Report Summary 1. Report Industry Investment Rating - No information provided on industry investment rating 2. Core Views - **Corn**: Internationally, the good early - stage growth rate of US corn leads to high output prospects, keeping international corn prices under pressure. Domestically, after a round of grain sales, traders' inventories are tight, and they have a strong price - holding mentality. Although the transaction rate of imported grain auctions has slightly increased, the actual volume is limited, and the delivery speed is slow. However, due to the low profit of deep - processing enterprises and relatively safe feed enterprise inventories, the price increase momentum is insufficient, and the price maintains a narrow - range adjustment. The corn futures market has been in a low - level oscillation recently, 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, so the supply - demand situation remains loose. The starch inventory has decreased slightly, and the futures price has rebounded at a low level recently. Short - term observation is recommended [2][3]. 3. Summary by Relevant Catalogs Futures Market - **Corn**: The closing price of the active contract is 2318 yuan/ton, down 3 yuan/ton; the net long position of the top 20 futures holders increased by 9029 hands; the registered warehouse receipt volume decreased by 3247 hands; the CS - C spread of the main contract decreased by 3 yuan/ton [2]. - **Corn Starch**: The closing price of the active contract is 2669 yuan/ton, down 6 yuan/ton; the net long position of the top 20 futures holders increased by 2247 hands; the registered warehouse receipt volume decreased by 1100 hands [2]. Outer Market - The closing price of the active contract of CBOT corn is 417.75 cents/bushel, up 0.25 cents; the total position decreased by 28569 contracts; the non - commercial net long position increased by 12305 contracts [2]. Spot Market - **Corn**: The average spot price is 2408.82 yuan/ton, down 0.2 yuan/ton; the import CIF price is 1989.01 yuan/ton, down 4.69 yuan/ton; the basis of the main contract increased by 2.8 yuan/ton [2]. - **Corn Starch**: The factory quotes in Changchun, Weifang, and Shijiazhuang remain unchanged; the basis of the main contract decreased by 7 yuan/ton; the spread between Shandong starch and corn decreased by 20 yuan/ton [2]. Substitute Spot Price - The average spot price of wheat is 2444.56 yuan/ton, up 1.95 yuan/ton; the spread between tapioca starch and corn starch increased by 40 yuan/ton; the spread between corn starch and 30 - powder decreased by 2 yuan/ton [2]. Upstream Situation - The predicted sowing areas and yields of corn in major countries such as the US, Brazil, Argentina, China, and Ukraine remain unchanged [2]. Industry Situation - **Corn**: The inventories at southern and northern ports decreased by 4.8 and 360,000 tons respectively; the import volume decreased by 30,000 tons; the consumption of deep - processed corn decreased by 57,300 tons [2]. - **Corn Starch**: The export volume increased by 4060 tons; the industry's weekly inventory decreased by 35,000 tons to 1311,000 tons, a weekly decrease of 2.60%, a monthly increase of 0.15%, and a year - on - year increase of 19.40% [2][3]. Downstream Situation - The monthly output of feed increased by 981,000 tons; the sample feed's corn inventory days decreased by 0.24 days; the alcohol enterprise's operating rate decreased by 4.62 percentage points; the starch enterprise's operating rate decreased by 4.83 percentage points; the processing profits in Shandong, Hebei, and Jilin remained unchanged [2]. Option Market - The 20 - day historical volatility of corn decreased by 0.03 percentage points; the implied volatility of at - the - money call and put options increased by 0.72 percentage points [2]. Industry News - Analysts expect the net sales volume of US corn exports from July 10 - 17, 2025, to be between 500,000 and 1.6 million tons; Dr. Michael Cordonnier maintains the 2025 US corn yield per acre at a record 182 bushels; as of July 20, 2025, the good - to - excellent rate of US corn is 74%, the same as the previous week and higher than the same period last year [2]. Key Focus - Pay attention to mysteel's weekly corn consumption, starch enterprise operating rate, and inventory on Thursday and Friday [3].

