Group 1 - The main corn futures contract experienced a rapid increase, reaching a peak of 2187.00 yuan, with a current price of 2181.00 yuan, reflecting a rise of 1.02% [1] - Donghai Futures indicates that corn prices have entered a relatively undervalued range, with the new season's pricing weight increasing and the C2511 contract entering last year's pricing range of 2100-2200 yuan/ton [2] - Southwest Futures notes that there may be upward pressure on corn prices, as domestic supply and demand are tending towards balance, and the expectation of a strong new season yield may lead to cost adjustments [3] Group 2 - Green Dahan Futures suggests that short-term corn spot prices are expected to remain weak and stable, with sufficient supply due to ongoing imports and local spring corn entering the market [4] - The overall sentiment in the corn market is cautious, with a focus on policy direction and the impact of planting costs on future pricing [4]

Group 1 - The core viewpoint indicates that the supply of corn in Northeast China is slightly loose due to continuous replenishment of rotation grain and active outflow from traders, while demand remains at a seasonal low, leading to a gradual decline in market prices [1][3][5] - As of August 22, the average price of corn in the Northeast market dropped from 2252 yuan/ton to 2230 yuan/ton, a decrease of 0.98% [1] - The expected trend for corn prices in early September is downward, with a projected decline of around 20 yuan/ton, as the demand for feed corn is unlikely to increase significantly [7] Group 2 - The feed production has not shown seasonal growth characteristics, with only two years in the past five showing an increase in September feed production, primarily due to the demand not recovering to normal levels [3][5] - The total livestock population in August was 2.382 billion, a decrease of 0.78% from July, with significant declines in the populations of broiler chickens and pigs [5] - The expected livestock population in September is projected to decrease to 2.362 billion, with a decline in broiler chickens and laying hens, while the pig population is expected to increase by 2.02% [5][7]

Core Viewpoint - The corn purchasing prices for deep processing enterprises in Northeast China have been rising, but the market outlook suggests a downward pressure on corn prices due to limited new corn procurement and the upcoming new harvest in mid-September [1][6]. Group 1: Price Trends - In early August, the average corn purchasing price for deep processing enterprises in Northeast China reached its highest point of the year at 2242 yuan/ton, which is slightly higher than July's average by 2 yuan/ton but lower than last year's August average by 31.5 yuan/ton, reflecting a decline of 1.39% [1]. - The overall corn prices have increased this year, putting significant pressure on deep processing enterprises [3]. Group 2: Purchasing Volume - From January to June, the monthly corn purchasing volume for Northeast deep processing enterprises showed a downward trend, with a rebound in July where the total purchasing volume reached 960,000 tons, a 16% increase month-on-month but a 7% decrease year-on-year [3]. - The total corn purchasing volume from January to July was approximately 8.83 million tons, representing a 24% decrease compared to the same period last year [3]. Group 3: Inventory and Demand - As of early August, the average corn inventory days for deep processing enterprises in the three northeastern provinces was about 39 days, with limited new corn procurement expected before the new harvest [5]. - The operating load of major deep processing industries showed a declining trend in July, with a month-on-month decrease of 2 to 13 percentage points [5]. - Seasonal demand for corn products like starch and lysine is expected to recover slightly in late August due to reduced high temperatures and the back-to-school season, but new corn demand is unlikely to see significant increases [6]. Group 4: Market Outlook - The market outlook indicates that from August to September, deep processing enterprises in Northeast China will primarily rely on contract grain and inventory, with limited new corn demand, leading to a high probability of downward pressure on corn prices [6]. - It is anticipated that the mainstream corn prices in Northeast China will decline by 50-100 yuan/ton from mid-August to mid-September due to the increasing supply from other regions and the narrowing sales window for old grain [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The corn market is in a stage of oscillatory decline, and the later price center is expected to decline. The c2509 contract is affected by multiple negative factors such as high production, sufficient supply from imported corn, substitution by wheat and other grains, high new - crop planting area, and expected good yield. The new - crop's minimum planting cost on the futures market is about 2,000 yuan/ton, and the cost center continues to shift down [1]. 