| 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/05/26 | - | 2270 | 2380 | 2390 | -48 | -15 | 258 | 2800 | 2950 | 142 | -111 | | 2025/05/27 | - | 2270 | 2370 | 2390 | -54 | -15 | 256 | 2800 | 2950 | 143 | -113 | | 2025/05/28 | - | 2270 | 2380 | 2410 | -55 | 5 | 276 | 2800 | 2950 | 132 | -109 | | 2025/05/29 | - | 2270 | 2380 | 2400 | -62 | -5 | 297 | 2800 | 2950 | 119 | - ...

农产品早报 研究中心农产品团队 2025/05/30 | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/05/23 | 2180 | 2270 | 2370 | 2390 | -57 | -15 | 263 | 2800 | 2950 | 132 | -111 | | 2025/05/26 | - | 2270 | 2380 | 2390 | -48 | -15 | 258 | 2800 | 2950 | 142 | -111 | | 2025/05/27 | - | 2270 | 2370 | 2390 | -54 | -15 | 256 | 2800 | 2950 | 143 | -113 | | 2025/05/28 | - | 2270 | 2380 | 2410 | -55 | ...

Report Overview - Report Date: May 29, 2025 [2] - Report Team: Research Center's Agricultural Products Team Industry Investment Ratings - No investment ratings provided in the report Core Views - Corn: In the short term, the market supply has increased, leading to a decline in spot prices and a repair of the basis. In the long term, the insufficient supply of imported and domestic grains gives corn strong upward potential. Attention should be paid to supply supplements, new - season planting, and warehouse receipt changes [4]. - Starch: In the short term, the increase in raw material costs has led to an expansion of processing losses and slow inventory reduction. In the long term, due to weak consumption and high inventory, price adjustment space is limited, and short - selling of far - month contracts can be considered [4]. - Sugar: Internationally, the Brazilian new - season sugarcane crushing has begun, and the market is trading on the expected increase in production, putting pressure on raw sugar. Domestically, there is support below, and imports are expected to increase after July. In the long term, raw sugar will weaken with the increase in Brazilian supply [7]. - Cotton: Xinjiang has achieved a significant increase in production. The demand side is weak due to a poor international trade environment and limited domestic demand recovery. Attention should be paid to domestic favorable policies, trade war developments, and macro risks [9]. - Eggs: Due to unfavorable weather, weak downstream demand, and price declines of substitutes, egg prices have fallen. However, the decline space is limited, and prices will fluctuate around feed costs. Attention should be paid to the impact of low egg prices on the sentiment of culling laying hens during the rainy season [15]. - Apples: There is a certain expectation of production reduction in the new season, and attention should be paid to the bagging situation. Currently, consumption is good, but seasonal fruits may affect apple sales. Attention should be paid to the actual fruit - setting situation in the western regions [23]. - Pigs: Spot prices continue to weaken, and the market supply rhythm is accelerating. The futures price has also declined, and short - term downward pressure remains. In the long term, opportunities for long - positions after selling should be noted [23]. Data Summaries Corn/Starch | Variety | Location | Price on May 22 | Price on May 28 | Change | | --- | --- | --- | --- | --- | | Corn | Changchun | 2180 | - | 0 | | | Jinzhou | 2270 | 2270 | 0 | | | Weifang | 2370 | 2380 | 10 | | | Shekou | 2370 | 2410 | 20 | | | Basis | -59 | -55 | -1 | | | Trade Profit | -35 | 5 | 20 | | | Import Profit and Loss | 251 | 276 | 20 | | Starch | Heilongjiang | 2800 | 2800 | 0 | | | Weifang | 2950 | 2950 | 0 | | | Basis | 139 | 132 | -11 | | | Processing Profit | -111 | -109 | 4 | [3] Sugar | Location | Price on May 22 | Price on May 28 | Change | | --- | --- | --- | --- | | Liuzhou | 6210 | 6200 | 0 | | Nanning | 6160 | 6155 | 0 | | Kunming | 5980 | 5960 | 0 | | Liuzhou Basis | 355 | 405 | 46 | | Warehouse Receipts | 32304 | 31581 | -300 | [6] Cotton/Cotton Yarn | Variety | Index | Value on May 22 | Value on May 28 | Change | | --- | --- | --- | --- | --- | | Cotton | 3128 | 14455 | 14390 | -15 | | | Imported M - grade US Cotton | 76.7 | 76.8 | 0 | | | Import Profit | 573 | - | - | | | Warehouse Receipts + Forecast | 11757 | 11560 | -48 | | Cotton Yarn | Vietnam Yarn | 2.49 | 2.48 | 0 | | | Spot | 20450 | 20370 | -40 | | | Vietnam Yarn Import Profit | 156 | 158 | 2 | | | 32S Spinning Profit | -727 | -739 | -56 | [9] Eggs | Location | Price on May 22 | Price on May 28 | Change | | --- | --- | --- | --- | | Hebei | 3.00 | 2.80 | -0.20 | | Liaoning | 3.09 | 2.98 | -0.11 | | Shandong | 2.90 | 2.90 | 0 | | Henan | 3.05 | 3.05 | 0 | | Hubei | 3.02 | 2.96 | -0.06 | | Basis | 460 | 518 | 58 | | Substitute - White - feather Broiler | 3.70 | 3.70 | 0 | | Substitute - Yellow - feather Broiler | 3.30 | 3.30 | 0 | | Substitute - Pig | 20.67 | 20.84 | 0.17 | [14] Apples | Location | Price on May 22 | Price on May 28 | Change | | --- | --- | --- | --- | | Shandong 80 First - and Second - grade | 8500.00 | 8500.00 | 0 | | Shaanxi 70 Common | 4.60 | 4.60 | 0 | | National Inventory | 148.24 | - | - | | Shandong Inventory | 86.41 | - | - | | Shaanxi Inventory | 40.14 | - | - | | 1 - month Basis | 1031.00 | 983.00 | -48 | | 5 - month Basis | 864.00 | 833.00 | -31 | | 10 - month Basis | 948.00 | 858.00 | -90 | [22] Pigs | Location | Price on May 22 | Price on May 28 | Change | | --- | --- | --- | --- | | Henan Kaifeng | 14.40 | 14.50 | 0.10 | | Hubei Xiangyang | 14.15 | 14.40 | 0.25 | | Shandong Linyi | 14.57 | 14.67 | 0.10 | | Anhui Hefei | 14.45 | 14.77 | 0.32 | | Jiangsu Nantong | 14.75 | 14.92 | 0.17 | | Basis | 820 | 940 | 120 | [23]

