Report Investment Rating - No investment rating information provided Core Views - For corn, with the U.S. corn harvest advancing, supply pressure will gradually increase, but the expected lower U.S. corn yield and the Sino - U.S. trade agreement expectation support the market. In China, the new corn supply is increasing, leading to a slight decline in purchase prices. Corn futures prices are in a low - level consolidation [2]. - For corn starch, the increasing supply of raw corn weakens cost support, and the substitution of tapioca starch squeezes market demand. However, the lower - than - usual industry operation rate, good order fulfillment, and slightly decreased inventory are positive factors. Starch futures prices move in sync with the corn market and are recommended for short - term observation [2][3]. Section Summaries Futures Market - Corn futures closing price (active contract) is 2116 yuan/ton, down 105 yuan/ton; corn starch futures closing price (active contract) is 2427 yuan/ton, down 11 yuan/ton. Corn futures open interest (active contract) is 925389 hands, and corn starch futures open interest (active contract) is 208744 hands, down 1335 hands [2]. Outer - market - CBOT corn futures closing price (active contract) is 3.75 cents/bushel, and the total open interest is 1543065 contracts, up 13269 contracts. Non - commercial net long positions are - 51186 contracts, down 15017 contracts [2]. Spot Market - The average spot price of corn is 2242.75 yuan/ton, and the ex - factory price of corn starch in Changchun is 2510 yuan/ton, unchanged [2]. Upstream - Forecasted corn planting areas in the U.S., Brazil, Argentina, China, and Ukraine are 427.11, 36.44, 22.6, 44.3, and 32 million hectares respectively, with forecasted yields of 53, 7.5, 295, 44.3, and 32 million tons respectively, all unchanged [2]. Industry - Corn inventories in southern and northern ports are 9.3 and 11 million tons respectively, and the starch enterprise weekly inventory is 112.8 million tons, down 1.2 million tons [2]. Downstream - The monthly output of feed is 201.5 million tons, and the processing profit of corn starch in Shandong is 128 yuan/ton, down 7 yuan/ton [2]. Options Market - The 20 - day historical volatility of corn is 8.48%, down 0.43%, and the implied volatility of at - the - money call options is 10.24%, up 0.74% [2]. Industry News - As of October 26, the U.S. corn harvest was 72% complete, up from 59% a week ago. As of October 25, Brazil's 2025/26 first - season corn planting was 40.0% complete, up from 33.2% last week [2].

Group 1: Report Overview - The report is the South China Futures Corn & Starch Industry Daily, dated October 29, 2025, written by Dai Hongxu and research assistant Kang Quangui [1] Group 2: Core Views - The national autumn grain harvest in major producing areas is over 85%. The corn market harvest is nearing completion, but selling pressure remains high, pressuring prices. Futures prices are in a post - bottoming - out and retracement phase, while spot prices are in a post - stop - falling and stabilizing and fluctuating process [2] - On Tuesday, the corn futures market showed a narrow - range and slightly upward trend, supported by the rise in the outer market and the strength of soybeans. The main 01 contract rose 0.28% to close at 2123 yuan, with decreased trading volume and a slight increase in open interest. The corn starch futures market was weak, with the main 01 contract closing at 2424 yuan [2] Group 3: Market Influencing Factors Bullish Factors - State reserve purchase points in the Northeast region are supporting prices, limiting downward movement [6] - The shortage of high - quality corn in North China will become more apparent over time, supporting the expectation of stronger long - term prices [6] - After the peak of harvest and selling pressure, it will become more dispersed, and price pressure is expected to gradually ease [6] Bearish Factors - The pig industry is in the process of capacity regulation, which may affect long - term corn feed demand. However, the high inventory in the fourth quarter and the current entry of second - fattening pigs support the feed demand at a relatively good level [3] - Short - term supply pressure remains high, and prices are consolidating at a low level [3] Group 4: Price Forecast - The monthly price forecast for corn is in the range of 2050 - 2200 yuan, with a current volatility of 8.75% and a volatility percentile of 23.6%. The monthly price forecast for starch is in the range of 2350 - 2550 yuan, with a current volatility of 10.40% and a volatility percentile of 4.92% [3] Group 5: Price and Basis Data Spot Price and Basis - For corn, the price at Jinzhou Port is 2140 yuan (down 10 yuan), at Shekou Port is 2270 yuan (down 20 yuan), and in Harbin is 2010 yuan (unchanged). The Jinzhou Port main - continuous basis is 17 yuan (down 21 yuan) [3] - For corn starch, the price in Shandong is 2750 yuan (down 10 yuan), in Jilin is 2550 yuan (unchanged), and in Heilongjiang is 2460 yuan (unchanged). The Shandong main - continuous basis is 326 yuan (down 9 yuan) [3] Futures Price - From October 27 to 28, 2025, corn futures