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].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Corn futures continued to decline this week. The closing price of the main 2603 contract was 2,192 yuan/ton, a decrease of 41 yuan/ton from last week. The US corn is in the peak export season with high short - term supply pressure, but the reduction of the US corn ending stocks forecast by USDA supports the price. In China, the purchase of reserve depots in the Northeast has increased, but high prices limit the purchasing enthusiasm of grain - using enterprises. The rumor of wheat and reserve corn regulation and release has led to the release of grain sources, causing the price to decline. In the North China and Huanghuai regions, the rising temperature stimulates the willingness of grain holders to sell. Feed enterprises have low willingness to replenish stocks, and deep - processing enterprises have limited ability to accept high - priced corn. It is recommended to wait and see for now [6]. - Dalian corn starch futures fluctuated and closed down. The closing price of the main 2603 contract was 2,492 yuan/ton, a decrease of 29 yuan/ton from last week. With the increase in the listing volume of new - season corn, the supply of raw material corn is abundant, and the industry operating rate has continued to rise, increasing the supply - side pressure. As of December 17, the total starch inventory of national corn starch enterprises was 1.074 million tons, an increase of 25,000 tons from last week. However, the stocking before New Year's Day and the Spring Festival may boost the downstream demand, and some downstream customers have repurchased corn starch due to the large increase in tapioca starch prices. It is recommended to wait and see in the short term [8]. 3. Summary According to the Directory 3.1. Week - to - Week Summary 3.1.1. Corn - **Market Review**: The main 2603 contract of corn futures closed at 2,192 yuan/ton, down 41 yuan/ton from last week [6]. - **Market Outlook**: US corn is in the export peak season with high supply pressure, but the reduction of ending stocks forecast by USDA supports the price. In China, Northeast reserve depots' increased purchase supports the market bottom, but high prices limit demand. Rumors and rising temperature in North China and Huanghuai regions lead to increased supply and price decline. It is recommended to wait and see [6]. 3.1.2. Corn Starch - **Market Review**: The main 2603 contract of corn starch futures closed at 2,492 yuan/ton, down 29 yuan/ton from last week [8]. - **Market Outlook**: Abundant raw material supply and rising operating rate increase supply - side pressure, with inventory rising. However, pre - holiday stocking and tapioca starch price increase may boost demand. It is recommended to wait and see [8]. 3.2. Futures and Spot Market 3.2.1. Futures Price and Position Changes - The 3 - month contract of corn futures continued to decline, with a total position of 1,004,517 lots, an increase of 67,310 lots from last week. The 3 - month contract of corn starch futures also continued to decline, with a total position of 141,225 lots, an increase of 32,215 lots from last week [15]. 3.2.2. Top 20 Net Position Changes - The top 20 net position of corn futures was - 82,982, compared with - 111,571 last week, with a decrease in net short positions. The top 20 net position of starch futures was - 28,994, compared with - 37,848 last week, with a slight decrease in net short positions [21]. 3.2.3. Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 52,650 lots, and the registered warehouse receipts of corn starch were 2,500 lots [27]. 3.2.4. Spot Price and Basis - As of December 18, 2025, the average spot price of corn was 2,349.61 yuan/ton, and the basis between the active 3 - month contract of corn and the spot average price was + 157 yuan/ton. The spot price of corn starch in Jilin was 2,700 yuan/ton, and in Shandong was 2,800 yuan/ton. The basis between the 3 - month contract of corn starch and the spot price in Changchun, Jilin was 208 yuan/ton [32][36]. 3.2.5. Futures Inter - month Spread - The 3 - 5 spread of corn was - 36 yuan/ton, at a medium level in the same period. The 3 - 5 spread of starch was - 47 yuan/ton, also at a medium level in the same period [41]. 3.2.6. Futures Spread between Starch and Corn - The spread between the 3 - month contract of starch and corn was 300 yuan/ton. As of Thursday this week, the spread between Shandong corn and corn starch was 410 yuan/ton, a decrease of 56 yuan/ton compared with last week [51]. 3.2.7. Substitute Spread - As of December 18, 2025, the average spot price of wheat was 2,516.39 yuan/ton, and the average spot price of corn was 2,349.61 yuan/ton, with a wheat - corn spread of 166.78 yuan/ton. In the 51st week of 2025, the average spread between tapioca starch and corn starch was 712 yuan/ton, a narrowing of 13 yuan/ton compared with last week [55]. 3.3. Industrial Chain Situation 3.3.1. Corn - **Supply Side** - As of December 12, 2025, the domestic trade corn inventory in Guangdong Port was 191,000 tons, an increase of 125,000 tons from last week; the foreign trade inventory was 262,000 tons, an increase of 13,000 tons from last week. The total corn inventory in the four northern ports was 1.792 million tons, a week - on - week increase of 261,000 tons; the shipping volume from the four northern ports was 684,000 tons, a week - on - week decrease of 124,000 tons [45]. - As of December 18, the total sales progress of corn in the main producing areas was 42%, an increase of 2 percentage points from last week and 4 percentage points from the same period last year [58]. - In November 2025, the total import volume of ordinary corn was 560,000 tons, the highest this year, an increase of 260,000 tons or 86.67% compared with the same period last year, and an increase of 200,000 tons compared with the previous month [62]. - As of December 18, the average inventory of national feed enterprises was 29.98 days, an increase of 0.45 days from last week, a month - on - month increase of 1.52% and a year - on - year decrease of 2.63% [66]. - **Demand Side** - At the end of the third quarter, the national pig inventory was 436.8 million heads, an increase of 9.86 million heads or 2.3% year - on - year, and an increase of 12.33 million heads or 2.9% quarter - on - quarter. As of the end of October, the inventory of breeding sows was 30.9 million heads, a decrease of 450,000 heads or 1.12% month - on - month [70]. - As of December 12, 2025, the breeding profit of self - breeding and self - raising pigs was - 163.34 yuan/head, and the breeding profit of purchasing piglets was - 240.69 yuan/head [73]. - As of December 18, 2025, the corn starch processing profit in Jilin was - 67 yuan/ton. The corn alcohol processing profit in Henan was - 379 yuan/ton, in Jilin was - 708 yuan/ton, and in Heilongjiang was - 202 yuan/ton [77]. 