1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints Corn - The ongoing conflict between the US and Iran has kept international oil prices oscillating at high levels, pushing up freight rates and boosting international corn market prices. The increase in import prices is also beneficial to the domestic market. In the domestic market, as the temperature rises in the Northeast production area and farmers need to sell grain for cash for spring plowing, the grain - selling progress has accelerated. The procurement by the China National Grains and Oils Reserves Administration will end in April, and recent procurement has been concluded at a discounted price. The proportion of substitutes such as wheat has increased, and feed and deep - processing enterprises are cautious in purchasing. As a result, the spot price has shown a slight decline. There are also rumors that a targeted paddy auction may be launched in April or late April, which, if implemented, will impact corn's feed demand to some extent. Recently, corn futures prices have oscillated and declined at a high level, and short - term participation is recommended [2] Corn Starch - Recently, the supply of raw - material corn has increased compared to the previous period, and the enthusiasm of corn starch enterprises to start production has risen. The industry's operating rate has increased month - on - month, and the pressure on the supply side has increased. The industry's inventory pressure has also slightly rebounded. However, supported by high raw - material corn prices, the starch spot market performs well. After a previous rise, the starch market has declined from a high level recently [3] 3. Summary by Relevant Catalogs Futures Market - Corn futures closing price (active contract) is 2351 yuan/ton, up 5 yuan; corn starch futures closing price (active contract) is 2745 yuan/ton, up 8 yuan. Corn monthly spread (5 - 9) is - 29 yuan/ton, up 3 yuan; corn starch monthly spread (5 - 7) is 4 yuan/ton, down 1 yuan. Corn futures open interest (active contract) is 1023011 lots, down 29630 lots; corn starch futures open interest (active contract) is 235927 lots, down 9716 lots. The net long position of the top 20 futures holders for corn is - 84497 lots, up 30089 lots; for corn starch, it is - 13790 lots, up 814 lots. The registered warehouse receipt volume for yellow corn is 0 lots, down 58377 lots; for corn starch, it is 0 lots, down 4510 lots. The CS - C spread of the main contract is 372 yuan/ton, up 3 yuan [2] Outer - market (CBOT) - CBOT corn futures closing price (active contract) is 455.25 cents/bushel, down 6.5 cents. CBOT corn total open interest (weekly) is 1796424 contracts, up 22925 contracts. The non - commercial net long position of CBOT corn (weekly) is 375360 contracts, up 63018 contracts [2] Spot Market - The average spot price of corn is 2448.8 yuan/ton, down 1.87 yuan. The ex - factory price of corn starch in Changchun is 2900 yuan/ton, unchanged; in Weifang, it is 3060 yuan/ton, unchanged; in Shijiazhuang, it is 3040 yuan/ton, unchanged. The CIF price of imported corn is 2124.62 yuan/ton, down 15.24 yuan. The international freight of imported corn is 62 US dollars/ton, down 2 US dollars. The basis of the corn starch main contract is 163 yuan/ton, up 18 yuan. The basis of the corn main contract is 97.8 yuan/ton, down 6.87 yuan. The spread between Shandong starch and corn (weekly) is 492 yuan/ton, down 4 yuan [2] Substitute Spot Prices - The average spot price of wheat is 2585.5 yuan/ton, down 1.11 yuan. The spread between tapioca starch and corn starch (weekly) is 819 yuan/ton, down 16 yuan. The spread between corn starch and 30 - powder is - 16 yuan/ton, down 1 yuan [2] Upstream Situation - The predicted annual corn output in the US is 432.34 million tons, up 6.81 million tons; the sown area is 36.93 million hectares, unchanged. In Brazil, the predicted annual output is 131 million tons, unchanged; the sown area is 22.6 million hectares, unchanged. In Argentina, the predicted annual output is 53 million tons, unchanged; the sown area is 7.5 million hectares, unchanged. In China, the predicted annual output is 301.24 million tons, up 6.24 million tons; the sown area is 44.96 million hectares, unchanged. In Ukraine, the predicted annual output is 29 million tons, unchanged [2] Industry Situation - Corn inventory in southern ports (weekly) is 38.1 tons, down 6.6 tons; in northern ports, it is 252 tons, up 5 tons. Deep - processing corn inventory (weekly) is 406.3 tons, up 29.4 tons. Starch enterprise weekly inventory (weekly) is 121.7 tons, up 1.4 tons. The monthly import volume of corn is 80 tons, up 24 tons. The monthly export volume of corn starch is 16.74 tons, down 0.2 tons. The monthly output of feed is 3008.6 tons, up 30.7 tons [2] Downstream Situation - The sample feed corn inventory days (weekly) is 31.57 days, up 1.3 days. The deep - processing corn consumption (weekly) is 138.97 tons, up 4.83 tons. The alcohol enterprise operating rate (weekly) is 61.89%, up 3.13 percentage points. The starch enterprise operating rate (weekly) is 60.98%, up 2.18 percentage points. The corn starch processing profit in Shandong is 13 yuan/ton, up 6 yuan; in Hebei, it is 79 yuan/ton, down 7 yuan; in Jilin, it is 34 yuan/ton, unchanged [2] Option Market - The 20 - day historical volatility of corn is 8.69%, down 0.15 percentage points; the 60 - day historical volatility is 8.08%, up 0.3 percentage points. The implied volatility of at - the - money call options for corn is 10.99%, up 0.73 percentage points; the implied volatility of at - the - money put options is 10.99%, up 0.73 percentage points [2] Industry News - AgRural lowered its forecast for Brazil's total corn output in the 2025/26 season by 500,000 tons, from 1.362 billion tons forecast in February to 1.357 billion tons. As of the week ending March 26, 2026, the US corn export inspection volume was 1,789,524 tons, compared with 1,702,651 tons last week and 1,718,304 tons in the same period last year [2]