3. Summary According to the Directory Supply Domestic Corn Supply - The corn price continues to oscillate weakly, and the new - crop corn is growing well. The current main variable in future supply is the weather during the growing period, especially rainfall. This week, the national corn market continued to be weak, with both futures and spot prices falling significantly. Different regions have different supply and demand situations. The new - crop production expectation and cost center shift down drive the futures price down [7][8]. Import - The scale of corn imports has significantly decreased. In June 2025, the total corn import volume was 156,400 tons, a year - on - year decrease of 82.99% and a month - on - month decrease of 3.21 tons. From January to June 2025, the cumulative import volume was 785,300 tons, a year - on - year decrease of 92.88%. The estimated import volume for the 2024/25 period is 5 million tons, lower than 23.41 million tons in the 2023/24 period [16][17]. Substitutes - Feed enterprises are purchasing wheat to replace corn, and the substitution pressure from imported substitutes is decreasing. The main domestic substitutes are wheat and millet, and the imported substitutes are mainly imported sorghum and barley. The wheat market is oscillating, and the current corn - wheat price difference in North China is in the substitutable range, so the substitution pressure on corn is high. In June 2025, the import volume of barley and sorghum decreased year - on - year, reducing the substitution pressure [26][28]. Demand Feed and Breeding - The feed demand in the breeding industry is rigid, but the breeding profit is generally average. In June 2025, the national industrial feed output was 27.67 million tons, a month - on - month decrease of 0.1% and a year - on - year increase of 6.6%. The inventory of breeding sows, parent - stock white - feather broilers, and egg - laying chicken seedlings is at a high level, indicating a rigid feed demand. However, the self - breeding and self - raising pig breeding profit is at a low level, the broiler breeding profit is seasonally high, and the egg - laying chicken breeding loss has expanded [32][34]. Deep - processing - The operating rate of corn starch enterprises in Heilongjiang has risen significantly, but the deep - processing production profit is severely in the red. The operating rate of major corn starch enterprises nationwide has recovered to a neutral level, about 54.8%. The production of corn starch has also increased, but the downstream提货 volume is relatively low. The production profit of corn starch is severely in the red, and the profit of corn alcohol enterprises is still in the red [54][55]. Inventory Trade Channel Corn Inventory - The inventory in trade channels and downstream is gradually decreasing, and the starch inventory is significantly high. As of August 1, the inventory in the four northern ports continued to decline, with the total inventory dropping to about 1.9 million tons. The domestic trade inventory in southern ports fluctuated downward. The inventory of feed enterprises and deep - processing enterprises decreased seasonally. The starch inventory of major starch enterprises reached a new high in the past eight years, about 1.32 million tons [78][80]. Feed Enterprises' Corn Inventory - The corn inventory of feed enterprises continues to decrease, with the available inventory days at around 30 days, and the inventory in North China and South China is relatively high [79]. Deep - processing Enterprises' Corn Inventory - The corn inventory of deep - processing enterprises decreased seasonally, with the national inventory at about 3.64 million tons, at a neutral level [79]. Basis and Spread - The report provides data on the basis and spread of corn and starch, including the basis of different contracts in Jinzhou Port and Jilin area, and the spread between different contracts of corn and starch [114][124]. Corn Warehouse Receipt Quantity - On August 7, 2025, the number of corn warehouse receipts was 222,298 hands, and the number of corn starch warehouse receipts was 25,000 hands [132].