3.3.2. Corn Starch - **Supply Side** - As of December 17, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions across the country was 3.24 million tons, an increase of 10.20% [81]. - From December 11 to 17, 2025, the total national corn processing volume was 631,700 tons, a decrease of 4,100 tons from last week; the national corn starch output was 328,300 tons, a decrease of 2,800 tons from last week; the weekly operating rate was 62.31%, a decrease of 0.53% from last week. As of December 17, the total starch inventory of national corn starch enterprises was 1.074 million tons, an increase of 25,000 tons from last week, a week - on - week increase of 2.38%, a month - on - month increase of 0.47%, and a year - on - year increase of 22.32% [85]. 3.4. Option Market Analysis As of December 19, the implied volatility of the options corresponding to the main 2603 contract of corn was 8.72%, a decrease of 1.84% from 10.56% last week. The implied volatility decreased this week and was at a relatively low level compared with the 20 - day, 40 - day, and 60 - day historical volatility [88].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the corn futures price showed a "rise - fall - rise" trend. Looking ahead to 2026, the corn futures price is expected to rise first and then fall, with the key points being the release rhythm and time of old grain and the expected difference in total quantity confirmation. The price of CBOT corn may gradually bottom out and rebound, which will support the domestic corn market sentimentally. The consumption side is expected to be in a slow de - capacity game stage, and the domestic corn yield in the next year is initially expected to remain stable, but the weather uncertainty makes the driving force unclear. The expected fluctuation ranges of corn contracts 2601, 2603, and 2605 are 2200 - 2350, 2170 - 2340, and 2230 - 2360 respectively. It is recommended to adopt an interval trading strategy, and trading enterprises can pay attention to the selling - hedging opportunities at the upper edge of the interval [2]. - In 2025, the center of the corn starch futures price did not change significantly, and the fluctuation trend was basically the same as that of the cost corn futures price, showing a "rise - fall - rise" rhythm. In 2026, the supply - demand of the corn starch market is expected to remain relatively balanced, and the profit game will still be the main theme. The futures price is expected to continue to fluctuate with the cost. The expected operating ranges of corn starch contracts 2601, 2603, and 2605 are 2480 - 2660, 2460 - 2670, and 2560 - 2700 respectively. It is also recommended to adopt an interval trading strategy, and trading enterprises can pay attention to the selling - hedging opportunities at the upper edge of the interval [3][4]. 3. Summary According to Relevant Catalogs 3.1 Corn Market Long - term Trend and 2025 Market Review - **Long - term Historical Review**: The corn futures price trend can be divided into six stages since 2004. Each stage is affected by policies, economic situations, and supply - demand relationships. For example, from 2004 - 2008, without the temporary storage purchase policy, the corn price rose continuously; from 2008 - 2015, the corn market was supported by the temporary storage purchase policy; from 2015 - 2016, it entered the post - temporary storage policy era, and the price fell sharply [13][14][18]. - **2025 Futures Market Summary**: The futures price of the main corn contract in 2025 showed an interval - oscillating pattern, which can be divided into three stages: rising from January to June, falling from July to mid - October, and rebounding from late October to November. The price center at the end of the year was slightly higher than that at the beginning of the year [22]. - **2025 Spot Market Summary**: The corn spot price in 2025 showed an interval - oscillating trend, and the operating range at the end of the year was slightly higher than that at the beginning of the year. The price showed a "rise - fall - rebound" pattern, affected by factors such as supply - demand, policies, and weather [24][26]. - **Futures Trading and Position - holding Situation**: In 2025, the trading activity of the corn futures market increased compared with the previous year. The cumulative trading volume from January to November was 163,009,844 lots, a year - on - year increase of 15.30%, and the cumulative trading volume was 36,872 billion yuan, a year - on - year increase of 11.33%. The overall position - holding level was slightly higher than that in 2024, showing a distribution characteristic of "high at both ends and low in the middle" [28]. 3.2 Corn Starch Long - term Trend and 2025 Market Review - **Long - term Historical Review**: The price trend of corn starch futures is highly correlated with that of corn futures. It can be divided into six stages since 2014, affected by factors such as corn price, supply - demand, and policies [35][36]. - **2025 Futures Market Summary**: The corn starch futures price in 2025 showed an oscillating trend, with limited change in the annual fluctuation center. It can be divided into three stages: rising from January to June, falling from July to October, and rebounding in November, which is basically consistent with the trend of the raw material corn price [40]. - **2025 Spot Market Summary**: The corn starch spot price in 2025 first rose and then fell, following the trend of the raw material corn price. It can be divided into three stages: rising from January to June, consolidating narrowly from July to August, and falling from September to November [41]. - **Futures Trading and Position - holding Situation**: From January to November 2025, the cumulative trading volume of corn starch futures was 33,603,107 lots, a year - on - year increase of 3.66%, but the cumulative trading volume was 8,711.6 billion yuan, a year - on - year decrease of 3.08%. The overall position - holding scale remained relatively stable, and the position - holding volume at the end of November was 330,503 lots, slightly higher than that in the same period of 2024 [45]. 3.3 Global Corn Market Situation - **2025/26 Global Corn Yield Estimated to Increase Year - on - Year**: The global corn yield in the 2025/26 season is expected to reach a record high of 1.286 billion tons, an increase of 55.49 million tons compared with the previous year. The United States is the core driving force for the increase, with an estimated yield of 425.525 million tons, an increase of 47.257 million tons year - on - year [52]. - **Increasing Disagreements on 2026/27 Global Corn Yield**: In the 2026/27 season, the global corn planting area is expected to be stable with a slight downward trend. The influence of weather factors on yield is expected to be more prominent [57][58]. - **Steady and Slight Increase in Global Corn Demand**: The global corn consumption in the 2025/26 season is expected to reach 1.284 billion tons, a year - on - year increase of about 2.74%. Feed consumption is the main support, and industrial consumption also shows a slow - growth expectation [62]. - **CBOT Corn Price Expected to Bottom Out and Rebound**: In 2026, the supply side of the global corn market is expected to be stable, and the demand side shows structural highlights. The price of CBOT corn is expected to show a trend of rising in the first half of the year and oscillating at a high level in the second half of the year [66][67]. 