Report Industry Investment Rating No information provided. Core View of the Report In October, it is the peak period of new grain supply. The concentrated selling of moldy grain in North China suppresses the overall price. Downstream feed and deep - processing enterprises are cautious in purchasing. Although the purchase of state - owned and local grain depots provides some support, the corn price has limited downside but lacks upward momentum. In the short term, it may maintain range - bound fluctuations. Attention should be paid to the performance of the futures price around the resistance level of 2,150 yuan [6][58]. Summary by Relevant Catalogs 1. Market Review - **Futures Price**: Last week, the main contract of corn futures switched to C2601, showing a slightly stronger oscillatory trend. As of last Friday's close, it closed at 2,133 yuan/ton, up 0.09%. The trading volume was 369,190 lots, and the open interest was 888,492 lots. The CBOT corn main - continuous contract closed at 424 cents per bushel, down 0.93% [3][11][14]. - **Spot Price**: The national weekly average price of corn decreased slightly to 2,212 yuan/ton. In Northeast China, prices were strong due to the price increase at northern ports; in North China, prices first rose and then fell; in the sales areas, prices followed the increase at northern ports. The prices at northern ports first rose and then stabilized, with a slight decline in the later period [5][20][21]. 2. Last Week's Related Information - India's abundant supply of corn distillers' dried grains with solubles (DDGS) benefits local feed mills, and India and the US are close to reaching a bilateral trade agreement [23]. - Australia's winter grain output is expected to reach 62.8 million tons this year, an increase of about 3.8 million tons year - on - year [23]. - From October 1 - 17, Brazil exported 3.574 million tons of corn. The Brazilian National Association of Grain Exporters (ANEC) expects the October export volume to reach 6.57 million tons [23][24]. - As of October 20, the planting progress of the first - season corn in Brazil's Paraná state was 94% [24]. - As of October 22, Ukraine's grain exports in the 2025/26 season were 8.29 million tons, a decrease of 37.5% year - on - year, with corn exports down 70.6% [24]. - The EU's new tariff - quota system since mid - 2025 will reduce Ukraine's agricultural export revenue to the EU by about $1.144 billion annually [24]. - As of October 21, nearly 80% of the autumn grain in China had been harvested, with over 80% in North China and nearly 40% in the Northeast [25]. - As of October 19, 2025, the EU's corn imports in the 2025/26 season decreased by 26% year - on - year, with Brazil's share increasing significantly and Ukraine's share decreasing [25]. 3. Corn Supply - Demand Pattern Analysis - **Feed Enterprises' Inventory**: As of October 23, the average inventory of feed enterprises was 24.04 days, down 0.40 days from the previous week, a decrease of 1.64% week - on - week and 12.04% year - on - year [29]. - **Deep - processing Enterprises' Inventory**: The total inventory of 96 major corn deep - processing enterprises was 2.695 million tons, an increase of 6.5% week - on - week and a decrease of 13.41% year - on - year [34]. - **Deep - processing Enterprises' Consumption**: 149 major corn deep - processing enterprises consumed 1.2633 million tons of corn last week, an increase of 40,300 tons week - on - week. Different types of enterprises had different consumption changes [38]. - **Deep - processing Enterprises' Operation Rate**: The total corn processing volume was 574,000 tons, a decrease of 7,600 tons from the previous week. The corn starch output was 287,700 tons, a decrease of 5,800 tons. The weekly operation rate was 55.62%, down 1.12% week - on - week, showing regional differentiation [43]. - **Deep - processing Enterprises' Profit**: The hedging profit of corn starch and by - products in Jilin was 74 yuan/ton, down 6 yuan/ton week - on - week; in Shandong, it was 83 yuan/ton, up 13 yuan/ton; in Heilongjiang, it was 20 yuan/ton, down 15 yuan/ton [48]. 4. Analysis of Related Products - **Corn Starch**: Last week, the price of corn starch was partially strong. The price in Shandong increased by 30 - 40 yuan/ton; in Hebei, it remained flat; in Jilin, it decreased by 20 yuan/ton; in Heilongjiang, it increased by 20 yuan/ton. The market was supported by cost and demand [54]. - **Pigs**: The national average slaughter price of pigs this week was 11.33 yuan/kg, up 0.38 yuan/kg from the previous week, an increase of 3.47% week - on - week and a decrease of 34.92% year - on - year. The market still had an oversupply situation, but demand increased with the cooling weather [57]. 5. Operation Strategy - **Single - side**: Wait and see. - **Arbitrage**: Consider the 01 - 05 reverse spread strategy. - **Options**: Consider selling out - of - the - money call options [7][59].

今日周五（6月27日)亚盘时段欧盘时段，黄金期货目前交投于768.82元附近，截至发稿，黄金期货暂报 768.98元/克，下跌0.55%，最高触及774.70元/克，最低下探768.78元/克，成交量。目前来看，黄金期货 短线偏向看跌走势。 【要闻速递】 为缓解特定行业贸易压力，欧盟正研究引入关税配额制度，通过设定出口量阈值实施阶梯化关税政策。 以英美汽车贸易协议为例，该机制允许前10万辆出口车辆适用10%优惠关税，超量部分则恢复25%常规 税率。此类制度设计旨在为欧盟汽车、钢铁等敏感行业构建关税缓冲带，有效降低企业跨境贸易成本。 在平行开展的跨大西洋谈判中，美方将数字法规与环境标准等非关税壁垒纳入对等贸易协定磋商范畴， 引发欧盟高度警觉。欧盟委员会主席冯德莱恩严正声明，涉及主权核心的政策法规不容外部干预，但同 意在技术标准协调层面保持协商弹性。贸易专员马蒂亚斯·约根森进一步划定谈判底线：欧盟可优化合 规流程以提升贸易便利，但现有监管框架属不可逾越的"政策红线"。 此番表态凸显美欧在规则博弈中的结构性矛盾——美方试图通过"规则对等"突破欧盟监管主权，而欧盟 在坚守核心利益的同时，仅有限开放技术标准协调空间。双 ...