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - For corn, the international corn price is under continuous pressure due to the good initial growth rate and high output prospects. In the domestic market, the auction volume of imported corn is decreasing, and the price has dropped due to increased supply and limited demand. Recently, the price has rebounded slightly due to reduced supply and rigid demand from processing enterprises. The short - term suggestion is to wait and see [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, demand is in the off - season, and the supply - demand situation remains loose. The starch price has rebounded recently following the rebound of corn [2][3]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - Corn starch futures closing price (active contract) is 2320.70 yuan/ton, with a change of 6 yuan/ton; corn futures closing price (active contract) is 2664.42 yuan/ton, with a change of - 8 yuan/ton [2]. - Corn futures open interest (active contract) is 1036253 lots, with a decrease of 31422 lots; corn starch futures open interest (active contract) is 236649 lots, with a decrease of 25165 lots [2]. - The net long positions of the top 20 futures holders for corn are - 28996 lots, and for corn starch are - 16750 lots, with a decrease of 3032 lots [2]. - The registered warehouse receipts for yellow corn are 177343 lots, with a decrease of 940 lots; for corn starch are 12184 lots, with a decrease of 150 lots [2]. - The CS - C spread of the main contract is 344 yuan/ton, with no change [2]. 3.2 Outer Market - CBOT corn futures closing price (active contract) is 7.25 cents/bushel; the total open interest of CBOT corn is 1498964 contracts, an increase of 297 contracts [2]. - The non - commercial net long positions of CBOT corn are - 141762 contracts, an increase of 13764 contracts [2]. 3.3 Spot Market - The average spot price of corn is 2408.73 yuan/ton, with a change of - 2.62 yuan/ton; the factory price of corn starch in Changchun is 2360 yuan/ton, with no change [2]. - The CIF price of imported corn is 1988.98 yuan/ton, with a change of - 0.97 yuan/ton; the international freight of imported corn is 0 dollars/ton [2]. - The basis of the corn main contract is - 2.27 yuan/ton; the basis of the corn starch main contract is 45 yuan/ton [2]. 3.4 Upstream Situation - The predicted sown area of corn in the US is 401.85 million hectares, with no change; the predicted output is 131 million tons, with no change [2]. - The predicted sown area of corn in Brazil is 35.37 million hectares, with no change; the predicted output is 22.6 million tons, with no change [2]. - The predicted sown area of corn in Argentina is 22.6 million hectares, with no change; the predicted output is 7.5 million tons, with no change [2]. - The predicted sown area of corn in China is 295 million hectares, with no change; the predicted output is 44.3 million tons, with no change [2]. - The predicted output of corn in Ukraine is 30.5 million tons, with no change [2]. 3.5 Industry Situation - The corn inventory in southern ports is 83.8 tons, a decrease of 4.8 tons; the corn inventory in northern ports is 317 tons, a decrease of 36 tons [2]. - The deep - processing corn inventory is 427 tons, a decrease of 16.6 tons; the weekly inventory of starch enterprises is 134.6 tons, an increase of 0.9 tons [2]. - The monthly import volume of corn is 19 tons; the monthly export volume of corn starch is 27.78 tons, an increase of 4.06 tons [2]. - The monthly output of feed is 2762.1 tons [2]. 3.6 Downstream Situation - The deep - processing corn consumption is 110.05 tons, a decrease of 5.73 tons [2]. - 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 - 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% [2]. - The implied volatility of at - the - money call options for corn is 10.79%, an increase of 0.23%; the implied volatility of at - the - money put options is 10.8%, an increase of 0.24% [2]. 3.8 Industry News - As of July 16, the harvest progress of the 2024/25 Argentine corn was 78.9%, 8.7% higher than a week ago [2]. - As of July 13, the good - to - excellent rate of US corn was 74%, in line with market expectations, the same as the previous week and higher than the same period last year [2]. - The soil moisture in some western US states is in short supply [2]. 