玉米系产业日报 2025-11-26 | 观点总结（ | 随着新季玉米上市量逐步增加，原料玉米供应较为充裕，行业开机率持续回升，供应端压力增加。不过，下游行业需求较好，木薯 | | --- | --- | | | 淀粉涨幅过大后，部分下游客户重新采购玉米淀粉，需求进一步增量，企业走货顺畅。截至11月26日，全国玉米淀粉企业淀粉库 | | 淀粉） | | | 重点关注 | 存总量106.9万吨，较上周下降4.00万吨，周降幅3.61%，月降幅5.23%；年同比增幅19.04%。盘面来看，近日淀粉随玉米市场同 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 | | | 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | | | 步上涨，短期观望。 | | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):(日,元/吨) 玉米月间价差(1-5):(日,元/吨) | 2235 -36 | -7 玉米淀粉期货收盘价(活跃合约):(日,元/ 吨) -15 玉米淀粉 ...

盘面来看，玉米期价总体偏强震荡，谨慎追涨。 | 观点总结（ | 随着新季玉米上市量逐步增加，原料玉米供应较为充裕，行业开机率持续回升，供应端压力增加。不过，当前供需结构良好，下游 | | --- | --- | | 淀粉） | 需求尚可，企业走货顺畅。截至11月19日，全国玉米淀粉企业淀粉库存总量110.9万吨，较上周下降2.40万吨，周降幅2.12%，月 | | 重点关注 | 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 | 降幅1.68%；年同比增幅25.59%。盘面来看，近日淀粉随玉米市场同步上涨。 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 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 ...

缓。盘面来看，前期走强后，近日玉米期价略有回落，短期观望。 | 观点总结（ | 随着新季玉米上市量逐步增加，原料玉米供应较为充裕，行业开机率持续回升，供应端压力增加。不过，当前供需结构良好，下游 | | --- | --- | | 淀粉） | 需求尚可，企业走货顺畅。截至11月19日，全国玉米淀粉企业淀粉库存总量110.9万吨，较上周下降2.40万吨，周降幅2.12%，月 | | 重点关注 | 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 | 玉米系产业日报 2025-11-20 | 项目类别 | 数据指标 数据指标 | 最新 | 环比 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | -7 玉米淀粉期货收盘价(活跃合约):(日,元/ 期货收盘价(活跃合约):(日,元/吨) 吨) 玉米月间价差(1-5):(日,元/吨) 1 玉米淀粉月间价差(1-3):(日,元/吨) 期货持仓量(活跃合约):黄玉米(日,手) -13588 期货持仓量(活跃合约):玉米淀粉(日,手) | 2168 -69 932364 | | 2473 0 219992 ...

，基层种植惜售情绪升温，上量节奏有所放缓，同时本地粮质偏差，催生对东北粮源的采购需求，但车皮 紧张东北粮源入关不畅，市场供应逐步偏紧，企业价格继续小幅上调。盘面来看，近日受现货走强提振， 玉米期价整体走势有所偏强，短期观望。 | | 随着新季玉米上市量逐步增加，原料玉米供应较为充裕，行业开机率持续回升，供应端压力增加。不过， | | --- | --- | | 观点总结（ | 当前供需结构良好，下游需求尚可，企业走货顺畅。截至11月12日，全国玉米淀粉企业淀粉库存总量113.3 | | 玉米） | | | | 万吨，较上周下降0.50万吨，周降幅0.44%，月增幅0.44%；年同比增幅27.59%。盘面来看，近期淀粉随 | | 观点总结（ | 今日暂无消息 | | | 玉米市场同步震荡收涨，短期观望。 | | 淀粉） 重点关注 | 今日暂无消息 | | 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | | 玉米系产业日报 2025-11-18 | 项目类别 | 数据指标 数据指标 -14 玉米淀粉期货收盘价(活跃合约):(日,元/ | 最新 | 环比 | 最新 | 环比 | | --- | --- ...

对东北粮源的采购需求，但车皮紧张东北粮源入关不畅，市场供应逐步偏紧，企业价格继续小幅上调。盘 面来看，近日受现货走强提振，玉米期价整体走势有所偏强，短期观望。 玉米系产业日报 2025-11-17 | 项目类别 | 数据指标 | 最新 | | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | -3 玉米淀粉期货收盘价(活跃合约):(日,元/ 期货收盘价(活跃合约):(日,元/吨) | 2182 | | | 2489 | -16 | | | 吨) 玉米月间价差(1-5):(日,元/吨) 6 玉米淀粉月间价差(1-3):(日,元/吨) | -61 | | | 2 | -3 | | 期货市场 | 期货持仓量(活跃合约):黄玉米(日,手) -13255 期货持仓量(活跃合约):玉米淀粉(日,手) | 934047 | | | 227112 | -10823 | | | -1115 期货前20名持仓:净买单量:玉米淀粉(日, 期货前20名持仓:净买单量:玉米(日,手) | -121652 | | | -53346 | -1874 | ...