Group 1: Report Overview - The report is titled "Corn System Data Daily Report" and is issued by the Agricultural Products Research Center of Guomao Futures Research Institute on August 8, 2025 [3][4] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoint - The southern port's grain inventory is being depleted slowly, downstream demand support is insufficient, and the warehouse receipt pressure is high. Although the supply - demand of old - crop corn is tightening, the time for the 09 contract is limited. Due to the harvest pressure of new - season corn and the reduction in planting costs, the 11 and 01 contracts of corn are expected to fluctuate at a low level [6] Group 4: Price and Market Data Spot Prices - Corn spot prices vary by region. For example, the Jinzhou Port flat - hatch price is 2300 yuan/ton, down 20 yuan; the Harbin price in Heilongjiang Province is 2195 yuan/ton, unchanged. Among them, the price in Hebei Province decreased by 10 yuan [5] - Corn starch spot prices are 2750 yuan/ton in Jilin Province and 2434 yuan/ton in Henan Province, both unchanged [5] - Wheat spot prices are 2435 yuan/ton in Anhui Province, down 1 yuan, and 2434 yuan/ton in Jiangsu Province, unchanged [5] Futures Prices - The closing price of the corn main contract is 2267 yuan/ton, up 8 yuan; the closing price of the corn starch main contract is 2618 yuan/ton, unchanged [5] International Data - The closing price of US corn is 402.00 cents per bushel, the imported US corn duty - paid price is 2231.87 yuan/ton, and the estimated profit of imported US corn is 198.13 yuan/ton. The US dollar - to - RMB exchange rate is 7.18 [5] Spread Data - The spread between starch and corn (main continuous) is 351, and the spread between starch and corn (Jilin spot average price) is 490 [5] Inventory Data - North port corn inventory is 210.6 tons, Guangdong port domestic - trade corn inventory is 88.2 tons, and foreign - trade corn inventory is 0.7 tons. Northeast deep - processing corn inventory is 215.9 tons, and North China deep - processing corn inventory is 114.9 tons [5] Group 5: Supply and Demand Analysis Supply - The remaining grain is in short supply. Northeast grain has the demand for external transportation, and the volumes of grain collection and shipment at the north port have declined. The planting cost in the 25/26 season continues to decrease, and the estimated port collection price is about 2000 - 2100 yuan/ton. The sown area has no obvious change, the new - season corn is growing well, and the supply of imported grains is expected to decrease this year due to continuous policy restrictions [5] Demand - Livestock and poultry are expected to maintain a high inventory in the short term, supporting the feed demand. However, national policies tend to control the inventory and weight of pigs, which may affect the supply in the far - month. The price difference between wheat and corn is at a low level, feed mills are increasing their wheat purchases, the wheat substitution ratio is increasing, and they are maintaining a cautious attitude towards corn purchases. The deep - processing downstream is in a loss, forcing the operating rate to decline to a low level, and the deep - processing demand is shrinking [5] Inventory - The north port inventory has been depleted to a low level, the southern port grain inventory is being depleted slowly, the feed enterprise inventory continues to decline, and the deep - processing corn inventory has declined this week [5]

Core Viewpoint - In August, domestic corn prices are experiencing slight declines amidst a stable market, influenced by limited supply of old corn and the upcoming harvest of spring corn in North China [1][8]. Supply and Demand Analysis - The supply of old corn in major production areas is decreasing, providing strong support for corn prices, with minimal price drops observed in the last two weeks [2]. - As of August 5, the mainstream transaction price for corn in Heilongjiang, Northeast China, is 2190-2220 RMB/ton, a slight decrease of 10 RMB/ton from July 20 [2]. - In North China, the price for livestock corn in Henan is stable at 1.20-1.21 RMB/jin, with most traders having very little old corn left in stock [2]. - The average price for deep processing enterprises in Shandong is 2478 RMB/ton, showing a slight increase of 5 RMB/ton, or 0.20%, from July 20 [2]. Market Conditions - The upcoming harvest of spring corn in North China is expected to alleviate supply tightness, with significant quantities expected to be released in mid-August [4]. - The State Reserve's dual rotation of corn will also contribute to market supply, alongside imported corn from July auctions [4]. - Weather conditions, particularly drought in the Huang-Huai region, are affecting corn growth, with farmers actively engaging in irrigation efforts [5]. Industry Performance - In July, the average operating load of the domestic corn starch industry was 50.76%, a decrease of 2.87 percentage points from the previous month [6]. - The ethanol industry also saw a decline in operating load to 33.38%, with increased maintenance affecting corn consumption [6]. - It is anticipated that the operating load in the starch industry will slightly increase in August, providing some support for corn consumption [6]. Price Outlook - Overall, while the supply of old corn is decreasing, the influx of new corn and rotation grain will likely keep the supply gap small [8]. - Demand from feed and livestock enterprises is currently low, with corn inventories reduced to 30-40 days, leading to insufficient support for new corn purchases [8]. - The expected price decline for corn in August is projected to be limited, with a potential drop of 30-50 RMB/ton due to the scarcity of quality old corn [8].