3.4 Domestic Corn Market Situation - **Supply Market Analysis** - **Increasing Yield Pattern Set, Quality Differentiation and Purchase - Sales Rhythm Become Focus**: In the 2025/26 season, the domestic corn yield is expected to increase, but there is significant regional quality differentiation in North China. The selling rhythm of farmers and traders will affect the price rhythm in different periods [71][72]. - **Limited Change in 2026/27 Planting Area, Weather Still the Dominant Factor for Yield**: The corn planting area in 2026 is expected to be relatively stable, and the yield is initially estimated to be stable with a slight increase. However, weather is still the key variable affecting the final yield [78]. - **2025/26 Import Volume Expected to Remain at a Low Level**: From January to October 2025, China's corn import volume was only 129.28 million tons, a year - on - year decrease of 90.1%. In 2026, the import volume is expected to recover slightly but still remain at a low level [81][82]. - **Demand Market Analysis** - **Limited Increment in Feed Consumption, Substitution as the Anchor**: In 2026, the feed consumption of corn is expected to be stable with limited increment. The breeding industry is expected to continue to reduce capacity slowly, and substitution by other grains will cause periodic disturbances [85][86]. - **2025/26 Industrial Consumption Expected to be Stable**: The domestic corn industrial consumption market is expected to maintain a "stable with a slight increase" pattern in the 2025/26 season. However, the starch and alcohol industries are affected by cost pressure and have weak support for corn consumption [108][109]. - **Supply - Demand Balance Sheet Analysis**: In the 2025/26 season, the domestic corn supply - demand is expected to remain relatively balanced. The supply side shows a stable year - on - year trend, and the demand side also maintains a stable expectation [116]. 3.5 Corn Starch Market Fundamentals - **Supply Market Analysis - Yield Expected to Decrease Slightly Year - on - Year under the Expectation of Profit Convergence**: In 2025, the corn starch industry was under the triple pressure of weak demand, high cost, and low profit, and the yield decreased significantly. In 2026, the industry is still expected to face the contradiction of rising cost and weak demand, and the yield is expected to decrease slightly year - on - year [118]. - **Demand Market Analysis - Insufficient Incremental Drivers**: In 2026, the terminal consumption of corn starch is expected to continue the stable and weak trend, lacking growth highlights. The consumption is expected to be stable with a slight decrease [121]. - **Supply - Demand Balance Sheet Analysis**: In 2026, the supply and demand of corn starch in China are expected to decline. The industry is expected to show a relatively balanced state [124]. 3.6 Arbitrage Opportunity Analysis - **Cross - Variety Arbitrage**: The spread between corn starch and corn is recommended to be treated with an interval - trading idea. Currently, the spreads in May and September are in the middle - low range, and there is limited downward space. In the short term, the spread is expected to continue to shrink, and there is a repair expectation in the medium term [129]. - **Corn Cross - Period Arbitrage**: It is recommended to pay attention to the opportunity of going long on the May - March contract spread and going short on the May - September contract spread of corn. The current fundamentals support the May contract the most [131]. 3.7 Seasonal Analysis - **Seasonal Analysis of Corn Index Price**: According to the seasonal chart of the corn futures index, the prices are more likely to rise in February, April, and October and more likely to fall in July. Seasonal rules are only for reference [133]. - **Seasonal Analysis of Corn Starch Index Price**: According to the seasonal chart of the corn starch futures index, the prices are more likely to rise in January, February, April, and October and more likely to fall in July. Seasonal rules are only for reference [138]. 3.8 Corn and Corn Starch Market Viewpoint Summary and Operation Suggestions - **Corn Market Viewpoint Summary and Operation Suggestions**: In 2026, the supply - side focuses on the release rhythm of grain sources, yield expectations, and import market changes. The demand - side focuses on the breeding and deep - processing markets. The overall consumption of corn is expected to be weak, but periodic disturbances are still the focus. The price is expected to rise first and then fall. It is recommended to adopt an interval - trading strategy [142][143][145]. - **Corn Starch Market Viewpoint Summary and Operation Suggestions**: In 2026, the supply - demand of the corn starch market is expected to be relatively balanced, and the profit game is still the main theme. The price is expected to fluctuate with the cost. It is recommended to adopt an interval - trading strategy [149]. 3.9 Option Market Analysis and Operation Strategy - **Corn Option Market Situation and Operation Strategy**: Based on the judgment that the corn 2605 contract fluctuates in the range of 2200 - 2400, upstream enterprises are recommended to sell out - of - the - money call options, downstream enterprises are recommended to sell out - of - the - money put options, and speculators are recommended to sell a wide - straddle combination strategy [155]. - **Corn Starch Option Market Situation and Operation Strategy**: Based on the judgment that the corn starch 2603 contract fluctuates in the range of 2460 - 2670, upstream enterprises are recommended to sell out - of - the - money call options, downstream enterprises are recommended to sell out - of - the - money put options, and speculators are recommended to sell a wide - straddle combination strategy [162]. 3.10 Related Stock Price Changes - The report lists the stock price changes of several companies related to the corn industry in 2025, such as Muyuan Co., Ltd. with a rise of 29.77%, New Hope with a rise of 3.42%, and Zhengbang Technology with a fall of 13.82% [163].