3.9 Key Points to Watch - Pay attention to the weekly consumption of mysteel corn and the operating rate and inventory of starch enterprises on Thursday and Friday [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - For corn, international price advantage exists, US output outlook is good due to increased planting area and good early - growth rate. In China, Northeast产区 has low remaining grain, strong bullish sentiment, high storage costs for traders, and low selling enthusiasm. Feed demand decreases as wheat is used as a substitute. The futures market is in a volatile state, and short - term participation is recommended [2][3] - For corn starch, production losses lead to low industry operating rates. Supported by reduced supply pressure and firm corn prices, the spot price performs well, and inventory continues to decline. The futures market is also volatile, and short - term participation is recommended [4] 3. Summary by Relevant Catalogs 3.1 Futures Market - Corn: The closing price of the active contract is 2383 yuan/ton, up 10 yuan/ton; the monthly spread (9 - 1) is 103 yuan/ton; the open interest of the active contract is 942750 hands, down 27780 hands; the net long position of the top 20 holders is - 42498 hands, down 6094 hands; the registered warehouse receipts are 210251 hands, down 2300 hands; the CS - C spread of the main contract is 360 yuan/ton [2] - Corn starch: The closing price of the active contract is 2743 yuan/ton, up 65 yuan/ton; the monthly spread (9 - 11) is 7 yuan/ton; the open interest of the active contract is 156387 hands, down 499 hands; the net long position of the top 20 holders is - 16519 hands, down 262 hands; the registered warehouse receipts are 23322 hands, down 500 hands [2] 3.2 Outer - market - CBOT corn: The closing price of the active contract is 409 cents/bushel, down 2.25 cents/bushel; the total open interest is 1534968 contracts, down 57509 contracts; the non - commercial net long position is - 23326 contracts, down 130570 contracts [2] 3.3 Spot Market - Corn: The average spot price is 2436.27 yuan/ton, up 3.92 yuan/ton; the FOB price at Jinzhou Port is 2380 yuan/ton, unchanged; the CIF price of imported corn is 1880.13 yuan/ton, down 19.71 yuan/ton; the international freight of imported corn is 43 US dollars/ton, up 2 US dollars/ton; the basis of the main contract is - 1.08 yuan/ton [2] - Corn starch: The ex - factory price in Changchun is 2720 yuan/ton, unchanged; in Weifang is 2940 yuan/ton, unchanged; in Shijiazhuang is 2880 yuan/ton, unchanged; the basis of the main contract is - 13 yuan/ton, up 10 yuan/ton; the spread between Shandong starch and corn is 420 yuan/ton, down 20 yuan/ton [2] - Substitute products: The average spot price of wheat is 2451 yuan/ton, up 1.28 yuan/ton; the spread between tapioca starch and corn starch is 133 yuan/ton, down 2 yuan/ton; the spread between corn starch and 30 - powder is 25 yuan/ton, down 1 yuan/ton [2] 3.4 Upstream Situation - Planting area: The predicted planting area of corn in the US is 401.85 million hectares, up 24.22 million hectares; in Brazil is 35.37 million hectares, up 1.82 million hectares; in Argentina is not provided; in China is 295 million hectares, up 0.08 million hectares; in Ukraine is not provided [2] - Yield: The predicted yield of corn in the US is 131 million tons, up 5 million tons; in Brazil is 22.6 million tons, up 0.3 million tons; in Argentina is 7.5 million tons, up 1.1 million tons; in China is 30.5 million tons, up 3.7 million tons; in Ukraine is not provided [2] - Inventory: The inventory of corn in southern ports is 113.3 million tons, down 0.2 million tons; the inventory of deep - processed corn is 456.7 million tons, down 2.5 million tons; the inventory of corn in northern ports is 371 million tons, down 11 million tons [2] 3.5 Industry Situation - Import and export: The monthly import volume of corn is 19 million tons, up 1 million tons; the monthly export volume of corn starch is 27.78 million tons, up 4.06 million tons [2] - Production: The monthly production of feed is 2762.1 million tons, up 98.1 million tons; the processing profit of corn starch in Shandong is - 105 yuan/ton, down 10 yuan/ton; in Hebei is - 47 yuan/ton, down 16 yuan/ton; in Jilin is - 86 yuan/ton, unchanged [2] 3.6 Downstream Situation - Feed: The inventory days of sample feed corn is 32.59 days, down 0.48 days; the consumption of deep - processed corn is 118.92 million tons, up 1.3 million tons [2] - Alcohol and starch enterprises: The operating rate of alcohol enterprises is 46.18%, up 2.38%; the operating rate of starch enterprises is 51.15%, down 0.47% [2] 3.7 Option Market - Corn: The 20 - day historical volatility is 6.51%, down 0.1%; the 60 - day historical volatility is 6.63%, down 0.04%; the implied volatility of at - the - money call options is 10.54%, up 0.29%; the implied volatility of at - the - money put options is 10.54%, up 0.29% [2] 3.8 Industry News - As of June 27, the harvest progress of Brazil's second - season corn has reached 