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - Palm oil: The Malaysian BMD crude palm oil futures are in a narrow - range oscillation due to high production and weak export data, while the Dalian palm oil futures are expected to try to break through 8900. - Soybean oil: The global crude oil supply - demand forecast in 2026 by OPEC has affected the soybean oil market. The domestic soybean oil supply is abundant, and the spot basis is likely to remain stable [1]. 2.2 Pig Industry - The spot price of pigs is weak, but there is an expectation of strengthening in the market tomorrow. The overall November pig - selling progress is slow, which may boost the pig price. The market is in a range - bound pattern, and the 3 - 7 reverse spread strategy can be held [3]. 2.3 Meal Industry - The USDA monthly report is expected to show little change in the ending stocks. The domestic soybean inventory is high, and the meal market is expected to be in a wide - range oscillation. Attention should be paid to the USDA report [7]. 2.4 Corn Industry - Corn prices in the Northeast are rising locally, and those in the North China are stable with a slight upward trend. The price increase and decrease are limited due to supply pressures and cost and policy support. The short - term corn price may rebound, but the rebound amplitude is restricted [8]. 2.5 Cotton Industry - The ICE cotton futures are falling, and the domestic cotton price is likely to be in a range - bound pattern due to hedging pressure and cost support, with weak downstream demand but rigid raw - material demand from textile enterprises [11]. 2.6 Sugar Industry - Brazilian rainfall may affect sugarcane crushing, and India's sugar export has uncertainties. The domestic sugar market is expected to be in a price - oscillation state, with the new - season sugarcane crushing in Guangxi likely to be postponed [13][14]. 2.7 Egg Industry - The supply of eggs remains under pressure as the laying - hen inventory is high in November. The consumption is weak, but the egg price is at a bottom - range, and 2512 short positions can be gradually closed at a low price below 3000 [16]. 3. Summary by Related Catalogs 3.1 Oils and Fats Industry 3.1.1 Price Changes - Soybean oil: The spot price in Jiangsu remained unchanged at 8560, the futures price of Y2601 rose 0.34% to 8316, and the basis decreased 10.29% [1]. - Palm oil: The spot price in Guangdong dropped 0.58% to 8570, the futures price of P2601 rose 0.09% to 8752, and the basis decreased 46.77% [1]. - Rapeseed oil: The spot price in Jiangsu rose 1.48% to 10260, the futures price of OI601 rose 1.37% to 9975, and the basis rose 5.56% [1]. 3.1.2 Spread Changes - The 01 - 05 spread of soybean oil decreased 0.89%, that of palm oil decreased 13.33%, and that of rapeseed oil increased 9.11% [1]. 3.2 Pig Industry 3.2.1 Futures and Spot Prices - Futures: The price of pig 2605 rose 0.82% to 12235, and that of pig 2601 rose 0.55% to 11860. - Spot: The spot prices in most regions decreased, such as in Henan, Shandong, and Sichuan [3]. 3.2.2 Industry Indicators - The sample - point slaughter volume decreased 0.74%, the white - strip price decreased 0.53%, and the piglet price decreased 15% [3]. 3.3 Meal Industry 3.3.1 Price Changes - Soybean meal: The spot price in Jiangsu remained unchanged at 3050, the futures price of M2601 rose 0.39% to 3071, and the basis decreased 133.33% [7]. - Rapeseed meal: The spot price in Jiangsu remained unchanged at 2500, the futures price of RM2601 decreased 0.08% to 2492, and the basis increased 33.33% [7]. 3.3.2 Spread Changes - The 01 - 05 spread of soybean meal increased 4.78%, and that of rapeseed meal increased 1.61% [7]. 3.4 Corn Industry 3.4.1 Price Changes - Corn: The futures price of corn 2601 rose 0.41% to 2186, the Jinzhou Port flat - hatch price rose 0.46% to 2200, and the basis rose 7.69% [8]. - Corn starch: The futures price of corn starch 2601 rose 0.68% to 2507, and the basis decreased 85% [8]. 3.4.2 Industry Indicators - The import profit of corn increased 4.66%, and the number of remaining vehicles at Shandong deep - processing plants in the morning increased 14.54% [8]. 3.5 Cotton Industry 3.5.1 Price Changes - Futures: The price of cotton 2605 decreased 0.22% to 13495, and that of cotton 2601 decreased 0.18% to 13490. - Spot: The Xinjiang arrival price of 3128B decreased 0.38% to 14614, and the CC Index of 3128B decreased 0.22% to 14819 [11]. 