Industry Investment Rating - No information provided in the report. Core Viewpoints - **Corn**: This week, corn futures prices dropped from their high levels. The international corn market is under pressure due to the harvest and export season in the US and relatively loose supply - demand globally. However, the reduction of the US corn's ending - stock forecast by USDA supports the price. In the domestic market, the increased purchase by reserve warehouses in the Northeast provides support, but high prices limit procurement and rumors lead to increased supply, causing price adjustments. In the North China and Huang - Huai regions, prices are fluctuating slightly. The short - term price is volatile, and it is recommended to wait and see [6]. - **Corn Starch**: Dalian corn starch futures closed lower in a volatile manner. With sufficient raw material supply and increasing industry operating rates, supply pressure grows. But high demand from downstream industries and reduced inventory support the market. Affected by the decline in corn prices, starch prices also fell, and it is advisable to wait and see in the short term [8]. Summary by Directory 1. Week - long Key Points Summary - **Corn**: The closing price of the main 2601 contract was 2233 yuan/ton, a decrease of 34 yuan/ton from last week. The international market has supply pressure, while the domestic Northeast's reserve purchase supports the price. High prices limit procurement, and rumors increase supply, leading to a high - level price adjustment [6]. - **Corn Starch**: The closing price of the main 2603 contract was 2521 yuan/ton, a decrease of 48 yuan/ton from last week. Abundant raw materials and increased operating rates pressure supply, but strong downstream demand and reduced inventory are positive factors [8]. 2. Futures and Cash Market - **Futures Price and Position Changes**: This week, the 3 - month contracts of both corn and corn starch futures dropped from high levels. The total position of the corn 3 - month contract was 937,207 lots, an increase of 127,367 lots from last week, and that of the corn starch 3 - month contract was 109,010 lots, an increase of 12,178 lots [14]. - **Top 20 Net Position Changes**: The net short position of the top 20 in corn futures decreased from - 188,896 last week to - 111,571 this week, and that of corn starch futures decreased from - 44,791 to - 37,848 [20]. - **Futures Warehouse Receipts**: The registered warehouse receipts of yellow corn were 57,355 lots, and those of corn starch were 2,500 lots [26]. - **Spot Price and Basis**: As of December 11, 2025, the average spot price of corn was 2356.27 yuan/ton, and the basis between the active 3 - month contract and the spot average price was + 123 yuan/ton. The spot price of corn starch in Jilin was 2700 yuan/ton and in Shandong was 2800 yuan/ton, and the basis between the 3 - month contract and the Jilin Changchun spot was 179 yuan/ton [31][35]. - **Futures Inter - month Spread**: The 3 - 5 spread of corn was - 33 yuan/ton, and that of starch was - 56 yuan/ton, both at medium levels compared to the same period [41]. - **Futures Spread between Corn and Starch**: The spread between the 3 - month starch and corn contracts was 288 yuan/ton. As of Thursday this week, the spread between Shandong corn and corn starch was 466 yuan/ton, an increase of 18 yuan/ton from last week [50]. - **Substitute Spread**: As of December 11, 2025, the average spot price of wheat was 2515.72 yuan/ton, and that of corn was 2356.27 yuan/ton, with a wheat - corn spread of 159.45 yuan/ton. In the 50th week of 2025, the spread between tapioca starch and corn starch narrowed, with an average spread of 725 yuan/ton, a reduction of 36 yuan/ton from last week [55]. 3. Industrial Chain Situation - **Corn - Supply**: As of December 5, 2025, the domestic trade corn inventory in Guangdong Port was 6.6 tons, a decrease of 11.5 tons from last week, and the foreign trade inventory was 24.9 tons, a decrease of 8.7 tons. The corn inventory in the four northern ports was 153.1 tons, an increase of 16.2 tons week - on - week, and the shipping volume was 80.8 tons, an increase of 27.3 tons. The total sales progress of domestic corn was 40% as of December 11, an increase of 4% from last week. In October 2025, China's corn imports were 35.9 tons, a year - on - year increase of 43.06%. As of December 11, the average inventory of feed enterprises was 29.53 days, an increase of 0.86 days from last week [45][57][61][65]. - **Corn - Demand**: At the end of the third quarter, the national pig inventory was 436.8 million heads, a year - on - year increase of 2.3%. As of the end of October, the inventory of breeding sows was 30.9 million heads, a month - on - month decrease of 1.12%. As of December 5, 2025, the self - breeding and self - raising pig breeding profit was - 167.69 yuan/head, and the profit of purchasing piglets was - 259.39 yuan/head. As of December 11, the corn starch processing profit in Jilin was - 54 yuan/ton, and the corn alcohol processing profit in Henan was - 491 yuan/ton, - 726 yuan/ton in Jilin, and - 286 yuan/ton in Heilongjiang [69][73][78]. - **Corn Starch - Supply**: As of December 10, 2025, the corn inventory of 96 major corn processing enterprises in 12 regions was 294 tons, an increase of 6.75%. From December 4 to 10, the national corn processing volume was 63.57 tons, an increase of 0.89 tons from last week, and the corn starch output was 33.11 tons, an increase of 0.62 tons. The operating rate was 62.84%, an increase of 1.18%. The starch inventory was 104.9 tons, a decrease of 0.5 tons from last week [82][86]. 4. Option Market Analysis - As of December 12, the implied volatility of the options corresponding to the corn main 2603 contract was 10.56%, a decrease of 2.23% from last week's 12.79%, and it was at a medium level compared to the 20 - day, 40 - day, and 60 - day historical volatility [89].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Corn futures closed higher in a volatile manner this week. The main 2601 contract closed at 2,195 yuan/ton, up 10 yuan/ton from last week. The USDA report is slightly bearish, and the domestic corn market has different situations in different regions. The short - term suggestion is to wait and see [8]. - Corn starch futures also closed higher in a narrow - range volatile manner. The main 2601 contract closed at 2,512 yuan/ton, up 7 yuan/ton from last week. With sufficient raw material supply, the industry's operating rate is rising, but the demand is good and the inventory is decreasing. The short - term suggestion is to wait and see [10]. 3. Summary According to the Directory 3.1. Weekly Highlights Summary 3.1.1. Corn - **Market Review**: The main 2601 contract of corn futures closed at 2,195 yuan/ton, up 10 yuan/ton from last week [8]. - **Market Outlook**: The USDA report shows that the US corn production is slightly bearish. In the domestic market, the purchase price in the Northeast is rising due to reduced supply, but the logistics is poor. In the North China and Huanghuai regions, farmers are reluctant to sell, and the price increase of deep - processing enterprises has slowed down. The short - term suggestion is to wait and see [8]. 3.1.2. Corn Starch - **Market Review**: The main 2601 contract of corn starch futures closed at 2,512 yuan/ton, up 7 yuan/ton from last week [10]. - **Market Outlook**: With the increase in new - season corn supply, the industry's operating rate is rising, but the demand is good and the inventory is decreasing. The short - term suggestion is to wait and see [10]. 3.2. Futures and Spot Market 3.2.1. Futures Price and Position Changes - The 1 - month contract of corn futures closed higher in a volatile manner, with a total position of 949,440 lots, an increase of 2,138 lots from last week. The 1 - month contract of corn starch futures also closed higher in a volatile manner, with a total position of 236,928 lots, a decrease of 1,007 lots from last week [16]. 