19.46% of the expected total planting area, lower than 47.14% in the same period last year due to late sowing and wet weather [2] - As of the week ending June 26, 2025, the US corn export inspection volume was 1369961 tons, compared with the revised 1504057 tons last week and 831219 tons in the same period last year [2] - The US Department of Agriculture's planting area report shows that the corn planting area in the US in 2025 is 95.2 million acres, slightly lower than the 95.3 million acres estimated in March but 5% higher than in 2024. The quarterly grain inventory report shows that the US corn inventory in the quarter ending June 1, 2025, is 4.644 billion bushels, close to market expectations and 7% lower than in the same period last year [2]

1. Report Industry Investment Rating - No information provided 2. Core Views - For corn, the good condition of US corn and the easing of trade relations between China and the US have led to concerns about long - term import pressure. In the domestic market, the remaining grain in the Northeast is almost exhausted, traders are reluctant to sell due to high costs, and processing enterprises mainly consume inventory. However, the substitution of wheat for corn in feed has reduced corn's feed demand. The corn futures price has recently declined from its high and is in a volatile state, with short - term trading recommended [2]. - For corn starch, due to continuous production losses, the industry's operating rate remains at a low level compared to the same period in recent years. Supported by reduced supply pressure and firm corn prices, the spot price of corn starch is relatively stable, and industry inventory has been decreasing. Recently, affected by the decline in corn prices, starch prices have also weakened, and short - term trading is recommended [3]. 3. Summary by Directory 3.1 Futures Market - Corn starch futures closing price (active contract) is 2733 yuan/ton, up 25 yuan/ton; corn futures closing price (active contract) is 2378 yuan/ton, up 10 yuan/ton. Corn futures positions (active contract) decreased by 3240 hands, and corn starch futures positions (active contract) decreased by 7492 hands [2]. - The net long positions of the top 20 futures holders for corn starch decreased by 922 hands, and for corn decreased by 36404 hands. The registered warehouse receipts of yellow corn decreased by 366 hands, and that of corn starch increased by 948 hands [2]. - The CS - C spread of the main contract is 355 yuan/ton, down 4 yuan/ton [2]. 3.2 Outer - disk Market - CBOT corn futures closing price (active contract) is 7.25 cents per bushel. CBOT corn total positions decreased by 57,509 contracts, and non - commercial net long positions decreased by 23,326 contracts [2]. 3.3 Spot Market - The average spot price of corn is 2432.35 yuan/ton, up 1.37 yuan/ton. The factory - quoted price of corn starch in Changchun is 2720 yuan/ton, unchanged; in潍坊 is 2940 yuan/ton, unchanged; in Shijiazhuang is 2880 yuan/ton, unchanged [2]. - The import CIF price of corn is 1899.84 yuan/ton, up 2.57 yuan/ton. The international freight of imported corn is unchanged [2]. - The basis of the corn starch main contract is - 13 yuan/ton, up 10 yuan/ton; the basis of the corn main contract is 54.35 yuan/ton, up 7.37 yuan/ton [2]. 3.4 Upstream Situation - The predicted sown area of corn in the US is 401.85 million hectares, up 1.82 million hectares; the predicted yield is 131 million tons, up 5 million tons. In Brazil, the sown area is 35.37 million hectares, and the yield is 22.6 million tons, up 0.3 million tons [2]. - In Argentina, the sown area is 7.5 million hectares, and the yield is 53 million tons, up 3 million tons. In China, the sown area is 295 million hectares, up 0.08 million hectares; the yield is 44.3 million tons, down 0.44 million tons [2]. - In Ukraine, the predicted yield of corn is 30.5 million tons, up 3.7 million tons [2]. 3.5 Industry Situation - Corn inventories at southern ports decreased by 0.2 million tons to 113.3 million tons; at northern ports decreased by 11 million tons to 371 million tons. Deep - processing corn inventories decreased by 2.5 million tons to 456.7 million tons [2]. - Starch enterprise weekly inventories decreased by 1.9 million tons to 130.9 million tons. The monthly import volume of corn is 19 million tons, and the monthly export volume of corn starch is 27,780 tons, up 4060 tons [2]. 