Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Corn: US corn planting is finished, and the price is weak. With the reduction of Sino - US tariffs, US corn prices continue to decline, and weather factors may be a future focus. China has adjusted tariffs on US corn and sorghum. Importing foreign corn is profitable, with the August import price from Brazil at 2001 yuan. Northern port closing prices are stable, and Northeast corn prices are steady. In North China, corn supply is tight, but the rebound of corn prices is limited due to continuous auctions of imported corn [3][5]. - Starch: The number of trucks arriving at Shandong deep - processing plants has increased, and Shandong corn prices are strong. Starch prices in Shandong and Northeast China are stable. Corn starch inventory has increased this week. In the long - term, due to weak demand, starch enterprises will be in a loss state. The 09 starch contract is expected to fluctuate narrowly in the short term [6]. 3. Summary by Relevant Catalogs Data - **Futures Market**: On July 24, 2025, the closing prices of various corn and corn starch futures contracts mostly declined. For example, C2601 closed at 2238, down 9 (-0.40%); CS2605 closed at 2280, down 11 (-0.48%). Trading volumes generally decreased, while some positions increased [2]. - **Spot Market**: Corn prices in Qinggang, Jiamusi, Zhucheng, etc., and starch prices of enterprises like Longfeng, COFCO, etc., are provided. The basis and spreads of corn and corn starch are also presented, such as C01 - C05 spread is - 42 with a change of 2, CS01 - CS05 spread is - 41 with a change of - 1 [2]. Market Analysis - **Corn**: US corn prices are affected by planting progress, tariff policies, and potential weather speculation. In China, North China's corn supply is tight, and Northeast corn prices are stable. The substitution of wheat for corn continues, and the demand from the breeding industry is weak. Imported corn auctions are influencing the market [3][5]. - **Starch**: Starch prices are mainly determined by corn prices and downstream stocking. This week's inventory increase, combined with long - term weak demand, indicates a difficult situation for starch enterprises. The 09 starch contract is expected to move narrowly [6]. Trading Strategies - **Unilateral**: Domestic 09 corn will continue to fluctuate narrowly, and it is recommended to wait and see [8]. - **Arbitrage**: Close the position of buying spot and shorting 09 corn, and wait and see on the spread between 09 corn and starch [8]. Corn Options - Option strategy: Enterprises with spot positions can close out short positions of corn call options, or short - term traders can try to sell on rallies [11]. Relevant Attachments - The report provides multiple charts, including those showing corn spot prices in different regions, corn 09 contract basis, corn 9 - 1 spread, corn starch 9 - 1 spread, corn starch 09 contract basis, and corn starch 09 contract spread [12][14][18].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views Corn - The excellent rate of US corn crops remains stable, in line with market expectations, reaching the highest level in the same period since 2016. The initial growth excellent rate is good, with high output prospects, and international corn prices continue to face pressure [2]. - In the domestic market, the frequency and time of weekly auctions of imported corn are relatively fixed, but the auction transaction volume remains low, and the transaction premium is gradually decreasing. Due to the previous weak outlook of traders and panic selling, the supply of grain sources has increased temporarily. However, the deep - processing efficiency is poor, and some enterprises have suspended or limited production, leading to relatively limited procurement demand and a continuous decline in prices. Recently, as traders' selling speed is fast, the inventory of commercial grain has decreased significantly, and the sentiment of grain - holding entities to hold back sales has increased, resulting in a decreasing trend of grain supply. Some processing enterprises have rigid procurement needs, and the purchase price has strengthened slightly recently. The corn futures have maintained a low - level shock recently after the previous decline, and short - term observation is recommended [2]. Corn Starch - Affected by continuous production losses of corn starch enterprises, the industry's operating rate remains at a low level in recent years, and the supply pressure has significantly weakened. However, the demand in the civilian and paper - making markets is poor, and the downstream demand is in the traditional off - season, so the supply - demand situation remains loose. As of July 23, the total starch inventory of national corn starch enterprises was 131100 tons, a decrease of 3500 tons from last week, with a weekly decline of 2.60%, a monthly increase of 0.15%, and a year - on - year increase of 19.40%. The starch futures have rebounded recently, and short - term observation is recommended [3]. 