1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The corn market is currently in a phased adjustment, but the price is expected to remain strong in the first half of the year due to decreasing grain sources and rigid demand. It is recommended that grain - using enterprises purchase spot goods as needed and maintain sufficient inventory, while traders should buy low and sell high [3][6] 3. Summary According to Related Catalogs Market Performance - The corn main 2605 contract has been under pressure and adjusted after reaching a nearly 2 - year high of 2443. The spot price is relatively stable, with the Pingcang price in Bayuquan dropping slightly from 2405 yuan/ton to around 2400 yuan/ton, and the arrival price at Shekou Port remaining around 2530 yuan/ton. The corn basis has weakened slightly, and the futures price is slightly at a discount. The starch main 2605 contract has also adjusted this week, with the starch price rising slightly. The starch price of Weifang Jinyu Corn has increased from 3010 yuan/ton to around 3030 yuan/ton, and the basis has strengthened in a volatile manner [3] Supply - side Situation - As of March 19, the national grain sales progress was 78%, 6% slower than the same period last year. The remaining grain of farmers is gradually running out, and the grain sources are shifting to downstream players such as traders. However, the enthusiasm for central grain reserve public bidding has declined, with a cumulative release of 404,000 tons and a transaction volume of 354,000 tons as of March, with a transaction rate of 87.8%. In addition, the directional invitation auction of imported corn continues [3] Inventory Situation - As of March 13, the corn inventory in the northern ports was 2182,000 tons, a month - on - month increase, and the weekly shipping volume was 752,000 tons, a significant month - on - month increase. The domestic trade corn inventory in Guangdong Port was 285,000 tons, a month - on - month decrease, and the foreign trade corn inventory was 162,000 tons, a month - on - month decrease. The corn inventories of downstream deep - processing and feed enterprises have stopped falling and rebounded. As of March 20, the corn inventory of deep - processing enterprises was 3,769,000 tons, a month - on - month increase, and the lowest in the same period in recent years. The corn inventory of feed enterprises was 30.27 days, a month - on - month increase [4] Substitute and Import Situation - Although the wheat price has also risen, the corn price has risen more, and the wheat - corn price difference has further narrowed. If the narrowing increases, there may be substitution. Since last October, the import of corn in China has increased significantly, and it may continue to increase in the future to adjust the domestic corn supply and demand [4] External Market Situation - The US corn in the external market is oscillating strongly. The continuous rise of energy under the US - Iran conflict has boosted the ethanol price, and the demand may increase. However, the energy price increase has put pressure on many countries' economies, so beware of subsequent reversals. The planting area of new - season US corn may be reduced, and attention should be paid to the US Department of Agriculture's planting area intention report at the end of March [4] Demand - side Situation - **Feed demand**: Pig prices have fallen, and the breeding industry is in full - scale loss. The industry has adjusted the target inventory of breeding sows to 36.5 million heads. Although the current high inventory still supports feed demand, the long - term growth of feed demand may be affected due to the possible further reduction of production capacity. In the poultry industry, egg prices have fallen, and the breeding industry continues to lose money. The sales volume of chicken seedlings in February continued to increase, and the elimination of old chickens decreased. The inventory of laying hens in February may have increased [5] - **Deep - processing demand**: The demand of deep - processing enterprises has improved. Affected by the sharp rise in starch prices, the processing profit of starch processing enterprises has rebounded, and the operating rate has increased. As of March 20, the operating rate of starch processing enterprises was 58.8%, a month - on - month increase, and the starch inventory was 1,203,000 tons, a month - on - month decrease. Alcohol processing enterprises are still in a loss, with an operating rate of 58.77%, a month - on - month increase. The operating rates of downstream starch sugar enterprises and paper - making enterprises have increased [5] Market Outlook - The remaining domestic grain is close to 20%, and the supply in the Northeast is tight. The grain sources are shifting to the downstream, but there are supplements from public bidding and import auctions. The corn market is under phased pressure. However, as the grain sources gradually decrease and the demand is rigid, the price is expected to remain strong in the first half of the year [6]