3.6 Downstream Situation - The monthly output of feed is 2664 million tons, down 113.2 million tons. The processing profit of corn starch in Shandong is - 105 yuan/ton, down 10 yuan/ton; in Hebei is - 47 yuan/ton, down 16 yuan/ton; in Jilin is - 86 yuan/ton, unchanged [2]. - The sample feed corn inventory days decreased by 0.48 days to 32.59 days. The deep - processing corn consumption increased by 1.3 million tons to 118.92 million tons [2]. - The operating rate of alcohol enterprises is 46.18%, up 2.38 percentage points; the operating rate of starch enterprises is 51.15%, down 0.47 percentage points [2]. 3.7 Option Market - The 20 - day historical volatility of corn is 6.61%, up 0.03 percentage points; the 60 - day historical volatility is 6.67%, down 0.01 percentage points. The implied volatility of at - the - money call and put options for corn is 10.25%, up 0.22 percentage points [2]. 3.8 Industry News - Brazil has increased the mandatory ethanol blending ratio in gasoline from 27% to 30%, boosting the country's corn - ethanol industry [2]. - As of June 25, the harvest progress of 2024/25 Argentine corn is 55.3%, 5.7 percentage points higher than a week ago [2]. - As of the week of June 22, 2025, the good - to - excellent rate of US corn is 70%, lower than the market expectation of 72% [2]. 3.9 Key Points to Watch - Pay attention to mysteel's weekly corn consumption, and the operating rate and inventory of starch enterprises on Thursday and Friday [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For corn, the good condition of US corn and the easing of trade relations between China and the US have led to concerns about long - term import pressure. In the domestic market, the supply of corn is tight, but the upward momentum of corn prices has slowed due to the wheat substitution effect and expected import corn release. The corn futures price has maintained a high - level oscillation recently, and short - term participation is recommended [2]. - For 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 firm corn prices, the spot price of corn starch is relatively good, and the industry inventory has slightly declined. Today, the starch futures price dropped significantly due to the decline of corn prices, and short - term participation is recommended [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active contract of corn starch futures was 2677 yuan/ton, down 17 yuan/ton; the closing price of the active contract of CBOT corn was 418.5 cents/bushel, down 10.5 cents/bushel [2]. - The trading volume, open interest, and registered warehouse receipts of domestic and foreign corn and corn starch futures all showed different degrees of change, such as the open interest of the active contract of yellow corn decreased by 25172 hands [2]. 3.2 Outer - market - The total open interest of CBOT corn decreased by 21797 contracts to 1592477 contracts, and the non - commercial net long position decreased by 107244 contracts [2]. 3.3 Spot Market - The average spot price of corn was 2424.31 yuan/ton, up 2.35 yuan/ton; the factory quotes of corn starch in different regions remained unchanged [2]. - The basis of the main contract of corn starch was 43 yuan/ton, up 17 yuan/ton; the basis of the main contract of corn was 35.31 yuan/ton, up 21.35 yuan/ton [2]. 3.4 Upstream Situation - The predicted sowing area and output of corn in major countries such as the US, Brazil, Argentina, and China showed different degrees of change, for example, the predicted sowing area of corn in the US was 401.85 million hectares, up 1.82 million hectares [2]. - The corn inventory in southern ports was 113.5 tons, down 5.9 tons; the inventory of deep - processed corn decreased by 5.9 tons to 459.2 tons [2]. 3.5 Industrial Situation - The import volume of corn was 19 tons, and the export volume of corn starch was 27780 tons, up 4060 tons [2]. - The output of feed decreased by 113.2 tons to 2664 tons; the processing profit of corn starch in different regions showed different trends [2]. 3.6 Downstream Situation - The inventory days of sample feed corn decreased by 0.41 days to 33.07 days; the consumption of deep - processed corn decreased by 0.98 tons to 117.62 tons [2]. - The operating rate of alcohol enterprises was 43.8%, down 5.26%; the operating rate of starch enterprises was 51.62%, up 2.91% [2]. 3.7 Option Market - The historical volatility and implied volatility of corn options showed different degrees of decline, such as the 20 - day historical volatility of corn decreased by 0.73% to 6.32% [2]. 3.8 Industry News - As of the week ending June 19, 2025, the US corn export inspection volume was 1476638 tons, lower than the previous week [2]. - As of June 19, the harvest progress of Brazil's second - season corn in the 2024/2025 season was 13%, up from 5.2% a week ago [2]. - As of the week ending June 22, 2025, the good - to - excellent rate of US corn was 70%, lower than market expectations [2].

