Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Corn**: In the domestic market, the new corn season is approaching in the Northeast production area. Reserve rotation corn is continuously released to supplement market supply. Traders' confidence in price support has weakened, accelerating the sale of remaining grains. Feed - using enterprises have relatively sufficient inventories and low procurement enthusiasm, preferring to wait for new grains. Some price - setting enterprises have continuously lowered their quotes. Recently, due to short - covering by bears, the corn futures price has rebounded slightly from the low level [2]. - **Corn Starch**: With the resumption of work of previously overhauled enterprises, the operating rate of the corn starch industry has rebounded recently, increasing supply - side pressure. Meanwhile, downstream demand is still in the off - season, with poor order signing and shipment. The supply of corn starch far exceeds demand, and inventory pressure remains high. Affected by the corn rebound, the starch price has oscillated higher [3]. 3. Summary by Directory Futures Market - **Domestic Futures**: The closing price of the active corn starch futures contract is 2193 yuan/ton (up 2 yuan), and that of the active corn futures contract is 2500 yuan/ton (down 1 yuan). The 1 - 5 corn monthly spread is - 69 yuan/ton, and the 11 - 1 corn starch monthly spread is - 35 yuan/ton (down 2 yuan). The active - contract positions of yellow corn and corn starch are 974389 hands and 205537 hands respectively, with the latter down 3350 hands. The net long positions of the top 20 futures holders for corn starch and corn are - 83289 hands and - 35460 hands respectively, with the latter down 427 hands. The registered warehouse receipts of yellow corn and corn starch are 67737 hands and 7450 hands respectively, with the former down 1689 hands. The CS - C spread of the main contract is 226 yuan/ton (down 20 yuan) [2]. - **CBOT Futures**: The closing price of the active CBOT corn futures contract is 9.25 cents/bushel. The total CBOT corn positions are 1456701 contracts (down 109666 contracts), and the non - commercial net long positions are - 70940 contracts (up 34270 contracts) [2]. Spot Market - **Corn Spot**: The average spot price of corn is 2364.12 yuan/ton (down 0.59 yuan), the FOB price at Jinzhou Port is 2280 yuan/ton (up 10 yuan), and the CIF price of imported corn is 1926.14 yuan/ton (down 15.15 yuan). The international freight of imported corn is 0 dollars/ton. The basis of the corn main contract is - 2.59 yuan [2]. - **Corn Starch Spot**: The ex - factory quotes of corn starch in Changchun, Weifang, and Shijiazhuang are 2660 yuan/ton, 2900 yuan/ton, and 2830 yuan/ton respectively, all unchanged. The basis of the corn starch main contract is 160 yuan (up 1 yuan), and the weekly spread between Shandong starch and corn is 370 yuan/ton (up 34 yuan) [2]. - **Substitute Spot**: The average spot price of wheat is 2428.06 yuan/ton (down 0.83 yuan), the weekly spread between tapioca starch and corn starch is 184 yuan/ton (up 27 yuan), and the daily spread between corn starch and 30 - powder is - 67 yuan/ton (unchanged) [2]. Upstream Situation - The predicted sown areas of corn in the US, Brazil, Argentina, China, and Ukraine are 398.93 million hectares, etc. The predicted corn yields in these countries are 35.12 million tons, 22.6 million tons, 7.5 million tons, 44.3 million tons, and 30.5 million tons respectively (only the US yield is down 0.25 million tons) [2]. Industry Situation - **Inventory**: The corn inventories at southern ports, northern ports, and deep - processing enterprises are 9.9 million tons, 175 million tons, and 294.2 million tons respectively, with the latter down 20.5 million tons. The weekly inventory of starch enterprises is 131.8 million tons (down 2.1 million tons, a 1.57% weekly decrease, 0.53% monthly increase, and 31.41% year - on - year increase) [2][3]. - **Trade Volume**: The monthly import volume of corn is 6 million tons (down 10 million tons), and the monthly export volume of corn starch is 15940 tons (up 1440 tons) [2]. - **Output**: The monthly output of feed is 2827.3 million tons (down 110.4 million tons) [2]. Downstream Situation - The average inventory days of sample feed corn is 28.13 days (down 0.72 days). The deep - processing corn consumption is 114.02 million tons (up 0.4 million tons). The operating rates of alcohol and starch enterprises are 42.87% and 51.01% respectively, with the latter down 1.29% [2]. - The processing profits of corn starch in Shandong, Hebei, and Jilin are - 117 yuan/ton (down 11 yuan), - 51 yuan/ton (up 11 yuan), and - 79 yuan/ton (down 14 yuan) respectively [2]. Option