Report Industry Investment Rating - Not provided Core Viewpoints - The live hog price is oscillating, and the corn futures market is oscillating and rebounding. The short - term live hog price may stabilize, and the corn market is in a supply - demand game stage with suggestions to participate in the short - term trading [3][5][8] Summary by Related Catalogs Live Hogs - Futures: Last week, the live hog futures were in a low - level oscillation. The LH2601 contract closed at 11,865 yuan/ton, a 0.08% decline from the previous week's settlement price [5] - Spot: The national average market price of outer three - yuan live hogs was 11.98 yuan/kg, a week - on - week decrease of 0.53 yuan/kg [5] - Profit: As of November 7, the self - breeding and self - raising live hog breeding profit was - 89.21 yuan/head, a week - on - week increase of 0.12 yuan/head; the profit of purchasing piglets for breeding was - 175.54 yuan/head, a week - on - week increase of 4.18 yuan/head; the pig - grain ratio was 5.53, a week - on - week decrease of 0.01 [5] - Market situation: The national live hog spot price stopped rising and fell last week. The market supply increased, but the downstream demand was insufficient. However, as the price dropped again, the slaughter acquisition sentiment improved, and the retail farmers' resistance to price cuts was strong. The short - term price may stabilize [5] Corn - Futures: Last week, the corn futures were oscillating strongly. The C2601 contract closed at 2,149 yuan/ton, a 1.46% increase from the previous week's settlement price [6] - Spot: The national average spot price of corn was 2,238.53 yuan/ton, a week - on - week decrease of 1.47 yuan/ton. Different ports had different price changes [6] - Consumption: From October 30 to November 5, 2025, 149 major corn deep - processing enterprises consumed 1.3818 million tons of corn, a week - on - week increase of 0.0286 million tons. The corn starch industry's开机率 increased, while the alcohol industry's开机率 decreased [7] - Inventory: As of November 5, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.795 million tons, a decrease of 1.13%. As of November 7, the total corn inventory of the four northern ports was about 1.02 million tons, and the corn inventory in Guangdong ports was 0.87 million tons [7] - Market situation: The decline of the national corn spot price slowed down last week. The market is in the new grain listing stage, with the purchase scope of the State Reserve Grain Corporation expanding. The downstream low - inventory enterprises have restocking needs, but the power to continuously raise prices is limited. The short - term corn market is in a supply - demand game, and the futures market is oscillating and rebounding [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Corn: The US corn is expected to have a high yield, but the yield per unit may be further reduced later. The 12 - contract of US corn has strong support at 400 cents per bushel and will fluctuate narrowly in the short term. The focus of the market is on the grain - selling rhythm in Northeast China, with expected selling pressure in November. Northeast corn is weak in the short term, while the supply in North China is increasing. The spot price of corn is oscillating at the bottom. The 01 corn futures will oscillate at the bottom with limited short - term rebound, and the 05 is expected to oscillate strongly [4][5]. - Starch: The operating rate of starch factories is rising, but downstream demand is weak, resulting in an increase in inventory. The spot price of starch is relatively weak, and there is still room for the spot price to fall with the large - scale listing of new corn. The 01 corn starch will follow the corn to oscillate at the bottom [4]. 3. Summary by Directory 3.1 Chapter 1: Comprehensive Analysis and Trading Strategies - **Corn Situation**: The US corn is expected to see a yield per unit reduction, but the yield is high. The 12 - contract of US corn has strong support at 420 cents per bushel. There is no profit in importing US corn. The market focus is on the Northeast selling rhythm, with expected selling pressure in November. Northeast corn is weak, North China's supply is increasing, and the spot price is at the bottom. The North Port purchase price may fall to around 2070 yuan/ton. The 01 corn futures will oscillate at the bottom with limited rebound, and the 05 is expected to oscillate strongly [4]. - **Starch Situation**: The operating rate of starch factories is rising, downstream demand is weak, and inventory is at a historical high. The spot price of starch is relatively weak, and there is still room for it to fall. The 01 corn starch will follow the corn to oscillate at the bottom [4]. - **Trading Strategies**: Try to buy the 12 - contract of US corn below 420 cents per bushel. Long - term buy the 05 corn below 2220. Try to buy 01 corn and sell 01 starch, and shrink the spread when it is high. Adopt the strategy of accumulating purchases for the 05 corn at low prices [5]. 3.2 Chapter 2: Core Logic Analysis 3.2.1 International Market - **Supply and Demand**: According to the USDA's September report, although the yield per unit of US corn may be further reduced, the overall supply is still loose. The ending stocks of global and US corn have slightly decreased. The import tariffs of US corn and sorghum in China have been adjusted, but there is still no profit in importing US corn [8][11]. - **Market Position and Ethanol Production**: As of September 23, the non - commercial net short position of US corn increased, and ethanol production increased. The 12 - contract of US corn oscillates around 430 cents per bushel [17]. 3.2.2 Domestic Market - **Inventory and Consumption**: Feed enterprise corn inventory increased but is lower than the same period last year. Deep - processing consumption increased, and inventory decreased slightly but is expected to increase next week. North Port corn inventory increased, and South Port grain inventory decreased [21][22][25]. - **Grain - Selling Progress**: The grain - selling progress is faster than last year. The overall progress of 13 provinces is 22%, 3% higher than the same period last year; the progress of 7 provinces is 18%, 2% higher than the same period last year [28]. - **Starch Market**: The operating rate of starch factories increased, downstream demand was weak, inventory increased significantly year - on - year, and enterprise profits decreased [32]. - **Substitute Market**: The wheat price is basically stable, and the price difference between wheat and corn has widened [39]. 3.3 Chapter 3: Weekly Data Tracking - **Livestock and Poultry Breeding**: From October 30 to November 6, the self - breeding and self - raising profit of pigs was - 35 yuan per head, a decrease of 10 yuan per head from last week; the profit of purchasing piglets was - 117 yuan per head, an increase of 13 yuan per head from last week. The breeding profit of white - feather broilers was - 0.31 yuan per bird, and the egg - laying hen breeding profit was - 0.52 yuan per catty [48][54]. - **Starch Downstream Consumption**: The operating rate of starch sugar and paper mills increased. The operating rate of F55 high - fructose syrup was 40.67%, an increase of 2.62% from last week; the operating rate of maltose syrup was 43.09%, an increase of 1.48% from last week. The operating rate of corrugated paper was 69.9%, an increase of 0.73% from last week; the operating rate of boxboard paper was 71.47%, an increase of 0.63% from last week [57]. - **Prices of Corn and Substitutes**: The price of wheat in North China is around 2490 yuan/ton, and the price difference between wheat and corn has widened [39].