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]

大宗商品研究所 农产品研发报告 玉米淀粉日报 2025 年 6 月 24 日 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/6/24 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2291 | 2 | 0.09% | 24,184 | 73.19% | 106,578 | 6.82% | | C2505 | | 2317 | -2 | -0.09% | 3,148 | 13.28% | 13,234 | 13.47% | | C2509 | | 2408 | -1 | -0.04% | 495,033 | 32.83% | 994,996 | 3.72% | | CS2601 | | 2679 | -18 | -0.67% | 1,012 | 16.59% | 4,514 | -4.75% | | CS2505 | | 2698 ...

| 玉米&玉米淀粉数据日报 | | | | | | | | 2025/6/23 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2291 | 2 | 0.09% | 24,184 | 73.19% | 106,578 | 6.82% | | C2505 | | 2317 | -2 | -0.09% | 3,148 | 13.28% | 13,234 | 13.47% | | C2509 | | 2408 | -1 | -0.04% | 495,033 | 32.83% | 994,996 | 3.72% | | CS2601 | | 2697 | 1 | 0.04% | 868 | 93.32% | 4,739 | 1.52% | | CS2505 | | 2709 | 2 | 0.07% | 17 | 376.47% | 159 | 8.16% | | CS2509 | ...

瑞达期货研究院 「2025.06.20」 玉米类市场周报 玉米现货涨势收窄 盘面维持高位震荡 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 取 更 多 资 讯 联系电话：0595-86778969 关 注 我 们 获 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 总结及策略建议 Ø 策略建议：短线交易为主。 3 Ø 玉米： Ø 行情回顾：本周玉米期货窄幅震荡。主力2509合约收盘价为2409元/吨，较前一周+5元/吨。 Ø 行情展望：美国农业部(USDA)在每周作物生长报告中公布称，截至2025年6月15日当周，美国玉 米优良率为72%，高于市场预期的71%，前一周为71%,上年同期为72%。美玉米优良率向好，且 中美原则上达成框架协议，贸易关系有所缓和，市场忧虑远期进口压力。国内方面，国内主产区 存粮不断减少支撑贸易商挺价惜售情绪强，加之托市收购稳价新麦购销升温，基层玉米上量持续 降低，企业库存不断消耗，收购价格继续偏强，但小麦替代效应以及进口玉米投放预期冲击，玉 米价格上涨势头有所放缓。 ...

近期涨势有所放缓，近日高位略有回落，短线参与为主。 玉米系产业日报 2025-06-17 | 项目类别 | 数据指标 最新 环比 数据指标 | | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 玉米淀粉期货收盘价(活跃合约):(日,元/ | | | | | | | 期货收盘价(活跃合约):(日,元/吨) 玉米月间价差(9-1):(日,元/吨) -3 玉米淀粉月间价差(7-9):(日,元/吨) 期货持仓量(活跃合约):黄玉米(日,手) -81840 期货持仓量(活跃合约):玉米淀粉(日,手) | 2364 113 555574 | 5 吨) | 2685 -93 143239 | -4 -1 -11902 | | 期货市场 | | | | | | | | 9216 期货前20名持仓:净买单量:玉米淀粉(日, 期货前20名持仓:净买单量:玉米(日,手) | -96759 | | 1171 | 5131 | | | 注册仓单量:黄玉米(日,手) 0 注册仓单量:玉米淀粉(日,手) | 215285 | 手) | 24236 | 0 | | | 主力合约C ...

大宗商品研究所 农产品研发报告 玉米淀粉日报 2025 年 6 月 12 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/6/12 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2266 | -3 | -0.13% | 21,146 | -34.89% | 86,071 | 1.89% | | C2505 | | 2299 | 1 | 0.04% | 1,524 | -31.90% | 7,063 | 11.19% | | C2509 | | 2396 | 0 | 0.00% | 253,928 | -31.67% | 672,748 | 1.55% | | CS2601 | | 2673 | 0 | 0.00% | 743 | -12.49% | 4,558 | 0.33% | | CS2505 | | 2685 ...