3. Summary by Relevant Catalogs Futures Market - Corn futures closing price (active contract) is 2321 yuan/ton, down 1 yuan/ton; corn monthly spread (9 - 1) is 74 yuan/ton; futures open interest (active contract) is 923031 lots [2]. - Corn starch futures closing price (active contract) is 2675 yuan/ton, up 7 yuan/ton; corn starch monthly spread (9 - 11) is 62 yuan/ton; futures open interest (active contract) is 207954 lots, down 16277 lots [2]. - The net long position of the top 20 futures holders for corn is - 20212 lots, up 1928 lots; for corn starch, it is - 19454 lots, up 885 lots [2]. - The registered warehouse receipts for yellow corn are 175450 lots, down 207 lots; for corn starch, they are 11334 lots, down 800 lots [2]. - The spread between the main CS - C contracts is 354 yuan/ton [2]. Outer - Market - CBOT corn futures closing price (active contract) is 417.5 cents/bushel, down 5 cents/bushel; total open interest is 1470395 contracts, down 28569 contracts [2]. - The non - commercial net long position of CBOT corn is 12305 contracts, down 129457 contracts [2]. Spot Market - The average spot price of corn is 2409.02 yuan/ton, down 0.88 yuan/ton; the ex - factory price of corn starch in Changchun is 2680 yuan/ton, unchanged [2]. - The FOB price of corn in Jinzhou Port is 2360 yuan/ton, unchanged; the ex - factory price of corn starch in Weifang is 2900 yuan/ton, unchanged [2]. - The CIF price of imported corn is 1993.7 yuan/ton, down 0.43 yuan/ton; the international freight of imported corn is 46 US dollars/ton, unchanged [2]. - The basis of the main corn contract is 88.02 yuan/ton, up 0.12 yuan/ton; the basis of the main corn starch contract is 12 yuan/ton, down 4 yuan/ton [2]. - The spread between Shandong starch and corn is 390 yuan/ton, down 20 yuan/ton; the spread between tapioca starch and corn starch is 179 yuan/ton, up 40 yuan/ton [2]. Upstream - The predicted planting area of corn in the US is 16 million hectares; the predicted output is 401.85 million tons [2]. - The predicted planting area of corn in Brazil is 35.37 million hectares; the predicted output is 131 million tons [2]. - The predicted planting area of corn in Argentina is 7.5 million hectares; the predicted output is 53 million tons [2]. - The predicted planting area of corn in China is 44.3 million hectares; the predicted output is 295 million tons [2]. - The predicted output of corn in Ukraine is 30.5 million tons [2]. Industry - The corn inventory in southern ports is 838000 tons, down 48000 tons; in northern ports, it is 3.17 million tons, down 360000 tons [2]. - The deep - processing corn inventory is 4.27 million tons, down 166000 tons; the starch enterprise weekly inventory is 131100 tons, down 3500 tons [2]. - The monthly import volume of corn is 160000 tons, down 30000 tons; the monthly export volume of corn starch is 27780 tons, up 4060 tons [2]. Downstream - The monthly output of feed is 2.7621 million tons, up 98100 tons; the sample feed corn inventory days are 31.34 days, down 0.24 days [2]. - The deep - processing corn consumption is 1100500 tons, down 57300 tons; the alcohol enterprise operating rate is 38.34%, down 4.62 percentage points; the starch enterprise operating rate is 45.46%, down 4.83 percentage points [2]. - The corn starch processing profit in Shandong is - 151 yuan/ton, unchanged; in Hebei, it is - 62 yuan/ton, unchanged; in Jilin, it is - 66 yuan/ton, unchanged [2]. Options Market - The 20 - day historical volatility of corn is 6.68%, down 0.13 percentage points; the 60 - day historical volatility is 6.82%, down 0.12 percentage points [2]. - The implied volatility of at - the - money call options for corn is 8.72%, down 1.65 percentage points; the implied volatility of at - the - money put options is 8.72%, down 1.65 percentage points [2]. Industry News - The US Department of Agriculture's crop progress weekly report shows that the excellent rate of US corn crops remains stable, in line with market expectations, reaching the highest level in the same period since 2016. As of July 13, the silking rate of US corn was 34%, up from 18% last week, lower than 39% in the same period last year, and the five - year average was 33%. The dough stage ratio was 7%, up from 3% last week, the same as 7% in the same period last year [2]. - As of the week ending July 20, 2025, the 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 [2].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - **Corn**: Internationally, the high initial growth - stage good rate of US corn indicates high output prospects, putting continuous pressure on international corn prices. Domestically, the auction of imported corn has low transaction volume and decreasing premiums. Due to previous panic selling by traders, the supply increased, but with poor deep - processing benefits and limited enterprise procurement demand, prices fell. However, as traders' inventories decreased and the willingness to hold grains increased, the supply decreased, and some processing enterprises had rigid procurement needs, leading to a slight increase in purchase prices. The corn futures price rebounded recently after a continuous decline, and short - term observation is recommended [2]. - **Corn Starch**: Affected by continuous production losses, the industry's operating rate is at a low level in recent years, reducing supply pressure. But the demand in the civilian and paper - making markets is poor, and it is the traditional off - season for downstream demand, with slightly slower downstream pick - up. The supply - demand situation remains loose. The corn starch futures price rebounded recently following the rebound of corn [3]. 