3.5.2 Industry Indicators - The commercial inventory increased 70.4% to 293.06 tons, and the industrial inventory increased 9.7% to 88.82 tons [11]. 3.6 Sugar Industry 3.6.1 Price Changes - Futures: The price of sugar 2601 rose 0.62% to 5512, and that of sugar 2605 rose 0.41% to 5433. - Spot: The Nanning spot price remained unchanged at 5660, and the Kunming spot price remained unchanged at 5540 [13]. 3.6.2 Industry Indicators - The national sugar production increased 12.03% to 1116.21 tons, and the national sugar sales increased 9.17% to 1048.00 tons [13]. 3.7 Egg Industry 3.7.1 Price Changes - The price of the egg 12 - contract decreased 0.75% to 3040, and the price of the egg 01 - contract decreased 1.72% to 3322. - The egg - producing area price decreased 0.25% to 2.99 yuan per catty [16]. 3.7.2 Industry Indicators - The egg - chicken feed ratio decreased 1.68% to 2.34, and the breeding profit decreased 8.51% to - 26.52 yuan per chicken [16].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - For corn, the US corn harvest is nearly finished with high supply pressure, but the upcoming USDA report may show a lower yield estimate and the rise of soybeans and wheat provides support. In the domestic market, there is still selling pressure, but the slowdown of grain circulation and increased purchases by multiple entities may support prices. The corn market has shown a slightly stronger trend recently, and short - term observation is recommended [2][3] - For starch, the supply pressure increases with more new - season corn and rising industry operating rates. However, the current supply - demand structure is good, downstream demand is acceptable, and enterprise sales are smooth. The starch market has been oscillating and rising in tandem with the corn market recently, and short - term observation is recommended [4] 3. Summary According to Related Catalogs 3.1 Futures Market - Corn futures: The closing price of the active contract is 2177 yuan/ton, the 1 - 5 monthly spread is - 74 yuan/ton, the trading volume of the active contract is 963208 lots, the net long position of the top 20 holders is - 127577 lots, and the registered warehouse receipts are 66338 lots [2] - Corn starch futures: The closing price of the active contract is 2490 yuan/ton, the 1 - 3 monthly spread is - 3 yuan/ton, the trading volume of the active contract is 235124 lots, the net long position of the top 20 holders is - 56909 lots, and the registered warehouse receipts are 12453 lots [2] 3.2 Outer - market - CBOT corn: The closing price of the active contract is 432 cents/bushel, the total position is 1543065 lots, and the non - commercial net long position is - 51186 lots [2] 3.3 Spot Market - Corn: The average spot price is 2255.1 yuan/ton, the FOB price at Jinzhou Port is 2190 yuan/ton, the CIF price of imported corn is 2035.94 yuan/ton, and the international freight is 42 US dollars/ton [2] - Corn starch: The ex - factory prices in Changchun, Weifang, and Shijiazhuang are 2510 yuan/ton, 2750 yuan/ton, and 2680 yuan/ton respectively [2] 3.4 Upstream Situation - Corn production: The predicted annual production in the US, Brazil, Argentina, China, and Ukraine is 427.11 million tons, 131 million tons, 53 million tons, 295 million tons, and 32 million tons respectively [2] - Corn planting area: The predicted annual planting area in the US, Brazil, Argentina, and China is 36.44 million hectares, 22.6 million hectares, 7.5 million hectares, and 44.3 million hectares respectively [2] 3.5 Industry Situation - Corn inventory: The inventory at southern ports is 74.2 tons, at northern ports is 122 tons, and the deep - processing inventory is 279.5 tons [2] - Import and export: The monthly import volume of corn is 6 tons, and the monthly export volume of corn starch is 12.78 tons [2] - Production: The monthly production of feed is 3128.7 tons [2] 3.6 Downstream Situation - Feed: The monthly production is 3128.7 tons, and the sample feed corn inventory days are 24.88 days [2] - Deep - processing: The weekly consumption of corn is 138.18 tons, the alcohol enterprise operating rate is 66.79%, and the starch enterprise operating rate is 63.48% [2] - Processing profit: The processing profits of corn starch in Shandong, Hebei, and Jilin are 36 yuan/ton, 104 yuan/ton, and 58 yuan/ton respectively [2] 3.7 Option Market - Corn: The 20 - day historical volatility is 9.59%, and the 