contracts 11, 01, 03, 05, 07 showed price increases, with increases ranging from 0.49% - 0.59%. Corn starch futures contracts 11, 01, 03, 05, 07, 09 showed price decreases, with decreases ranging from 0.04% - 0.25%. The wheat average price increased by 0.04% [4][7] Group 6: International Market Data - For US corn - related prices, the CBOT corn main - continuous contract price is 431.75, up 3.75 (0.88%); the COBT soybean main - continuous contract price is 1093.5, up 10 (0.92%); the CBOT wheat main - continuous contract price is 530.25, up 4.25 (0.81%). The US Gulf完税 price is 2141.89, up 13.84 (0.65%), with an import profit of 148.11; the US West完税 price is 2019.92, up 14.03 (0.7%), with an import profit of 270.08 [34]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - The U.S. government shutdown has led to the non - release of the crop progress report by the U.S. Department of Agriculture, causing cautious market trading. As the U.S. corn harvest progresses, supply pressure will gradually increase, putting downward pressure on U.S. corn prices. However, the estimated lower corn yield in the U.S. this year than the previous USDA forecast provides some support for prices [3]. - In the domestic Northeast region, the accelerated harvest of new - season corn, the purchase of new grain by multiple Sinograin direct - affiliated warehouses, and the improvement of corn storage conditions have led to a slowdown in the shipment of some growers. Although deep - processing enterprises have raised quotes, the pressure of concentrated supply of new - season corn still exists, and prices fluctuate slightly. In the North China and Huanghuai regions, the remaining grain in the market is scarce, and the market supply is increasing rapidly, causing the purchase price to fluctuate weakly [3]. - For corn starch, the increasing supply of new - season corn reduces cost support, and the substitution advantage of tapioca starch squeezes market demand. However, the industry's operating rate is lower than the same period in previous years, the supply - side pressure is not large, and enterprise inventories have slightly declined. The corn starch market is generally in a bearish trend [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Corn futures: The closing price of the active contract is 2140 yuan/ton, up 7 yuan; the 1 - 5 monthly spread is - 104 yuan/ton, up 2 yuan; the open interest of the active contract is 892,982 lots, up 39,613 lots; the net long position of the top 20 futures holders is - 74,538 lots, up 1,689 lots; the registered warehouse receipts are 61,968 lots, unchanged [2]. - Corn starch futures: The closing price of the active contract is 2450 yuan/ton, up 24 yuan; the 11 - 1 monthly spread is - 21 yuan/ton, down 5 yuan; the open interest of the active contract is 207,369 lots, up 5,801 lots; the net long position of the top 20 futures holders is - 51,697 lots, up 7,186 lots; the registered warehouse receipts are 12,504 lots, unchanged; the CS - C spread of the main contract is 344 yuan/ton, up 6 yuan [2]. - CBOT corn futures: The closing price of the active contract is 423.75 cents/bushel, up 4 cents; the total open interest is 1,543,065 contracts, up 13,269 contracts; the non - commercial net long position is - 51,186 contracts, down 15,017 contracts [2]. 3.2 Spot Market - Corn: The average spot price is 2253.33 yuan/ton, down 4.91 yuan; the FOB price at Jinzhou Port is 2180 yuan/ton, unchanged; the CIF price of imported corn is 1981.94 yuan/ton, down 0.33 yuan; the international freight of imported corn is 44 US dollars/ton, unchanged; the basis of the main corn contract is 113.33 yuan/ton, down 11.91 yuan [2]. - Corn starch: The ex - factory quotes in Changchun, Weifang, and Shijiazhuang are 2510 yuan/ton, 2750 yuan/ton, and 2680 yuan/ton respectively, all unchanged; the basis of the main corn starch contract is 84 yuan/ton, up 3 yuan; the spread between Shandong starch and corn is 490 yuan/ton, up 44 yuan; the spread between tapioca starch and corn starch is 299 yuan/ton, up 31 yuan; the spread between corn starch and 30 - powder is - 184 yuan/ton, up 2 yuan [2]. 3.3 Upstream Situation - Forecasted sown areas: In the U.S., it is 425.26 million hectares; in Brazil, it is 131 million hectares; in Argentina, it is 53 million hectares; in China, it is 295 million hectares; in Ukraine, it is 32 million hectares, all unchanged except for Ukraine which is up 1.5 million hectares [2]. - Forecasted yields: In the U.S., it is 36.44 million tons; in Brazil, it is 22.6 million tons; in Argentina, it is 7.5 million tons; in China, it is 44.3 million tons, all unchanged except for Brazil which is up 0.55 million tons [2]. - Corn inventories: In southern ports, it is 38.7 million tons, up 5.5 million tons; in northern ports, it is 93 million tons, down 22 million tons; the deep - processing corn inventory is 203.6 million tons, down 8.2 million tons [2]. 3.4 Industry Situation - Import and export: The monthly import volume of corn is 4 million tons, down 2 million tons; the monthly export volume of corn starch is 14,800 tons, down 1,140 tons [2]. - Production: The monthly production of feed is 2,927.2 million tons, up 99.9 million tons [2]. - Corn starch processing profits: In Shandong, it is 75 yuan/ton, up 20 yuan; in Hebei, it is 89 yuan/ton, unchanged; in Jilin, it is 55 yuan/ton, unchanged [2]. 