| 农产品早报 | | --- | | 白糖 | | 现货价格 | | 基差 | | 进口利润 | 仓单 | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 柳州 | 南宁 | 昆明 | 柳州基差 | 泰国 | 巴西 | 郑盘 | | 2025/05/16 | 6220 | 6145 | 5985 | 365 | 78 | 261 | 32930 | | 2025/05/19 | 6220 | 6145 | 5985 | 367 | 98 | 281 | 32927 | | 2025/05/20 | 6220 | 6145 | 5985 | 371 | 127 | 311 | 32927 | | 2025/05/21 | 6200 | 6150 | 5970 | 337 | 15 | 198 | 32575 | | 2025/05/22 | 6210 | 6160 | 5980 | 355 | 109 | 292 | 32304 | | 变化 | 10 | 10 | 10 | 18 | 94 | 94 | -271 | 研究中心农产品团队 20 ...

农产品早报 | | | | | | | | | | 研究中心农产品团队 2025/05/20 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/05/13 | 2180 | 2270 | 2400 | 2370 | -74 | -35 | 273 | 2800 | 2950 | 81 | 8 | | 2025/05/14 | 2180 | 2270 | 2400 | 2370 | -86 | -35 | 290 | 2800 | 2950 | 83 | -132 | | 2025/05/15 | 2180 | 2270 | 2388 | 2380 | -72 | -25 | 291 | 2800 | 2950 | 96 | -142 | | 2025/05/16 | 2180 ...

农产品早报 研究中心农产品团队 2025/05/15 | 玉米/淀粉 | | | 玉米 | | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 长春 | 潍坊 | 锦州 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/05/08 2180 | 2410 | 2270 | 2370 | -95 | -35 | 286 | 2800 | 2950 | 54 | -61 | | 2025/05/09 2180 | 2410 | 2270 | 2370 | -105 | -35 | 294 | 2800 | 2950 | 47 | -61 | | 2025/05/12 2180 | 2400 | 2270 | 2370 | -93 | -35 | 287 | 2800 | 2950 | 50 | 11 | | 2025/05/13 2180 | 2400 | 2270 | 2370 | -74 | -35 | 273 | 280 ...

农产品早报 研究中心农产品团队 2025/05/13 | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/05/06 | 2110 | 2260 | 2380 | 2360 | -105 | -30 262 | 2750 | 2950 | -46 | -69 | | 2025/05/07 | 2180 | 2270 | 2390 | 2370 | -99 | -35 272 | 2800 | 2950 | -50 | -61 | | 2025/05/08 | 2180 | 2270 | 2410 | 2370 | -95 | -35 286 | 2800 | 2950 | 54 | -61 | | 2025/05/09 | 2180 | 2270 | 2410 | 2370 | -105 | -35 294 | ...