1. Report's Investment Rating for the Industry - No information provided regarding the report's investment rating for the industry 2. Core Viewpoints of the Report - International conflict sentiment boosts prices, and limited domestic grain reserves, especially in the Northeast, lead to a strong upward trend in corn prices However, government measures like public bidding and import auctions, along with demand differentiation, create resistance to further price increases It is advised that grain - using enterprises purchase spot goods according to demand and maintain sufficient reserves, while traders should buy low and sell high [5] 3. Summary by Related Catalogs 3.1 Futures Contract Performance - The corn main 2605 contract hit a nearly 2 - year high of 2443 this week and then retreated under pressure The spot price rose slightly, with the Bayuquan corn flat - hatch price increasing from 2390 yuan/ton to around 2405 yuan/ton, and the Shekou Port corn arrival price rising from 2520 yuan/ton to around 2530 yuan/ton The corn basis fluctuated, and the futures price was close to the spot price The starch main 2605 contract oscillated upward this week, reaching a new high of 2766 The starch price soared, with the Weifang Jinyu corn starch price increasing from 2920 yuan/ton to around 3010 yuan/ton, and the basis strengthened [3] 3.2 New Grain Sales - The new grain sales are slow, with only 26% of the national grain remaining As of March 12, the national grain sales progress was 74%, 6 percentage points slower than the same period last year In the Northeast, it was 75%, 5 points slower; in North China, 67%, 9 points slower; in Northwest China, 82%, 5 points slower As prices rise, farmers are more reluctant to sell due to limited remaining grain, and downstream procurement has slowed down Also, Sinograin's public bidding has increased, with 253,000 tons put up for auction in March so far, and 250,000 tons sold, with a 99% transaction rate Imported corn targeted auctions continue [3] 3.3 Inventory Status - Port inventories vary, and downstream enterprises are reducing inventories As of March 6, the North Port corn inventory was 1.951 million tons, rising month - on - month, and the weekly shipping volume was 341,000 tons, also rising month - on - month The domestic trade corn inventory at Guangdong Port was 524,000 tons, decreasing month - on - month, while the foreign trade corn inventory was 172,000 tons, increasing month - on - month As of March 13, the corn inventory of deep - processing enterprises was 337,700 tons, at a record low for the same period in recent years, and the corn inventory of feed enterprises was 30.06 days, also decreasing [4] 3.4 Substitute and Import Situation - The substitution advantage of wheat is insufficient, and corn imports have increased significantly Although the wheat price has also risen, the corn price has increased more, further narrowing the wheat - corn price difference Corn imports have been on the rise since last October and may continue to increase to balance domestic supply and demand [4] 3.5 External Market Conditions - The US corn futures on the external market are oscillating strongly The ongoing US - Iran conflict has boosted ethanol demand due to rising energy prices, and the increase in fertilizer prices may raise planting costs, supporting the price [4] 3.6 Demand Situation - Feed demand is strong, and deep - processing demand is improving Pig prices are falling, leading to overall losses in pig farming As of March 6, the profit from purchasing piglets for fattening was - 58.89 yuan per head, turning from profit to loss, and the self - breeding and self - fattening profit was - 237.98 yuan per head, in severe loss In the poultry industry, egg prices have declined, and farming continues to make losses High inventory still supports current feed demand, but long - term feed demand growth may be negatively affected due to potential capacity reduction Deep - processing enterprise demand has improved The processing profit of starch processing enterprises has rebounded, and the operating rate has increased to 55.73% as of March 13 The alcohol processing enterprises are still in the red, but the operating rate has increased to 55.61% The operating rates of downstream starch sugar enterprises and paper - making enterprises have also increased [5]