| | 受玉米淀粉企业生产持续亏损影响下，行业开机率继续处于近年同期低位。在供应压力明显减弱以及玉米价格坚挺支撑下，玉米淀 | | --- | --- | | 观点总结（ | 粉现货价格表现相对良好，且行业库存也略有下滑。截至6月18日，全国玉米淀粉企业淀粉库存总量132.8万吨，较上周下降3.20万 | | 淀粉） | | | 重点关注 | 吨，周降幅2.35%，月降幅5.95%；年同比增幅26.36%。盘面来看，近日受玉米涨势放缓影响，淀粉表现也较为震荡，短线参与为 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 | | | 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | | | 主。 | 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 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For the corn market, the US corn has a good improvement rate, and Sino - US trade relations have eased, but there is long - term import pressure. In the domestic market, the procurement enthusiasm of feed enterprises in the Northeast is average, the trading volume of trade grains is slow, and the market purchase and sales are light. In the North China and Huanghuai regions, with the progress of wheat harvest, the use of wheat for feed has increased, and the sentiment of traders is bearish. The corn futures price fell again today, with a decrease in positions, and it is expected to fluctuate in the short term, so short - term participation is recommended [2]. - For the corn starch market, affected by high raw material costs, large industry losses, and the substitution of competing products, the industry operating rate continues to decline. The spot price is relatively firm due to reduced supply pressure, but the downstream digestion ability is limited, and the industry inventory remains high. Affected by the decline of corn, the starch futures price also declined, and short - term participation is recommended [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Corn futures closing price (active contract) is 2325 yuan/ton, down 11 yuan; corn starch futures closing price (active contract) is 2651 yuan/ton, down 27 yuan. Corn monthly spread (9 - 1) is 110 yuan/ton, down 1 yuan; corn starch monthly spread (7 - 9) is - 76 yuan/ton, down 16 yuan. Corn futures positions (active contract) are 1079783 lots, down 36987 lots; corn starch futures positions (active contract) are 221312 lots, up 4731 lots [2]. - The net long positions of the top 20 futures holders for corn are - 85598 lots, up 5462 lots; for corn starch, they are - 8781 lots, down 977 lots. The registered warehouse receipts for yellow corn are 216019 lots, down 400 lots; for corn starch, they are 24472 lots, down 380 lots. The CS - C spread of the main contract is 375 yuan/ton, down 4 yuan [2]. 3.2 Outer - disk Market - The closing price of CBOT corn futures (active contract) is 438.25 cents/bushel, down 5.25 cents. The total positions of CBOT corn are 1654814 contracts, up 16858 contracts. The non - commercial net long positions of CBOT corn are - 20333 contracts, down 8781 contracts [2]. 3.3 Spot Market - The average spot price of corn is 2383.33 yuan/ton, up 2.94 yuan. The ex - factory price of corn starch in Changchun is 2690 yuan/ton, unchanged; in Weifang is 2890 yuan/ton, unchanged; in Shijiazhuang is 2840 yuan/ton, unchanged. The FOB price of corn in Jinzhou Port is 2330 yuan/ton, unchanged [2]. - The CIF price of imported corn is 1980.81 yuan/ton, down 73.69 yuan. The international freight of imported corn is 42 US dollars/ton, unchanged. The basis of the corn main contract is 58.33 yuan/ton, up 13.94 yuan; the basis of the corn starch main contract is 12 yuan/ton, down 2 yuan. The spread between Shandong starch and corn is 416 yuan/ton, down 24 yuan [2]. 3.4 Substitute Spot Prices - The average spot price of wheat is 2445.56 yuan/ton, down 8.16 yuan. The spread between tapioca starch and corn starch is 235 yuan/ton, up 29 yuan. The spread between corn starch and 30 - powder is - 12 yuan/ton, down 6 yuan [2]. 