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].