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The US corn is expected to remain in a narrow - range oscillation. The spot price of domestic corn still has room to decline, and the 01 corn contract is likely to continue to fall. The corn starch spot price is expected to decline later, and the 01 starch contract on the short - term disk is expected to oscillate at the bottom [7][5][6] Summary by Directory First Part: Data - **Futures Market Data**: The closing prices of different corn and corn starch futures contracts showed varying degrees of increase, with the increase ranging from 0.35% to 0.93%. The trading volume also had significant growth, with the increase rate ranging from 44.48% to 89.04%. The changes in the open interest were relatively small, with an increase or decrease range of - 1.33% to 6.00% [1] - **Spot Market Data**: The spot prices of corn in different regions such as Qinggang, Songyuan Jiji, and Zhucheng Xingmao were provided, along with their price changes. The spot prices of starch from different manufacturers like Longfeng, COFCO, and Cargill were also given, with no price changes on that day [1] - **Basis and Spread Data**: The basis of corn and corn starch, as well as the spreads between different futures contracts (including corn inter - period spreads, starch inter - period spreads, and cross - variety spreads) and their price changes were presented [1][4] Second Part: Market Judgment - **Corn**: The US corn rebounded due to the easing of Sino - US relations, but the production remained high, resulting in a narrow - range oscillation. The import profit of foreign corn decreased. The spot price of corn in the Northeast was stable, while the supply in North China increased, causing the spot price to decline. The domestic breeding demand was stable, but the downstream feed enterprises had low inventory. The 01 corn contract showed a strong oscillation, and the spot basis weakened. The spot price of corn still had room to decline in the short term [3][5] - **Starch**: The number of trucks arriving at Shandong deep - processing plants increased, and the spot price of corn in Shandong was stable. The starch inventory increased this week, with a monthly increase of 0.89% and a year - on - year increase of 33.26%. The starch price was mainly affected by the corn price and downstream stocking. The by - product price was strong, and the enterprise profit was good. The 01 starch contract followed the corn to oscillate strongly, and it was expected to oscillate at the bottom in the short term [6] - **Trading Strategy**: The US corn is expected to continue to narrow - range oscillate. The spot price of North China corn is relatively stable, while the Jilin corn is being listed in large quantities, putting pressure on the spot price. It is recommended to short the 05 and 01 corn contracts on a short - term basis and try to narrow the spread between the 01 corn and starch contracts when the spread is high [7][8] Third Part: Corn Options - The option strategy is a short - term strategy of accumulating puts and calls, with rolling operations [10] Fourth Part: Related Attachments - The attachments include various graphs showing the spot prices of corn in different regions, the basis of corn 01 contract, the spreads between different corn and corn starch contracts, and the basis and spreads of the corn starch 01 contract [12][14][18]

Group 1: Report General Information - The report is titled "Corn System Data Daily" and is from the Agricultural Products Research Center of ITC Futures Research Institute, written by Huang Xianglan on November 6, 2025 [3][4] Group 2: Market Data Summary Spot Market - Corn spot prices in various regions show different trends. For example, the price in Henan - Zhengzhou increased by 20 yuan to 2220 yuan, while the price in Jilin - Changchun decreased by 10 yuan to 2060 yuan. Corn starch spot prices in Jilin remained at 2550 yuan, and wheat spot prices in Anhui remained at 2517 yuan [5] Futures Market - The closing price of the corn main contract was 2115 yuan, down 5 yuan; the closing price of the corn starch main contract was 2420 yuan, up 8 yuan. The closing price of US corn was 430.75 cents per bushel, with an estimated profit of 96.03 yuan per ton for imported US corn [5] Spread and Inventory Data - The spread between starch and corn (main continuous) was 305, and the spread between starch and corn (Jilin spot average) was 490. North Port corn inventory was 852 thousand tons, and Guangdong Port's domestic and foreign trade corn inventories were 193 thousand tons and 194 thousand tons respectively. Deep - processing corn inventories in the Northeast and North China were 1.926 million tons and 685 thousand tons respectively [5] Group 3: Supply and Demand Analysis Supply - Northeast production areas face concentrated supply pressure, and there is also pressure to store poor - quality damp grain in North China. The 2025/2026 planting cost continues to decline, the sown area is stable or slightly decreasing, the yield per unit is good, and there is an overall expectation of a bumper harvest. Imported grain supply is shrinking due to policy restrictions [5] Demand - In the short - term, livestock and poultry are expected to maintain high inventory, supporting feed demand. However, current breeding profits are in the red, and national policies may control pig inventory and weight, which may affect long - term supply. Feed enterprises have a rigid demand for replenishing inventory, and deep - processing enterprises have seasonal inventory - building needs, but they tend to lower prices for low - quality grain [5] Group 4: Inventory Situation - Due to good shipping demand, the inventory accumulation speed at North Ports is slow, and the corn inventory at South Ports has rebounded from a low level. With the addition of new - season corn, ports are expected to be in an inventory - accumulation stage. Feed enterprise inventories are at a low level, and deep - processing corn inventories are seasonally accumulating [5] Group 5: Market Outlook - In the short - term, North Port prices are relatively firm, but both futures and spot prices will face selling pressure tests later. The market is expected to show a volatile bottom - building trend. Attention should be paid to the rhythm of traders' grain purchases and policy changes [6]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The U.S. corn market is in a narrow - range oscillation. The import profit of foreign corn has declined, and the domestic corn spot has different trends in different regions. The short - term corn spot still has room to fall. The 01 corn futures have limited rebound space [4][6][8]. - The corn starch inventory has decreased this week. The starch price depends on corn price and downstream stocking. The enterprise profit is good due to the large decline in corn price. The 01 starch futures are expected to oscillate at the bottom in the short term [7]. 