3.2.2. Top Twenty Net Position Changes - The top twenty net position of corn futures was - 108,473 this week, compared with - 121,652 last week, with a slight decrease in net short positions. The top twenty net position of starch futures was - 43,094 this week, compared with - 53,346 last week, with a slight decrease in net short positions [22]. 3.2.3. Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 68,764 lots, and the registered warehouse receipts of corn starch were 11,710 lots [28]. 3.2.4. Spot Price and Basis - As of November 20, 2025, the average spot price of corn was 2,278.82 yuan/ton, and the basis between the active 1 - month contract of corn and the spot average price was + 83 yuan/ton. The spot price of corn starch in Jilin was 2,600 yuan/ton, and in Shandong was 2,800 yuan/ton, with a slight recovery this week. The basis between the 1 - month contract of corn starch and the spot price in Changchun, Jilin was 88 yuan/ton [33][37]. 3.2.5. Futures Inter - month Spread - The 1 - 3 spread of corn was + 0 yuan/ton, at a medium level in the same period. The 1 - 3 spread of starch was + 5 yuan/ton, also at a medium level in the same period [43]. 3.2.6. Futures Spread between Starch and Corn - The spread between the 1 - month contract of starch and corn was 317 yuan/ton. As of Thursday this week, the spread between Shandong corn and corn starch was 500 yuan/ton, a decrease of 24 yuan/ton compared with last week [52]. 3.2.7. Substitute Spread - As of November 20, 2025, the average spot price of wheat was 2,503.67 yuan/ton, and the average spot price of corn was 2,278.82 yuan/ton, with a wheat - corn spread of 224.85 yuan/ton. In the 46th week of 2025, the average spread between cassava starch and corn starch was 440 yuan/ton, an increase of 118 yuan/ton compared with last week [57]. 3.3. Industrial Chain Situation 3.3.1. Corn - **Supply Side** - **Inventory at Ports**: As of November 14, 2025, the domestic trade corn inventory in Guangdong Port was 27.3 tons, a decrease of 18.10 tons from last week; the foreign trade inventory was 35.5 tons, a decrease of 5.70 tons from last week. The corn inventory in the four northern ports was 117 tons, an increase of 9.9 tons week - on - week; the shipping volume of the four northern ports was 40 tons, a decrease of 18.20 tons week - on - week [47]. - **Selling Progress**: As of November 20, the total selling progress of domestic corn was 27%, an increase of 3% from last week and 2% year - on - year [59]. - **Monthly Import Volume**: In September 2025, China's corn import volume was 56,562.26 tons, a decrease of 256,532.84 tons (81.93%) year - on - year, and an increase of 20,404.55 tons month - on - month [63]. - **Feed Enterprise Inventory Days**: As of November 20, the average inventory of national feed enterprises was 26.23 days, an increase of 0.62 days from last week, a 2.42% week - on - week increase, and a 9.58% year - on - year decrease [67]. - **Demand Side** - **Livestock Inventory**: At the end of the third quarter, the national pig inventory was 436.8 million heads, an increase of 9.86 million heads (2.3%) year - on - year and 12.33 million heads (2.9%) quarter - on - quarter. The inventory of breeding sows was 40.35 million heads, a decrease of 280,000 heads (0.7%) year - on - year and 90,000 heads (0.2%) quarter - on - quarter [71]. - **Breeding Profit**: As of November 14, 2025, the breeding profit of self - breeding and self - raising pigs was - 114.81 yuan/head, and the breeding profit of purchased piglets was - 205.64 yuan/head [75]. - **Processing Profit**: As of November 20, 2025, the corn starch processing profit in Jilin was 28 yuan/ton. As of November 21, 2025, the corn alcohol processing profit in Henan was - 434 yuan/ton, in Jilin was - 549 yuan/ton, and in Heilongjiang was - 299 yuan/ton [80]. 3.3.2. Corn Starch - **Supply Side** - **Enterprise Inventory**: As of November 19, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 272.7 tons, a decrease of 0.29% [84]. - **Operating Rate and Inventory**: From November 13 to 19, 2025, the national corn processing volume was 61.24 tons, a decrease of 1.95 tons from last week; the national corn starch output was 31.5 tons, a decrease of 1.34 tons from last week; the weekly operating rate was 60.89%, a decrease of 2.59% from last week. As of November 19, the total starch inventory of national corn starch enterprises was 110.9 tons, a decrease of 2.40 tons from last week, a 2.12% weekly decrease, a 1.68% monthly decrease, and a 25.59% year - on - year increase [88]. 3.4. Option Market Analysis As of November 21, the implied volatility of the options corresponding to the main 2601 contract of corn was 8.42%, up 0.46% from last week's 7.96%. The implied volatility rebounded this week and was slightly lower than the 20 - day, 40 - day, and 60 - day historical volatilities [91].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The US corn is expected to have a high yield, but the yield per unit may continue to be revised downwards. The December contract of US corn has strong support at 420 cents per bushel. The selling pressure in the Northeast market has weakened, but the supply of corn in North China is relatively low, causing the corn spot price to rise. In the short term, corn will continue to fluctuate at a high level, and the rebound space of contracts 01 and 05 is limited. The spread between contracts 01 and 05 has narrowed. According to the seasonal pattern, the rebound space of the spot price in November is limited. [4] - The operating rate of starch factories has increased, downstream提货 is good, and starch inventory has decreased, but it remains at a historically high level for the same period. As the spot price of corn is relatively strong, the spot price of starch is also rising. However, the profit of starch factories in North China has declined, and the operating rate of starch enterprises will continue to increase. With the large - scale listing of new corn, there is still room for the spot price of starch to fall. It is expected that the December contract of corn starch will fluctuate at a high level following corn. [4] Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Corn Situation**: The US corn is expected to have its yield per unit revised down, but the yield is high. It oscillates at around 430 cents per bushel this week, with strong support at 420 cents per bushel for the December contract. Although the tariff for importing US corn into China has been adjusted, there is still no profit in importing US corn. The focus of the market is on farmers' selling rhythm, and there may still be selling pressure on Northeast corn in November. In the short term, the supply of Northeast corn is increasing, and downstream demand for replenishment is driving up the price. The supply of North China corn has decreased, and the corn spot price is oscillating