Report Information - Report Name: Nanhua Futures Corn & Starch Industry Daily Report - Date: November 05, 2025 - Analyst: Dai Hongxu (Investment Consulting License No.: Z0021819) - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [1] Investment Rating - No investment rating information is provided in the report. Core Views - After entering November, the selling pressure of moist corn in domestic corn - producing areas began to weaken. In North China, the selling pressure was released after the "fire - sale" of moist corn. In Northeast China, after the peak of centralized harvest and listing, the selling pressure eased with the drop in temperature. The overall grass - roots in the producing areas were more reluctant to sell, and the purchasing end raised prices to increase purchases, leading to a short - term rebound in corn prices. After the first peak of selling pressure of new grain listing, the resilience of corn prices has strengthened, and the subsequent price pressure has eased as it turns into a phased release of selling pressure. On Tuesday, the upward trend of the corn futures market paused. The main 01 contract closed at 2135 yuan, with significantly reduced trading volume, slightly increased open interest, and the registered warehouse receipts increased to 66,351 lots. Starch futures followed corn and closed lower. The main 01 contract closed at 2444 yuan, with decreased trading volume and slightly reduced open interest. On Tuesday, CBOT corn futures closed lower following the decline of soybeans. StoneX raised its forecast of US corn yield per acre by 10 bushels to 186.0 bushels per acre, which weighed on prices [2]. Summary by Related Catalogs Core Contradictions - The selling pressure of moist corn in domestic corn - producing areas has weakened, and the grass - roots are reluctant to sell. The purchasing end raises prices, leading to a short - term rebound in corn prices. After the first peak of selling pressure of new grain listing, the price pressure eases. The corn and starch futures markets closed lower on Tuesday, and CBOT corn futures also declined [2]. Bullish Factors - The selling pressure has become more dispersed, and the urgency to sell grain has decreased, alleviating price pressure. The state - reserve purchase in Northeast China has significantly supported prices, limiting price declines. The unconfirmed news of wheat auctions in November has increased the bullish sentiment in the market [5]. Bearish Factors - The weak operation of hog prices and the industry's capacity adjustment may affect the long - term feed demand for corn. However, the high inventory in the fourth quarter and the current entry of second - fattening pigs still support the feed demand at a relatively good level. From mid - to early November, the late - harvested corn will still be harvested and listed, and the selling pressure needs to be released in a phased and concentrated manner, which restricts the continuous upward momentum of prices. Chinese importers have inquired about wheat cargoes and plan to load them from the end of this year to February next year. The resumption of grain imports will increase the pressure on domestic corn, and the purchase volume should be monitored [3]. Price Range Forecast | Commodity | Price Range Forecast (Monthly) | Current Volatility | Volatility Percentile | | --- | --- | --- | --- | | Corn | 2050 - 2200 | 9.43% | 54.6% | | Starch | 2350 - 2550 | 10.64% | 42.31% | [3] Spot Price and Main - Contract Basis | Corn | Price & Basis | Change | Corn Starch | Price & Basis | Change | | --- | --- | --- | --- | --- | --- | | Jinzhou Port | 2165 | 0 | Shandong | 2750 | 0 | | Shekou Port | 2250 | 0 | Jilin | 2550 | 0 | | Harbin | 2010 | 0 | Heilongjiang | 2450 | 0 | | Jinzhou Port Main - Contract Basis | 30 | 21 | Shandong Main - Contract Basis | 306 | 9 | [3] Futures Market Prices - Specific price data for different contracts of corn and corn starch on November 03 and 04, 2025, are provided, including prices, changes, and change rates. For example, the corn 11 contract closed at 2129 yuan on November 03 and 2120 yuan on November 04, with a change of - 9 yuan and a change rate of - 0.42% [6]. U.S. Corn Price and Import Profit | | Price | Daily Change | Increase | Import Profit | | --- | --- | --- | --- | --- | | CBOT Corn Main - Contract | 430.75 | - 4 | - 0.92% | | | COBT Soybean Main - Contract | 1120.25 | - 14.25 | - 1.26% | | | CBOT Wheat Main - Contract | 550 | 5.25 | 0.96% | | | U.S. Gulf Port CIF Duty - Paid Price | 2151.26 | 0.92 | 0.04% | 98.74 | | U.S. West Coast CIF Duty - Paid Price | 2035.3 | 0.87 | 0.04% | 214.7 | [30]