3. Summary by Directory Part 1: Data - **Futures Market**: For corn futures, C2601 closed at 2141 with a 0.51% increase, C2605 at 2244 with a 0.76% increase, and C2509 at 2263 with a 0.44% increase. For corn starch futures, CS2601 closed at 2453 with a 0.53% increase, CS2605 at 2558 with a 0.39% increase, and CS2509 at 2601 with a 0.46% increase [2]. - **Spot and Basis**: Corn spot prices in different regions had different changes, with prices in Qinggang falling by 5, and in Zhucheng Xingmao rising by 52. Starch spot prices in most regions remained stable, except for Yufeng which decreased by 30. The basis of corn and starch also varied in different regions [2]. - **Spread**: The spreads of corn and corn starch futures contracts and cross - variety spreads had different changes. For example, C01 - C05 was - 103 with a - 6 change, and CS01 - CS05 was - 105 with a 3 change [2]. Part 2: Market Judgment - **Corn**: The U.S. corn market is affected by the high - yield situation and the easing of Sino - U.S. relations. The import profit of foreign corn has declined. The domestic corn market has different trends in different regions. The short - term corn spot still has room to fall, and the market is concerned about the selling pressure of Jilin corn at the end of October [4][6]. - **Starch**: The number of vehicles arriving at Shandong deep - processing plants has decreased, and the corn starch inventory has declined. The starch price is mainly affected by corn price and downstream stocking. The enterprise profit is good, but the corn starch spot may fall later [7]. - **Trading Strategy**: The U.S. corn is expected to oscillate narrowly. The 05 and 01 corn long positions should be closed and wait and see. The spread between 01 corn and starch can be tried to shrink when it is high [8][9]. Part 3: Corn Options - The option strategy is a short - term cumulative put and call strategy with rolling operations [11]. Part 4: Related Attachments - There are six figures, including the spot price of corn in different regions, the basis of corn 01 contract, the spreads of corn 1 - 5 and corn starch 1 - 5, the basis of corn starch 01 contract, and the spread of corn starch 01 contract [13][15][20].

Report Industry Investment Rating No relevant information provided. Core Views of the Report - The impact of new - season corn in October has been effectively released, with prices hitting the bottom and rebounding. In November, the supply - side pressure will ease, but the supply level remains high [2]. - The domestic corn production increase trend is certain, and the market continues to digest the price pressure brought by the increase. The price is mainly in the bottom - shock stage. The probability of forming an important bottom in the price is relatively high in the fourth - quarter supply - peak period [8]. - In 2026, the pig production capacity control measures may gradually show results, which may have a negative impact on the corn feed demand situation, while the deep - processing demand situation is stable [8]. Summary by Directory Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - **Supply - side situation**: The national autumn grain harvest is over 85%. Corn harvest is basically completed except in some late - harvest areas. The supply is still in a loose period, and the most obvious impact stage of concentrated listing on corn prices may have ended in October. The supply pressure in November will ease, but the supply level remains high [2]. - **Price performance**: Last week, the spot price was in a stable consolidation stage after the first - round impact of new - season grain sources. The corn futures price showed a bottom - hitting and rebounding trend, and the starch market was relatively stable [2]. - **Trading logic**: In the short - term, the domestic corn price is mainly in the bottom - shock stage. In the long - term, the domestic corn supply - demand contradiction has eased, and the price is likely to form an important bottom in the fourth quarter. However, in 2026, the pig production capacity control may affect the corn feed demand [8]. 1.2 Trading Strategy Recommendations - **Trend judgment**: The current futures price is in the second - round bottom - testing process, and the 2100 - yuan mark support is effective in the short - term. It is recommended to close short positions and wait and see when entering the 2050 - 2100 - yuan range. Options can consider selling options based on the 2050 - 2230 - yuan range shock [9]. - **Basis, spread, and hedging arbitrage strategies**: The basis spread has little change, and no strategy is recommended. The 1 - 5 spread of corn has narrowed, and the spread structure is relatively steep. It is not suitable for hedging in the raw material and feed demand ends for now. Pay attention to the buy - starch and sell - corn arbitrage operation [9][12]. 1.3 Industrial Customer Operation Recommendations - **Price range forecast**: The price range of corn is 2050 - 2200 yuan, and that of starch is 2350 - 2550 yuan [21]. - **Risk strategies**: Different strategies are recommended for inventory management and procurement management, such as shorting corn futures, selling call options, selling put options, and buying far - month contracts [21]. Chapter 2: This Week's Important Information and Next Week's Attention Time 2.1 This Week's Important Information - **Positive information**: The state reserve continues to purchase to support the market, the North China purchase and sales have recovered, the spot price is stable, the agricultural product trade situation is expected to improve, the cold weather is conducive to grain storage, and the deep - processing acquisition willingness is strong [25]. - **Negative information**: The corn market harvest is gradually ending, but the new - grain listing level is high, and the price pressure is still large [23]. 2.2 Next Week's Important Event Attention - Pay attention to the auction purchase transaction situation of China Grain Reserves Corporation, the price - support strength of the state reserve acquisition in the Northeast, and whether the corn report guidance affected by the US government shutdown can be restored [26]. Chapter 3: Disk Interpretation 3.1 Price - Volume and Fund Interpretation - **Domestic market**: The corn futures price showed a bottom - hitting and rebounding trend last week, with the main 01 contract slightly down 3 yuan/ton. The starch market was relatively stable, and the main 01 contract of starch was down 1 yuan/ton, performing slightly stronger than the corn disk [2][25]. - **Fund flow**: The total position of the corn 01 contract increased, and the trading volume decreased. The total position and trading volume of the starch 01 contract were basically the same as the previous week [25]. - **Basis and spread structure**: The basis structure changed little, and the term - spread structure of corn was still relatively steep. The near - far - month spread slightly shrank. Pay attention to the buy - starch and sell - corn arbitrage operation [32][39][55]. 