strongly. It is expected that the purchase price at the northern ports will be supported at around 2120 yuan per ton. Contract 01 of corn futures will oscillate at a high level, with limited short - term rebound space. [4] - **Starch Situation**: The operating rate of starch factories has increased, downstream提货 is good, and inventory has decreased but remains high. The spot price of starch is rising with the relatively strong corn price. However, the profit of starch factories in North China has declined, and the operating rate will continue to increase. With the large - scale listing of new corn, the spot price of starch may fall. It is expected that contract 01 of corn starch will follow corn and oscillate at a high level. [4] - **Trading Strategies** - For single - sided trading, consider buying the December contract of US corn below 420 cents per bushel. For contract 05 of corn, consider long - term buying below 2220 yuan per ton. [5] - For arbitrage, consider buying contract 01 of corn and selling contract 01 of starch, and short the spread when the price is high. [5] - For options, consider a cumulative purchase strategy for contract 05 of corn at low prices. [5] Chapter 2: Core Logic Analysis - **International Market - US Corn**: The October report has not been released yet. It is expected that the yield per unit of US corn will continue to be revised down, but the US corn is in a bumper harvest. The price is oscillating at the bottom, and the December contract has support at 420 cents per bushel. Although China has adjusted tariffs on US agricultural products, there is still no profit in importing US corn. As of November 13, the import profit of Brazilian corn at Guangdong Port is 164 yuan per ton. As of November 6, the weekly export inspection volume of US corn is 1.42 million tons, with a cumulative export volume of 13.73 million tons. The export volume to China this week is 0 tons, with a cumulative export volume of 0 tons. In September, the import volume of corn is 60,000 tons, and the cumulative import volume from January to September is 930,000 tons, compared with 12.83 million tons in the same period last year. As of September 23, the non - commercial net short position of US corn has increased, and the ethanol production has increased. [8][10][11][12][17] - **Domestic Market - Corn Consumption and Inventory** - Feed enterprises: As of November 12, the average corn inventory of 47 large - scale feed mills is 25.61 days, a week - on - week increase of 0.73 days, and a year - on - year decrease of 12.11%. [21] - Deep - processing enterprises: From November 7 to November 12, 2025, 149 major corn deep - processing enterprises consumed 1.3865 million tons of corn, a week - on - week increase of 46,000 tons. As of November 12, the corn inventory of 96 deep - processing enterprises is 273,500 tons, a week - on - week decrease of 2.15%. It is expected that the inventory will increase next week. [22] - Port Inventory: As of November 7, the corn inventory at the four northern ports is 1.071 million tons, a week - on - week increase of 50,000 tons, and the shipping volume of the four ports is 582,000 tons, a week - on - week decrease of 134,000 tons. In Guangdong Port, the domestic corn inventory is 454,000 tons, a week - on - week increase of 29,000 tons; the foreign - trade inventory is 412,000 tons, a week - on - week increase of 95,000 tons; the imported sorghum is 417,000 tons, a week - on - week decrease of 60,000 tons; the imported barley is 706,000 tons, a week - on - week decrease of 29,000 tons; the total grain inventory is 1.989 million tons, an increase of 35,000 tons. [25] - Corn Selling Progress: The selling progress of corn in the main producing areas across the country is faster than last year. The overall national selling progress (including all 13 provinces) is 24%, a week - on - week increase of 2% and a year - on - year increase of 1%. The selling progress of 7 provinces (Heilongjiang, Jilin, Liaoning, Inner Mongolia, Hebei, Shandong, and Henan) is 21%, a week - on - week increase of 3% and a year - on - year increase of 2%. [26] - **Starch Situation**: From November 7 to November 13, the national corn processing volume is 631,900 tons, and the starch production is 328,400 tons, a week - on - week increase of 37,000 tons. The operating rate is 63.48%, a week - on - week increase of 0.72%. The spot price of corn in North China has risen, driving up the spot price of starch. The by - product price is stable, and the enterprise profit is stable. The profit per ton of corn in Heilongjiang is 33 yuan, a week - on - week increase of 13 yuan, and the profit in Shandong is 36 yuan, a week - on - week decrease of 23 yuan. Downstream提货 volume has increased, the operating rate has risen, and starch inventory has decreased. As of November 12, the corn starch inventory is 1.133 million tons, a week - on - week decrease of 5,000 tons, a month - on - month increase of 0.44%, and a year - on - year increase of 27.59%. It is expected that the starch inventory will increase next week. [30] - **Substitute - Wheat**: The factory - delivered price of wheat in North China is basically 2,490 yuan per ton, and the price is relatively strong. The price difference between wheat and corn has narrowed. The price of corn in North China and Northeast China is strong, the price difference between North China and Northeast corn has widened, and the price difference between North China corn and contract 01 of corn has increased. [36] - **Livestock and Poultry Breeding**: From November 7 to November 13, the self - breeding and self - raising profit of pigs is - 64 yuan per head, a week - on - week decrease of 29 yuan; the profit of purchasing piglets for breeding is - 121 yuan per head, a week - on - week decrease of 5 yuan. The breeding profit of white - feather broilers is - 0.47 yuan per chicken, compared with - 0.31 yuan per chicken last week. The breeding cost of laying hens is 3.44 yuan per catty, and the breeding profit is - 0.43 yuan per catty, compared with - 0.52 yuan per catty last week. [41][47] - **Deep - processing of Corn Starch - Downstream Consumption**: This week, the operating rate of F55 high - fructose corn syrup is 40.81%, a week - on - week increase of 0.14%; the operating rate of maltose syrup is 43.68%, a week - on - week increase of 0.59%. The operating rate of corrugated paper is 66.7%, a week - on - week decrease of 1.2%; the operating rate of boxboard paper is 70.83%, a week - on - week decrease of 0.64%. [50] Chapter 3: Weekly Data Tracking No specific additional data tracking content is provided other than what has been summarized above.