Core Viewpoint - The corn starch market is experiencing low prices due to a combination of high inventory levels and reduced demand, with expectations of short-term price fluctuations followed by a long-term decline as raw material prices weaken [2][3][5]. Supply and Demand Analysis - Corn prices are at a five-year low, with the national standard second-grade corn price at 2300 RMB/ton, down 70 RMB/ton year-on-year, a decrease of approximately 2.95% [2]. - Corn starch prices are also at a five-year low, with the Shandong national standard first-grade corn starch price at 2890 RMB/ton, down 50 RMB/ton year-on-year, a decrease of about 1.70% [2]. - Domestic corn starch inventory increased by 8.47 million tons in the first seven months of the year, while production decreased by 830,400 tons, leading to a net supply increase of 7.68 million tons [3]. - Major corn starch enterprises have seen a decrease in delivery volume by 809,400 tons year-on-year, indicating lower consumption compared to previous years [3]. Consumption Trends - The summer season typically sees high consumption of starch sugar, with a year-on-year increase in corn starch consumption for starch sugar of 39,000 tons, totaling 1.95 million tons in the first seven months [4]. - The paper industry has maintained a higher operating rate, with corrugated paper and boxboard paper operating rates at 59.83% and 63.55%, respectively, both showing year-on-year increases [4]. - The price advantage of cassava starch is impacting corn starch consumption, as the price gap has narrowed to the lowest level in five years [4]. Future Outlook - As the peak stocking season approaches, there is an expectation of marginal improvement in demand, which may lead to a stronger price performance within a certain range [5]. - However, the long-term outlook remains bearish due to anticipated abundant corn production, which is expected to weaken prices [5].

Core Insights - The article highlights the increasing popularity of Yancheng, Jiangsu, as a golf destination for South Koreans, driven by its affordability and high value for money [6][7][18]. Group 1: Golf Tourism - Yancheng's Shuyang Island golf course received 3,700 South Korean visitors in the first quarter, which is significant compared to the average of 5,000 visitors for many domestic golf clubs [6]. - The cost of a golf trip to Yancheng, including flights and expenses, is under 10,000 yuan, making it an attractive option for South Koreans [3]. - The golf course features 18 greens and is designed to provide a challenging experience even for professional players, enhancing its appeal [20][22]. Group 2: Accessibility and Connectivity - There are two direct flights weekly from Seoul to Yancheng, taking only two hours, making it more convenient than traveling within South Korea [10]. - The presence of Korean language signage and cultural familiarity contributes to a welcoming environment for South Korean tourists [15][12]. Group 3: Economic and Cultural Ties - Yancheng has established friendly relations with 12 South Korean cities since the 1990s, leading to significant Korean investment exceeding 10 billion USD [14]. - The establishment of the China-Korea (Yancheng) Industrial Park in 2017 further solidified economic cooperation and trade between the two regions [14]. - The influx of South Koreans has created a vibrant community, with over 1,000 Korean enterprises and more than 10,000 Korean residents in Yancheng [14]. Group 4: Consumer Behavior - South Korean middle-class consumers are seeking affordable alternatives for leisure activities, which has led them to explore destinations like Yancheng [25][27]. - The desire for a balance between familiar comforts and new experiences drives South Koreans to travel to China, where they can find better value for their entertainment needs [28].