农产品早报 研究中心农产品团队 2025/05/12 | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/04/30 | 2110 | 2230 | 2340 | 2330 | -147 | -30 185 | 2750 | 2950 | -53 | -69 | | 2025/05/06 | 2110 | 2260 | 2380 | 2360 | -105 | -30 262 | 2750 | 2950 | -46 | -69 | | 2025/05/07 | 2180 | 2270 | 2390 | 2370 | -99 | -35 272 | 2800 | 2950 | -50 | -61 | | 2025/05/08 | 2180 | 2270 | 2410 | 2370 | -95 | -35 286 ...

| | | | | | | | | 研究中心农产品团队 2025/05/07 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/04/25 | 2080 | 2190 | 2276 | 2300 | -146 | -20 | 98 2750 | 2950 | -44 | -60 | | 2025/04/28 | 2080 | 2220 | 2310 | 2330 | -141 | -20 | 128 2750 | 2950 | -56 | -71 | | 2025/04/29 | 2080 | 2230 | 2320 | 2330 | -125 | -30 | 137 2750 | 2950 | -56 | -71 | | 2025/04/30 | 2110 | 2230 | 2340 | 233 ...

Group 1: Report Overview - The report is from the Agricultural Products Team of the Research Center on April 30, 2025 [1] Group 2: Corn/Starch Price Data - From April 23 - 29, 2025, in Changchun, the price remained 2080; in Weifang, it increased from 2270 to 2320; in Jinzhou, it rose from 2180 to 2230; in Shekou, it stayed at 2330. Corn's basis changed from -144 to -125, and import profit rose from 94 to 137. Starch's basis in Heilongjiang and Weifang remained stable, and processing profit was -71 on April 28 and 29 [2] Market Analysis - Corn: In the short - term, due to tight supply, the spot price will be strong but lacks continuous upward momentum before May Day. In the long - term, insufficient import and domestic grain supply give a strong upward expectation. Future focus will be on supply supplements, new - season planting, and warehouse receipt changes [3] - Starch: The short - term price will stay high due to high procurement costs. In the long - term, limited downstream consumption growth and high inventory restrict price adjustment. It's advisable to short - sell far - month contracts [3] Group 3: Sugar Price Data - From April 23 - 29, 2025, the spot price in Liuzhou remained 6260, in Nanning it decreased by 10 to 6210, and in Kunming it dropped by 15 to 6055. The basis in Liuzhou increased by 41 to 324, and the import profit from Thailand and Brazil rose by 78, reaching 41 and 226 respectively. The number of warehouse receipts increased by 901 to 32927 [6] Market Analysis - Internationally, the new Brazilian sugar - crushing season has started, and the raw sugar price is under pressure. Domestically, the fundamentals are stronger. After July, imports are expected to increase. In the long - term, the raw sugar price will decline with increased Brazilian supply, and the out - of - quota import profit will cap the domestic price [6] Group 4: Cotton/Cotton Yarn Price Data - From April 23 - 29, 2025, the price of 3128 cotton decreased by 85 to 13790. The import profit of M - grade US cotton was - 309 on April 23 and data was not provided on April 29. The number of warehouse receipts + forecasts decreased by 43 to 12396. The 32S spinning profit increased by 89 to - 404 [7] Market Analysis - Xinjiang's cotton production reached a ten - year high. Poor international trade environment and policy changes affect clothing orders. Weak domestic demand leads to a loose supply - demand situation. Future focus will be on domestic favorable policies, trade war changes, and macro risks [7] Group 5: Eggs Price Data - From April 23 - 29, 2025, egg prices in Hebei and Liaoning decreased by 0.18 to 3.11 and 3.20 respectively. The basis changed from 400 to 331. The prices of substitute products like white - feather broilers, yellow - feather broilers, and pigs were relatively stable [8] Market Analysis - Low egg prices in mid - March led to hen culling and increased consumption. Recently, downstream stocking is almost done, and egg prices in production areas have been reduced. Delayed capacity reduction may be affected by price drops and rising feed costs [8] Group 6: Apples Price Data - From April 23 - 29, 2025, the spot price of Shandong 80 first - and second - grade apples remained 8200, and that of Shaanxi 70 general apples remained 4.60. The national inventory decreased by 53, Shandong's by 119, and Shaanxi's by 38 [9][10] Market Analysis - Transaction enthusiasm in production areas improved, and the inventory turnover rate increased. Prices in major production areas were stable, and some low - priced products' prices increased. The flowering situation in the production areas is good, and future weather should be monitored [10] Group 7: Pigs Price Data - From April 23 - 29, 2025, in Henan Kaifeng, the price decreased from 14.92 to 14.70; in Hubei Xiangyang, it dropped from 14.82 to 14.52. The basis increased from 555 to 770 [10] Market Analysis - After the slowdown of second - fattening, the spot price fluctuated downward. The supply pressure is hard to relieve. The overall strategy is to short - sell on rallies. Wait for opportunities to short - sell unilaterally or conduct reverse spreads [10]