3.2 External Market - The CBOT corn futures closed higher last week, but the futures price fell from the short - term high due to the disappointment of bullish expectations. The US spot corn harvest is in the final stage, and the market is waiting for relevant data guidance [58]. Chapter 4: Valuation and Profit Analysis 4.1 Industry Chain Upstream and Downstream Profit Tracking - **Planting profit**: The planting profit is better than last year, especially in the Northeast and other yield - increasing areas [64]. - **Trading profit**: As the corn price stabilizes, traders are cautious in building inventories, and there is a small amount of trading profit [64]. - **Deep - processing profit**: The corn starch profit continues to recover, while the profit of the corn - to - ethanol industry has significantly declined [64]. - **Disk profit**: The basis of Jinzhou Port is neutral, and the disk profit is not obvious. It is not suitable to enter the market for hedging, but enterprises with low inventory - building costs can pay attention to far - month hedging [64]. 4.2 Import and Export Profit Tracking The import profit of corn has decreased due to the rise in the external market [66]. Chapter 5: Supply - Demand and Inventory Deduction 5.1 Supply - Demand Balance Sheet Deduction - **China's corn supply - demand balance sheet**: The sown area, output, and total supply of corn have increased in recent years. The consumption is relatively stable, and the annual surplus has fluctuated [70]. - **Global corn supply - demand balance sheet**: The global corn supply and demand are basically balanced, but the inventory - consumption ratio has decreased [71]. 5.2 Supply - Side and Deduction - **Domestic supply**: In November, the corn supply is in the stage of declining from the peak. The selling pressure will decrease with the drop in temperature in the Northeast. The import volume is expected to remain at a low level [73]. - **Inventory situation**: The inventory of northern ports has stopped rising, and the inventory of southern ports has stopped falling and rebounded. The overall low inventory provides space for later corn purchase and sales activities [75]. - **Foreign corn**: The US corn futures price rose, but the lack of corn purchase commitments in the Sino - US trade agreement limited its upward space. The impact on China is limited [77]. 5.3 Demand - Side and Deduction - **Feed demand**: It is expected to remain at a high level in the fourth quarter. The pig breeding profit has recovered, but the pig production capacity reduction may affect the corn feed demand in 2026 [79]. - **Deep - processing demand**: The fourth quarter is the traditional consumption peak season for corn deep - processing products. The low - price corn attracts downstream enterprises to increase their start - up rates, and the consumption of corn is expected to increase [83].

1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The US corn market is expected to remain in a narrow - range oscillation. The domestic corn spot has short - term downward space, and the 01 corn futures will fluctuate weakly. The 01 starch futures are expected to oscillate at the bottom in the short term. It is recommended to try to go long on 05 and 01 corn lightly and to shrink the spread between 01 corn and starch when the spread is high [4][7][9][10] 3. Summary by Relevant Sections Data Futures Disk - Corn futures (C2601, C2605, C2509) and corn starch futures (CS2601, CS2605, CS2509) all showed price declines on October 30, 2025. For example, C2601 closed at 2111, down 5 (-0.24%), and CS2601 closed at 2419, down 8 (-0.33%). The trading volume and open interest of different contracts had varying degrees of increase or decrease. For instance, the trading volume of C2601 increased by 24.51%, and the open interest of CS2601 decreased by 1.70% [2] Spot and Basis - Corn spot prices in different regions had different trends. The prices in Qinggang, Songyuan Jiji, etc. were reported, with some stable and some falling. The basis of corn in different regions also varied, such as -277 in Qinggang. Starch spot prices in different enterprises were stable, and the basis was relatively high, like 120 in Longfeng. The spreads between different contracts of corn and starch also had changes, for example, the spread of C01 - C05 was -102, up 3 [2] Market Judgment Corn - The US corn market is in a narrow - range oscillation. The import profit of foreign corn has declined, and the FOB price at northern ports in China is stable. The spot price in the Northeast corn - producing area has continued to decline, while the supply in North China has decreased, and the corn spot price has begun to stabilize and rebound. The price difference between Northeast and North China corn has narrowed. The wheat price in North China is relatively strong, and the price difference between wheat and corn has widened. The domestic breeding demand is stable, but the corn spot still has short - term downward space. The market is concerned about the selling pressure of Jilin corn at the end of October [4][7] Starch - The number of vehicles arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong has stabilized. The starch inventory has decreased this week. The starch price mainly depends on the corn price and downstream stocking. The by - product price is relatively strong, and the enterprise profit is good. However, due to the possible decline of corn price at the end of October in North China, the starch spot price is also expected to decline, and the 01 starch futures are expected to oscillate at the bottom in the short term [8] Trading Strategy - The US corn is expected to continue to oscillate narrowly. North China corn is stabilizing and rebounding, but there is short - term pressure. It is recommended to try to go long on 05 and 01 corn lightly and to shrink the spread between 01 corn and starch when the spread is high [9][10] Corn Options - The option strategy is a short - term strategy of accumulating puts and calls with rolling operations [12] Relevant Attachments - The attachments include charts of corn and corn starch spot prices, basis, spreads, etc., which visually show the price trends and relationships of different contracts and regions over time [14][16][20]