Group 1: Market Data - The USDA reported private exporters sold 125,000 tons of corn to an unknown destination for the 2025/2026 marketing year, with the U.S. corn marketing year starting on September 1 [1] - As of July 27, the corn good-to-excellent rating was 73%, down from 74% the previous week, but still the best for this time of year since 2016, and higher than last year's 68% [1] - The top producing state, Iowa, had a good-to-excellent rating of 87%, up from 86% the previous week [1] Group 2: Drought Monitoring - As of July 29, 7% of U.S. corn was in drought areas, down from 9% the previous week and up from 5% the same time last year [2] Group 3: Institutional Perspectives - Southwest Futures noted that domestic corn supply and demand are tending towards balance, with consumption continuing to recover and port inventories quickly returning, reducing inventory pressure [3] - There has been a sharp reduction in corn imports from January to June, with high import margins suggesting potential for increased imports in the future [3] - The current strong spot prices for corn indicate that near-term contracts may have support at lower levels, and there are opportunities to consider out-of-the-money call options [3] Group 4: Price Dynamics - According to Greeen Dahan Futures, short-term price pressure on corn may arise due to the inverted pricing of wheat and corn in Shandong [4] - Mid-term expectations for new season corn trading are increasing, with a year-on-year decrease in planting costs putting pressure on long-term contract expectations [4] - Long-term pricing logic remains focused on import substitution and planting costs, with a key emphasis on policy direction [4]

Core Viewpoint - Corn futures experienced a downward trend this week, with the main contract closing at 2297 yuan/ton, a decrease of 14 yuan/ton from the previous week [1] Group 1: Market Conditions - As of July 27, 2025, the USDA reported that the good-to-excellent rating for U.S. corn was 73%, in line with expectations, down from 74% the previous week and up from 68% the same time last year [1] - The favorable rating for U.S. corn indicates a strong production outlook, which continues to exert pressure on international corn prices [1] Group 2: Domestic Market Dynamics - In the Northeast production area, trade inventories have dropped to low levels, with traders showing moderate enthusiasm for low-price sales [1] - Grain enterprises have medium to long-term orders but are primarily engaging in essential purchases, leading to a lack of market activity and minimal price fluctuations [1] - The presence of wheat as a substitute, along with policies regarding imported corn auctions and delayed deliveries, has contributed to a cautious overall market sentiment [1] Group 3: Price Trends and Strategy - This week, corn prices declined again, maintaining a generally weak trend [1] - The suggested trading strategy is to focus on short-term transactions [1]

1. Report Industry Investment Rating No relevant information provided 2. Core View of the Report - This week, corn prices were in a low - level oscillation. Abroad, as of July 22, the drought - affected area of US corn remained at 9%, and the good - to - excellent rate remained at 74%, in line with expectations. As of the week ending July 17, the net export sales of US corn were 1.38 million tons, also in line with expectations, and the US corn futures oscillated weakly. Domestically, wheat harvesting is basically over, and reserve depots in many places have entered the market to purchase, supporting wheat prices. Corn is in the off - season between harvests. Recently, auctions of imported corn have continued, but the transaction rate has gradually declined. Meanwhile, the number of trucks arriving at Shandong processing enterprises is generally low, and the short - term corn spot price has stopped falling. In terms of demand, current feed enterprises have relatively sufficient inventories, and the off - season of aquaculture demand restricts restocking. Feed enterprises purchase as needed. Corn processing is also entering the off - season, and processing profits remain at a low level. The strategy is that with multiple factors at play, the US corn market oscillates weakly. In China, the purchase by reserves supports the firm wheat price. The short - term low supply of corn supports the spot price, while the continued auction of imported corn and the existing bearish sentiment in the market lead to an oscillating corn futures market. In the medium - to - long - term, as grain sources gradually shift to channels, channel