宏源期货有限公司 玉米：震荡运行，等待驱动 肖锋波（F3022345）（Z0012557) 目录 第一部分 行情回顾 基本面分析 第二部分 第三部分 未来展望 1 第一部分：行情回顾 300 400 500 600 700 800 900 01 02 03 04 05 06 07 08 09 10 11 12 CBOT玉米主力合约收盘价（美分/蒲式耳） 2021 2022 2023 2024 2025 -400000 -300000 -200000 -100000 0 100000 200000 300000 400000 500000 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 CBOT玉米期货和期权:管理基金净多持仓（手） 2021 2022 2023 2024 2025 2 数据来源：Wind、钢联、宏源期货研究所 大连玉米期货合约持仓量（万手） 3 • 近期国内玉米期价震荡运行，持仓量持稳。截至5月27日，大商所玉米期货主力合约收盘价2324元/吨， 周环比上涨0.52%；玉米期货合约持仓量20 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For corn, the futures price is close to the bottom, and long positions can be opportunistically entered. The C2507 contract has a support level of 2270 and a resistance level of 2400 [81]. - For corn starch, the fundamentals are weak. The futures price is still dominated by cost - based pricing and generally follows the trend of corn. The 07 contract is expected to trade in the range of 2600 - 2800, and the spread between the 7 - 9 contracts is expected to strengthen [130]. 3. Summary by Directory First Part: Market Review CBOT Corn - As of May 20, the closing price of the CBOT corn main contract was 454.5 cents per bushel, up 2.71% week - on - week. The net long position of managed funds turned negative, with a net long position of - 84,976 contracts as of May 13, down 98,869 contracts week - on - week [8]. - Due to a larger - than - expected increase in the new - season sown area and expected output (5.42% and 6.41% respectively) and good sowing conditions, the CBOT corn price declined weakly in the past month. The USDA May supply - demand report was neutral - to - bullish overall, and recent weather speculation halted the decline [8]. Domestic Corn Futures - As of May 20, the closing price of the DCE corn futures main contract was 2312 yuan per ton, down 1.37% week - on - week. The open interest of corn futures contracts was 2,057,122 contracts, down 2.98% week - on - week [11]. - The number of registered corn warehouse receipts continued to climb, reaching 212,135 contracts as of May 20, significantly higher than in previous years, which pressured the futures price. The previous high of 2380 was the resistance level. After the May Day holiday, the trading volume of corn futures contracts rebounded, with a trading volume of 3,807,079 contracts last week [12]. - The term structure of corn futures contracts showed a pattern of near - strong and far - weak. Compared with last week, contracts of different maturities all declined, with the near - month contracts having a relatively larger decline. The C07 - C09 spread oscillated weakly and showed a regression [16]. Corn Spot - As of May 20, the national average spot price of corn was 2375.2 yuan per ton, up 0.06% week - on - week. Due to the weakening of the futures price and the stability of the spot price, the basis of the corn main contract strengthened, reaching 63.2 yuan per ton as of May 20, up 33.47 yuan per ton week - on - week [21]. Corn Starch - As of May 20, the closing price of the Dalian corn starch main contract was 2656 yuan per ton, down 1.78% week - on - week. The open interest was 305,333 contracts, down 7.98% week - on - week [87]. - The number of registered corn starch warehouse receipts reached a record high of 26,620 contracts. The weekly trading volume of corn starch futures increased significantly, with a trading volume of 784,400 contracts last week, up 35.32% week - on - week [90]. - As of May 20, the national average price of Grade - 1 standard corn starch was 2847 yuan per ton, up 0.32% week - on - week. The basis of corn starch was 191 yuan per ton, up 57 yuan per ton week - on - week [93]. - From the term structure, the decline of the forward corn starch contracts was smaller last week, showing a pattern of near - weak, medium - strong, and far - weak. The spread between the corn starch and corn futures contracts oscillated weakly, with the spread of the 07 contract at 344 yuan per ton as of May 20, down 4.44% week - on - week [99]. Second Part: Fundamental Analysis Supply - Demand Balance Sheets - USDA's May 2025/26 balance sheet predicted that the new - season output would be flat compared to last year, with an increase in feed consumption of 5 million tons, and the ending inventory