3. Summary by Related Catalogs 3.1 Futures Market - **Prices and Spreads**: Corn futures closing price (active contract) is 2322 yuan/ton, corn starch futures closing price (active contract) is 2668 yuan/ton, corn 9 - 1 monthly spread is 76 yuan/ton, and corn starch 9 - 11 monthly spread is 53 yuan/ton. The CS - C spread of the main contract is 346 yuan/ton [2]. - **Positions**: Corn futures position (active contract) is 975,861 lots, a decrease of 60,392 lots; corn starch futures position (active contract) is 224,231 lots, a decrease of 12,418 lots. The net long position of the top 20 futures holders of corn is - 22,140 lots, and that of corn starch is - 20,339 lots [2]. - **Registered Warehouse Receipts**: The registered warehouse receipts of yellow corn are 175,657 lots, a decrease of 1,686 lots; those of corn starch are 12,134 lots, a decrease of 50 lots [2]. 3.2 Outer - market - **CBOT Corn**: The closing price of CBOT corn (active contract) is 422.5 cents/bushel, a decrease of 5.5 cents. The total position of CBOT corn is 1,470,395 contracts, a decrease of 28,569 contracts. The non - commercial net long position of CBOT corn is - 129,457 contracts, an increase of 12,305 contracts [2]. 3.3 Spot Market - **Prices**: The average spot price of corn is 2409.9 yuan/ton, an increase of 1.17 yuan; the factory - quoted price of corn starch in Changchun is 2680 yuan/ton, unchanged. The average spot price of wheat is 2441.11 yuan/ton, an increase of 0.44 yuan [2]. - **Basis**: The basis of the main corn contract is 87.9 yuan/ton, a decrease of 0.83 yuan; the basis of the main corn starch contract is 12 yuan/ton, a decrease of 4 yuan [2]. 3.4 Upstream Situation - **Production and Planting Area**: The predicted annual corn production in the US is 401.85 million tons, in Brazil is 131 million tons, in Argentina is 53 million tons, in China is 295 million tons, and in Ukraine is 30.5 million tons. The predicted planting area of corn in the US is 35.37 million hectares, in Brazil is 22.6 million hectares, in Argentina is 7.5 million hectares, and in China is 44.3 million hectares [2]. - **Inventory**: The corn inventory in southern ports is 83.8 tons, a decrease of 4.8 tons; in northern ports is 317 tons, a decrease of 36 tons. The deep - processing corn inventory is 427 tons, a decrease of 16.6 tons [2]. 3.5 Industry Situation - **Import and Export**: The monthly import volume of corn is 16 tons, a decrease of 3 tons; the monthly export volume of corn starch is 27.78 tons, an increase of 4.06 tons [2]. - **Production**: The monthly output of feed is 2762.1 tons, and the monthly output of corn starch is 98.1 tons [2]. 3.6 Downstream Situation - **Inventory and Consumption**: The sample feed corn inventory days are 31.34 days, a decrease of 0.24 days; the deep - processing corn consumption is 110.05 tons, a decrease of 5.73 tons [2]. - **Profit and Operating Rate**: The processing profit of corn starch in Shandong is - 151 yuan/ton, a decrease of 10 yuan; in Hebei is - 62 yuan/ton, an increase of 9 yuan; in Jilin is - 66 yuan/ton, a decrease of 4 yuan. The operating rate of alcohol enterprises is 38.34%, a decrease of 4.62%; the operating rate of starch enterprises is 50.29%, an increase of 0.15% [2]. 3.7 Option Market - **Volatility**: The 20 - day historical volatility of corn is 7.13%, an increase of 0.17%; the 60 - day historical volatility is 6.94%, a decrease of 0.13%. The implied volatility of at - the - money call options for corn is 10.37%, a decrease of 0.42%; the implied volatility of at - the - money put options is 10.37%, a decrease of 0.43% [2]. 3.8 Industry News - **US Corn Export**: As of the week ending July 17, 2025, the US corn export inspection volume is 983,625 tons, lower than the revised 1,314,302 tons of last week and 991,257 tons of the same period last year [2]. - **Brazilian Corn Harvest**: As of July 18, the harvest progress of Brazil's second - season corn has reached 53.30% of the planned total planting area, up from 40.46% a week ago, but lower than 50.84% of the same period last year and the five - year average of 57.69% [2]. - **US Corn Growth**: As of the week ending July 20, 2025, the good rate of US corn is 74%, consistent with market expectations, the same as the previous week and higher than 67% of the same period last year [2].

Report General Information - Report Name: Corn Starch Daily Report [2][3] - Report Date: July 17, 2025 [2] Report Industry Investment Rating - Not provided in the report. Report Core Views - The U.S. corn planting is completed, with prices weakening. After the reduction of Sino - U.S. tariffs, U.S. corn prices may continue to fall, and weather factors are likely to be a future market focus. China has adjusted tariffs on U.S. corn and sorghum, and foreign corn has high import profits. In the short - term, corn prices may stabilize, with the 09 corn contract expected to oscillate narrowly, and there is potential for a rebound in the future. Starch prices are mainly influenced by corn prices and downstream stocking. In the medium - to - long - term, due to weak demand, starch enterprises will be in a long - term loss state. The 09 starch contract's decline is expected to be limited in the short - term [5][7][8][9] Summary by Relevant Catalogs Part 1: Data Futures Market - Corn Futures: Contracts C2601, C2605, and C2509 closed at 2240, 2278, and 2296 respectively, with increases of 0.27%, 0.22%, and 0.13%. Their trading volumes increased by 130.34%, 295.42%, and 48.33%, and open interests increased by 2.50%, 3.95%, and 0.48% [2] - Starch Futures: Contracts CS2601, CS2605, and CS2509 closed at 2610, 2641, and 2646 respectively, with increases of 0.31%, 0.00%, and 0.26%. Their trading volumes increased by 