Report Industry Investment Rating - Not provided Core Viewpoints - For corn, the international oil price is high due to the ongoing conflict between the US and Iran, which boosts the international corn market price. In the domestic market, the willingness of grain holders to sell is increasing as the purchase price rises, but the price increase is limited by factors such as mildew risk, cautious purchases by drying towers, and the enhanced substitution effect of wheat. The corn futures price of the main 2605 contract closed down 0.08% and maintained an adjustment trend, and short - term participation is recommended [2]. - For corn starch, the supply pressure has increased as the corn starch enterprise's operating rate has risen due to the increased supply of raw material corn. The industry inventory pressure has also slightly increased. However, supported by the good price of raw material corn, the starch spot market performs well, and the starch market has maintained a relatively strong shock recently [3]. Summary by Directory Futures Market - Corn starch futures closing price (active contract) is 2376 yuan/ton, and the corn starch futures closing price (active contract) is 2765 yuan/ton. The corn monthly spread (5 - 9) is - 6 yuan/ton, and the corn starch monthly spread (5 - 7) is - 29 yuan/ton. The futures positions of the active contracts of yellow corn and corn starch are 1198270 hands and 261034 hands respectively, with changes of - 34473 hands and - 4239 hands. The net buying volume of the top 20 positions in corn and corn starch is - 198088 hands and - 21878 hands respectively, with a change of - 706 hands for corn [2]. - The registered warehouse receipts of yellow corn and corn starch are 65858 hands and 4675 hands respectively, with changes of - 1787 hands and - 50 hands. The CS - C spread of the main contract is - 11 yuan/ton [2]. - The closing price of CBOT corn futures (active contract) is 5.25 cents/bushel, the total position of CBOT corn is 1773499 contracts, an increase of 50191 contracts. The non - commercial net long position of CBOT corn is 312342 contracts, with a position quantity of 54561 contracts [2]. Spot Market - The average spot price of corn is 2452.55 yuan/ton, with a change of - 0.1 yuan/ton. The ex - factory quotes of corn starch in Changchun, Weifang, and Shijiazhuang are 2900 yuan/ton, 3060 yuan/ton, and 3040 yuan/ton respectively, with no change [2]. - The fob price of corn at Jinzhou Port is 2400 yuan/ton, with no change. The CIF price of imported corn is 2150.25 yuan/ton, with a change of 3.42 yuan/ton. The international freight of imported corn is 0 US dollars/ton [2]. - The basis of the corn starch main contract is 135, a decrease of 2; the basis of the corn main contract is - 0.1. The spread between Shandong starch and corn is 496 yuan/ton, a decrease of 44 yuan/ton [2]. - The average spot price of wheat is 2590.56 yuan/ton, a decrease of 2.5 yuan/ton. The spread between tapioca starch and corn starch is 835 yuan/ton, an increase of 98 yuan/ton. The spread between corn starch and 30 - powder is - 14 yuan/ton, a decrease of 2 yuan/ton [2]. Upstream Situation - The predicted sown areas of corn in the US, Brazil, Argentina, China, and Ukraine are 432.34 million hectares, etc., and the predicted yields are 36.93 million tons, 22.6 million tons, 7.5 million tons, 44.96 million tons, and 29 million tons respectively, with no change [2]. Industry Situation - The corn inventory in southern ports is 44.7 tons, a decrease of 24.9 tons; the corn inventory in northern ports is 247 tons, an increase of 28 tons. The deep - processing corn inventory is 376.9 tons, an increase of 39.2 tons [2]. - The monthly import volume of corn is 80 tons, and the monthly export volume of corn starch is 16.74 tons, a decrease of 0.2 tons. The monthly output of feed is 3008.6 tons [2]. Downstream Situation - The sample feed corn inventory days are 30.27 days, an increase of 0.21 days. The deep - processing corn consumption is 134.14 tons, an increase of 7.28 tons [2]. - The operating rate of alcohol enterprises is 58.76%, an increase of 3.15%; the operating rate of starch enterprises is 60.98%, an increase of 2.18% [2]. Option Market - The 20 - day historical volatility of corn is 9.13%, an increase of 0.02%; the 60 - day historical volatility of corn is 7.75%, an increase of 0.05% [2]. - The implied volatility of at - the - money call options for corn is 11.92%, a decrease of 4.98%; the implied volatility of at - the - money put options for corn is 11.92%, a decrease of 4.99% [2]. Industry News - As of March 20, 2026, the domestic trade corn inventory in Guangdong Port is 23.4 tons, a decrease of 5.10 tons from last week; the foreign trade inventory is 14.7 tons, a decrease of 1.50 tons from last week; the imported sorghum is 49.2 tons, an increase of 9.70 tons from last week; the imported barley is 77.7 tons, an increase of 7.20 tons from last week [2]. - The ongoing US - Iran conflict affects the international oil price, which boosts the international corn market price and is also beneficial to the domestic market [2]. Key Points to Focus On - Pay attention to the weekly consumption of mysteel corn and the operating and inventory conditions of starch enterprises on Thursday and Friday [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **Corn**: The international oil price remains high due to the ongoing conflict between the US and Iran, which boosts the international corn market price and benefits the domestic market. In the domestic market, the remaining grain in the Northeast production area is less than 30%. As the corn price rises to a high level, farmers' willingness to sell increases, and the market supply of grain increases. However, the feed enterprises' acceptance of high - priced grain is insufficient, and they mainly purchase for rigid replenishment. The deep - processing enterprises' operating rate rebounds, and the rigid demand supports the purchase price. The rumor of the release of overdue rice may suppress the corn price. The wheat - corn price difference has widened, and the feed substitution demand may increase, weakening the later corn demand. The corn futures price fluctuates at a high level, and short - term participation is recommended [2][3]. - **Starch**: As the production of corn starch enterprises gradually recovers, the operating rate of the corn starch industry increases, and the supply - side pressure increases. However, the increase in the operating rate is slow, the downstream demand improves, the downstream提货 volume increases, and the industry inventory decreases slightly. The starch market's upward momentum weakens recently, and it may maintain a volatile trend in the short term [4]. 3. Summary by Directory 3.1 Futures Market - **Corn**: The closing price of the active contract is 2384 yuan/ton, the monthly spread (5 - 9) is - 18 yuan/ton, the trading volume of the active contract is 1355055 hands (a decrease of 3537 hands), the net long position of the top 20 holders is - 222047 hands (a decrease of 7947 hands), and the registered warehouse receipt volume is 78333 hands [2]. - **Corn Starch**: The closing price of the active contract is 2719 yuan/ton (a decrease of 2 yuan/ton), the monthly spread (5 - 7) is 2 yuan/ton (an increase of 1 yuan/ton), the trading volume of the active contract is 251737 hands (an increase of 3689 hands), the net long position of the top 20 holders is - 21809 hands (a decrease of 692 hands), and the registered warehouse receipt volume is 4885 hands (a decrease of 1370 hands). The CS - C spread of the main contract is 329 yuan/ton [2]. - **CBOT Corn**: The closing price is 463.5 cents/bushel, the total position is 1723308 contracts (an increase of 105847 contracts), and the non - commercial net long position is 257781 contracts [2]. 