1. Report Industry Investment Rating - No information provided about the industry investment rating in the report. 2. Core Views of the Report - Internationally, the new - season supply of global corn is loose. The production of US corn reaches a new high, and it will be in a long - term bottom - oscillating state. Brazilian corn has a good harvest, and its exports are higher than the same period last year [10][11][20]. - Domestically, the production of new - season corn increases, and the planting cost decreases. However, there is significant selling pressure in the Northeast. Feed demand is growing, and corn has a high cost - performance ratio. Deep - processing of corn starts to make profits, and the operating rate rebounds. The inventories of north - south ports are starting to rise, but the corn inventory in the north port is still low. Corn and starch will mainly fluctuate within a certain range in the future [27][32][55][73][78]. 3. Summary According to Relevant Catalogs 3.1 First Part: Preface Summary 3.1.1 Market Review - In October, the USDA report was not released. The yield per unit of US corn might continue to be lowered, but its production reached a new high, and it oscillated narrowly around 420 cents per bushel. In October, corn in Northeast and North China was concentrated on the market, and the spot price of corn dropped significantly. The purchase price at the north port fell to 2,070 yuan per ton and then rebounded to 2,120 yuan per ton in late October. The downstream demand for corn starch was still weak, and the starch inventory was at a historical high. However, due to the large drop in corn prices, the profit of starch enterprises was good, and the operating rate increased. The 01 - contract corn oscillated downward, and the price difference between corn and starch widened [4]. 3.1.2 Market Outlook - Internationally, the yield per unit of US corn might continue to be lowered later, and the 12 - contract of US corn had strong support at 400 cents per bushel. However, its production was at a high level, and the expected rebound height was limited. It would be in a long - term bottom - oscillating state. Domestically, a large amount of corn in Jilin would be on the market in November, and there was still room for the spot price of corn to fall. Considering the low inventories of traders and downstream enterprises and the possible reluctance of farmers to sell, the purchase price at the north port might have support at 2,050 yuan per ton. The 01 - contract corn might have strong support around 2,090 yuan. For starch, due to the stable price of by - products, deep - processing would still make profits after a large amount of new - season corn was on the market. However, considering the weak downstream demand and high inventory, the profit of starch enterprises was expected to shrink, and the 01 - contract starch was expected to oscillate narrowly. The price difference between corn and starch on the futures market might shrink [5]. 3.1.3 Strategy Recommendation - Unilateral trading: Go long on US corn with a light position around 400 cents per bushel. For the 01 - contract corn, conduct short - term long operations between 2,090 - 2,150 yuan, and for the 05 - contract, conduct short - term long operations between 2,190 - 2,250 yuan. - Arbitrage: Narrow the price difference between the 01 - contract corn and starch when it is between 270 - 320 yuan. - Options: Sell corn put options (c2601 - P - 2100) when the futures price falls to a low point [6]. 3.2 Second Part: International Corn Fundamental Situation 3.2.1 Global Corn New - Season Supply is Loose - The USDA monthly data was not released in October, so the September report was used as a benchmark. The September USDA report showed a loose supply. In September 2025, the global corn production decreased month - on - month but increased significantly year - on - year, and consumption increased. The expected global corn production in the 25/26 season was 1.287 billion tons, slightly lower than the previous month's 1.288 billion tons but higher than the previous year's 1.223 billion tons, with a year - on - year increase of 57.67 million tons. The total domestic consumption was 1.281 billion tons, higher than the previous year's 1.249 billion tons. The expected ending inventory was 281 million tons, lower than the previous year's 284 million tons, and the stock - to - use ratio was 21.97% [10]. 3.2.2 US Corn Production Reaches a New High, Domestic Ethanol Production Will Still Increase, and US Corn Oscillates at the Bottom - In the September report, the new - season area of US corn was revised up month - on - month, and the yield per unit was lowered. The area of US corn in the 25/26 season was about 98.7 million acres, higher than 97.3 million acres in August and much higher than 90.6 million acres last year. The yield per unit of US corn might continue to be lowered later, and the 12 - contract of US corn would oscillate at the bottom. The current ethanol production of US corn was at a high level, and the fuel ethanol inventory continued to decline. The net short position of US corn was also decreasing. As of September 23, the net short position of US corn was - 51,000 lots, and the 12 - contract of US corn was expected to have strong support around 400 cents per bushel [11][13]. 3.2.3 Brazilian Corn Has a Good Harvest, and Exports are Higher than the Same Period Last Year - The exports of Brazil's second - crop corn started to be higher than last year. In September, the exports were 6.98 million tons, and from January to September 2025, the cumulative exports of Brazil were 23.95 million tons, higher than 23.62 million tons in the same period last year. As of October 24, the import cost in December was 2,152 yuan per ton, and the import profit was 158 yuan per ton [20][22]. 3.3 Third Part: Domestic Corn Fundamental Analysis 3.3.1 New - Season Production Increases and Planting Cost Decreases, with Significant Selling Pressure in the Northeast - Currently, there is significant selling pressure on corn in the Northeast, and the spot price of corn oscillates at the bottom. In October, the main selling pressure came from the concentrated listing of farm - produced corn in Heilongjiang, corn in Liaoning, and corn in North China. The purchase price at the north port fell to a low of 2,070 yuan per ton. From mid - October to the end of October, due to the fact that a large amount of corn in Jilin was not on the market, the spot price of corn rebounded. However, from the end of October to early November, with the concentrated listing of corn in Jilin and North China, the spot price of corn is expected to fall again, and the purchase price may reach a low of around 2,050 yuan per ton in the short term. Since the inventories of traders, downstream feed enterprises, and deep - processing enterprises are low, there is an intention to build inventories. It is expected that the decline of corn in Jilin is limited, and the purchase price at the north port has support at 2,050 yuan per ton in the short term. In the 25/26 season, the land rent decreased, and the yield per unit increased, resulting in a significant increase in the national production. It is expected that the national corn production will increase by 11 - 12 million tons [26][27]. 3.3.2 Feed Demand Increases, and Corn Has a High Cost - Performance Ratio - Feed demand continues to grow. According to data from the Feed Industry Association, the feed production in September was 30.36 million tons, and the cumulative production from January to September was 246.53 million tons, a year - on - year increase of 6.6%. Data from the National Bureau of Statistics showed that the feed production in September was 31.29 million tons, and the cumulative production from January to September was 250.7 million tons, a year - on - year increase of 6.4%. The profit of pig farming continues to decline, but the pig inventory is higher than the same period last year. As of October 23, the self - breeding and self - raising profit per pig was - 149 yuan, and the profit from purchasing piglets was - 279 yuan. The inventory of commercial pigs in 123 large - scale farms in September was 36.85 million heads, a month - on - month increase of 1.44% and a year - on - year increase of 5.29%. The profit of white - feather broilers is still in the red, but the inventory of laying hens is still high. It is expected that feed demand will continue to increase in November [32]. 