3.5 Downstream Situation - Feed: The sample feed corn inventory days are 24.44 days, down 0.05 days; the deep - processing corn consumption is 122.31 million tons, up 3.04 million tons [2]. - Alcohol and starch enterprises: The alcohol enterprise operating rate is 53.19%, down 1.77%; the starch enterprise operating rate is 55.62%, down 1.12% [2]. 3.6 Option Market - Corn historical volatility: The 20 - day historical volatility is 8.32%, up 0.18%; the 60 - day historical volatility is 6.88%, up 0.06% [2]. - Corn option implied volatility: The implied volatility of at - the - money call options is 10.28%, down 0.13%; the implied volatility of at - the - money put options is 10.28%, down 0.13% [2]. 3.7 Industry News - As of October 20, the planting progress of the first - season corn in the 2025/26 season in Brazil's Paraná state was 94%, up from 90% last week [2]. - The Trump administration plans to provide a new round of aid funds to farmers affected by the trade war and bumper harvests and restart some core functions of the U.S. Department of Agriculture during the government shutdown [2].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - **Corn**: The supply pressure of US corn will gradually increase as the harvest progresses, putting downward pressure on prices. In the domestic market, the enthusiasm of farmers in the Northeast to sell grain has slightly decreased due to snowfall. The purchasing scope of Sinograin is expanding, and some traders and enterprises are more willing to build inventories in advance. The arrival of grain at enterprise factories has significantly decreased, and the price cut of deep - processing enterprises has also decreased. The corn futures price rebounded slightly today, but the overall price is expected to weaken as the supply of new - season corn increases [2]. - **Corn Starch**: The cost support of corn starch has declined as the price of raw material corn weakens. After the holiday, the industry's operating rate has increased significantly, and the inventory has slightly increased. The industry inventory is still high, and the substitution advantages of cassava starch and wheat starch still exist, squeezing the market demand for corn starch. The starch market maintains a bearish outlook [3]. 3. Summary by Relevant Catalogs **Futures Market** - Corn starch futures closing price (active contract) is 2380 yuan/ton, with a daily increase of 6 yuan/ton. - The corn monthly spread (1 - 5) is - 112 yuan/ton, and the corn starch monthly spread (11 - 1) is - 30 yuan/ton, a decrease of 20 yuan/ton. - The futures holding volume of yellow corn (active contract) is 30648 hands, and that of corn starch is 53048 hands, a decrease of 10702 hands. - The net long position of the top 20 futures holders of corn starch is - 52803 hands, a decrease of 3788 hands [2]. **External Market** - The futures closing price of CBOT corn (active contract) is 423 cents per bushel. - The total position of CBOT corn (weekly) is 1543065 contracts, an increase of 13269 contracts. - The non - commercial net long position of CBOT corn (weekly) is - 15017 contracts, a decrease of 51186 contracts [2]. **Spot Market** - The average spot price of corn is 2262.75 yuan/ton, a decrease of 0.39 yuan/ton. - The factory - quoted price of corn starch in Changchun is 2510 yuan/ton, unchanged. - The basis of the corn starch main contract is 130 yuan/ton, a decrease of 6 yuan/ton [2]. **Upstream Situation** - The predicted sown area of corn in the US is 425.26 million hectares, and the predicted output is 35.89 million tons, an increase of 0.77 million tons. - The predicted sown area of corn in Brazil is 131 million hectares, and the predicted output is 22.6 million tons. - The predicted sown area of corn in Argentina is 53 million hectares, and the predicted output is 7.5 million tons [2]. **Industrial Situation** - The corn inventory in southern ports is 203.6 million tons, a decrease of 8.2 million tons. - The inventory of deep - processing corn is 38.7 million tons. - The import volume of corn in September 2025 is 6 million tons [2]. **Downstream Situation** - The output of feed in September is 2927.2 million tons. - The processing profit of corn starch in Shandong is 56 yuan/ton, a decrease of 20 yuan/ton. - The alcohol enterprise operating rate is 53.19%, a decrease of 1.77 percentage points, and the starch enterprise operating rate is 56.74%, an increase of 4.93 percentage points [2]. **Option Market** - The 20 - day historical volatility of corn is 8.22%, a decrease of 2.08 percentage points. - The 60 - day historical volatility of corn is 6.83%, a decrease of 1.73 percentage points. - The implied volatility of at - the - money call options for corn is 15.05%, an increase of 2.55 percentage points [2]. **Industry News** - Nearly 70% of the autumn grain harvest is completed nationwide. For different crops, over 70% of medium - season rice, over 60% of corn, and over 80% of soybeans have been harvested. Regionally, over 80% in the southwest, over 70% in the northwest and Huang - Huai - Hai region, 65% in the Northeast and the middle and lower reaches of the Yangtze River, and nearly 30% in South China [2]. - In September 2025, the import volume of corn and corn flour is 6 million tons. The US Department of Agriculture did not release the crop progress report due to the government shutdown, and the market trading remains cautious [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].