3.2 Spot Market - **Corn**: The average price is 2455.29 yuan/ton (a decrease of 0.2 yuan/ton), the flat - hatch price at Jinzhou Port is 2400 yuan/ton (a decrease of 10 yuan/ton), the CIF price of imported corn is 2136.26 yuan/ton (a decrease of 1.9 yuan/ton), and the international freight of imported corn is 65 US dollars/ton (unchanged) [2]. - **Corn Starch**: The factory quotes in Changchun, Weifang, and Shijiazhuang are 2850 yuan/ton, 3040 yuan/ton, and 3020 yuan/ton respectively (all unchanged). The basis of the main corn starch contract is 131 yuan/ton (an increase of 2 yuan/ton), and the basis of the main corn contract is 71.29 yuan/ton (a decrease of 2.2 yuan/ton) [2]. - **Substitute Products**: The average price of wheat is 2600.06 yuan/ton (an increase of 1.28 yuan/ton), the price difference between tapioca starch and corn starch is 737 yuan/ton (an increase of 80 yuan/ton), and the price difference between corn starch and 30 - powder is - 18 yuan/ton (an increase of 1 yuan/ton) [2]. 3.3 Upstream Situation - **Sowing Area and Yield Forecast**: The predicted sowing area of corn in the US is 432.34 million hectares, and the predicted yield is 36.93 million tons (an increase of 0.49 million tons); in Brazil, the sowing area is 131 million hectares, and the yield is 22.6 million tons (unchanged); in Argentina, the sowing area is 53 million hectares, and the yield is 7.5 million tons (unchanged); in China, the sowing area is 301.24 million hectares, and the yield is 44.96 million tons (an increase of 0.66 million tons); in Ukraine, the yield is 29 million tons [2]. 3.4 Industry Situation - **Inventory**: The corn inventory in southern ports is 69.6 million tons (a decrease of 19.6 million tons), in northern ports is 219 million tons (an increase of 19 million tons), the deep - processing corn inventory is 337.7 million tons (a decrease of 6 million tons), and the starch enterprise weekly inventory is 120.3 million tons (a decrease of 0.6 million tons) [2]. - **Production and Trade**: The monthly import volume of corn is 80 million tons, the monthly export volume of corn starch is 3008.6 thousand tons, and the monthly feed production is 30.7 million tons [2]. 3.5 Downstream Situation - **Feed and Processing**: The sample feed corn inventory days are 30.06 days (a decrease of 0.19 days), the deep - processing corn consumption is 126.86 million tons (an increase of 4.91 million tons), the alcohol enterprise operating rate is 55.61% (an increase of 1.53%), and the starch enterprise operating rate is 58.8% (an increase of 3.07%) [2]. - **Processing Profit**: The corn starch processing profit in Shandong is 4 yuan/ton (a decrease of 0.2 yuan/ton), in Hebei is 141 yuan/ton (unchanged), and in Jilin is 40 yuan/ton (an increase of 35 yuan/ton) [2]. 3.6 Option Market - **Volatility**: The 20 - day historical volatility of corn is 7.71% (an increase of 0.05%), the 60 - day historical volatility is 7.29% (an increase of 0.01%), the implied volatility of at - the - money call options is 12.82% (a decrease of 1.46%), and the implied volatility of at - the - money put options is 12.82% (a decrease of 1.46%) [2]. 3.7 Industry News - Crop expert Dr. Michael Cordonnier said that the 2025/26 Brazilian corn production is expected to be 133 million tons, the same as the previous expectation, and the future adjustment tendency is neutral to downward [2]. - A survey by S&P Global shows that the US corn planting area in 2026 will reach 95.2 million acres, higher than the 95 million acres predicted in January [2].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views - For the corn market, the international oil price remains high due to the ongoing US - Iran conflict, which boosts the international corn market price and benefits the domestic market. In the domestic market, the remaining grain in the Northeast production area is less than 30%. As the corn price rises, the willingness of growers to sell increases, and the market supply increases. Feed enterprises mainly make rigid replenishment, while deep - processing enterprises' resuming operation supports the purchase price. The rumored release of overdue rice and the adjustment of the lowest - price wheat auction policy may suppress corn demand. The corn futures price fluctuates at a high level, and short - term participation is recommended [2]. - For the corn starch market, as the production of corn starch enterprises gradually recovers, the industry's operating rate increases, and the supply - side pressure rises. However, the increase in the operating rate is slow, downstream demand improves, and the industry inventory slightly decreases. The starch market's upward momentum weakens, and it may maintain a volatile trend in the short term [3]. Group 3: Summary by Relevant Catalogs Futures Market - Corn futures closing price (active contract) is 2382 yuan/ton, down 4 yuan/ton; corn starch futures closing price (active contract) is 2721 yuan/ton, down 9 yuan/ton [2]. - Corn monthly spread (5 - 9) is - 19 yuan/ton, and corn starch monthly spread (5 - 7) is 1 yuan/ton [2]. - Corn futures holding volume (active contract) is 1358592 hands, down 26004 hands; corn starch futures holding volume (active contract) is 248048 hands, up 5182 hands [2]. - Net long positions of the top 20 futures holdings for corn are - 214100 hands, up 24709 hands; for corn starch, they are - 21117 hands, up 4579 hands [2]. - Registered warehouse receipts for yellow corn are 78333 hands, and for corn starch are 6255 hands, with no change [2]. - The CS - C spread of the main contract is 330 yuan/ton, down 5 yuan/ton [2]. Outer - market Market - CBOT corn futures closing price (active contract) is 454.5 cents/bushel, down 0.25 cents/bushel; CBOT corn total holding volume (weekly) is 1723308 contracts, up 105847 contracts [2]. - CBOT corn non - commercial net long positions (weekly) are 257781 contracts, up 167722 contracts [2]. Spot Market - The average spot price of corn is 2455.49 yuan/ton, up 3.14 yuan/ton; the ex - factory price of corn starch in Changchun is 2830 yuan/ton, unchanged [2]. - The f.o.b. price of corn at Jinzhou Port is 2410 yuan/ton, unchanged; the ex - factory price of corn starch in Weifang is 3040 yuan/ton, unchanged [2]. - The CIF price of imported corn is 2138.16 yuan/ton, up 53.09 yuan/ton; the international freight of imported corn is 65 US dollars/ton, up 7 US dollars/ton [2]. - The basis of the corn main contract is 73.49 yuan/ton, up 7.14 yuan/ton; the basis of the corn starch main contract is 100 yuan/ton, up 13 yuan/ton [2]. - The price difference between Shandong starch and corn (weekly) is 540 yuan/ton, up 50 yuan/ton; the price difference between cassava starch and corn starch (weekly) is 737 yuan/ton, up 80 yuan/ton [2]. - The price difference between corn starch and 30 - powder is - 19 yuan/ton, up 15 yuan/ton [2]. Upstream Situation - The predicted annual corn production in the US is 432.34 million tons, up 6.81 million tons; in Brazil is 131 million tons, unchanged; in Argentina is 53 million tons, unchanged; in China is 301.24 million tons, up 6.24 million tons; in Ukraine is 29 million tons, unchanged [2]. - The predicted sown area of corn in the US is 36.93 million hectares, up 0.49 million hectares; in Brazil is 22.6 million hectares, unchanged; in Argentina is 7.5 million hectares, unchanged; in