merchants hold back supplies, port inventories are continuously consumed, imported corn remains low, and downstream demand recovers, there is still a supply - demand gap in the third quarter. However, the supply pressure in the fourth quarter is still high, and corn prices may rise first and then fall [7] 3. Summary by Directory 3.1 Market Review - The CBOT12 corn closed at 419.00 cents per bushel, down 9.00 points from last week's close, a weekly decline of 2.10%. The C2509 corn closed at 2,311 yuan per ton, down 3 points from last week's close, a weekly decline of 0.13% [9] 3.2 Fundamental Analysis 3.2.1 External Market - Weather: In the next two weeks, rainfall in US soybean - producing areas is average, and the temperature is low [14] - Growth: As of the week ending July 20, 2025, the good - to - excellent rate of US corn was 74%, in line with market expectations, the same as the previous week and higher than 67% in the same period last year. As of the same week, the silking rate was 56%, up from 34% the previous week but lower than 58% last year and the five - year average. The dough stage rate was 14%, up from 7% the previous week, lower than 16% last year but higher than the five - year average of 12%. As of the week ending July 22, about 9% of US corn - growing areas were affected by drought, the same as the previous week and higher than 4% last year [23] - Export: As of the week ending July 17, the net export sales of US corn in the 2024/2025 season were 643,000 tons, up from 98,000 tons the previous week; in the 2025/2026 season, the net sales were 734,000 tons, up from 566,000 tons the previous week [27] 3.2.2 Domestic Inventory - Feed Enterprises: As of July 24, the average inventory of national feed enterprises was 30.87 days, down 0.47 days from last week, a month - on - month decline of 1.50% and a year - on - year increase of 0.68% [31] - Deep - processing Enterprises: From July 17 to July 23, 2025, 149 major domestic corn deep - processing enterprises consumed a total of 1.0624 million tons of corn, a decrease of 38,100 tons from the previous week. Affected by weak downstream demand, the processing profit of corn starch weakened again. As of July 23, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 4.005 million tons, a decrease of 6.21% [36][40] - Port Inventory: As of July 18, 2025, the total corn inventory of the four northern ports was 2.209 million tons, a week - on - week decrease of 97,000 tons; the shipping volume of the four northern ports was 340,000 tons, a week - on - week decrease of 262,000 tons. In Guangdong Port, the domestic corn inventory was 940,000 tons, an increase of 102,000 tons from last week; the foreign - trade inventory was 10,000 tons, a decrease of 1,000 tons from last week; the imported sorghum was 481,000 tons, a decrease of 21,000 tons from last week; the imported barley was 395,000 tons, an increase of 42,000 tons from last week [42] 3.3 Spread Tracking No specific analysis content provided, only the spread types such as the 9 - 1 spread of corn, the starch - to - corn spread, the corn basis, and the wheat - to - corn spread are mentioned [45][46]

Group 1 - The core viewpoint indicates that corn futures have shown slight upward movement, with a closing price of 2311 yuan/ton and a weekly change of 0.26% [1] - The trading volume for corn futures decreased by 215,569 contracts compared to the previous week, indicating a reduction in market activity [1] - Argentina's corn sales have slowed down, with 23.16 million tons sold as of July 16, which is lower than the previous year's sales of 25.31 million tons [2] Group 2 - The USDA reported that approximately 9% of U.S. corn planting areas are affected by drought, unchanged from the previous week but higher than 4% from the same time last year [2] - Short-term market dynamics show both support and pressure for corn prices, with ongoing imports and limited upward momentum in the futures market [3] - Long-term projections suggest that domestic supply may tighten due to reduced imports and substitution effects, but price increases may be limited by policy grain releases and competition from wheat [3][4] Group 3 - The market is experiencing a tightening supply situation due to reduced willingness to sell and ongoing consumption of stocks, which supports current prices [4] - The price gap between corn and wheat remains high, leading to increased demand for wheat and limiting corn's market potential [4] - Overall, the market is expected to face a supply-demand tug-of-war in the short term, with a cautious approach recommended for trading strategies [4]