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - As the US corn harvest progresses, supply pressure will gradually increase, putting continued downward pressure on US corn prices [3] - In the domestic market, the new corn yield in the Northeast region is ideal, and farmers are more willing to sell, leading to a concentrated supply of wet corn. Although market trading activity has slightly improved, new corn has high moisture content and is difficult to store, so traders are cautious about building inventories, and the purchase price continues to be weak [3] - In the North China and Huanghuai regions, continuous cloudy weather has led to an increase in the phenomenon of corn piling up, returning to moisture and mildew, resulting in a significant decline in corn quality and a price decline. Although the willingness of some growers to sell has decreased, the overall selling enthusiasm is still high, while demand is relatively cautious, and the purchase price is also weak [3] - As the new - season corn market volume gradually increases, the supply pressure of raw material corn increases, the cost support of corn starch declines, and the downstream demand for corn starch decreases, so the starch market maintains a bearish outlook [3] 3. Summary by Relevant Catalogs Futures Market - Corn futures: The closing price of the active contract is 2093 yuan/ton, up 1 yuan; the monthly spread (1 - 5) is - 91 yuan/ton, down 5 yuan; the trading volume of the active contract is 479,322 lots, down 72,733 lots; the net long position of the top 20 futures holders is - 32,877 lots, up 6,034 lots; the registered warehouse receipt volume is 36,709 lots, unchanged [2] - Corn starch futures: The closing price of the active contract is 2385 yuan/ton, down 16 yuan; the monthly spread (11 - 1) is - 16 yuan/ton, down 15 yuan; the trading volume of the active contract is 112,293 lots, down 16,434 lots; the net long position of the top 20 futures holders is - 39,912 lots, down 2,972 lots; the registered warehouse receipt volume is 12,938 lots, down 44 lots; the CS - C spread of the main contract is 335 yuan/ton, down 12 yuan [2] Foreign Market - CBOT corn: The closing price of the active contract is 410.5 cents/bushel, down 3 cents; the total trading volume is 1,543,065 lots, up 13,269 lots; the non - commercial net long position is - 51,186 lots, down 15,017 lots [2] Spot Market - Corn: The average spot price is 2278.04 yuan/ton, down 16.27 yuan; the flat - hatch price at Jinzhou Port is 2130 yuan/ton, down 20 yuan; the CIF price of imported corn is 1993.17 yuan/ton, down 2.55 yuan; the international freight of imported corn is 44 US dollars/ton, unchanged; the basis of the main contract is 185.04 yuan/ton, down 17.27 yuan [2] - Corn starch: The ex - factory quotes in Changchun, Weifang, and Shijiazhuang are 2510 yuan/ton, 2750 yuan/ton, and 2680 yuan/ton respectively, all unchanged; the basis of the main contract is 109 yuan/ton [2] - Substitute products: The average spot price of wheat is 2448.56 yuan/ton, up 0.12 yuan; the price difference between tapioca starch and corn starch is 268 yuan/ton, up 3 yuan; the price difference between corn starch and 30 - powder is - 153 yuan/ton, down 9 yuan [2] Upstream Situation - Corn production forecasts: The predicted production in the United States, Brazil, Argentina, China, and Ukraine is 425.26 million tons, 131 million tons, 53 million tons, 295 million tons, and 32 million tons respectively. The predicted sown areas are 35.89 million hectares, 22.6 million hectares, 7.5 million hectares, 44.3 million hectares, and 1.5 million hectares respectively [2] - Corn inventory: The inventory at southern ports is 33.2 tons, down 11.8 tons; the inventory at northern ports is 115 tons, up 25 tons; the deep - processing corn inventory is 203.6 tons, down 8.2 tons [2] Industry Situation - Corn: The monthly import volume is 4 tons, down 2 tons; the monthly feed production is 2927.2 tons, up 99.9 tons; the average number of days of feed corn inventory in the sample is 24.49 days, down 0.72 days; the weekly deep - processing corn consumption is 119.27 tons, up 3.17 tons [2] - Corn starch: The monthly export volume is 14,800 tons, down 1,140 tons; the weekly inventory of starch enterprises is 119.1 tons, up 4.3 tons; the processing profits in Shandong, Hebei, and Jilin are 57 yuan/ton, 69 yuan/ton, and 56 yuan/ton respectively, with changes of +13 yuan/ton, - 14 yuan/ton, and 0 yuan/ton [2] - Operating rates: The operating rate of alcohol enterprises is 54.96%, up 3.49 percentage points; the operating rate of starch enterprises is 51.81%, up 2.36 percentage