6.08%, 20.69%, and 39.72%, and open interests increased by 4.68%, 1.80%, and 0.21% [2] Spot and Basis - Corn Spot: Prices in different regions such as Qinggang, Jiajishenghua, and Zhuchengxingmao were 2230, 2240, and 2502 respectively. Price changes were 0, 0, and 10, and basis were - 66, - 56, and 206 [2] - Starch Spot: Prices in different enterprises such as Longfeng, Zhongliang, and Jiajie were 2800, 2800, and 2850 respectively. All price changes were 0, and basis were 159, 159, and 209 [2] Spread - Corn Inter - period Spread: For example, C01 - C05 was - 38 with a change of 1, C05 - C09 was - 18 with a change of 2 [2] - Starch Inter - period Spread: For example, CS01 - CS05 was - 31 with a change of 8, CS05 - CS09 was - 5 with a change of - 7 [2] - Cross - variety Spread: For example, CS09 - C09 was 350 with a change of 4, CS01 - C01 was 370 with a change of 2 [2] Part 2: Market Judgment Corn - The U.S. corn planting is completed, prices are weak, and after the reduction of Sino - U.S. tariffs, prices may continue to fall. Weather factors are likely to be a future market focus. China has adjusted tariffs on U.S. corn and sorghum, and foreign corn has high import profits. The northern port's flat - warehouse price is stable, and the northeast corn spot price is stable. The supply of North China corn is tight, and the price has a strong support at around 2400 yuan/ton [5][7] Starch - The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong has rebounded. The starch inventory has increased this week, with the manufacturer's inventory at 134.6 million tons, a monthly increase of 2.83% and a year - on - year increase of 26.27%. The starch price is mainly influenced by corn prices and downstream stocking. In the medium - to - long - term, due to weak demand, enterprises will be in a long - term loss state. The decline of the 09 starch contract is expected to be limited in the short - term [8] Trading Strategies - Unilateral: The domestic 09 corn will continue to oscillate narrowly. You can try to go long on 09 corn with a light position and conduct rolling operations [10] - Arbitrage: Close the position of buying spot and shorting 09 corn, and wait and see on the spread between 09 corn and starch [10] Part 3: Corn Options - Option Strategies: Enterprises with spot can close the position of selling corn call options, or try bottom - accumulating purchases in the short - term [13] Part 4: Relevant Attachments - The attachments include charts of various data such as corn spot prices in different regions, corn 09 contract basis, corn 9 - 1 spread, starch 9 - 1 spread, starch 09 contract basis, and starch 09 contract spread [14][16][20]

Group 1: Report Overview - Report Title: Corn Starch Daily Report, July 14, 2025 [2] - Report Type: Agricultural Product R & D Report [1] - Researcher: Liu Dayong [5] Group 2: Data Summary Futures Market - **Corn Futures**: C2601 closed at 2302, down 4 (-0.17%); C2505 at 2238, up 7 (0.31%); C2509 at 2272, up 7 (0.31%) [2] - **Starch Futures**: CS2601 at 2610, down 2 (-0.08%); CS2505 at 2642, up 3 (0.11%); CS2509 at 2647, down 9 (-0.34%) [2] Spot Market - **Corn**: Northern port closing price dropped, Jinzhou Port at around 2320 yuan; Northeast and North China corn spot prices fell [4][6] - **Starch**: Shandong starch around 2850 yuan, Northeast starch stable [7] Basis and Spread - **Basis**: Corn and starch basis had various changes [2] - **Spread**: Corn and starch inter - period and cross - variety spreads changed [2] Group 3: Market Analysis Corn Market - The US corn planting is finished, with prices weakening. China's tariff on US corn is adjusted, and foreign corn import profit is high. Brazilian corn import price in August is 1930 yuan. North China wheat can substitute for corn. Domestic breeding demand is weak, and downstream feed enterprise inventories are high. Imported corn auctions continue, and the market will be volatile. North China corn has support at around 2400 yuan/ton, and Heilongjiang corn at around 2200 yuan/ton [4][6] Starch Market - Shandong deep - processing arrivals decreased, and corn prices were stable. Starch inventory increased this week, with a monthly increase of 2.14% and a year - on - year increase of 26.97%. Starch prices depend on corn prices and downstream stocking. The by - product price is relatively strong. The medium - to - long - term starch demand is weak, and enterprises will be in a loss state. The short - term decline of 09 starch futures is limited [7] Group 4: Trading Strategies Futures Trading - **Unilateral**: Domestic 09 corn will have narrow - range fluctuations [9] - **Arbitrage**: Close the position of buying spot and shorting 09 corn; widen the spread between 09 corn and starch at low levels and conduct oscillatory operations [9] Options Trading - Enterprises with spot positions can sell corn call options [12] Group 5: Related Attachments - The report includes six figures showing various price trends and spreads of corn and corn starch, such as regional corn spot prices, corn 09 contract basis, corn 9 - 1 spread, etc. [14][16][20]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - The US corn planting is finished, and the price is weak. With the reduction of Sino - US tariffs, the US corn is in a bottom - shock state, and weather factors may be used for speculation. The import profit of foreign corn is high, and the domestic corn spot is expected to be relatively stable in the short term but may continue to decline