3.3.3 Deep - Processing of Corn Starts to Make Profits, and the Operating Rate Rebounds - In October 2025, the spot price of corn dropped significantly, and the price of by - products was relatively stable. Starch enterprises have started to make profits, and the operating rate has increased. However, the downstream demand is still weak, and the starch inventory is still at a historical high. As of October 22, the corn inventory of 96 deep - processing enterprises was 2.622 million tons, higher than 2.12 million tons in the same period last month but lower than 3.03 million tons in the same period last year. The operating rate of starch enterprises continued to rebound, reaching 55.62% as of October 22. The starch inventory is higher than last year, and the profit of starch enterprises has increased. It is expected that in November, with the continuous loose supply of new - season corn, the spot price of corn still has room to fall, and the profit of the starch industry will remain high. The downstream demand for starch is still weak, and the increase in the import volume of cassava starch will suppress the demand for corn starch [55][56]. 3.3.4 North - South Port Inventories Start to Rise, and the Corn Inventory in the North Port is Low - In October, the corn inventory in the north port started to rise, and the grain inventory in the south port also increased, but the corn inventory in the north port was still at a low level. As of October 17, the total corn inventory of the four northern ports was 959,000 tons, a decrease of 513,000 tons compared with the same period last year. It is expected that in November, due to the significant increase in the shipping volume, the inventory accumulation in the north port may be relatively slow. The domestic and foreign trade inventories of Guangdong Port and the inventories of imported sorghum and barley have increased, and the grain inventory is higher than the same period last year. With the successive listing of new - season corn, the inventories of north - south ports will continue to accumulate in November [73]. 3.3.5 Trading Logic of Corn and Starch - In October 2025, with the concentrated listing of corn, the spot price of corn dropped significantly. From the end of October to early November, there will still be selling pressure on corn, and the spot price is expected to fall, but there may be a rebound in mid - November. For starch, it is expected that starch enterprises will still make profits in November, but the profit margin will be lower than last year. The 01 - contract corn is likely to fluctuate between 2,090 - 2,150 yuan, and the 05 - contract is expected to fluctuate narrowly between 2,200 - 2,250 yuan. The price difference between corn and starch may fluctuate between 270 - 320 yuan [78]. 3.4 Fourth Part: Future Outlook and Strategy Recommendation 3.4.1 Corn - In October, Sino - US relations eased. The yield per unit of US corn may be lowered, and its price is far lower than the planting cost. It is expected that the 12 - contract of US corn has support at 400 cents per bushel, but considering that its production is still at a new high, it is expected to oscillate at the bottom in the 25/26 season. For domestic corn, due to the influence of rainfall in North China, the mildew rate of corn is high, and the selling pressure in North China is still significant in early November. From the end of October to early November, with the concentrated listing of corn in Jilin, the spot price of corn will still fall, but it is expected that the purchase price of 2,050 yuan per ton has strong support. In mid - November, the selling pressure in Jilin will ease, and corn prices will rebound slightly. It is expected that the purchase price at the north port will fluctuate between 2,050 - 2,130 yuan in November, the 01 - contract futures will fluctuate between 2,080 - 2,150 yuan, and the 05 - contract corn will fluctuate between 2,190 - 2,260 yuan [84][85]. 3.4.2 Starch - Due to the significant drop in the spot price of corn and the stable price of by - products, the profit of starch enterprises is good. However, the demand for corn starch is still weak, the inventory is at a high level in the past few years, and the import volume of cassava is high. After a large amount of new - season corn is on the market, the operating rate of deep - processing will increase, and it is difficult to reduce the starch inventory. The supply of deep - processing corn in North China will be sufficient, the operating rate will remain high, and the corn price will be relatively low. The profit of starch enterprises will remain high in November. It is expected that the bottom price of starch in North China is around 2,650 yuan per ton, and in the Northeast, it is around 2,400 yuan per ton. The 01 - contract starch will continue to oscillate at the bottom, and the price difference between the 01 - contract corn and starch is expected to fluctuate between 270 - 320 yuan [85]. 3.4.3 Trading Strategy - Unilateral trading: Go long on US corn with a light position around 400 cents per bushel. For the 01 - contract corn, conduct short - term long operations between 2,090 - 2,150 yuan. For the 05 - contract corn, conduct short - term long operations between 2,190 - 2,250 yuan. - Arbitrage: Operate the price difference between the 01 - contract corn and starch when it is between 270 - 320 yuan. - Options: Sell c2601 - P - 2100 options after the futures price falls [86].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The US corn is expected to further reduce its yield per unit, but the production is at a high level. The US corn will fluctuate around 420 cents per bushel this week, with narrow - range fluctuations in the short - term. The support level of the December contract at 400 cents per bushel is relatively strong. The focus of the market is still on the selling rhythm of Jilin corn, and there is expected to be a selling pressure in early November. The selling pressure of Northeast corn has eased in the short - term, but the rebound space of corn spot is limited. The supply of North China corn has increased, and the corn spot has continued to reach the bottom. The market expects the low point of the corn purchase price at the northern port to be around 2,070 yuan per ton. The January corn futures are expected to fluctuate at the bottom, and the May contract is expected to fluctuate strongly. [4] - The operating rate of starch factories has decreased, downstream demand is still weak, but提货 has increased, and starch inventory has decreased, but it is at a historically high level in the same period. The corn spot has declined, while the