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

行业 玉米日报 日期 2025 年 05 月 21 日 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 liuyouran@ccb.ccbfutures.com 请阅读正文后的声明 每日报告 一、行情回顾与操作建议 图1：锦州港玉米现货价格 元/吨 图2：玉米期货主力合约收盘价 元/吨 数据来源：wind，建信期货研究中心 玉米行情： 期货方面，20 日，玉米主力 2507 合约小幅平低后回落震荡走低，尾盘收阴， 最高 2 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, the national corn spot price first rose and then stabilized, showing an overall high - level consolidation pattern. Futures were weaker than the spot, leading to a higher basis. New - season corn planting area and output are expected to increase steadily compared to the previous year, but the spring sowing progress in the Northeast is slower. Old - crop corn inventory is decreasing, and the demand side is suppressed. Overall, the corn price is expected to fluctuate within a certain range, and the operation should follow a volatile thinking [7]. 3. Summary by Related Catalogs 1. Corn Futures Market Changes No relevant content provided. 2. Starch Futures Market Changes No relevant content provided. 3. Corn Spot Market Changes - The national corn spot price first rose and then stabilized, with the Northeast remaining stable, North China adjusting slightly, northern ports stable, and southern ports rising slightly. The report also provides a table of various price data and the Guangdong - North Port trade theoretical profit (latest value: - 45.0; weekly change: 10.0) [7][29]. 4. Starch Spot Market Changes No relevant content provided. 5. Corn Starch Spread No relevant content provided. 6. Corn Planting Situation - Since May, the temperature in the Northeast has been low and rainfall has been frequent, causing the spring sowing progress to be about one week later than the same period last year. From May 17th to 23rd, most of the northern spring - sowing areas will have fine weather, but there will be obvious precipitation in some areas, which will briefly hinder spring - sowing operations [50]. 6. Corn Selling Progress No relevant content provided. 7. Corn Import No relevant content provided. 8. Feed and Aquaculture Demand No relevant content provided. 10. Deep - processing Demand - The deep - processing profit has continued to deteriorate, the operating rate has decreased, and the deep - processing demand may be poor in the later stage [7]. 11. Starch Production, Sales and Inventory No relevant content provided. 12. Corn Starch Downstream Demand No relevant content provided. 13. Substitutes - The wheat - corn price difference is low, and the substitution effect suppresses the feed demand for corn [7]. 14. North Port Corn Dynamics No relevant content provided. 15. South Port Corn Dynamics No relevant content provided. 16. South Port Grain Dynamics No relevant content provided. 17. US Corn Futures Market No relevant content provided. 18. US Corn Sowing and Growth Progress No relevant content provided. 19. US Corn Export Sales No relevant content provided. 20. Brazilian Corn Crop Progress No relevant content provided.

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 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):(日,元/吨) | 2342 | -14 玉米淀粉期货收盘价(活跃合约):(日,元/ | 2689 | -13 | | | 玉米月间价差(9-1):(日,元/吨) | 118 | 吨) 6 玉米淀粉月间价差(7-9):(日,元/吨) | -72 | -1 | | | 期货持仓量(活跃合约):黄玉米(日,手) | 1370954 | -24572 期货持仓量(活跃合约):玉米淀粉(日,手) | 21444 ...

大宗商品研究所 农产品研发报告 玉米淀粉日报 2025 年 5 月 12 日 玉米淀粉日报 期货从业证号： F03107370 投资咨询证号： 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/5/12 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2273 | -9 | -0.40% | 18,777 | 36.27% | 61,554 | -4.82% | | C2505 | | 2325 | -12 | -0.52% | 4,561 | 513.04% | 9,160 | 0.22% | | C2509 | | 2375 | -10 | -0.42% | 150,772 | 54.48% | 422,170 | 3.02% | | CS2601 | | 2710 | -6 | -0.22% | 836 | 9.42% | 4,4 ...