due to upcoming auctions. The starch price is mainly affected by corn price and downstream stocking, and the short - term decline space of the 09 starch contract is limited [5][7][8] - The short - term trading strategy for corn is that the domestic 09 corn will have a narrow - range shock. For those with spot, they can short the 09 corn, and the spread between 09 corn and starch can be expanded when it is low. For options, spot - holding enterprises can sell corn call options [9][10][13] 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Disk - C2601 closed at 2234, down 7 (-0.31%), with a trading volume of 27,820 (-42.68%) and an open interest of 128,391 (5.06%) - C2505 closed at 2264, down 4 (-0.18%), with a trading volume of 4,683 (-58.63%) and an open interest of 24,038 (8.57%) - C2509 closed at 2319, down 2 (-0.09%), with a trading volume of 404,273 (-34.92%) and an open interest of 994,428 (0.81%) - CS2601 closed at 2620, down 7 (-0.27%), with a trading volume of 2,950 (-32.17%) and an open interest of 8,301 (11.15%) - CS2505 closed at 2647, down 3 (-0.11%), with a trading volume of 35 (-28.57%) and an open interest of 228 (-2.15%) - CS2509 closed at 2677, up 1 (0.04%), with a trading volume of 92,255 (-24.94%) and an open interest of 231,044 (4.01%) [3] 3.1.2 Spot and Basis - Corn: The current quotes in Qinggang, Jiajishenghua, Zhuchengxingmao, Shouguang, Jinzhou Port, Nantong Port, and Guangdong Port are 2270, 2260, 2534, 2470, 2380, 2490, and 2460 respectively. The price changes are -10, 170, 0, 0, 0, 0, 0 respectively, and the basis is -49, -59, 215, 151, 61, 171, 141 respectively - Starch: The current quotes of Longfeng, COFCO, Cargill, Yufeng, Jinyumi, Zhuchengxingmao, and Hengren Industry and Trade are 2800, 2800, 2850, 3020, 2950, 2980, and 2960 respectively. The price changes are 0, -50, 0, 0, 0, 0, 0 respectively, and the basis is 153, 153, 203, 373, 303, 333, 313 respectively [3] 3.1.3 Spread - Corn inter - period: C01 - C05 spread is -30 (-3), C05 - C09 spread is -55 (-2), C09 - C01 spread is 85 (5) - Starch inter - period: CS01 - CS05 spread is -27 (-4), CS05 - CS09 spread is -30 (-4), CS09 - CS01 spread is 57 (8) - Cross - variety: CS09 - C09 spread is 358 (3), CS01 - C01 spread is 386 (0), CS05 - C05 spread is 383 (1) [3] 3.2 Market Judgment 3.2.1 Corn - The US corn planting is finished, and the price is weak. With the reduction of Sino - US tariffs, it is in a bottom - shock state, and weather factors may be used for speculation. The import profit of foreign corn is high, and the August import price from Brazil is 1943 yuan. The northern port flat - hatch price is weak, and the northeast corn spot price has declined. The supply in North China has decreased, and the corn spot price is stable. The price difference between northeast and North China corn has narrowed. The wheat price in North China is weak, and the price difference between wheat and corn is small, so wheat continues to be a substitute. The domestic breeding demand is still weak, and the inventory of downstream feed enterprises is high. Recently, imported corn has been auctioned, and brown rice is about to be auctioned, so the corn spot price will continue to decline. It is expected that the North China corn will have strong support at around 2450 yuan/ton, and Heilongjiang corn will have support at around 2220 yuan/ton [5][7] 3.2.2 Starch - The number of vehicles arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong is stable. The starch price in Shandong is around 2900 yuan, and the northeast starch spot price is also stable. This week, the corn starch inventory has increased to 133.7 million tons, an increase of 2.4 million tons from last week, with a monthly increase of 2.14% and a year - on - year increase of 26.97%. The starch price mainly depends on the corn price and downstream stocking. The by - product price is relatively strong, and the price difference between corn and starch spot is low. In the medium - to - long - term, due to the weak demand for starch, enterprises will be in a long - term loss state. It is expected that the short - term decline space of the 09 starch contract is limited [8] 3.3 Corn Options - The option strategy is that spot - holding enterprises can sell corn call options [13] 3.4 Relevant Attachments - The attachments include figures such as the spot price of corn in various regions, the basis of the corn 09 contract, the 9 - 1 spread of corn, the 9 - 1 spread of corn starch, the basis of the corn starch 09 contract, and the spread of the corn starch 09 contract [15][17][21]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The US corn market is at the bottom and may be influenced by weather factors. The import profit of foreign corn is high, and the short - term domestic corn spot is relatively stable, but the upside space is limited. The 09 corn futures will be in a weak and volatile state, and the basis will strengthen. In the long - term, it will be affected by policies and remain volatile. [5][7][9] - The price of corn starch mainly depends on the price of corn and downstream stocking. The inventory has slightly increased this week. In the short - term, the downside space of the 09 starch futures is limited. In the long - term, due to weak demand, enterprises will be in a loss state, and the profit will be repaired. [8] 3. Summary by Directory 3.1 Data - **Futures Disk**: For corn futures (C2601, C2505, C2509), the closing prices decreased, with the decline ranging from 