starch spot is relatively strong. The profits of North China starch factories are stable. The operating rate of starch enterprises will still rise in the later period. With the large - scale listing of new corn, the starch spot still has room to fall. It is expected that the January corn starch will follow the corn to fluctuate at the bottom. [4] - The US corn has a bumper harvest, but the yield per unit may be further reduced later. The support level of the December contract at 400 cents per bushel is relatively strong, with short - term narrow - range fluctuations. Currently, the selling pressure in the Northeast market has weakened, but the supply of North China corn has started to increase. There is still a selling pressure for Jilin corn at the end of October, and the corn spot is expected to decline. Corn will still fluctuate at the bottom in the short - term. It is expected that the January and May corn will still fluctuate at the bottom. The market expects the corn to be in short supply after the Spring Festival, and the spread between the January and May contracts is still large. Currently, operations should be carried out according to seasonal rules, and there is still room for the spot to fall after the end of October. [4] Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Trading Strategies** - For the US corn December contract, it can be considered to buy around 400 cents per bushel. The January corn will fluctuate at the bottom in the short - term, and the May corn can be bought below 2,200 yuan per ton. [5] - For arbitrage, it is recommended to wait and see. [5] - For options, a cumulative purchase strategy for the May corn can be adopted. [5] Chapter 2: Core Logic Analysis - **International Market** - Although the expected yield per unit of US corn is decreasing, the supply is abundant, and the US corn is fluctuating at the bottom. The import tariffs for US corn and sorghum are 26% and 23% respectively. The domestic import profit has shrunk. The price at the Guangdong port is 2,310 yuan per ton, and the arrival price of Brazilian corn in December is 2,137 yuan per ton, with an import profit of 172 yuan per ton. As of October 16, the export inspection of US corn this week was 1.32 million tons, with a cumulative export of 9.34 million tons. The export to China this week was 0 tons, with a cumulative export of 0 tons, accounting for 0%. In September, 60,000 tons of corn were imported, and from January to September, 930,000 tons were imported, compared with 12.83 million tons in the same period last year. [8][11] - As of September 23, the non - commercial net short position of US corn was increasing, with 51,000 lots. The ethanol production in the US has increased. The December US corn contract is fluctuating at the bottom, around 420 cents per bushel. [17] - **Domestic Market** - The inventory of deep - processing enterprises has increased, the inventory of feed enterprises has slightly decreased, and the consumption of deep - processing has increased. As of October 23, the average corn inventory of 47 large - scale feed factories was 24.04 days, a decrease of 0.4 days compared with the previous week and a year - on - year decrease of 12.04%. From October 8 to October 15, 20 major 149 corn deep - processing enterprises consumed 1.2633 million tons of corn, an increase of 40,300 tons compared with the previous week. As of October 23, the corn inventory of 96 deep - processing enterprises was 269,500 tons, a 6.5% increase compared with the previous week, and the inventory is expected to continue to increase next week. [21][22] - The corn inventory at the northern port has increased, and the grain inventory at the southern port has decreased. As of October 17, the corn inventory at the four northern ports was 959,000 tons, a week - on - week increase of 107,000 tons, and the shipping volume of the four ports that week was 804,000 tons, a week - on - week increase of 223,000 tons. The domestic - trade corn inventory at the Guangdong port was 118,000 tons, a decrease of 75,000 tons compared with the previous week; the foreign - trade inventory was 362,000 tons, an increase of 168,000 tons compared with the previous week; the imported sorghum was 544,000 tons, a decrease of 25,000 tons compared with the previous week; the imported barley was 938,000 tons, a decrease of 95,000 tons compared with the previous week; and the total grain inventory was 1.962 million tons, a decrease of 27,000 tons. [25] - The operating rate of starch has decreased, the starch inventory has decreased, the starch spot has risen, and the profitability is stable. From October 16 to October 22, the national corn processing volume was 574,000 tons, and the starch production was 287,700 tons, a decrease of 5,800 tons compared with the previous week. The operating rate was 55.62%, a decrease of 1.12% compared with the previous week. The profit per ton of corn in Heilongjiang was 20 yuan, an increase of 3 yuan compared with the previous week, and the profit in Shandong was 75 yuan, a decrease of 1 yuan. As of October 22, the corn starch inventory was 1.14 million tons, a decrease of 59,000 tons compared with the previous week, a decrease of 4.9%, a monthly increase of 0.1%, and a year - on - year increase of 43.4%. The starch inventory is expected to increase next week. [28] - The wheat price is basically stable. The arrival price in North China is basically 2,470 yuan per ton, and the price is relatively strong. The price difference between wheat and corn has widened. The price of North China corn has declined, while the price of Northeast corn is relatively strong. The price difference between North China and Northeast corn has narrowed, and the price difference between North China corn and the January contract has decreased. [36] - **Livestock and Poultry Market** - From October 17 to October 23, the self - breeding and self - raising profit of pigs was - 149 yuan per head, an increase of 53 yuan per head compared with the previous week; the profit of purchasing piglets was - 280 yuan per head, an increase of 67 yuan per head compared with the previous week. [42] - From October 17 to October 23, the breeding profit of white - feather broilers was - 1.34 yuan per bird, compared with - 1.55 yuan per bird last week. The breeding cost of laying hens this week was 3.41 yuan per catty, and the breeding profit was - 0.5 yuan per catty, compared with - 0.56 yuan per catty last week. [48] - **Deep - processing Consumption Market** - The operating rate of starch sugar has decreased. This week, the operating rate of F55 high - fructose syrup was 35.55%, a decrease of 1.69% compared with the previous week, and the operating rate of maltose syrup was 39.62%, a decrease of 0.64% compared with the previous week. [51] - The operating rate of paper mills has increased. This week, the operating rate of corrugated paper was 65.83%, an increase of 3.32% compared with the previous week, and the operating rate of box - board paper was 68.83%, an increase of 2.22% compared with the previous week. [51] Chapter 3: Weekly Data Tracking No additional content other than what is covered in the core logic analysis is provided.