3.5 Upstream Situation - The predicted annual corn production in the US is 377.63 million tons, with a sown area of 33.55 million hectares; in Brazil is 126 million tons, with a sown area of 22.3 million hectares; in Argentina is 50 million tons, with a sown area of 6.4 million hectares; in China is 294.92 million tons, with a sown area of 44.74 million hectares; in Ukraine is 26.8 million tons [2]. 3.6 Industry Situation - Corn inventory in southern ports is 136.7 tons, up 6.3 tons; in northern ports is 484 tons, down 2 tons. The weekly inventory of starch enterprises is 141.2 tons, down 1.7 tons. The monthly import volume of corn is 18 tons, up 10 tons; the monthly export volume of corn starch is 23.72 tons, up 3.37 tons [2]. 3.7 Downstream Situation - The monthly output of feed is 2777.2 tons, down 66.4 tons. The processing profit of corn starch in Shandong is - 178 yuan/ton, down 27 yuan; in Hebei is - 97 yuan/ton, down 10 yuan; in Jilin is - 105 yuan/ton, unchanged. The inventory days of sample feed corn are 36.54 days, up 1.34 days. The consumption of deep - processed corn is 119.31 tons, down 0.52 tons [2]. - The operating rate of alcohol enterprises is 44.91%, up 1.3%; the operating rate of starch enterprises is 54.33%, down 1.55% [2]. 3.8 Option Market - The 20 - day historical volatility of corn is 6.71%, down 0.96%; the 60 - day historical volatility is 7.91%, unchanged. The implied volatility of at - the - money call options for corn is 10.77%, down 0.24%; the implied volatility of at - the - money put options is 10.77%, down 0.25% [2]. 3.9 Industry News - According to a survey by consulting firm Safras & Mercado, Brazil's corn output in the 2024/2025 season is expected to be 139 million tons, an increase of nearly 4 million tons from last month's forecast and higher than the 125.6 million tons in the 2023/24 season [2]. - As of the week ending June 1, 2025, the good - to - excellent rate of US corn was 69%, in line with market expectations, up from 68% the previous week and lower than 75% in the same period last year [2].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For corn, the US corn planting progress is good, but the excellent rate is lower than expected. The market is worried about the long - term import pressure. Domestically, in the Northeast, feed enterprises' purchasing enthusiasm is average, and market trading is light. In the North China and Huanghuai regions, the supply is relatively large, and the downstream demand is weak. The corn price is under pressure [3]. - For corn starch, under the influence of high raw material costs, large industry losses, and downstream demand being affected by substitutes, the industry's operating rate continues to decline. The spot price is relatively firm, but the actual digestion ability is limited, and the industry inventory remains high. The starch futures price has rebounded slightly recently, and short - term participation is recommended [3]. Summary by Directory Futures Market - Corn futures: The closing price of the active contract is 2332 yuan/ton, up 7 yuan; the monthly spread (9 - 1) is 105 yuan/ton, up 2 yuan; the open interest of the active contract is 1171400 lots, down 40541 lots; the net long position of the top 20 futures holders is - 88832 lots, up 3891 lots; the registered warehouse receipts are 216419 lots, down 680 lots; the basis of the main contract is 47.8 yuan/ton, down 5.24 yuan [2]. - Corn starch futures: The closing price of the active contract is 2676 yuan/ton, up 13 yuan; the monthly spread (7 - 9) is - 58 yuan/ton, up 2 yuan; the open