Market - The 20 - day and 60 - day historical volatilities of corn are 7.91% (up 0.02%) and 6.37% (down 0.17%) respectively. The implied volatilities of at - the - money call and put options on corn are 10.01% (up 0.18%) and 10.02% (up 0.19%) respectively [2]. Industry News - Brazilian ethanol producer Inpasa and grain processing and export giant Amaggi will establish a joint venture to build at least three new corn ethanol plants in Mato Grosso [2]. - The Buenos Aires Grain Exchange (BAGE) reported that the corn harvest in Argentina is nearing completion. As of August 27, the harvest progress of the 2024/25 Argentine corn crop was 97.2%, 1.3% higher than a week ago [2]. - Pro Farmer's final yield forecast report shows that the total US corn production in 2025 is expected to reach 1.6204 billion bushels, with an average yield of 182.7 bushels per acre, which is a record high but lower than the USDA's August forecast of 1.6742 billion bushels and 188.8 bushels per acre [2]. Key Points of Concern - Monitor the weekly corn consumption and the operating rate and inventory of starch enterprises on Thursday and Friday as reported by Mysteel [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report suggests a bearish trading strategy for both corn and corn starch. Corn futures are in a weak trend due to increased US production and inventory, upcoming new - grain harvest in China, and sufficient supply. Corn starch futures also show a weak trend as the industry's operating rate rises while demand is in the off - season, resulting in a supply - demand imbalance [7][8][11][12] 3. Summary by Directory 3.1. Week - to - Week Summary - **Corn**: The main 2511 contract of corn futures closed at 2175 yuan/ton, down 15 yuan/ton from the previous week. The USDA raised the production and ending stocks of US corn in the 2025/26 season. The new grain in Northeast China will be on the market in September, and the supply is relatively loose. The spot market price is under pressure, and the overall trend of corn is weak [8] - **Corn Starch**: The main 2511 contract of Dalian corn starch futures closed at 2498 yuan/ton, down 24 yuan/ton from the previous week. The operating rate of the corn starch industry has rebounded, but the downstream demand is in the off - season. As of August 20, the total starch inventory of corn starch enterprises was 133.9 million tons, showing an increase in inventory. The overall trend of starch is weak [12] 3.2. Futures and Spot Market - **Futures Price and Position Changes**: The November contract of corn futures closed down with a total position of 955,265 lots, an increase of 126,808 lots from the previous week. The November contract of corn starch futures closed down narrowly with a total position of 202,789 lots, an increase of 64,168 lots from the previous week [16] - **Top 20 Net Position Changes**: The top 20 net position of corn futures was - 97,205, an increase in net short positions compared to the previous week. The top 20 net position of starch futures was - 20,670, also an increase in net short positions compared to the previous week [22] - **Futures Warehouse Receipts**: The registered warehouse receipts of yellow corn were 103,290, and the registered warehouse receipts of corn starch were 7,450 [28] - **Spot Price and Basis**: As of August 22, 2025, the average spot price of corn was 2,373.53 yuan/ton, and the basis between the November active contract of corn and the average spot price was + 198 yuan/ton. The spot price of corn starch in Jilin was 2,850 yuan/ton and 2,950 yuan/ton in Shandong, remaining stable this week. The basis between the November contract of corn starch and the spot price in Changchun, Jilin was 352 yuan/ton [33][38] - **Futures Inter - month Spread**: The 11 - 1 spread of corn was 3 yuan/ton, at a medium level in the same period. The 11 - 1 spread of starch was - 29 yuan/ton, also at a medium level in the same period [44] - **Futures Spread**: The spread between the November contracts of starch and corn was 323 yuan/ton. In the 34th week of 2025, the spread between Shandong corn and corn starch was 336 yuan/ton, a decrease of 64 yuan/ton compared to the previous week [54] - **Substitute Spread**: As of August 20, 2025, the average spot price of wheat was 2,436.5 yuan/ton, and the average spot price of corn was 2,384.71 yuan/ton, with a wheat - corn spread of 51.79 yuan/ton. In the 34th week of 2025, the average spread between tapioca starch and corn starch was 157 yuan/ton, an increase of 19 yuan/ton compared to the previous week [58] 3.3. Industrial Chain Situation - **Corn Supply**: As of August 15, 2025, the domestic trade corn inventory in Guangdong Port was 66.9 million tons, a decrease of 7.9 