points [2] Option Market - Corn: The 20 - day historical volatility is 10.14%, down 0.17 percentage points; the 60 - day historical volatility is 8.41%, up 0.01 percentage points; the implied volatility of at - the - money call options and put options is 13.99%, up 2.02 percentage points [2] Industry News - As of October 9, the sowing progress of the first - season corn in the central and southern regions of Brazil in the 2025/26 season was 45%, compared with 40% a week ago and 41% in the same period last year [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - As the U.S. corn harvest progresses, supply pressure will gradually increase, putting continued downward pressure on U.S. corn prices. In the domestic market, the supply pressure of raw corn increases with the gradual increase in the listing volume of new - season corn, leading to a weakening of the overall price. The cost support for corn starch declines accordingly. The downstream demand for corn starch is also affected by factors such as industry shutdowns during holidays, high inventory, and substitution by other starches, resulting in a bearish outlook for the starch market. [3] 3. Summary by Directory 3.1 Futures Market - Corn starch futures closing price (active contract) is 2092 yuan/ton, with a change of - 31 yuan/ton; corn monthly spread (1 - 5) is - 7 yuan/ton; corn starch monthly spread (11 - 1) is - 86 yuan/ton, with a change of - 1 yuan/ton. - Futures holdings (active contract): yellow corn decreased by 39308 hands, and corn starch increased by 128727 hands to 552055 hands. - The net long positions of the top 20 futures holders for corn are - 38911 hands, with a change of - 36940 hands; for corn starch, it is - 8137 hands, with a change of 959 hands. - Registered warehouse receipts: 14009 hands for yellow corn, an increase of 12982 hands; 36709 hands for corn starch, an increase of 4954 hands. - The spread between the main CS - C contracts is 347 yuan/ton, with a change of - 1 yuan/ton. [2] 3.2 Outer - Market - The closing price of CBOT corn futures (active contract) is - 5 cents per bushel. - CBOT corn total weekly positions are 413.5 million, an increase of 13269. - The non - commercial net long positions of CBOT corn are - 51186 hands, a decrease of 15017 hands. [2] 3.3 Spot Market - The average spot price of corn is 2294.31 yuan/ton, with a change of - 9.81 yuan/ton. - Factory quotes for corn starch: 2510 yuan/ton in Changchun, 2750 yuan/ton in Weifang, and 2680 yuan/ton in Shijiazhuang, all unchanged. - The CIF price of imported corn is 2.63 yuan/ton, and the international freight is 0 dollars/ton. - The basis of the corn starch main contract is 44, with a change of 109; the basis of the corn main contract is NAN. - The spread between Shandong starch and corn is 202.31 yuan/ton, with a change of 86 yuan/ton; the spread between tapioca starch and corn starch is 2448.44 yuan/ton, with a change of 3 yuan/ton; the spread between corn starch and 30 - powder is 154.13 yuan/ton, with a change of - 6 yuan/ton. [2] 3.4 Upstream Situation - Forecasted planting areas (in million hectares): 35.89 million in the United States, 22.6 million in Brazil, 7.5 million in Argentina, 44.3 million in China. - Forecasted corn production (in million tons): 425.26 million in the United States, 131 million in Brazil, 53 million in Argentina, 295 million in China, and 32 million in Ukraine. [2] 3.5 Industry Situation - Corn inventory: 250,000 tons in northern ports, a decrease of 118,000 tons in southern ports. - Starch enterprise weekly inventory is 115,000 tons, with a change of 4300 tons. - Monthly import volume of corn is - 100,000 tons; monthly export volume of corn starch is 6000 tons, an increase of 1440 tons. - Monthly feed production is 999,000 tons. [2] 3.6 Downstream Situation - Corn starch processing profit: 2927.2 yuan/ton in Shandong, with a change of 19 yuan/ton; 24.49 yuan/ton in Hebei, with a change of 10 yuan/ton; 119.27 yuan/ton in Jilin, with a change of - 10 yuan/ton. - Alcohol enterprise operating rate is 3.49%; starch enterprise operating rate is 54.96%, with an increase of 2.36 percentage points. [2] 3.7 Option Market - The historical 20 - day volatility of corn is - 0.45%; the historical 60 - day volatility is 9.68%, with a change of 0.06 percentage points. - The implied volatility of at - the - money call options for corn is - 0.86%; the implied volatility of at - the - money put options is 11.97%, with a change of - 0.86 percentage points. [2] 3.8 Industry News - As of October 8, Argentina's 2025/26 corn planting area accounted for 25.6% of the total expected area (7.8 million hectares), 5.8% higher than a week ago and 7.9% ahead of the same period last year. - As of October 9, 2025, Russia had harvested 131 million tons of grain, with a harvest progress close to 90%. [2] 3.9 Key Concerns - Thursday and Friday's mysteel corn weekly consumption, as well as the operating and inventory conditions of starch enterprises. [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - For corn, as the new - season corn is gradually coming onto the market, it still restricts the futures price. A bearish view