interest of the active contract is 227282 lots, down 8079 lots; the net long position of the top 20 futures holders is - 5912 lots, down 3864 lots; the registered warehouse receipts are 25252 lots, unchanged; the basis of the main contract is 14 yuan/ton, down 13 yuan [2]. Outer - market - CBOT corn: The closing price of the active contract is 450.75 cents/bushel, down 7.5 cents; the total open interest is 1637956 contracts, up 48527 contracts; the non - commercial net long position is - 11552 contracts, down 29658 contracts [2]. Spot Market - Corn: The average spot price is 2379.8 yuan/ton, up 1.76 yuan; the FOB price at Jinzhou Port is 2320 yuan/ton, unchanged; the CIF price of imported corn is 2055.53 yuan/ton, down 7.55 yuan; the international freight of imported corn is 42 US dollars/ton, down 1 US dollar [2]. - Corn starch: The ex - factory quotes in Changchun, Weifang, and Shijiazhuang are 2690 yuan/ton, 2890 yuan/ton, and 2840 yuan/ton respectively, all unchanged [2]. Upstream Situation - The predicted annual corn production in the US, Brazil, Argentina, China, and Ukraine is 377.63 million tons, 126 million tons, 50 million tons, 294.92 million tons, and 26.8 million tons respectively, with no change in the sown area [2]. Industry Situation - Corn inventory: The inventory at southern ports is 130.4 tons, down 13.5 tons; the inventory at northern ports is 486 tons, down 9 tons; the monthly import volume is 18 tons, up 10 tons; the monthly export volume of corn starch is 23720 tons, up 3370 tons [2]. - Production and consumption: The monthly output of feed is 2777.2 tons, down 66.4 tons; the weekly consumption of deep - processed corn is 119.83 tons, up 1.28 tons; the weekly alcohol enterprise operating rate is 43.61%, up 1.46%; the weekly starch enterprise operating rate is 54.33%, down 1.55% [2]. Downstream Situation - The sample feed corn inventory days are 35.2 days, unchanged; the corn starch processing profits in Shandong, Hebei, and Jilin are - 151 yuan/ton, - 87 yuan/ton, and - 105 yuan/ton respectively, with changes of + 6 yuan/ton, - 4 yuan/ton, and - 15 yuan/ton [2]. Option Market - The 20 - day historical volatility of corn is 7.5%, down 0.92%; the 60 - day historical volatility is 8.07%, up 0.02%; the implied volatility of at - the - money call and put options is 10.78%, down 1% [2]. Industry News - As of May 25, the US corn planting progress in 18 states accounting for 92% of the national corn sown area is 87%, higher than the previous week's 78% and the five - year average of 85%. The excellent rate is 68%, lower than the analyst's expected 73% [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].

弱，收购价格延续窄幅下调走势。盘面来看，前期连续下跌后，近日跌势略有放缓，短线参与为主。 | | 受到原料成本高企、行业亏损较大以及下游需求受到竞品替代玉米淀粉市场份额被挤占的影响下，行业开机率继续呈现下滑趋势。 | | --- | --- | | 观点总结（ | 在供应压力减弱下，玉米淀粉现货价格表现相对坚挺。但下游实际消化能力有限，以刚需采购为主，行业库存保持高位。截至5月2 | | 淀粉） | | | 重点关注 | 8日，全国玉米淀粉企业淀粉库存总量141.2万吨，较上周下降1.70万吨，周降幅1.19%，月增幅1.80%；年同比增幅34.48%。盘面 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 | | | 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | | | 来看，近期淀粉期价跌势放缓，短线参与为主。 | | | 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 | 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投 ...

玉米系产业日报 2025-05-22 | 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) | 2329 | 5 吨) | | 2656 | -3 | | | 7 玉米淀粉月间价差(7-9):(日,元/吨) | 105 | | | -84 | -5 | | 期货市场 | 期货持仓量(活跃合约):黄玉米(日,手) -1939 期货持仓量(活跃合约):玉米淀粉(日,手) | 1322541 | | | 246205 | 9681 | | | -12569 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) | -113794 | | | -4675 | -1473 | | | 注册仓单量:黄玉米(日,手) -100 注册仓单量:玉米淀粉(日,手) | 211935 | 手) | | 26478 | -132 | | | 主力合约C ...