million tons from the previous week, and the foreign trade inventory was 0.2 million tons, a decrease of 0.1 million tons from the previous week. The corn inventory in the four northern ports was 151.1 million tons, a decrease of 26.3 million tons week - on - week. The shipping volume of the four northern ports was 32.9 million tons, an increase of 8.2 million tons week - on - week. In July 2025, China's ordinary corn imports were 6 million tons, a decrease of 103 million tons compared to the same period last year and a decrease of 10 million tons compared to the previous month. As of August 21, the average inventory of national feed enterprises was 28.85 days, a decrease of 0.76 days from the previous week [48][67][71] - **Corn Demand**: As of the end of the second quarter of 2025, the pig inventory was 424.47 million, a year - on - year increase of 2.2%. The inventory of breeding sows was 40.43 million, an increase of 10,000 compared to the previous month. As of August 15, 2025, the breeding profit of self - breeding and self - raising pigs was 28.85 yuan/head, and the breeding profit of purchased piglets was - 157.05 yuan/head. As of August 21, 2025, the corn starch processing profit in Jilin was - 46 yuan/ton, and the corn alcohol processing profit in Henan was - 685 yuan/ton, - 551 yuan/ton in Jilin, and - 168 yuan/ton in Heilongjiang [75][79][84] - **Corn Starch Supply**: As of August 20, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 314.7 million tons, a decrease of 7.5%. From August 14 to August 20, 2025, the national corn processing volume was 54.9 million tons, a decrease of 2.7 million tons from the previous week. The national corn starch output was 27.06 million tons, a decrease of 1.86 million tons from the previous week. The weekly operating rate was 52.3%, a decrease of 3.6% from the previous week. As of August 20, the total starch inventory of corn starch enterprises was 133.9 million tons, an increase of 0.7 million tons from the previous week [88][92] 3.4. Option Market Analysis - As of August 22, the implied volatility of the options corresponding to the main 2511 contract of corn was 9.73%, a decrease of 0.38% from the previous week. The implied volatility fluctuated and declined this week, being at a relatively high level compared to the 20 - day, 40 - day, and 60 - day historical volatilities [95]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The US corn is oscillating at the bottom, with limited downside space due to potential future cuts in the US corn yield per unit. China has imposed a 15% tariff on US corn and a 22% tariff on US sorghum, but the import profit of foreign corn remains high. The domestic corn spot is relatively stable in the short - term, but weak in the near future due to imports and domestic corn auctions. The starch price is mainly determined by corn price and downstream stocking, and the starch market is expected to be weak in the medium - to - long - term [5][6][7] - The trading strategy suggests that the domestic 09 corn will continue to oscillate narrowly, and 01 corn can be observed or a light - position short - term long can be taken around 2150. An arbitrage strategy is to buy 11 starch and sell 11 corn [8][9][10] - For the corn option, enterprises with spot can close out the short position of corn call options, or short - term traders can try to sell at high points and roll operations [11] Summary by Relevant Catalogs Part 1: Data Futures Disk - The closing prices of C2601, C2605, C2509, CS2601, CS2605, and CS2509 are 2165, 2241, 2208, 2513, 2595, and 2574 respectively, with corresponding price drops of - 4, - 3, - 18, - 9, - 7, - 3 and percentage drops of - 0.18%, - 0.13%, - 0.82%, - 0.36%, - 0.27%, - 0.12%. The trading volume and open interest of each contract also show different degrees of increase or decrease [3] Spot and Basis - Corn spot prices in different regions have different changes, with prices in Qinggang, Jiajishenghua, Zhuchengxingmao, Shouguang, Jinzhou Port, Nantong Port, and Guangdong Port at 2210, 2220, 2490, 2460, 2290, 2400, 2400 respectively, with some prices dropping. The basis of corn and starch in different regions is also provided [3] Spread - Different spreads such as corn inter - delivery, starch inter - delivery, and cross - variety spreads are presented, along with their price changes [3] Part 2: Market Judgment Corn - The US corn is at the bottom, and the import profit of foreign corn is high. The northern port closing price has dropped, the northeast corn is stable, the supply in North China is increasing, and the spot is weak. The domestic breeding demand is weak, and the downstream feed enterprise inventory is high. The corn spot is expected to be stable