0.66% to 1.16%. The trading volume of C2505 increased by 453.10%, and the trading volume of C2509 increased by 42.58%. For corn starch futures (CS2601, CS2505, CS2509), the closing prices also decreased, with the decline ranging from 0.87% to 1.38%. The trading volume of CS2601 increased by 82.99%, and the trading volume of CS2509 increased by 37.58%. [3] - **Spot and Basis**: The spot prices of corn in northern ports and Northeast China declined. The spot price of corn in North China also decreased, and the price difference between Northeast and North China corn narrowed. The price of wheat in North China was weak, and wheat continued to substitute for corn. The spot price of corn starch was stable. [3][5][7] - **Spread**: For corn inter - period spreads, such as C01 - C05, C05 - C09, and C09 - C01, there were corresponding changes. The same was true for corn starch inter - period spreads and cross - variety spreads. [3] 3.2 Market Judgment - **Corn**: The US corn market is in a bottom - oscillating state. The import profit of foreign corn is high. The spot price of corn in North China and Northeast China declined, and the domestic breeding demand is weak. The short - term spot price of corn is relatively stable, but the upside space is limited. [5][7] - **Corn Starch**: The number of trucks arriving at Shandong deep - processing plants increased. The inventory of corn starch increased slightly this week. The price of corn starch mainly depends on the price of corn and downstream stocking. In the short - term, the downside space of the 09 starch futures is limited. [8] 3.3 Trading Strategies - **Unilateral**: The 09 corn and 09 starch futures will be in a narrow - range oscillation. [10] - **Arbitrage**: Enterprises with spot goods can short the 09 corn. Expand the spread between 09 corn and starch when it is low and conduct oscillating operations. [10] 3.4 Corn Options - Option Strategy: Enterprises with spot goods can sell corn call options and hold them. [13] 3.5 Related Attachments - The attachments include charts of various prices and spreads of corn and corn starch, such as the spot price of corn in different regions, the basis of corn 09 contract, the 9 - 1 spread of corn and corn starch, the basis of corn starch 09 contract, and the spread of corn starch 09 contract. [15][17][21]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The report suggests short - term trading for both corn and corn starch. Corn futures have been oscillating downward recently. Due to factors such as increased planting area in the US, good growth conditions, and domestic import auctions increasing supply, along with wheat's substitution advantage, the corn market is under pressure. Corn starch futures have also declined, affected by the drop in corn prices. Although the supply pressure of corn starch has weakened and the spot price is relatively stable, the demand is entering the off - season, and the inventory is increasing [9][10][14]. Summary According to the Table of Contents 1. Weekly Key Points Summary Corn - **Strategy**: Short - term trading [9] - **Market Review**: The main 2509 contract of corn futures closed at 2353 yuan/ton, a decrease of 31 yuan/ton from the previous week [10] - **Market Outlook**: In 2025, the US corn planting area decreased slightly compared to the March estimate but increased by 5% compared to 2024. The US corn inventory in the second quarter of 2025 decreased by 7% year - on - year. The domestic import corn auction started on July 1, with significant premiums. On July 4, the auction volume increased to 306,000 tons. Wheat has a significant substitution advantage, and the feed demand for corn has decreased. The corn futures price has been oscillating downward from a high level [10] Corn Starch - **Strategy**: Short - term trading [13] - **Market Review**: The main 2509 contract of Dalian corn starch futures closed at 2717 yuan/ton, a decrease of 26 yuan/ton from the previous week [14] - **Market Outlook**: Due to continuous production losses, the industry's operating rate is at a low level in recent years. The spot price of corn starch is relatively stable, but the demand is in the off - season, and the inventory has increased. Recently, it has been affected by the decline in corn prices [14] 2. Futures and Spot Market Futures Price and Position Changes - The 9 - month contract of corn futures oscillated downward, with a total position of 945,346 lots, a decrease of 28,424 lots from the previous week. The 9 - month contract of corn starch futures also oscillated downward, with a total position of 178,348 lots, an increase of 28,954 lots from the previous week [20] Top 20 Net Position Changes - The top 20 net position of corn futures was - 35,964, and the net short position decreased compared to the previous week. The top 20 net position of starch futures was - 11,107, and the net short position also decreased [27] Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 204,318, and the registered warehouse receipts of corn starch were 22,643 [33] Spot Price and Basis - As of July 3, 2025, the average spot price of corn was 2436.86 yuan/ton, and the basis between the active 9 - month contract and the spot average price was + 84 yuan/ton. The spot price of corn starch in Jilin was 2850 yuan/ton, and in Shandong was 2940 yuan/ton. The basis between the 9 - month contract and the Jilin Changchun spot price was 133 yuan/ton [38][42] Futures Inter - month Spread - The 9 - 1 spread of corn