is maintained, and it is recommended to hold no positions during the holiday [2][3] - For corn starch, although there was a slight rebound at low levels recently, the demand support is insufficient. A bearish view is also maintained, and it is recommended to hold no positions during the holiday [3] 3. Summary According to Related Catalogs 3.1 Futures Market - Corn starch futures closing price (active contract) is 2468 yuan/ton, up 12 yuan/ton; corn futures closing price (active contract) is 2143 yuan/ton, down 73 yuan/ton [2] - Futures positions of active contracts: 596123 hands for yellow corn, down 44063 hands; 150741 hands for corn starch, down 13614 hands [2] - Net long positions of the top 20 futures holders: - 30523 hands for corn, up 29 hands; - 37380 hands for corn starch, up 29 hands [2] - Registered warehouse receipts: 21549 hands for yellow corn, unchanged; 8028 hands for corn starch, down 161 hands [2] - The CS - C spread of the main contract is 358 yuan/ton, unchanged [2] 3.2 Outer - market - CBOT corn futures closing price (active contract) is 421.5 cents/bushel, unchanged; CBOT corn total positions (weekly) are 1543065 contracts, up 13269 contracts [2] - CBOT corn non - commercial net long positions (weekly) are 15017 contracts, down 51186 contracts [2] 3.3 Spot Market - The average spot price of corn is 2368.63 yuan/ton, down 0.98 yuan/ton; the factory - quoted price of corn starch in Changchun is 2560 yuan/ton, unchanged [2] - The FOB price of corn in Jinzhou Port is 2240 yuan/ton, down 40 yuan/ton; the factory - quoted price of corn starch in Weifang is 2800 yuan/ton, unchanged [2] - The CIF price of imported corn is 1943.7 yuan/ton, down 3.51 yuan/ton; the factory - quoted price of corn starch in Shijiazhuang is 2730 yuan/ton, unchanged [2] 3.4 Upstream Situation - Forecasted sown areas: 425.26 million hectares for the US, 35.89 million hectares for Brazil, 22.6 million hectares for Argentina, 44.3 million hectares for China [2] - Forecasted yields: 168.14 billion bushels for the US in 2025/26, 131 million tons for Brazil, 53 million tons for Argentina, 295 million tons for China, 32 million tons for Ukraine (up 1.5 million tons) [2] - Corn inventories: 37.5 million tons in southern ports (down 22.6 million tons), 80 million tons in northern ports (down 7 million tons); deep - processing corn inventories are 211.8 million tons, down 22.2 million tons [2] 3.5 Industry Situation - Import volume of corn is 6 million tons, down 10 million tons; export volume of corn starch is 15.94 thousand tons, up 1.44 thousand tons [2] - Feed production is 2927.2 million tons, up 99.9 million tons; corn starch processing profit in Shandong is - 32 yuan/ton, up 50 yuan/ton [2] 3.6 Downstream Situation - Deep - processing corn consumption is 114.64 million tons, down 0.99 million tons; alcohol enterprise operating rate is 47.88%, down 2.43%; starch enterprise operating rate is 50.36%, up 2.21% [2] 3.7 Option Market - 20 - day historical volatility of corn is 10%, up 0.44%; 60 - day historical volatility of corn is 7.69%, up 0.04% [2] - Implied volatility of at - the - money call options for corn is 11.34%, up 1.16%; implied volatility of at - the - money put options for corn is 11.34%, up 1.16% [2] 3.8 Industry News - As of the week ending September 25, 2025, the US corn export inspection volume was 1527145 tons, compared with 1385966 tons last week and 1149524 tons in the same period last year [2] - As of September 25, the sowing progress of the first - season corn in the central - southern part of Brazil in the 2025/26 season reached 32%, compared with 25% a week ago and 30% in the same period last year [2] - The USDA report predicts that the US corn production in the 2025/26 season will reach a record high of 168.14 billion bushels, and the ending inventory will also reach the highest level in seven years [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report Corn - In the 2025/26 season, the expected corn production in the EU 27 countries is lowered to 5.68 million tons, a 4.6% decrease from the previous year and 9.4% below the five - year average due to drought in some eastern European main - producing areas [2]. - The USDA report predicts that the 2025/26 US corn production will reach 16.814 billion bushels, a record high, and the ending stocks will reach a seven - year high. As the US corn harvest progresses, supply pressure will gradually increase. However, early harvest results are mixed, suggesting a possible downward adjustment in US corn production [2]. - In the domestic market, the harvest area of new grain in Liaoning and Heilongjiang in the Northeast is expanding, and farmers are actively selling. New grain is being supplied to the market, and more processing enterprises are starting to purchase. But as the supply of new corn increases, downstream demand is relatively weak, deep - processing enterprises' losses are intensifying, and purchase prices have been lowered. The new - season corn supply will continue to constrain the futures market [2]. Corn Starch - The current market for corn starch is weak, and enterprises are still in a loss - making state. The industry's operating rate is generally low. With relatively small supply pressure and a slight improvement in pre - holiday demand, inventory has continued to decline. As of September 24, the total starch inventory of national corn starch enterprises was 1.139 million tons, a weekly decrease of 61,000 tons (-5.08%), a monthly decrease of 13.58%, and a year - on - year increase of 28.85%. However, industry inventory remains high, and tapioca starch and wheat starch have good substitution advantages, continuing to squeeze the market demand for corn starch. Although there has been a slight rebound at low levels recently, the lack of demand support means the market maintains a bearish outlook [3]. 