in the short - term but may decline due to imports and auctions [5][6] Starch - The number of vehicles arriving at Shandong deep - processing plants has increased, the Shandong corn spot is weak, and the starch inventory has increased. The starch price depends on corn price and downstream stocking, and the starch market is expected to be weak in the medium - to - long - term [7] Part 3: Corn Options - Option strategies include enterprises with spot closing out short positions of corn call options, or short - term traders trying to sell at high points and roll operations, along with data on option contracts [11][13] Part 4: Relevant Attachments - There are six figures showing various price trends and spreads of corn and corn starch, including spot prices, basis, and inter - delivery spreads [15][17][22]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The old - crop corn supply and demand is tightening, but there is significant warehouse receipt pressure. With the expected selling pressure during the autumn harvest of new - season corn and the reduction in planting costs, the C11 and C01 contracts are expected to maintain a low - level oscillation. Given that the channel inventory - building mentality this year is relatively more positive than last year, attention should be paid to the support of planting costs for the lower bound of the futures price [5][13]. 3. Summary by Relevant Catalogs 3.1 Spot Price Data - **Corn Spot**: On August 20th, the prices of various regions showed different trends. For example, the Jinzhou Port FOB price was 2260 yuan/ton, down 50 yuan; the Bayuquan Port FOB price was 2310 yuan/ton, unchanged; the Shekou Port market price was 2410 yuan/ton, down 20 yuan [5]. - **Corn Starch Spot**: The price in Jilin Province was 2730 yuan/ton, unchanged; in Henan Province, it was 2436 yuan/ton, unchanged [5]. - **Wheat Spot**: In Anhui Province, the price was 2431 yuan/ton, down 2 yuan; in Jiangsu Province, it was 2443 yuan/ton, unchanged [5]. 3.2 Futures盘面 Data - **Corn Futures**: The closing price of the corn main contract was 2242 yuan/ton, unchanged, with a spread of C09 - 01 at 77 [5]. - **Corn Starch Futures**: The closing price of the corn starch main contract was 2602 yuan/ton, unchanged, with a spread of CS09 - 01 at 48 [5]. 3.3 International Data - The closing price of US corn was 403.00 cents per bushel, the imported US corn duty - paid price was 2085.37 yuan/ton, the US dollar to RMB exchange rate was 7.18, and the estimated profit from importing US corn was 344.63 yuan/ton [5]. 3.4 Spread Data - The spread between starch and corn (main continuous) was 360, and the spread between starch and corn (Jilin spot average price) was 490 [5]. 3.5 Inventory Data - **Port Inventory**: The North Port corn inventory was 177.4 million tons, the Guangdong Port domestic - trade corn inventory was 74.8 million tons, and the Guangdong Port foreign - trade corn inventory was 0.3 million tons [5]. - **Deep - processing Inventory**: The deep - processing corn inventory in the Northeast was 192.1 million tons, and in North China, it was 93.9 million tons [5]. 3.6 Supply and Demand Analysis - **Supply**: Residual grain is tightening, the volume of grain gathered at the North Port and the number of trucks arriving at Shandong deep - processing plants in the morning are at a low level. The planting cost in the 2025/2026 season continues to decline, with the estimated gathering price at about 2000 - 2100 yuan/ton. The sown area is slightly decreasing, and the growth of new - season corn is currently good. Import policies for grains continue to impose restrictions, leading to a reduction in imported grain supply [5]. - **Demand**: In the short term, livestock and poultry are expected to maintain a high inventory, supporting feed demand. However, policy tends to control the inventory and weight of pigs, which may affect long - term supply. The low wheat - corn price spread leads to a high proportion of wheat used as feed substitute in North China feed mills, and they maintain a cautious attitude towards corn procurement. Deep - processing downstream is in a loss, forcing the operating rate to decline to a low level, resulting in a reduction in deep - processing demand [5][13].