was 91 yuan/ton, at a relatively high level in the same period. The 9 - 1 spread of starch was 62 yuan/ton, at a medium level in the same period [48] Futures Spread between Starch and Corn - The spread between the 9 - month contract of starch and corn was 364 yuan/ton. In the 27th week of 2025, the spread between Shandong corn and corn starch was 400 yuan/ton, a decrease of 20 yuan/ton from the previous week [57] Substitute Spread - As of July 3, 2025, the spread between wheat and corn was 14.03 yuan/ton. In the 27th week of 2025, the average spread between tapioca starch and corn starch was 120 yuan/ton, a narrowing of 13 yuan/ton from the previous week [61] 3. Industry Chain Situation Corn Supply - **Port Inventory**: As of June 27, 2025, the domestic trade corn inventory in Guangdong Port was 1.041 million tons, a decrease of 92,000 tons from the previous week; the foreign trade inventory was 300 tons, the same as the previous week. The corn inventory in the four northern ports was 2.724 million tons, a decrease of 80,000 tons week - on - week; the shipping volume was 252,000 tons, a decrease of 86,000 tons week - on - week [52] - **Monthly Import**: In May 2025, the total import of ordinary corn was 190,000 tons, a decrease of 860,000 tons compared to the same period last year, a decrease of 81.9% [70] - **Feed Enterprise Inventory**: As of July 3, the average inventory of national feed enterprises was 31.96 days, a decrease of 0.63 days from the previous week, a decrease of 1.93% week - on - week, and an increase of 1.62% year - on - year [74] Corn Demand - **Livestock Inventory**: As of the end of the first quarter of 2025, the pig inventory was 417.31 million, a year - on - year increase of 2.2%. At the end of May, the inventory of breeding sows was 40.42 million, an increase of 40,000 month - on - month and a year - on - year increase of 1.15% [78] - **Breeding Profit**: As of June 27, 2025, the self - breeding and self - raising pig breeding profit was 50.25 yuan/head, and the profit of purchasing piglets for breeding was - 131.71 yuan/head [82] - **Processing Profit**: As of July 3, 2025, the corn starch processing profit in Jilin was - 49 yuan/ton. As of July 4, 2025, the corn alcohol processing profit in Henan was - 540 yuan/ton, in Jilin was - 384 yuan/ton, and in Heilongjiang was - 111 yuan/ton [86] Corn Starch Supply - **Enterprise Inventory**: As of July 2, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 4.354 million tons, a decrease of 4.66% [90] - **Operating Rate and Inventory**: From June 26 to July 2, 2025, the national corn processing volume was 544,700 tons, a decrease of 1500 tons from the previous week; the national corn starch output was 264,900 tons, an increase of 200 tons from the previous week; the weekly operating rate was 51.2%, an increase of 0.05% from the previous week. As of July 2, the total starch inventory of national corn starch enterprises was 1.313 million tons, an increase of 4000 tons from the previous week, a weekly increase of 0.31%, a monthly increase of 0.31%, and a year - on - year increase of 22.83% [94] 4. Option Market Analysis As of July 4, the implied volatility of the options corresponding to the main 2509 contract of corn was 8.72%, a decrease of 1.13% from the previous week's 9.85%. This week, the implied volatility oscillated and declined, at a relatively high level compared to the 20 - day, 40 - day, and 60 - day historical volatility [97]

General Information - Report Title: Corn Starch Daily Report - Date: July 2, 2025 - Researcher: Liu Dayong - Contact: liudayong_qh@chinastock.com.cn [6] 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The report analyzes the market conditions of corn and corn starch. For corn, it is expected to have short - term stability with narrow - range fluctuations and strengthening basis. For corn starch, the 09 contract can be considered for short - term long positions, and the spread between 09 corn and starch can be widened at low levels. [9][10] 3. Summary by Directory 3.1 Data - **Futures盘面**: All major corn and corn starch futures contracts showed price declines on July 2, 2025. For example, C2601 closed at 2262, down 18 (-0.80%), and CS2601 closed at 2666, down 12 (-0.45%). Trading volume of most contracts increased, such as C2601 with a 200.90% increase, while the change in open interest varied. [3] - **Spot and Basis**: Corn spot prices in different regions had different trends. Northern port flat - price was stable around 2400 yuan, Northeast corn was relatively strong, and North China corn was stable. Corn starch spot prices in some enterprises like Zhongliang increased by 50 yuan. The basis of both corn and corn starch was calculated for different regions. [3] - **Spread**: Various spreads were presented, including corn inter - period spreads (e.g., C01 - C05 was - 26, down 2), starch inter - period spreads (e.g., CS01 - CS05 was - 14, up 6), and cross - variety spreads (e.g., CS09 - C09 was 368, up 8). [3] 3.2 Market Analysis - **Corn**: US corn planting is basically finished, with prices in bottom - range oscillations. China's tariffs on US corn and sorghum are set, and foreign corn import profit is high. Northern port flat - price is stable, Northeast corn is strong, North China corn is stable with less supply, and the price difference between Northeast and North China corn is narrowing. Wheat continues to substitute for corn, and domestic breeding demand is weak. Corn spot is expected to