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Corn: The US corn is expected to have a high yield, but the yield per unit may be further reduced later. The 12 - contract of US corn has strong support at 400 cents per bushel and will fluctuate narrowly in the short term. The focus of the market is on the grain - selling rhythm in Northeast China, with expected selling pressure in November. Northeast corn is weak in the short term, while the supply in North China is increasing. The spot price of corn is oscillating at the bottom. The 01 corn futures will oscillate at the bottom with limited short - term rebound, and the 05 is expected to oscillate strongly [4][5]. - Starch: The operating rate of starch factories is rising, but downstream demand is weak, resulting in an increase in inventory. The spot price of starch is relatively weak, and there is still room for the spot price to fall with the large - scale listing of new corn. The 01 corn starch will follow the corn to oscillate at the bottom [4]. 3. Summary by Directory 3.1 Chapter 1: Comprehensive Analysis and Trading Strategies - **Corn Situation**: The US corn is expected to see a yield per unit reduction, but the yield is high. The 12 - contract of US corn has strong support at 420 cents per bushel. There is no profit in importing US corn. The market focus is on the Northeast selling rhythm, with expected selling pressure in November. Northeast corn is weak, North China's supply is increasing, and the spot price is at the bottom. The North Port purchase price may fall to around 2070 yuan/ton. The 01 corn futures will oscillate at the bottom with limited rebound, and the 05 is expected to oscillate strongly [4]. - **Starch Situation**: The operating rate of starch factories is rising, downstream demand is weak, and inventory is at a historical high. The spot price of starch is relatively weak, and there is still room for it to fall. The 01 corn starch will follow the corn to oscillate at the bottom [4]. - **Trading Strategies**: Try to buy the 12 - contract of US corn below 420 cents per bushel. Long - term buy the 05 corn below 2220. Try to buy 01 corn and sell 01 starch, and shrink the spread when it is high. Adopt the strategy of accumulating purchases for the 05 corn at low prices [5]. 3.2 Chapter 2: Core Logic Analysis 3.2.1 International Market - **Supply and Demand**: According to the USDA's September report, although the yield per unit of US corn may be further reduced, the overall supply is still loose. The ending stocks of global and US corn have slightly decreased. The import tariffs of US corn and sorghum in China have been adjusted, but there is still no profit in importing US corn [8][11]. - **Market Position and Ethanol Production**: As of September 23, the non - commercial net short position of US corn increased, and ethanol production increased. The 12 - contract of US corn oscillates around 430 cents per bushel [17]. 3.2.2 Domestic Market - **Inventory and Consumption**: Feed enterprise corn inventory increased but is lower than the same period last year. Deep - processing consumption increased, and inventory decreased slightly but is expected to increase next week. North Port corn inventory increased, and South Port grain inventory decreased [21][22][25]. - **Grain - Selling Progress**: The grain - selling progress is faster than last year. The overall progress of 13 provinces is 22%, 3% higher than the same period last year; the progress of 7 provinces is 18%, 2% higher than the same period last year [28]. - **Starch Market**: The operating rate of starch factories increased, downstream demand was weak, inventory increased significantly year - on - year, and enterprise profits decreased [32]. - **Substitute Market**: The wheat price is basically stable, and the price difference between wheat and corn has widened [39]. 3.3 Chapter 3: Weekly Data Tracking - **Livestock and Poultry Breeding**: From October 30 to November 6, the self - breeding and self - raising profit of pigs was - 35 yuan per head, a decrease of 10 yuan per head from last week; the profit of purchasing piglets was - 117 yuan per head, an increase of 13 yuan per head from last week. The breeding profit of white - feather broilers was - 0.31 yuan per bird, and the egg - laying hen breeding profit was - 0.52 yuan per catty [48][54]. - **Starch Downstream Consumption**: The operating rate of starch sugar and paper mills increased. The operating rate of F55 high - fructose syrup was 40.67%, an increase of 2.62% from last week; the operating rate of maltose syrup was 43.09%, an increase of 1.48% from last week. The operating rate of corrugated paper was 69.9%, an increase of 0.73% from last week; the operating rate of boxboard paper was 71.47%, an increase of 0.63% from last week [57]. - **Prices of Corn and Substitutes**: The price of wheat in North China is around 2490 yuan/ton, and the price difference between wheat and corn has widened [39].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The US corn is expected to remain in a narrow - range oscillation. The spot price of domestic corn still has room to decline, and the 01 corn contract is likely to continue to fall. The corn starch spot price is expected to decline later, and the 01 starch contract on the short - term disk is expected to oscillate at the bottom [7][5][6] Summary by Directory First Part: Data - **Futures Market Data**: The closing prices of different corn and corn starch futures contracts showed varying degrees of increase, with the increase ranging from 0.35% to 0.93%. The trading volume also had significant growth, with the increase rate ranging from 44.48% to 89.04%. The changes in the open interest were relatively small, with an increase or decrease range of - 1.33% to 6.00% [1] - **Spot Market Data**: The spot prices of corn in different regions such as Qinggang, Songyuan Jiji, and Zhucheng Xingmao were provided, along with their price changes. The spot prices of starch from different manufacturers like Longfeng, COFCO, and Cargill were also given, with no price changes on that day [1] - **Basis and Spread Data**: The basis of corn and corn starch, as well as the spreads between different futures contracts (including corn inter - period spreads, starch inter - period spreads, and cross - variety spreads) and their price changes were presented [1][4] Second Part: Market Judgment - **Corn**: The US corn rebounded due to the easing of Sino - US relations, but the production remained high, resulting in a narrow - range oscillation. The import profit of foreign corn decreased. The spot price of corn in the Northeast was stable, while the supply in North China increased, causing the spot price to decline. The domestic breeding demand was stable, but the downstream feed enterprises had low inventory. The 01 corn contract showed a strong oscillation, and the spot basis weakened. The spot price of corn still had room to decline in the short term [3][5] - **Starch**: The number of trucks arriving at Shandong deep - processing plants increased, and the spot price of corn in Shandong was stable. The starch inventory increased this week, with a monthly increase of 0.89% and a year - on - year increase of 33.26%. The starch price was mainly affected by the corn price and downstream stocking. The by - product price was strong, and the enterprise profit was good. The 01 starch contract followed the corn to oscillate strongly, and it was expected to oscillate at the bottom