China is 44.96 million hectares, up 0.66 million hectares [2]. Industry Situation - Corn inventory at southern ports (weekly) is 69.6 tons, down 19.6 tons; at northern ports is 219 tons, up 19 tons [2]. - Deep - processing corn inventory (weekly) is 337.7 tons, down 6 tons; starch enterprise weekly inventory (weekly) is 120.3 tons, down 0.6 tons [2]. - The monthly import volume of corn is 80 tons, up 24 tons; the monthly export volume of corn starch is 16.74 tons, down 0.2 tons [2]. - The monthly output of feed is 3008.6 tons, up 30.7 tons [2]. Downstream Situation - The sample feed corn inventory days (weekly) is 30.06 days, down 0.19 days [2]. - The deep - processing corn consumption (weekly) is 126.86 tons, up 4.91 tons [2]. - The alcohol enterprise operating rate (weekly) is 55.61%, up 1.53 percentage points; the starch enterprise operating rate (weekly) is 58.8%, up 3.07 percentage points [2]. - The corn starch processing profit in Shandong is - 2 yuan/ton, up 11 yuan/ton; in Hebei is 141 yuan/ton, up 21 yuan/ton; in Jilin is 5 yuan/ton, up 21 yuan/ton [2]. Option Market - The 20 - day historical volatility of corn is 7.65%, down 0.17 percentage points; the 60 - day historical volatility of corn is 7.28%, up 0.01 percentage points [2]. - The implied volatility of at - the - money call options for corn is 14.28%, down 1.35 percentage points; the implied volatility of at - the - money put options for corn is 14.28%, down 1.35 percentage points [2]. Industry News - The Trump administration has taken emergency action to find alternative fertilizer sources for US farmers before the spring plowing due to the Iran war cutting off key supply channels [2]. - From March 1 to 13, Brazil's corn export volume was 48.4 tons, compared with 87.1 tons in the whole of March 2025 [2]. - The ongoing US - Iran conflict affects the international oil price, which boosts the international corn market price and has a positive impact on the domestic market [2]. Key Points to Watch - Pay attention to the weekly corn consumption and the operating rate and inventory of starch enterprises on Thursday and Friday [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **Corn**: International oil price surges due to the intensification of the US - Iran conflict, which boosts international corn prices and benefits the domestic market. In the domestic market, the supply of corn from Northeast China has improved, but the remaining grain is decreasing, and the selling pressure risk is reduced. After active replenishment, processing enterprises' inventories have returned to a safe level. With weak downstream demand and profit losses, enterprises mainly maintain rolling replenishment, and prices have loosened. The price difference between wheat and corn has widened, and some feed enterprises have started to purchase wheat. The adjustment of the lowest - price wheat auction policy may increase the demand for wheat as a feed substitute and weaken the later - stage demand for corn. Corn futures prices are oscillating at a high level, and short - term participation is recommended [2]. - **Corn Starch**: As corn starch enterprises gradually resume production, the industry's operating rate has increased, and the supply - side pressure has increased. However, the increase in the operating rate is slow, downstream demand has improved, and the industry inventory has slightly decreased. The starch market has been oscillating strongly recently, supported by the strong performance of corn [3]. 3. Summary by Directory Futures Market - **Corn**: The closing price of the active contract of corn futures is 2386 yuan/ton, with a decrease of 19 yuan/ton; the 5 - 9 month spread is - 13 yuan/ton, with a decrease of 1 yuan/ton; the net long position of the top 20 futures holdings is - 238809 hands, with a decrease of 3500 hands; the registered warehouse receipt volume is 78333 hands, with a decrease of 130 hands [2]. - **Corn Starch**: The closing price of the active contract of corn starch futures is 2730 yuan/ton, with an increase of 1 yuan/ton; the 5 - 7 month spread is - 1, with a decrease of 1; the net long position of the top 20 futures holdings is 242866 hands, with a decrease of 546 hands; the registered warehouse receipt volume is 6255 hands, with a decrease of 305 hands; the CS - C spread of the main contract is 335 yuan/ton [2]. Outer - disk Market - The closing price of the active contract of CBOT corn futures is 454.75 cents/bushel, with a decrease of 12.25 cents/bushel; the total position is 1723308 contracts, with an increase of 105847 contracts; the non - commercial net long position is 167722 contracts [2]. Spot Market - **Corn**: The average spot price of corn is 2452.35 yuan/ton, with an increase of 3.72 yuan/ton; the flat - hatch price at Jinzhou Port is 2410 yuan/ton, with no change; the CIF price of imported corn is 2085.07 yuan/ton, with a decrease of 5.26 yuan/ton; the international freight of imported corn is 0 dollars/ton; the basis of the main corn contract is - 3.28 yuan/ton [2]. - **Corn Starch**: The ex - factory quotes in Changchun, Weifang, and Shijiazhuang are 2830 yuan/ton, 3040 yuan/ton, and 3020 yuan/ton respectively, all with no change; the basis of the main corn starch contract is 100 yuan/ton, with an increase of 13 yuan/ton; the price difference between Shandong starch and corn is 540 yuan/ton, with an increase of 50 yuan/ton [2]. - **Substitute Products**: The average spot price of wheat is 2596.94 yuan/ton, with an increase of 14.33 yuan/ton; the price difference between tapioca starch and corn starch is 737 yuan/ton, with an increase of 80 yuan/ton; the price difference between corn starch and 30 - powder is - 34 yuan/ton, with an increase of 35 yuan/ton [2]. Upstream Situation - **Sowing Area and Yield Forecast**: The predicted sowing area of corn in the US is 432.34 million hectares, with an increase of 0.49 million hectares; the predicted yield is 36.93 million tons. In Brazil, the sowing area is 131 million hectares, and the predicted yield is 22.6 million tons. In Argentina, the sowing area is 53 million hectares, and the predicted yield is 7.5 million tons. In China, the sowing area is 301.24 million hectares, with an increase of 0.66 million hectares, and the predicted yield is 44.96 million tons. In Ukraine, the predicted yield is 29 million tons [2]. - **Inventory**: The inventory of corn in southern ports is 69.6 tons, with a decrease of 19.6 tons; the inventory of deep - processed corn is 337.7 tons, with a decrease of 6 tons; the inventory of corn in northern ports is 219 tons, with an increase of 19 tons [2]. Industry Situation - **Inventory**: The weekly inventory of starch enterprises is 120.9 tons, with a decrease of 1.00 tons, a weekly decrease of 0.82%, a monthly increase of 0.92%, and a year - on - year decrease of 11.17% [3]. - **Import and Export**: The monthly import volume of corn is 80 tons, with an increase of 24 tons; the monthly export volume of corn starch is 16.74 tons, with a decrease of 0.2 tons [2]. - **Production**: The monthly production