be stable in the short term. [5][7] - **Corn Starch**: The number of trucks arriving at Shandong deep - processing plants decreased, and Shandong corn was stable. Corn starch inventory decreased this week, with a monthly decline of 7.29% and a year - on - year increase of 22.68%. Starch prices depend on corn prices and downstream stocking. The by - product price is relatively strong. In the long - term, due to weak demand, starch enterprises may have more shutdowns and profit restoration. The 09 starch contract is expected to have limited downside. [8] 3.3 Trading Strategy - **Unilateral**: Domestic 09 corn will continue to fluctuate in a narrow range, and 09 starch can be considered for short - term long positions. [10] - **Arbitrage**: Those with spot can continue to short 09 corn, and widen the spread between 09 corn and starch at low levels with oscillatory operations. [10] 3.4 Corn Options - Option strategy: Spot - holding enterprises can sell corn call options. Information on some option contracts such as C2509 - P - 2380.DCE is provided. [13] 3.5 Related Attachments - Multiple graphs are presented, including those showing corn spot prices in different regions, corn 09 contract basis, corn 9 - 1 spread, corn starch 9 - 1 spread, corn starch 09 contract basis, and corn starch - corn 09 contract spread. [15][17][21]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Views - **Corn**: US corn has a good excellent rate, and the trade relationship between China and the US has eased, leading to concerns about long - term import pressure. In the domestic market, the supply in the Northeast is tightening, and traders are bullish on the future. However, the expected impact of wheat substitution has slowed the rise of corn prices. The corn futures price has recently fallen from its high and is in a high - level oscillation, suggesting short - term trading [2]. - **Corn Starch**: Affected by continuous production losses, the industry's operating rate is at a low level in recent years. With reduced supply pressure and strong corn prices, the spot price of corn starch is relatively good, and the industry inventory has been declining. Recently, it has weakened along with the fall of corn prices, also suggesting short - term trading [3] 3. Summary by Directory Futures Market - Corn starch futures closing price (active contract) is 2378 yuan/ton, and the corn starch monthly spread (7 - 9) is 107 yuan/ton [2] - The net long position of the top 20 futures holders of corn starch is 7895 hands, and the net long position of corn is - 39278 hands [2] - The registered warehouse receipt volume of yellow corn is 217440 hands, and that of corn starch is 23174 hands [2] - The main contract CS - C spread is 350 yuan/ton, and the futures closing price of CBOT corn is 405.25 cents/bushel [2] Outer Market - CBOT corn total position is 1592477 contracts, and the non - commercial net long position is - 107244 contracts [2] Spot Market - The average spot price of corn is 2430 yuan/ton, and the factory price of corn starch in Changchun is 2720 yuan/ton [2] - The FOB price of corn in Jinzhou Port is 2380 yuan/ton, and the factory price of corn starch in Weifang is 2940 yuan/ton [2] - The CIF price of imported corn is 1899.63 yuan/ton, and the international freight of imported corn is 0 US dollars/ton [2] Substitute Spot Price - The average spot price of wheat is 2446.11 yuan/ton, and the price difference between tapioca starch and corn starch is 135 yuan/ton [2] Upstream Situation - The predicted sown area of corn in the US is 401.85 million hectares, and the predicted output is 35.37 million tons [2] - The predicted sown area of corn in Brazil is 131 million hectares, and the predicted output is 22.6 million tons [2] - The predicted sown area of corn in Argentina is 53 million hectares, and the predicted output is 7.5 million tons [2] - The predicted sown area of corn in China is 295 million hectares, and the predicted output is 44.3 million tons [2] - The predicted output of corn in Ukraine is 30.5 million tons [2] Industry Situation - The corn inventory in southern ports is 113.5 million tons, and the deep - processed corn inventory is 459.2 million tons [2] - The corn inventory in northern ports is 382 million tons, and the starch enterprise inventory is 130.9 million tons [2] - The import volume of corn is 19 million tons, and the export volume of corn starch is 2664 tons [2] - The output of feed is 27.78 million tons, and the processing profit of corn starch in Shandong is - 81 yuan/ton [2] Downstream Situation - The deep - processed corn consumption is 117.62 million tons, and the alcohol enterprise operating rate is 43.8% [2] - The starch enterprise operating rate is 51.15%, and the sample feed corn inventory days is 33.07 days [2] Option Market - The 20 - day historical volatility of corn is 6.54%, and the 60 - day historical volatility is 6.7% [2] - The implied volatility of at - the - money call options for corn is 10.07%, and the implied volatility of at - the - money put options is 10.07% [2] Industry News - Analysts expect the US corn sown area in 2025 to be 95.35 million acres, and the soybean sown area to be 83.65 million acres [2] - Analysts expect the US corn inventory on June 1 to be 4.641 billion bushels, a 7.1% decrease from the same period last year [2] - As of June 22, 2025, the excellent rate of US corn is 70%, lower than the market expectation of 72% [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]