns - Thursday and Friday's mysteel corn weekly consumption, as well as the operating and inventory conditions of starch enterprises. [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - For corn, as the new - season corn is gradually coming onto the market, it still restricts the futures price. A bearish view is maintained, and it is recommended to hold no positions during the holiday [2][3] - For corn starch, although there was a slight rebound at low levels recently, the demand support is insufficient. A bearish view is also maintained, and it is recommended to hold no positions during the holiday [3] 3. Summary According to Related Catalogs 3.1 Futures Market - Corn starch futures closing price (active contract) is 2468 yuan/ton, up 12 yuan/ton; corn futures closing price (active contract) is 2143 yuan/ton, down 73 yuan/ton [2] - Futures positions of active contracts: 596123 hands for yellow corn, down 44063 hands; 150741 hands for corn starch, down 13614 hands [2] - Net long positions of the top 20 futures holders: - 30523 hands for corn, up 29 hands; - 37380 hands for corn starch, up 29 hands [2] - Registered warehouse receipts: 21549 hands for yellow corn, unchanged; 8028 hands for corn starch, down 161 hands [2] - The CS - C spread of the main contract is 358 yuan/ton, unchanged [2] 3.2 Outer - market - CBOT corn futures closing price (active contract) is 421.5 cents/bushel, unchanged; CBOT corn total positions (weekly) are 1543065 contracts, up 13269 contracts [2] - CBOT corn non - commercial net long positions (weekly) are 15017 contracts, down 51186 contracts [2] 3.3 Spot Market - The average spot price of corn is 2368.63 yuan/ton, down 0.98 yuan/ton; the factory - quoted price of corn starch in Changchun is 2560 yuan/ton, unchanged [2] - The FOB price of corn in Jinzhou Port is 2240 yuan/ton, down 40 yuan/ton; the factory - quoted price of corn starch in Weifang is 2800 yuan/ton, unchanged [2] - The CIF price of imported corn is 1943.7 yuan/ton, down 3.51 yuan/ton; the factory - quoted price of corn starch in Shijiazhuang is 2730 yuan/ton, unchanged [2] 3.4 Upstream Situation - Forecasted sown areas: 425.26 million hectares for the US, 35.89 million hectares for Brazil, 22.6 million hectares for Argentina, 44.3 million hectares for China [2] - Forecasted yields: 168.14 billion bushels for the US in 2025/26, 131 million tons for Brazil, 53 million tons for Argentina, 295 million tons for China, 32 million tons for Ukraine (up 1.5 million tons) [2] - Corn inventories: 37.5 million tons in southern ports (down 22.6 million tons), 80 million tons in northern ports (down 7 million tons); deep - processing corn inventories are 211.8 million tons, down 22.2 million tons [2] 3.5 Industry Situation - Import volume of corn is 6 million tons, down 10 million tons; export volume of corn starch is 15.94 thousand tons, up 1.44 thousand tons [2] - Feed production is 2927.2 million tons, up 99.9 million tons; corn starch processing profit in Shandong is - 32 yuan/ton, up 50 yuan/ton [2] 3.6 Downstream Situation - Deep - processing corn consumption is 114.64 million tons, down 0.99 million tons; alcohol enterprise operating rate is 47.88%, down 2.43%; starch enterprise operating rate is 50.36%, up 2.21% [2] 3.7 Option Market - 20 - day historical volatility of corn is 10%, up 0.44%; 60 - day historical volatility of corn is 7.69%, up 0.04% [2] - Implied volatility of at - the - money call options for corn is 11.34%, up 1.16%; implied volatility of at - the - money put options for corn is 11.34%, up 1.16% [2] 3.8 Industry News - As of the week ending September 25, 2025, the US corn export inspection volume was 1527145 tons, compared with 1385966 tons last week and 1149524 tons in the same period last year [2] - As of September 25, the sowing progress of the first - season corn in the central - southern part of Brazil in the 2025/26 season reached 32%, compared with 25% a week ago and 30% in the same period last year [2] - The USDA report predicts that the US corn production in the 2025/26 season will reach a record high of 168.14 billion bushels, and the ending inventory will also reach the highest level in seven years [2]