of feed is 3008.6 tons, with an increase of 30.7 tons [2]. Downstream Situation - **Inventory and Consumption**: The inventory days of sample feed corn are 30.06 days, with a decrease of 0.19 days; the deep - processed corn consumption is 126.86 tons, with an increase of 4.91 tons [2]. - **Profit**: The processing profit of corn starch in Shandong is - 13 yuan/ton, with an increase of 10 yuan/ton; in Hebei, it is 120 yuan/ton, with an increase of 24 yuan/ton; in Jilin, it is - 16 yuan/ton, with no change [2]. - **Operating Rate**: The operating rate of alcohol enterprises is 55.61%, with an increase of 1.53%; the operating rate of starch enterprises is 55.73%, with an increase of 1.21% [2]. Option Market - The 20 - day historical volatility of corn is 7.82%, with an increase of 0.23%; the 60 - day historical volatility is 7.26%, with an increase of 0.04%. The implied volatility of at - the - money call options and put options for corn is 15.63%, with a decrease of 0.04% [2]. Industry News - As of March 12, the harvesting progress of the first - season corn in the central and southern regions of Brazil in the 2025/26 season reached 50%, higher than 42% of the previous week but lower than 72% of the same period last year. The planting progress of the second - season corn in Brazil in the 2025/26 season was 91%, higher than 82% of a week ago but lower than 97% of the same period last year [2]. - The intensification of the US - Iran conflict has led to a sharp rise in international oil prices, which has pushed up freight rates and boosted international corn market prices [2]. Key Points to Watch - Pay attention to the weekly consumption of corn and the operating rate and inventory of starch enterprises on Thursday and Friday as reported by Mysteel [3].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report Corn - The USDA has raised the global corn inventory forecast to 2.9275 billion tons, higher than last month's forecast and analysts' expectations. However, the intensifying conflict between the US and Iran has led to a sharp rise in international oil prices, boosting freight rates and international corn market prices. The increase in import prices also has a positive impact on the domestic market. In the domestic market, the temperature in the Northeast production area has risen, increasing the storage pressure of damp grain, and the grass - root grain sources have been released. But the remaining grain inventory in the market is low, and the grain rights are gradually transferred to the trading sector. The purchasing enthusiasm of the China Grain Reserves Corporation has increased, and some traders sell goods according to the market. The scope of price increases in the deep - processing industry has narrowed. The price difference between wheat and corn has reached around 100 yuan/ton, and some feed enterprises have started to purchase wheat. The policy adjustment of the lowest - price wheat auction has increased the投放 volume from 300,000 tons to 500,000 tons and expanded the participation scope, which may increase the demand for wheat as a feed substitute and weaken the later - stage demand for corn. The corn futures price fluctuates at a high level, and short - term participation is recommended [2]. Corn Starch - As the production of corn starch enterprises gradually recovers, the operating rate of the corn starch industry has increased, and the supply - side pressure has increased. However, the increase in the operating rate is relatively slow, the downstream demand has improved, the downstream提货 volume has increased, and the industry inventory has slightly decreased. As of March 11, the total starch inventory of national corn starch enterprises was 1.209 million tons, a week - on - week decrease of 10,000 tons, a week - on - week decline of 0.82%, a month - on - month increase of 0.92%, and a year - on - year decline of 11.17%. Supported by the strong performance of corn, the starch market has been oscillating strongly recently [3]. 3. Summary According to Relevant Catalogs Futures Market - Corn starch futures closing price (active contract): 2,379 yuan/ton, a decrease of 25 yuan/ton; corn futures closing price (active contract): 2,743 yuan/ton, an increase of 2 yuan/ton; corn monthly spread (5 - 9): 14 yuan/ton, an increase of 2 yuan/ton; corn starch monthly spread (5 - 7): - 5 yuan/ton; corn futures open interest (active contract): 1,378,887 lots, a decrease of 26,284 lots; corn starch futures open interest (active contract): 243,412 lots, a decrease of 1,880 lots; net long positions of the top 20 futures positions in corn: - 267,241 lots; net long positions of the top 20 futures positions in corn starch: - 22,196 lots, a decrease of 3,254 lots; registered warehouse receipts of yellow corn: 78,463 lots; registered warehouse receipts of corn starch: 6,560 lots; CS - C spread of the main contract: 341 yuan/ton, an increase of 9 yuan/ton [2]. Outer - Disk Market - CBOT corn futures closing price (active contract): 467 cents/bushel, an increase of 5 cents/bushel; total CBOT corn positions (weekly): 1,723,308 contracts, an increase of 105,847 contracts; non - commercial net long positions of CBOT corn: 167,722 contracts [2]. Spot Market - Average spot price of corn: 2,448.63 yuan/ton, an increase of 1.77 yuan/ton; ex - factory price of corn starch in Changchun: 2,830 yuan/ton; ex - factory price of corn starch in Weifang: 3,040 yuan/ton, an increase of 20 yuan/ton; ex - factory price of corn starch in Shijiazhuang: 3,020 yuan/ton, an increase of 20 yuan/ton; CIF price of imported corn: 2,090.33 yuan/ton, an increase of 7.35 yuan/ton; international freight of imported corn: 0 US dollars/ton; basis of the main corn contract: 8.77 yuan/ton; basis of the main corn starch contract: 58 yuan/ton; price difference between Shandong starch and corn (weekly): 540 yuan/ton, an increase of 50 yuan/ton; price difference between wheat and corn starch (weekly): 737 yuan/ton, an increase of 80 yuan/ton; price difference between corn starch and 30 - powder: - 69 yuan/ton, an increase of 9 yuan/ton [2]. Upstream Situation - Forecasted sown area of corn in the US: 36.93 million hectares, an increase of 0.49 million hectares; forecasted corn output in the US: 432.34 million tons; forecasted sown area of corn in Brazil: 22.6 million hectares; forecasted corn output in Brazil: 131 million tons; forecasted sown area of corn in Argentina: 7.5 million hectares; forecasted corn output in Argentina: 53 million tons; forecasted sown area of corn in China: 44.96 million hectares, an increase of 0.66 million hectares; forecasted corn output in China: 301.24 million tons; forecasted corn output in Ukraine: 29 million tons; corn inventory in southern ports (weekly): 69.6 million tons, a decrease of 19.6 million tons; deep - processing corn inventory (weekly): 337.7 million tons, a decrease of 6 million tons [2]. Industry Situation - Corn inventory in northern ports (weekly): 219 million tons, an increase of 19 million tons; weekly inventory of starch enterprises (weekly): 120.9 