in the short term [6] - **Trading Strategy**: The US corn is expected to continue to narrow - range oscillate. The spot price of North China corn is relatively stable, while the Jilin corn is being listed in large quantities, putting pressure on the spot price. It is recommended to short the 05 and 01 corn contracts on a short - term basis and try to narrow the spread between the 01 corn and starch contracts when the spread is high [7][8] Third Part: Corn Options - The option strategy is a short - term strategy of accumulating puts and calls, with rolling operations [10] Fourth Part: Related Attachments - The attachments include various graphs showing the spot prices of corn in different regions, the basis of corn 01 contract, the spreads between different corn and corn starch contracts, and the basis and spreads of the corn starch 01 contract [12][14][18]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The U.S. corn market is in a narrow - range oscillation. The import profit of foreign corn has declined, and the domestic corn spot has different trends in different regions. The short - term corn spot still has room to fall. The 01 corn futures have limited rebound space [4][6][8]. - The corn starch inventory has decreased this week. The starch price depends on corn price and downstream stocking. The enterprise profit is good due to the large decline in corn price. The 01 starch futures are expected to oscillate at the bottom in the short term [7]. 3. Summary by Directory Part 1: Data - **Futures Market**: For corn futures, C2601 closed at 2141 with a 0.51% increase, C2605 at 2244 with a 0.76% increase, and C2509 at 2263 with a 0.44% increase. For corn starch futures, CS2601 closed at 2453 with a 0.53% increase, CS2605 at 2558 with a 0.39% increase, and CS2509 at 2601 with a 0.46% increase [2]. - **Spot and Basis**: Corn spot prices in different regions had different changes, with prices in Qinggang falling by 5, and in Zhucheng Xingmao rising by 52. Starch spot prices in most regions remained stable, except for Yufeng which decreased by 30. The basis of corn and starch also varied in different regions [2]. - **Spread**: The spreads of corn and corn starch futures contracts and cross - variety spreads had different changes. For example, C01 - C05 was - 103 with a - 6 change, and CS01 - CS05 was - 105 with a 3 change [2]. Part 2: Market Judgment - **Corn**: The U.S. corn market is affected by the high - yield situation and the easing of Sino - U.S. relations. The import profit of foreign corn has declined. The domestic corn market has different trends in different regions. The short - term corn spot still has room to fall, and the market is concerned about the selling pressure of Jilin corn at the end of October [4][6]. - **Starch**: The number of vehicles arriving at Shandong deep - processing plants has decreased, and the corn starch inventory has declined. The starch price is mainly affected by corn price and downstream stocking. The enterprise profit is good, but the corn starch spot may fall later [7]. - **Trading Strategy**: The U.S. corn is expected to oscillate narrowly. The 05 and 01 corn long positions should be closed and wait and see. The spread between 01 corn and starch can be tried to shrink when it is high [8][9]. Part 3: Corn Options - The option strategy is a short - term cumulative put and call strategy with rolling operations [11]. Part 4: Related Attachments - There are six figures, including the spot price of corn in different regions, the basis of corn 01 contract, the spreads of corn 1 - 5 and corn starch 1 - 5, the basis of corn starch 01 contract, and the spread of corn starch 01 contract [13][15][20].

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The US corn market is expected to remain in a narrow - range oscillation. The domestic corn spot has short - term downward space, and the 01 corn futures will fluctuate weakly. The 01 starch futures are expected to oscillate at the bottom in the short term. It is recommended to try to go long on 05 and 01 corn lightly and to shrink the spread between 01 corn and starch when the spread is high [4][7][9][10] 3. Summary by Relevant Sections Data Futures Disk - Corn futures (C2601, C2605, C2509) and corn starch futures (CS2601, CS2605, CS2509) all showed price declines on October 30, 2025. For example, C2601 closed at 2111, down 5 (-0.24%), and CS2601 closed at 2419, down 8 (-0.33%). The trading volume and open interest of different contracts had varying degrees of increase or decrease. For instance, the trading volume of C2601 increased by 24.51%, and the open interest of CS2601 decreased by 1.70% [2] Spot and Basis - Corn spot prices in different regions had different trends. The prices in Qinggang, Songyuan Jiji, etc. were reported, with some stable and some falling. The basis of corn in different regions also varied, such as -277 in Qinggang. Starch spot prices in different enterprises were stable, and the basis was relatively high, like 120 in Longfeng. The spreads between different contracts of corn and starch also had changes, for example, the spread of C01 - C05 was -102, up 3 [2] Market Judgment Corn - The US corn market is in a narrow - range oscillation. The import profit of foreign corn has declined, and the FOB price at northern ports in China is stable. The spot price in the Northeast corn - producing area has continued to decline, while the supply in North China has decreased, and the corn spot price has begun to stabilize and rebound. The price difference between Northeast and North China corn has narrowed. The wheat price in North China is relatively strong, and the price difference between wheat and corn has widened. The domestic breeding demand is stable, but the corn spot still has short - term downward space. The market is concerned about the selling pressure of Jilin corn at the end of October [4][7] Starch - The number of vehicles arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong has stabilized. The starch inventory has decreased this week. The starch price mainly depends on the corn price and downstream stocking. The by - product price is relatively strong, and the enterprise profit is good. However, due to the possible decline of corn price at the end of October in North China, the starch spot price is also expected to decline, and the 01 starch futures are expected to oscillate at the bottom in the short term [8] Trading Strategy - The US corn is expected to continue to oscillate narrowly. North China corn is stabilizing and rebounding, but there is short - term pressure. It is recommended to try to go long on 05 and 01 corn lightly and to shrink the spread between 01 corn and starch when the spread is high [9][10] Corn Options - The option strategy is a short - term strategy of accumulating puts and calls with rolling operations [12] Relevant Attachments - The attachments include charts of corn and corn starch spot prices, basis, spreads, etc., which visually show the price trends and relationships of different contracts and regions over time [14][16][20]