would drop to a multi - year low [28]. - Huiyiwang's May balance sheet increased the 2024 corn output by 5.6 million tons and the 2025 output by 6.47 million tons, and the ending inventory continued to grow [28]. Import Situation - Although the negotiation on Sino - US tariffs made positive progress, the actual import of US corn was still in a loss. The import of US corn was difficult to resume in the short term, and further negotiation results were awaited [29]. - Since the second half of last year, China's corn import volume has decreased significantly compared to previous years. In April this year, the corn import volume was 180,000 tons, a year - on - year decrease of 84.7%. The cumulative import volume in 2025 was 440,000 tons, a year - on - year decrease of 95.2%. USDA's prediction of China's corn import volume in 2025/26 was 10 million tons, which seemed high based on the current situation [37]. Domestic Market Conditions - The number of remaining vehicles at deep - processing plants in the morning was at a high level, and the sale of farmers' remaining grain was basically completed. The two - way trading activity decreased, procurement basically stagnated, and corn remained in a net rotation - out state [38][41]. - Port inventories decreased. The inventory of the four northern ports decreased by 1.01% week - on - week, and the inventory of Guangdong ports decreased in various categories [43]. - The inventory of deep - processing enterprises continued to decline, and the corn inventory of feed enterprises remained stable. The corn consumption of deep - processing enterprises continued to decline [48][52]. Feed Industry - In April 2025, the national industrial feed output was 27.53 million tons, a month - on - month increase of 4.2% and a year - on - year increase of 9.0%. The output of compound feed, concentrated feed, and additive premixed feed increased by 9.1%, 6.5%, and 9.7% year - on - year respectively [58]. - The ex - factory prices of feed products decreased significantly year - on - year. The ex - factory prices of compound feed and concentrated feed increased slightly month - on - month, while the ex - factory prices of additive premixed feed mainly decreased month - on - month [58]. - The proportion of corn in the compound feed produced by feed enterprises was 42.1%, a year - on - year increase of 4.2 percentage points; the proportion of soybean meal in compound feed and concentrated feed was 12.1%, a year - on - year decrease of 1.3 percentage points [58]. Pig Industry - In April, the sales volume of pig feed increased both year - on - year and month - on - month with a large increase. The pig price slightly declined, and the pig - raising profit rebounded from a low level. The pig - grain ratio continued to decline [59][61][65]. Wheat Market - The wheat price remained stable, the wheat - corn price spread narrowed, and the feeding cost - effectiveness of wheat became prominent [68]. Corn Starch - The regional spread between the corn starch and corn spot prices showed a divergent trend. The operating rate and output of corn starch enterprises decreased, and the enterprises suffered serious losses [104][107][110]. - The inventory of corn starch oscillated at a high level, and the demand for corn starch declined and then rebounded [115][120]. Third Part: Future Outlook Corn - The basis is at a relatively high level, and long positions in corn can be opportunistically entered. The current situation has a mix of bullish and bearish factors. Overall, the corn futures price is close to the bottom, and long positions can be entered on dips [81]. - It is expected that the weather conditions during the summer harvest and sowing this year will be generally good, but attention should be paid to avoiding rain and rushing to harvest in the Jianghuai and Jianghan summer harvest areas from May 21 - 23 [80]. Corn Starch - The fundamentals of corn starch are weak. The spot price is stable, but enterprises are still in serious losses, with low operating willingness and decreased output. The downstream demand for corn starch has rebounded, and the enterprise inventory oscillates at a high level. The futures price is still dominated by cost - based pricing and generally follows the trend of corn [130].