million tons, a decrease of 1 million tons; monthly import volume of corn: 80 million tons, an increase of 24 million tons; monthly export volume of corn starch: 16,740 tons, a decrease of 200 tons; monthly output of feed: 3,008.6 million tons, an increase of 30.7 million tons; sample feed corn inventory days (weekly): 30 days, a decrease of 5 days [2]. Downstream Situation - Corn starch processing profit in Shandong: - 23 yuan/ton, a decrease of 15 yuan/ton; corn starch processing profit in Hebei: 96 yuan/ton; corn starch processing profit in Jilin: - 16 yuan/ton; deep - processing corn consumption (weekly): 126.86 million tons, an increase of 4.91 million tons; alcohol enterprise operating rate (weekly): 55.61%, an increase of 1.53%; starch enterprise operating rate (weekly): 55.73%, an increase of 1.21% [2]. Option Market - 20 - day historical volatility of corn: 7.59%, an increase of 0.38%; 60 - day historical volatility of corn: 7.23%, an increase of 0.08%; implied volatility of at - the - money call options on corn: 15.67%, an increase of 0.22%; implied volatility of at - the - money put options on corn: 15.67%, an increase of 0.21% [2]. Industry News - The Brazilian National Supply Company (CONAB) released the sixth survey of this year, predicting that the total corn output in Brazil in the 2025/26 season will reach 138.27 million tons, lower than last month's forecast of 138.45 million tons and a 2.0% decrease from last year (last month's forecast was a 1.9% decrease). - The Indonesian Biofuel Producers Association (APROBI) stated that the road test of 50% palm - based biodiesel blend fuel (B50) will not end ahead of schedule. - The USDA raised the global corn inventory forecast to 2.9275 billion tons, higher than last month's forecast of 2.8898 billion tons and analysts' previous expectations of 2.8919 billion tons [2]. Key Points to Watch - Pay attention to mysteel's weekly corn consumption, starch enterprise operating rate, and inventory on Thursday and Friday [3]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The USDA has raised the global corn inventory forecast to 2.9275 billion tons, higher than last month's forecast of 2.8898 billion tons and analysts' previous expectations of 2.8919 billion tons. The intensifying conflict between the US and Iran has led to a significant increase in international oil prices, boosting freight rates and international corn market prices. The increase in import prices has also had a positive impact on the domestic market [3]. - In the domestic market, the temperature in the Northeast production area has risen, increasing the storage pressure of damp grain. The pace of grain sales at the grass - roots level has gradually accelerated, and more grain sources have been transferred to the trading sector. Due to the increase in oil prices driving up freight rates and high acquisition costs, it has become more difficult to transport Northeast grain outside. Deep - processing enterprises' inventories are continuously being consumed, and they are actively replenishing stocks, but the scope of price increases has narrowed [3]. - In the North China and Huanghuai regions, the quality of local corn varies significantly. As corn starch enterprises gradually resume production after the festival, the operating rate of the corn starch industry has gradually increased, increasing supply - side pressure. However, the increase in the operating rate is relatively slow, downstream demand has improved, the downstream提货 volume has increased, and industry inventory has slightly decreased. As of March 11, the total starch inventory of national corn starch enterprises was 120.9 million tons, a week - on - week decrease of 1.00 million tons, a week - on - week decrease of 0.82%, a month - on - month increase of 0.92%, and a year - on - year decrease of 11.17%. The starch market has shown a relatively strong and volatile trend recently, supported by the strength of corn [3]. - The spread between local wheat and corn has widened to around 100 yuan/ton, and some feed enterprises have started to purchase wheat. It is rumored that the weekly wheat auction volume will increase from 300,000 tons to 500,000 tons next week, and feed enterprises are allowed to participate, which may affect the market's bullish sentiment. The corn futures price is oscillating at a high level, and short - term participation is recommended [3]. Summary by Directory Futures Market - Corn futures closing price (active contract): 2396 yuan/ton, up 1 yuan/ton; corn starch futures closing price (active contract): 2723 yuan/ton, up 5 yuan/ton [2]. - Corn monthly spread (5 - 9): - 19 yuan/ton, unchanged; corn starch monthly spread (5 - 7): 0 yuan/ton, up 2 yuan/ton [2]. - Corn futures open interest (active contract): 1,411,150 lots, up 26,862 lots; corn starch futures open interest (active contract): 250,426 lots, down 6,568 lots [2]. - Net long positions of the top 20 futures holders for corn: - 268,733 lots, down 18,165 lots; net long positions of the top 20 futures holders for corn starch: - 15,884 lots, down 1,946 lots [2]. - Registered warehouse receipts for yellow corn: 76,073 lots, up 950 lots; registered warehouse receipts for corn starch: 6,560 lots, unchanged [2]. - CS - C spread of the main contract: 319 yuan/ton, up 2 yuan/ton [2]. Outer - disk Market - CBOT corn futures closing price (active contract): 460.5 cents/bushel, up 6.75 cents/bushel; CBOT corn total open interest (weekly): 1,617,461 contracts, down 38,674 contracts [2]. - Non - commercial net long positions of CBOT corn: 90,059 contracts, compared with 81,231 contracts [2]. Spot Market - Average spot price of corn: 2440.39 yuan/ton, up 0.98 yuan/ton; ex - factory price of corn starch in Changchun: 2800 yuan/ton, unchanged [2]. - FOB price of corn at Jinzhou Port: 2420 yuan/ton, unchanged; ex - factory price of corn starch in Weifang: 2980 yuan/ton, unchanged [2]. - CIF price of imported corn: 2037.12 yuan/ton, up 35.82 yuan/ton; ex - factory price of corn starch in Shijiazhuang: 2960 yuan/ton, unchanged [2]. - International freight of imported corn: 58 US dollars/ton, up 5 US dollars/ton [2]. - Basis of the main corn contract: 44.39 yuan/ton, down 0.02 yuan/ton; basis of the main corn starch contract: 82 yuan/ton, down 12 yuan/ton [2]. - Spread between Shandong starch and corn (weekly): 490 yuan/ton, up 40 yuan/ton; spread between cassava starch and corn starch (weekly): 657 yuan/ton, up 26 yuan/ton [2]. - Spread between corn starch and 30 - powder: - 97 yuan/ton, down 38 yuan/ton [2]. Upstream Situation - Forecasted annual corn production in the US: 432.34 million tons, up 6.81 million tons; forecasted sown area of corn in the US: 36.93 million hectares, up 0.49 million hectares [2]. - Forecasted annual corn production in Brazil: 131 million tons, unchanged; forecasted sown area of corn in Brazil: 22.6 million hectares, unchanged [2]. - Forecasted annual corn production in Argentina: 53 million tons, unchanged; forecasted sown area of corn in Argentina: 7.5 million hectares, unchanged [2]. - Forecasted