60 - day historical volatility is 7.83%. The implied volatility of at - the - money call and put options is 6.56% [2] 3.8 Industry News - As of November 9, the US corn harvest was 92% complete, up from 83% a week ago [2] - As of November 8, the planting of Brazil's 2025/26 first - season corn was 47.7% complete, compared with 42.8% last week, 48.7% in the same period last year, and a five - year average of 45.5% [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **Corn**: In the US, as the corn harvest progresses, supply pressure will gradually increase, but the recent rise in soybeans and wheat provides spill - over support. In China, the main producing areas are in the stage of releasing sales pressure, with sufficient market supply. Feed and deep - processing rigid demand exists, and the expansion of CGS storage acquisition boosts traders' enthusiasm. The futures market showed a slightly stronger trend at the end of the day, and short - term observation is recommended [2]. - **Corn Starch**: With the increase in new - season corn supply and the recovery of processing profits, the industry's operating rate has continuously rebounded, increasing supply - side pressure. However, downstream signing and提货 have slowed down slightly, and inventory has increased slightly. The futures market fluctuated and closed higher along with the corn market, and short - term observation is recommended [3]. 3. Summary by Relevant Catalogs Futures Market - **Prices**: The closing price of the 20 - corn starch futures active contract was 2469 yuan/ton, down 9 yuan; the corn monthly spread (1 - 5) was 18 yuan/ton, down 1 yuan; the corn starch monthly spread (1 - 3) was - 90 yuan/ton; the CS - C spread of the main contract was 345 yuan/ton [2]. - **Positions**: The futures positions of the active contracts of yellow corn and corn starch were 970616 hands and 222626 hands respectively, with an increase of 34867 hands and 7374 hands. The net long positions of the top 20 futures holders of corn and corn starch were - 91289 hands and - 59953 hands respectively, with an increase of 11371 hands and 723 hands. The registered warehouse receipts of yellow corn and corn starch were 0 hands and 12453 hands respectively [2]. Outer - Disk Market - The closing price of the active contract of CBOT corn was 4.25 cents per bushel, and the total position of CBOT corn was 1543065 contracts, an increase of 13269 contracts. The non - commercial net long position of CBOT corn was - 15017 contracts, a decrease of 51186 contracts [2]. Spot Market - **Corn Prices**: The average spot price of corn was 2236.47 yuan/ton, down 1.18 yuan; the flat - hatch price of corn at Jinzhou Port was 2150 yuan/ton; the CIF price of imported corn was 2054.11 yuan/ton, up 69.58 yuan; the international freight of imported corn was 0 US dollars/ton [2]. - **Corn Starch Prices**: The ex - factory quotes of corn starch in Changchun, Weifang, and Shijiazhuang were 2510 yuan/ton, 2750 yuan/ton, and 2680 yuan/ton respectively, with no change. The basis of the main corn starch contract was 41 yuan, down 18 yuan; the basis of the main corn contract was - 18.82 yuan, down 2.33 yuan [2]. - **Substitute Prices**: The average spot price of wheat was 2487.67 yuan/ton, down 3.51 yuan; the spread between cassava starch and corn starch was 291 yuan, down 7 yuan; the spread between corn starch and 30 - powder was - 236 yuan, down 2 yuan [2]. Upstream Situation - **Sowing and Yield Forecast**: The predicted sowing areas of corn in the US, Brazil, Argentina, China, and Ukraine were 36.44 million hectares, etc., and the predicted yields were 131 million tons, etc. [2]. - **Inventory**: The corn inventory in southern ports was 12.7 million tons, and the deep - processing corn inventory was 282.7 million tons, an increase of 49.3 million tons. The corn inventory in northern ports was 108 million tons [2]. Industry Situation - **Inventory**: The weekly inventory of starch enterprises was 112.8 million tons, a decrease of 1.2 million tons; the monthly import volume of corn was 6 million tons, and the monthly export volume of corn starch was 12780 tons, a decrease of 2020 tons [2]. Downstream Situation - **Output and Consumption**: The monthly output of feed was 201.5 million tons; the weekly consumption of deep - processing corn was 8.99 million tons; the alcohol enterprise operating rate was 68.42%, and the starch enterprise operating