3. Summary by Related Catalogs Futures Market - Corn futures closing price (active contract): 2159 yuan/ton, down 19 yuan; corn starch futures closing price (active contract): 2483 yuan/ton, up 3 yuan [2]. - Corn monthly spread (1 - 5): - 68 yuan/ton, down 2 yuan; corn starch monthly spread (11 - 1): 25 yuan/ton, up 7 yuan [2]. - Corn futures open interest (active contract): 640,186 lots, down 52,330 lots; corn starch futures open interest (active contract): 164,355 lots, down 2740 lots [2]. - Net long positions of the top 20 futures holders for corn: - 50,656 lots, down 2443 lots; for corn starch: - 37,409 lots, up 1501 lots [2]. - Registered warehouse receipts for yellow corn: 21,549 lots, down 265 lots; for corn starch: 8189 lots, unchanged [2]. - CS - C spread of the main contract: 358 yuan/ton, up 1 yuan [2]. Outer - Disk Market - CBOT corn futures closing price (active contract): 421.5 cents/bushel, down 3.25 cents; CBOT corn total open interest (weekly): 1,543,065 contracts, up 13,269 contracts [2]. - CBOT corn non - commercial net long positions: - 51,186 contracts, down 15,017 contracts [2]. Spot Market - Average spot price of corn: 2369.61 yuan/ton, up 1.57 yuan; factory quotation of corn starch in Changchun: 2560 yuan/ton, unchanged [2]. - FOB price of corn at Jinzhou Port: 2280 yuan/ton, unchanged; factory quotation of corn starch in Weifang: 2800 yuan/ton, unchanged [2]. - CIF price of imported corn: 1947.21 yuan/ton, down 0.66 yuan; international freight of imported corn: 45 US dollars/ton, unchanged [2]. - Basis of the corn main contract: 210.61 yuan/ton, unchanged; basis of the corn starch main contract: 77 yuan/ton, down 3 yuan [2]. - Shandong starch - to - corn price difference (weekly): 360 yuan/ton, down 96 yuan; tapioca starch - to - corn starch price difference (weekly): 265 yuan/ton, up 8 yuan [2]. Upstream Situation - Forecasted corn production in the US (monthly): 425.26 million tons, up 26.33 million tons; in Brazil: 131 million tons, unchanged; in Argentina: 53 million tons, unchanged; in China: 295 million tons, unchanged; in Ukraine: 32 million tons, up 1.5 million tons [2]. - Forecasted corn sown area in the US (monthly): 35.89 million hectares, up 0.77 million hectares; in Brazil: 22.6 million hectares, unchanged; in Argentina: 7.5 million hectares, unchanged; in China: 44.3 million hectares, unchanged [2]. - Corn inventory at southern ports (weekly): 375,000 tons, down 226,000 tons; deep - processing corn inventory (weekly): 2.118 million tons, down 222,000 tons [2]. - Corn inventory at northern ports (weekly): 800,000 tons, down 70,000 tons; weekly inventory of starch enterprises (weekly): 1.139 million tons, down 61,000 tons [2]. - Monthly import volume of corn: 60,000 tons, down 100,000 tons; monthly export volume of corn starch: 15,940 tons, up 1440 tons [2]. Downstream Situation - Monthly output of feed: 2.9272 million tons, up 99,900 tons; corn starch processing profit in Shandong: - 32 yuan/ton, up 50 yuan [2]. - Sample feed corn inventory days (weekly): 26.01 days, down 0.15 days; corn starch processing profit in Hebei: 17 yuan/ton, up 10 yuan [2]. - Weekly consumption of deep - processing corn: 1.1464 million tons, down 9900 tons; corn starch processing profit in Jilin: - 179 yuan/ton, unchanged [2]. - Alcohol enterprise operating rate (weekly): 47.88%, down 2.43 percentage points; starch enterprise operating rate (weekly): 50.36%, up 2.21 percentage points [2]. Option Market - 20 - day historical volatility of corn: 9.55%, up 0.22 percentage points; 60 - day historical volatility of corn: 7.65%, up 0.13 percentage points [2]. - Implied volatility of at - the - money call options for corn: 10.18%, up 0.13 percentage points; implied volatility of at - the - money put options for corn: 10.18%, up 0.14 percentage points [2]. Industry News - The expected corn production of the EU 27 countries in the 2025/26 season has been lowered to 56.8 million tons, lower than the August forecast of 57.6 million tons, a 4.6% decrease from the previous year and 9.4% below the five - year average, due to drought in some eastern European main - producing areas [2]. - US President Trump said that the government plans to use tariff revenues to assist US farmers affected by trade policies, indicating the upcoming introduction of a new round of agricultural relief measures [2]. - The USDA report predicts that the US corn production in the 2025/26 season will reach 16.814 billion bushels, a record high, and the ending stocks will reach a seven - year high [2].