annual corn production in China: 301.24 million tons, up 6.24 million tons; forecasted sown area of corn in China: 44.96 million hectares, up 0.66 million hectares [2]. - Forecasted annual corn production in Ukraine: 29 million tons, unchanged [2]. Industry Situation - Corn inventory at southern ports (weekly): 89.2 million tons, up 11.6 million tons; deep - processing corn inventory (weekly): 343.7 million tons, down 41.5 million tons [2]. - Corn inventory at northern ports (weekly): 200 million tons, down 21 million tons; weekly inventory of starch enterprises (weekly): 120.9 million tons, down 1 million tons [2]. - Monthly import volume of corn: 80 million tons, up 24 million tons; monthly export volume of corn starch: 16,740 tons, down 200 tons [2]. - Monthly output of feed: 3008.6 million tons, up 30.7 million tons [2]. Downstream Situation - Inventory days of sample feed corn (weekly): 30.25 days, down 1.04 days [2]. - Deep - processing corn consumption (weekly): 121.95 million tons, up 9.46 million tons [2]. - Alcohol enterprise operating rate (weekly): 54.08%, down 0.38 percentage points; starch enterprise operating rate (weekly): 55.73%, up 1.21 percentage points [2]. - Corn starch processing profit in Shandong: 22 yuan/ton, up 14 yuan/ton; corn starch processing profit in Hebei: 114 yuan/ton, up 7 yuan/ton; corn starch processing profit in Jilin: 14 yuan/ton, up 35 yuan/ton [2]. Option Market - 20 - day historical volatility of corn: 7.21%, up 0.07 percentage points; 60 - day historical volatility of corn: 7.45%, up 0.03 percentage points [2]. - Implied volatility of at - the - money call options for corn: 14.81%, up 0.95 percentage points; implied volatility of at - the - money put options for corn: 13.86%, down 2.45 percentage points [2]. Industry News - The United Nations Food and Agriculture Organization (FAO) released a global supply - demand briefing showing that the global grain production forecast for 2025 reached a record 3.029 billion tons, higher than last month's forecast of 3.023 billion tons and a 5.6% increase from the previous year [2]. - Bunge Global SA said that the Middle East war is reshaping the agricultural product market in a "price + logistics" dual - mode. On the one hand, US and global farmers are facing the pressure of soaring oil and fertilizer prices and shipping disruptions; on the other hand, the rise in grain and oilseed prices has brought sales opportunities for US and South American farmers [2]. Key Points of Concern - The mysteel weekly corn consumption, starch enterprise operating rate, and inventory data on Thursday and Friday [3]. - The increase in the weekly wheat auction volume from 300,000 tons to 500,000 tons next week, allowing feed enterprises to participate, which may affect the market's bullish sentiment [3].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - USDA raised the global corn inventory forecast to 292.75 million tons, higher than last month's forecast of 288.98 million tons and analysts' previous expectation of 289.19 million tons. The intensifying conflict between the US and Iran led to a sharp rise in international oil prices, pushing up freight rates and boosting international corn market prices. The increase in import prices also had a positive impact on the domestic market [3]. - In the domestic market, the temperature in the Northeast production area has risen comprehensively, increasing the storage pressure of damp grain. The pace of grain sales at the grass - roots level has gradually accelerated, and more grain sources have been transferred to the trading sector. Due to the increase in oil prices and high acquisition costs, the difficulty of transporting Northeast grain outside has increased. Deep - processing enterprises' inventories are continuously consumed, and they are actively replenishing stocks, but the scope of price increases has narrowed [3]. - In the North China and Huanghuai production areas, after the previous concentrated supply, the enthusiasm of grass - roots farmers to sell grain has weakened, the trading activity of grain points is not high, the shipping rhythm of traders has slowed down, and the scale of arrivals at processing enterprises has shrunk. Some enterprises with insufficient arrivals have slightly increased prices to purchase [3]. - As the production of corn starch enterprises gradually recovers after the festival, the operating rate of the corn starch industry has gradually increased, the supply - side pressure has increased, and the inventory is still on the rise. However, downstream demand is also gradually recovering, the signing and shipment of enterprises have improved compared with last week, and the supply - demand structure of corn starch is acceptable. Supported by the relatively strong corn market, the starch market has also shown a relatively strong and volatile trend recently [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Corn futures closing price (active contract): 2395 yuan/ton, down 19 yuan/ton; corn monthly spread (5 - 9): 14 yuan/ton, up 7 yuan/ton; corn starch futures closing price (active contract): 2718 yuan/ton, down 2 yuan/ton; corn starch monthly spread (5 - 7): 12 yuan/ton, up 3 yuan/ton [2]. - Corn futures open interest (active contract): 1,384,288 lots, up 2,853 lots; corn starch futures open interest (active contract): 256,994 lots, down 5,161 lots [2]. - Net long positions of the top 20 futures holders for corn: - 250,568 lots, down 18,077 lots; for corn starch: - 13,938 lots, up 2,634 lots [2]. - Registered warehouse receipts for yellow corn: 75,123 lots, up 510 lots; for corn starch: 6,560 lots, down 150 lots [2]. - CS - C spread of the main contract: 317 yuan/ton, up 1 yuan/ton [2]. - CBOT corn futures closing price (active contract): 453.75 cents/bushel, up 0.5 cents/bushel; CBOT corn total open interest (weekly): 1,617,461 contracts, down 38,674 contracts [2]. - CBOT corn non - commercial net long positions (weekly): 90,059 contracts, compared with 81,231 contracts (no change information provided) [2]. 3.2 Spot Market - Average spot price of corn: 2439.41 yuan/ton, down 0.59 yuan/ton; ex - factory price of corn starch in Changchun: 2800 yuan/ton, unchanged; FOB price of corn in Jinzhou Port: 2420 yuan/ton, unchanged; ex - factory price of corn starch in Weifang: 2980 yuan/ton, unchanged; ex - factory price of corn starch in Shijiazhuang: 2960 yuan/ton, unchanged [2]. - Imported corn CIF price: 2001.3 yuan/ton, unchanged; international freight for imported corn: 53 US dollars/ton, unchanged [2]. - Corn starch main contract basis: 82 yuan/ton, down 12 yuan/ton; corn main contract basis: 44.41 yuan/ton, down 14.59 yuan/ton; Shandong starch - corn spread (weekly): 490 yuan/ton, up 40 yuan/ton; cassava starch - corn starch spread (weekly): 657 yuan/ton, up 26 yuan/ton; corn starch - 30 - powder spread (daily): - 59 yuan/ton, up 54 yuan/ton [2]. 