rate was 58.86%, an increase of 3.24 percentage points [2]. - **Profit**: The processing profits of corn starch in Shandong, Hebei, and Jilin were 59 yuan/ton, 124 yuan/ton, and 114 yuan/ton respectively, with a decrease of 5 yuan/ton, 8 yuan/ton, and no change [2]. Option Market - The 20 - day and 60 - day historical volatilities of corn were 9.31% and 7.38% respectively, with a decrease of 0.04 percentage points and 0.17 percentage points. The implied volatilities of at - the - money call and put options of corn were 8.12%, an increase of 1.11 percentage points [2]. Industry News - As of November 3, the planting progress of the first - season corn in Brazil's Paraná state in the 2025/26 season was 99%, up from 98% last week and the same as last year [2]. - China will cancel the maximum 15% retaliatory tariffs on some US agricultural products starting from November 10, while retaining the 10% additional tax [2]. - Analysts expect that as of November 2, the US corn harvest was 83% complete, up from 72% a week ago [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - For corn, as the U.S. corn harvest progresses, supply pressure will gradually increase, though the recent significant rise in U.S. soybeans provides spill - over support for U.S. corn prices. In the domestic market, the Northeast has sufficient supply, and the upward space for spot prices is limited. In the North China and Huanghuai regions, prices fluctuate slightly. Corn futures prices are in low - level consolidation, and short - term observation is recommended [2]. - For starch, with the increasing supply of new - season corn and the recovery of processing profits and industry operating rates, supply - side pressure is rising. However, downstream signing and picking up have slowed down, and inventory has increased slightly. Starch futures are oscillating in tandem with the corn market, and short - term watching is advised [3]. 3. Summary by Related Catalogs 3.1 Futures Market - Corn starch futures closing price (active contract) is 2134 yuan/ton, corn monthly spread (1 - 5) is - 4 yuan/ton, and corn starch monthly spread (1 - 3) is - 101 yuan/ton. Futures positions, net buying volume of the top 20 positions, and registered warehouse receipts for both corn and corn starch are also provided [2]. 3.2 Outer - market - CBOT corn futures closing price (active contract) is - 4 cents/bushel, CBOT corn total positions are 1543065 (weekly), and non - commercial net long positions are - 51186 (weekly) [2]. 3.3 Spot Market - The average spot price of corn is 2234.31 yuan/ton, and the factory - quoted prices of corn starch in different regions such as Changchun, Weifang, and Shijiazhuang are provided. There are also data on import prices, freight, and various price spreads [2]. 3.4 Upstream Situation - Forecasted sowing areas and yields of corn in the U.S., Brazil, Argentina, China, and Ukraine are presented. Corn inventories in southern and northern ports and deep - processing inventories are also included [2]. 3.5 Industry Situation - Corn inventories in ports, starch enterprise inventories, import and export volumes of corn and corn starch, and feed production are shown [2]. 3.6 Downstream Situation - Deep - processing corn consumption, corn starch processing profits in different regions, alcohol and starch enterprise operating rates are provided [2]. 3.7 Option Market - Historical volatility and implied volatility of corn options are given [2]. 3.8 Industry News - Analysts expect that as of November 2, the U.S. corn harvest was 83% complete, higher than the previous week's estimate. S&P Global Commodity Insights predicts that the U.S. 2025 corn output will be 16.803 billion bushels, higher than last month's forecast [2]. 3.9 Key Focus - Thursday and Friday's mysteel corn weekly consumption, as well as starch enterprise operating rates and inventory situations should be monitored [3].

玉米系产业日报 2025-11-04 | 项目类别 | 数据指标 环比 数据指标 | 最新 | 最新 | 环比 | | --- | --- | --- | --- | --- | | | -6 玉米淀粉期货收盘价(活跃合约):(日,元/ 期货收盘价(活跃合约):(日,元/吨) 玉米月间价差(1-5):(日,元/吨) 6 玉米淀粉月间价差(1-3):(日,元/吨) 吨) | 2135 -97 | 2444 -11 | -9 -2 | | 期货市场 | 期货持仓量(活跃合约):黄玉米(日,手) 9833 期货持仓量(活跃合约):玉米淀粉(日,手) | 927070 | 213454 | -479 | | | -2229 期货前20名持仓:净买单量:玉米淀粉(日, 期货前20名持仓:净买单量:玉米(日,手) | -87776 | -63035 | -1588 | | | 注册仓单量:黄玉米(日,手) 2385 注册仓单量:玉米淀粉(日,手) 手) | 66351 | 12453 | 0 | | | 主力合约CS-C价差(日,元/吨) 2 | 340 | | | | 外盘市场 | 期货收盘价(活跃合约):CBOT玉米 ...