1. Report Industry Investment Rating - No information provided 2. Core Views - For corn, the USDA report predicts that the US corn production in the 2025/26 season will reach a record - high of 16.814 billion bushels, and the ending stocks will also reach the highest level in seven years. With the progress of US corn harvest, the supply pressure will gradually increase. However, the early harvest results are mixed, leading to an expectation of a possible downward adjustment in US corn production. In the domestic market, the new grain harvest area in Liaoning and Heilongjiang in the Northeast region is expanding, and farmers' enthusiasm for selling grain is high. As the supply of new corn increases, the downstream demand is relatively weak, the losses of deep - processing enterprises are intensifying, and the purchase price has been lowered. The new - season corn listing still restricts the futures market [2]. - For corn starch, the market is currently weak, and enterprises are still in a loss state. The industry's operating rate is generally low. Due to a slight improvement in pre - holiday demand, the inventory continues to decline. As of September 24, the total starch inventory of national corn starch enterprises was 1.139 million tons, a weekly decrease of 61,000 tons, a weekly decline of 5.08%, a monthly decline of 13.58%, and a year - on - year increase of 28.85%. However, the industry inventory is still high, and the substitution advantages of tapioca starch and wheat starch are still significant, squeezing the market demand for corn starch. Although there has been a slight rebound at low levels recently, the demand support is insufficient, and the corn starch market maintains a bearish outlook [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Corn futures: The closing price of the active contract of corn starch futures was 2,469 yuan/ton, up 22 yuan; the closing price of the active contract of CBOT corn was 425.75 cents/bushel, up 4 cents. The net long non - commercial position of CBOT corn decreased by 36,169 contracts, and the total position increased by 51,949 contracts [2]. - Corn starch futures: The closing price of the active contract was 2,164 yuan/ton, up 6 yuan. The net long position of the top 20 futures holders decreased by 251 contracts, and the registered warehouse receipts decreased by 20 contracts [2]. 3.2 Spot Market - Corn: The average spot price was 2,357.25 yuan/ton, up 0.78 yuan; the average price of imported corn was 1,939.55 yuan/ton, down 0.47 yuan [2]. - Corn starch: The factory - quoted price in Changchun was 2,560 yuan/ton, unchanged; in Shijiazhuang was 2,730 yuan/ton, unchanged; in Weifang was 2,800 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The predicted sown areas of corn in the US, Brazil, Argentina, China, and Ukraine were 425.26 million hectares, 22.6 million hectares, 7.5 million hectares, 295 million hectares, and 32 million hectares respectively; the predicted yields were 35.89 million tons, 131 million tons, 53 million tons, 44.3 million tons, and 1.5 million tons respectively [2]. - The corn inventory in southern ports decreased by 55,000 tons to 601,000 tons, and the deep - processing corn inventory decreased by 147,000 tons to 2.34 million tons [2]. 3.4 Industry Situation - The monthly import volume of corn was 60,000 tons, a decrease of 10,000 tons; the monthly export volume of corn starch was 15,940 tons, an increase of 1,440 tons [2]. - The monthly output of feed was 29.272 million tons, and the corn starch processing profit in Shandong was - 72 yuan/ton, a decrease of 12 yuan [2]. 3.5 Downstream Situation - The deep - processing corn consumption decreased by 1,100 tons to 115,630 tons, and the alcohol enterprise operating rate decreased by 1.28 percentage points to 50.31% [2]. - The starch enterprise operating rate increased by 2.21 percentage points to 50.36%, and the corn starch processing profit in Hebei was 7 yuan/ton, an increase of 2 yuan [2]. 3.6 Option Market - The historical volatility of corn in 20 days was 10%, unchanged; the implied volatility of at - the - money call options was 10.5%, an increase of 0.66 percentage points; the implied volatility of at - the - money put options was 10.5%, an increase of 0.67 percentage points [2]. 3.7 Industry News - As of September 22, the grain export volume of Ukraine in the 2025/26 season was 5.82 million tons, higher than 5.251 million tons a week ago but lower than 9.764 million tons in the same period last year [2]. - Private exporters reported selling 122,947 tons of US corn to Mexico, with 100,593 tons to be delivered in the 2025/26 season and 22,354 tons in the 2026/27 season [2].

着新玉米上量增多，下游需求相对低迷,深加工企业亏损加剧，收购价格有所下调。盘面来看，随着新季玉 米逐步上市，对盘面仍有所牵制，维持偏空思路。 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、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 最新 环比 数据指标 | | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):(日,元/吨) 玉米月间价差(1-5):(日,元/吨) | 2158 -70 | 11 玉米淀粉期货收盘价(活跃合约):(日,元/ 4 玉米淀粉月间价差(11-1):(日,元/吨) | 2447 -5 | 16 14 | | | | | 吨) | | | | | 期货持仓量 ...