Group 1: Report Overview - Report Title: Corn Daily Report [1] - Date: May 9, 2025 [2] - Research Team: Agricultural Products Research Team [4] Group 2: Investment Rating - No investment rating provided in the report. Group 3: Core Viewpoint - The supply of corn is relatively tight as the grassroots grain sources are almost exhausted, and traders are reluctant to sell due to bullish sentiment. Although the demand has a slight increase, the overall inventory is still at a high level. Therefore, the corn price is expected to be generally strong. The futures price of the 2507 contract may follow the spot price and fluctuate strongly, and the weather and growth conditions of wheat and corn production areas need to be continuously monitored [10]. Group 4: Market Review and Operational Suggestions Corn Market - Futures: On the 8th, the main 2507 contract of corn opened slightly lower, then rose, fell back, and fluctuated lower, closing with a negative line. The highest was 2378 yuan/ton, the lowest was 2361 yuan/ton, and the closing price was 2365 yuan/ton, a decrease of 0.46% from the previous trading day. The total open interest of the index decreased by 25,075 lots to 2,175,349 lots [9]. - Spot: On the 8th, the FOB price of second - class corn at Jinzhou Port was 2310 - 2320 yuan/ton, unchanged from the previous day [9]. Corn Review - Supply: The grassroots grain sources are basically exhausted, and the supply is mainly from traders. The bullish sentiment in the market has further intensified, and traders are reluctant to sell. The overall port inventory is in the destocking stage but is still at a high level compared to the same period. Regarding substitutes, wheat in North China has partially replaced corn for feed use, but concerns about wheat production due to drought in the production areas have driven up the prices of wheat and corn. The price advantage of imported barley, sorghum, etc. is not obvious, and the import volume may remain low [10]. - Demand: The continuous growth of pig inventory has led to an improvement in feed demand. Feed enterprises mainly purchase on - demand, replenish inventory in a rolling manner, and sign forward orders. Deep - processing enterprises are in a loss state, the starch inventory is at a high level compared to the same period, and the operating rate has declined. Enterprises may mainly maintain rigid procurement. The inventory of downstream feed enterprises has slightly increased and is at a high level, and they mainly execute previous orders. The inventory of deep - processing enterprises has slightly decreased but is still at a high level. Overall, there is no obvious increase in processing demand [10]. Group 5: Industry News - On May 7th, the corn prices at the north - south ports were basically stable, with partial prices rising slightly. The price of corn with 15% moisture and a bulk density of 720 at Jinzhou Port was 2260 - 2280 yuan/ton, and the FOB price of corn with 15% moisture was 2310 - 2320 yuan/ton, unchanged from the previous day. The price of corn with 15% moisture and a bulk density of 720 at Bayuquan Port was 2260 - 2280 yuan/ton, and the FOB price of corn with 15% moisture was 2310 - 2320 yuan/ton, unchanged from the previous day. The transaction price of bulk corn with 15% moisture at Guangdong Shekou Port was 2350 - 2370 yuan/ton, up 10 yuan/ton, and the price of first - class corn was 2430 - 2450 yuan/ton, up 10 yuan/ton from the previous day [11][12]. - The supply from Northeast production areas was light, and the volume of corn gathered at northern ports decreased. The morning gathering volume was about 16,000 tons. Traders' purchase prices were strong, but the trading situation was slightly average. Feed enterprises at southern ports mainly executed previous contracts, the available spot was scarce, the arrival cost was high, and the futures market was strong, which boosted traders' quotes [12]. Group 6: Data Summary - As of the week ending May 1, 2025, the U.S. corn export inspection volume was 1,608,350 tons, compared with 1,666,415 tons last week and 1,299,008 tons in the same period last year [13]. - After the spring maintenance shutdown of factories, the demand for DDGS remains strong. According to the U.S. Department of Agriculture's grain processing report, the total consumption of corn for ethanol production and other uses in the United States in March was 504 million bushels, a month - on - month increase of 8% but a year - on - year decrease of 4% [13]. - According to the position report of the U.S. Commodity Futures Trading Commission, funds sold a large amount of CBOT corn futures and options, and the net long position decreased to 71,329 lots, a decrease of 41,476 lots or 37% from a week ago [13]. - According to the crop rating report released by the French Agricultural Bureau, as of April 28th, the corn planting progress reached 62%, compared with 50% a week ago, 42% in the same period last year, and a five - year average of 63% [13]. - On May 6th in Chicago, the corn futures on the Chicago Board of Trade closed mixed, showing a volatile pattern, with the benchmark contract up 0.28%. At the close, corn futures rose 1.25 cents to fell 3 cents, with the May contract up 1 cent, closing at 447.50 cents/bushel; the July contract up 1.25 cents, closing at 455.50 cents/bushel; the December contract down 1.75 cents, closing at 441.25 cents/bushel. The most actively traded July contract traded in a range of 452.50 cents to 454.25 cents [13]. - According to the latest data from the U.S. Department of Agriculture, as of Sunday, the U.S. corn planting was 40% complete, slightly lower than the market expectation of 41% but higher than 35% in the same period last year and a five - year average of 39% [13]. - According to the latest data from the European Commission, as of May 4th, the EU's corn imports in the 2024/25 season had reached 677.1 million bushels, a year - on - year increase of 10% [13].

Report Information - Report Title: Corn Daily Report [1] - Report Date: April 15, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The price of corn is expected to fluctuate with limited upside and downside potential. The supply of corn at the grassroots level is almost exhausted, while the demand has a slight increase. The futures price is also likely to follow the spot price and fluctuate [9]. Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: On the 14th, the main corn contract 2505 opened slightly higher and then fluctuated lower, closing with a negative candlestick. The highest price was 2,282 yuan/ton, the lowest was 2,262 yuan/ton, and the closing price was 2,267 yuan/ton, up 0.09% from the previous trading day. The total open interest of the index increased by 46,462 lots to 2,218,656 [8]. - **Spot Market**: On the 14th, the FOB price of second - class corn at Jinzhou Port was 2,210 - 2,220 yuan/ton, unchanged from the previous day [8]. 2. Industry News - On April 14, the corn prices at north - south ports were basically stable. In Jinzhou Port, the price of corn with 15% moisture and a bulk density of 720 was 2,160 - 2,200 yuan/ton, and the FOB price of 15% moisture corn was 2,210 - 2,220 yuan/ton, unchanged from the previous day. Similar prices were reported in Bayuquan Port. In Guangdong Shekou Port, the transaction price of 15% moisture bulk corn was 2,260 - 2,280 yuan/ton, and the price of first - class corn was 2,360 - 2,380 yuan/ton, also unchanged [10][12]. 3. Data Overview - **European Imports**: From July 1, 2024, to April 6, 2025, the EU imported 3.4 million tons of US corn, far higher than 114,000 tons in the same period of the previous year [15]. - **USDA Report**: The USDA's April report estimated the 2024/25 global corn production at 1.2151 billion tons, slightly higher than the March forecast; the export volume at 188.68 million tons, higher than the March forecast; and the ending inventory at 287.65 million tons, lower than the previous month's forecast and the previous year's level [15]. - **US Corn Sales**: As of the week ending April 3, 2025, the net sales volume of US corn in the 2024/25 season was 785,600 tons, a 33% decrease from the previous week and the four - week average [15]. - **Domestic Supply**: As of April 10, the grain - selling progress of farmers in 13 provinces was 91%, 7% faster than the same period last year, and that in 7 major producing provinces was also 91%, 8% faster than last year [15].