Report Industry Investment Rating - Not provided Core Viewpoints - For corn, the high-quality rate of US corn remains good, and the weather is favorable for corn growth in the Midwest, leading to high output prospects and continuous pressure on international corn prices. In the domestic market, the supply is becoming more abundant, and downstream demand is average, with weak procurement enthusiasm. Corn futures prices are generally weak and should be treated with a bearish mindset [2]. - For corn starch, due to continuous production losses, the industry's operating rate is at a low level in recent years, reducing supply pressure. However, downstream demand is in the traditional off - season, and the supply - demand situation remains loose. Corn starch futures prices have been oscillating weakly at a low level recently and should also be treated with a bearish mindset [3]. Summary by Directory Futures Market - Corn: The closing price of the active contract is 2,249 yuan/ton, down 17 yuan/ton; the 9 - 1 monthly spread is 55 yuan/ton; the trading volume of the active contract is 768,475 lots, up 21,511 lots; the net long position of the top 20 futures holders is - 35,985 lots, down 18,100 lots; the registered warehouse receipt volume is 151,940 lots, down 601 lots; the CS - C spread of the main contract is 405 yuan/ton, up 25 yuan/ton [2]. - Corn starch: The closing price of the active contract is 2,654 yuan/ton, down 10 yuan/ton; the 9 - 11 monthly spread is 96 yuan/ton; the trading volume of the active contract is 153,533 lots, down 1,311 lots; the net long position of the top 20 futures holders is - 9,480 lots, up 5,331 lots; the registered warehouse receipt volume is 4,450 lots, up 4,450 lots [2]. Outer - disk Market - The closing price of the active contract of CBOT corn is 407 cents/bushel, down 4 cents/bushel; the total position is 1,575,283 contracts, up 81,613 contracts; the non - commercial net long position is - 133,467 contracts, up 416 contracts [2]. Spot Market - Corn: The average spot price is 2,398.04 yuan/ton, down 3.33 yuan/ton; the flat - hatch price at Jinzhou Port is 2,320 yuan/ton, down 20 yuan/ton; the CIF price of imported corn is 1,926.33 yuan/ton, down 2.37 yuan/ton; the international freight of imported corn is 45 US dollars/ton [2]. - Corn starch: The factory quotes in Changchun, Weifang, and Shijiazhuang are 2,710 yuan/ton, 2,950 yuan/ton, and 2,880 yuan/ton respectively, all unchanged [2]. - Substitute products: The average spot price of wheat is 2,437.61 yuan/ton, down 2.22 yuan/ton; the price difference between tapioca starch and corn starch is 140 yuan/ton, down 35 yuan/ton; the price difference between corn starch and 30 - powder is 36 yuan/ton, up 7 yuan/ton [2]. Upstream Situation - The predicted annual corn production in the US, Brazil, Argentina, China, and Ukraine is 401.85 million tons, 131 million tons, 53 million tons, 295 million tons, and 30.5 million tons respectively, all unchanged; the predicted sown areas are 35.37 million hectares, 22.6 million hectares, 7.5 million hectares, 44.3 million hectares respectively, all unchanged [2]. - Corn inventories at southern ports are 88.9 million tons, up 62 million tons; at northern ports are 291 million tons, down 13 million tons; the monthly import volume is 16 million tons, down 3 million tons [2]. Industry Situation - The weekly inventory of deep - processing corn is 379.7 million tons, down 20.8 million tons; the weekly inventory of starch enterprises is 129.3 million tons, down 1.8 million tons; the monthly export volume of corn starch is 27,780 tons, up 4,060 tons [2]. Downstream Situation - The monthly output of feed is 2,762.1 million tons, up 98.1 million tons; the sample feed corn inventory days are 30.58 days, down 0.29 days; the weekly consumption of deep - processing corn is 113.77 million tons, up 7.53 million tons; the alcohol enterprise operating rate is 41.8%, up 3.17 percentage points; the starch enterprise operating rate is 51.76%, up 6.3 percentage points [2]. - The processing profits of corn starch in Shandong, Hebei, and Jilin are - 114 yuan/ton, - 48 yuan/ton, and - 67 yuan/ton respectively, all unchanged [2]. Option Market - The 20 - day historical volatility of corn is 8.63%, up 1.71 percentage points; the 60 - day historical volatility is 7.51%, up 0.6 percentage points; the implied volatility of at - the - money call options is 10.15%, up 3.23 percentage points; the implied volatility of at - the - money put options is 10.14%, up 3.23 percentage points [2]. Industry News - The US Department of Agriculture's weather report shows that the temperature in the corn - belt region is lower than normal, which is beneficial to the growth of soybeans and corn. StoneX predicts that the total US corn production in 2025 will reach 16.323 billion bushels, with an average yield of 188.1 bushels per acre, while the USDA predicts 15.705 billion bushels and a yield of 181 bushels per acre [2]. - As of the week ending August 3, 2025, the high - quality rate of US corn is 73%, higher than the market expectation of 72%, 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 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]