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The US corn report has lowered the yield, but the production remains high, causing the US corn price to decline. It may continue to adjust the yield downward, and the US corn is expected to trade in a narrow range. China has imposed a 15% tariff on US corn, resulting in a 26% tariff within the quota, and a 22% tariff on US sorghum. Despite this, the import profit of foreign corn is relatively high. The domestic corn market shows different trends in different regions, with the spot price in the Northeast being strong and that in North China being weak. The wheat price in North China is strong, and the price difference between wheat and corn has widened, making corn more cost - effective. However, the short - term increase in wheat price is limited due to the rumored wheat auction. The domestic livestock farming demand remains stable, and the inventory of downstream feed enterprises is low. Some enterprises are building inventory in the Northeast, keeping the corn spot price relatively stable in the short term. New - season corn pressure has eased, and the Northeast corn spot price has rebounded, but there may be selling pressure in Jilin at the end of October [4][6]. - In the starch market, the number of vehicles arriving at Shandong deep - processing plants has increased, leading to a weakening of the corn spot price in Shandong. The starch price in Shandong is around 2,760 yuan, and the Northeast starch spot price is stable. The corn starch inventory has decreased this week. The starch price mainly depends on the corn price and downstream stocking. The by - product price is strong, and the enterprise is profitable due to the significant decline in corn price. The 01 starch futures contract is trading in a narrow range following the corn price. As the North China corn price may still decline by the end of October, the corn starch spot price will also fall, but the futures contract has no profit, so it is expected to trade in a narrow range in the short term [7]. 3. Summary by Directory 3.1 First Part: Data - **Futures Market**: Corn futures contracts C2601, C2605, and C2509 decreased by 0.52%, 0.45%, and 0.57% respectively, with closing prices of 2,133, 2,239, and 2,274. Their trading volumes decreased by 7.76%, 29.23%, and increased by 40.60% respectively, and open interests increased by 0.47%, 2.99%, and 25.14% respectively. Corn starch futures contracts CS2601 and CS2605 decreased by 0.12% and 0.04% respectively, while CS2509 increased by 0.31%. Their trading volumes decreased by 36.56%, 6.42%, and 20.00% respectively, and open interests increased by 0.51%, 3.00%, and decreased by 1.09% respectively [2]. - **Spot and Basis**: The spot price of corn in Zhucheng Xingmao is 2,340 yuan, while in Qinggang it is 1,970 yuan, up 5 yuan. The basis of corn in different regions ranges from - 304 to 66. The spot price of starch in different enterprises is between 2,650 - 2,920 yuan, and the basis ranges from 101 - 371 [2]. - **Spreads**: The spreads of corn and starch contracts show different changes. For example, the C01 - C05 spread of corn is - 123, down 1, and the CS09 - C09 spread between starch and corn is 338, up 21 [2]. 3.2 Second Part: Market Outlook - **Corn**: The US corn market is affected by yield adjustments and tariff policies. In the domestic market, the price of northern port corn is stable, the Northeast corn spot price is strong, and the North China corn price is weak due to increased supply. The wheat price in North China is strong, and the livestock farming demand is stable. The corn spot price is expected to be relatively stable in the short term, but there may be selling pressure at the end of October [4][6]. - **Starch**: The starch price is mainly influenced by the corn price and downstream stocking. The inventory has decreased this week, and the by - product price is strong. The enterprise is profitable. The 01 starch futures contract is expected to trade in a narrow range following the corn price, and the spot price may decline as the North China corn price falls [7]. - **Trading Strategies**: The US corn is expected to trade in a narrow range. The North China corn price is in a bottom - oscillating state, and the Northeast corn may rebound in the short term. It is recommended to exit the long positions of 01 or 05 corn futures and wait for a pull - back, and to adopt a wait - and - see approach for arbitrage [8]. 3.3 Third Part: Corn Options The recommended option strategy is a short - term strategy of accumulating put and call options with rolling operations [11]. 3.4 Fourth Part: Related Graphs The report provides graphs showing the spot price of corn in different regions, the basis and spreads of corn and corn starch futures contracts over different time periods, which help in analyzing the price trends and market relationships of corn and corn starch [13][15][19].