3.3 Upstream Situation - Forecasted annual corn production in the US: 432.34 million tons, up 6.81 million tons; in Brazil: 131 million tons, unchanged; in Argentina: 53 million tons, unchanged; in China: 301.24 million tons, up 6.24 million tons; in Ukraine: 29 million tons, unchanged [2]. - Forecasted sown area of corn in the US: 36.93 million hectares, up 0.49 million hectares; in Brazil: 22.6 million hectares, up 0.49 million hectares; in Argentina: 7.5 million hectares, unchanged; in China: 44.96 million hectares, up 0.66 million hectares [2]. - Corn inventory in southern ports (weekly): 89.2 tons, up 11.6 tons; deep - processing corn inventory (weekly): 343.7 tons, down 41.5 tons; corn inventory in northern ports (weekly): 200 tons, down 21 tons; starch enterprise weekly inventory (weekly): 120.9 tons, down 1 ton [2]. 3.4 Downstream Situation - Monthly output of feed: 3008.6 tons, up 30.7 tons; sample feed corn inventory days (weekly): 30.25 days, down 1.04 days; deep - processing corn consumption (weekly): 121.95 tons, up 9.46 tons; alcohol enterprise operating rate (weekly): 54.08%, down 0.38%; starch enterprise operating rate (weekly): 55.73%, up 1.21% [2]. - Corn starch processing profit in Shandong: 8 yuan/ton, up 11 yuan/ton; in Hebei: 107 yuan/ton, up 10 yuan/ton; in Jilin: - 21 yuan/ton, up 16 yuan/ton [2]. - Monthly import volume of corn: 80 tons, up 24 tons; monthly export volume of corn starch: 16.74 tons, down 0.2 tons [2]. 3.5 Option Market - 20 - day historical volatility of corn: 7.14%, down 0.35%; 60 - day historical volatility of corn: 7.42%, up 0.12% [2]. - Implied volatility of at - the - money call options for corn: 13.86%, down 2.45%; implied volatility of at - the - money put options for corn: 13.86%, down 2.45% [2]. 3.6 Industry News - As of March 7, the planting progress of Brazil's 2025/26 second - season corn was 75.9%, compared with 64.9% last week, 83.1% in the same period last year, and a five - year average of 71.5% [2]. - As of March 7, the harvesting progress of Brazil's 2025/26 first - season corn was 29.5%, compared with 24.9% last week, 34.5% in the same period last year, and a five - year average of 27.3% [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - International corn market: The conflict between the US and Iran has intensified, boosting international corn prices. The high yield and sufficient supply of US corn in 2025 will suppress farmers' willingness to expand planting in 2026, with the planting area expected to decrease from 98.8 million acres in 2025 to 94 million acres in 2026 [2]. - Domestic corn market: In the Northeast, the post - holiday selling pressure has decreased, and farmers are reluctant to sell at low prices. Grain - using enterprises are actively replenishing stocks, and the purchase prices have been raised but the increase rate has slowed. In the North China - Huanghuai region, snow has led to stagnant corn trading, low supply, and increased purchase demand from processing enterprises. Corn futures prices have been rising strongly [2]. - Corn starch market: The operating rate of corn starch enterprises has increased after the holiday, increasing supply pressure and inventory. As of March 4, the total starch inventory of national corn starch enterprises was 121.9 tons, with a weekly increase of 1.75% and a year - on - year decrease of 11.35%. However, downstream demand has also recovered, and the supply - demand structure is acceptable. Supported by the strong corn market, the starch market has also shown a strong and volatile trend [2][3]. 3. Summary by Directory Futures Market - Corn futures: The closing price of the active contract was 2379 yuan/ton, a decrease of 17 yuan/ton; the monthly spread (5 - 9) was - 6 yuan/ton; the net long position of the top 20 futures holders was - 215,253 hands, a decrease of 11,902 hands; the registered warehouse receipt volume was 0 hands [2]. - Corn starch futures: The closing price of the active contract was 2692 yuan/ton, a decrease of 72 yuan/ton; the monthly spread (3 - 5) was 14 yuan/ton, a decrease of 2 yuan/ton; the net long position of the top 20 futures holders was - 26,583 hands, a decrease of 1408 hands; the registered warehouse receipt volume was 12,500 hands [2]. Outer - disk Market - CBOT corn: The closing price of the active contract was 446.25 cents/bushel; the total position was 1,656,135 contracts, a decrease of 123,787 contracts; the non - commercial net long position was 8828 contracts, an increase of 16,663 contracts [2]. Spot Market - Corn: The average spot price was 2403.14 yuan/ton, an increase of 5.1 yuan/ton; the flat - hatch price at Jinzhou Port was 2400 yuan/ton; the CIF price of imported corn was 2009.64 yuan/ton, an increase of 12.33 yuan/ton; the international freight of imported corn was 1 US dollar/ton [2]. - Corn starch: The ex - factory quotes in Changchun, Weifang, and Shijiazhuang were 2670 yuan/ton, 2850 yuan/ton, and 2830 yuan/ton respectively, all unchanged; the basis of the main contract was - 22 yuan/ton, a decrease of 14 yuan/ton; the spread between Shandong starch and corn was 450 yuan/ton, an increase of 36 yuan/ton [2]. Upstream Situation - Planting area and yield: The predicted planting areas in the US, Brazil, Argentina, China, and Ukraine were 94 million acres, 36.93 million hectares, 53 million hectares, 44.96 million hectares, and an unspecified area respectively. The predicted yields were 432.34 million tons, 22.6 million tons, 7.5 million tons, 301.24 million tons, and 29 million tons respectively [2]. Industry Situation - Inventory: Corn inventories at southern ports, northern ports, and deep - processing enterprises were 25.8 million tons, 221 million tons, and 385.2 million tons respectively. The starch enterprise inventory was 119.8 million tons, an increase of 8 million tons [2]. - Import and export: The monthly import volume of corn was 80 million tons, and the monthly export volume of corn starch was 16,740 tons, a decrease of 200 tons [2]. Downstream Situation - Feed production: The monthly feed production volume was 30.086 million tons [2]. - Processing profit: The processing profits of corn starch in Shandong, Hebei, and Jilin were - 38 yuan/ton, 39 yuan/ton, and - 96 yuan/ton respectively [2]. - Operating rate: The operating rates of alcohol enterprises and starch enterprises were 54.46% and 45.68% respectively, with the latter increasing by 4.33 percentage points [2]. Option Market - Historical volatility: The 20 - day and 60 - day historical volatilities of corn were 8.11% and 7.33% respectively [2]. - Implied volatility: The implied volatilities of at - the - money call and put options on corn were 11.56% [2]. Industry News - The conflict between the US and Israel attacking Iran has increased freight and insurance costs, making the Asian agricultural product market highly nervous about the impact on trade [2]. - Brazil's CONAB reported that as of February 28, the planting progress of the second - season corn in the 2025/26 season was 64.9%, compared with 46.7% last week, 69.5% in the same period last year, and a five - year average of 57.2% [2]. - The US Department of Agriculture stated that due to the record - high corn yield in the US in 2025, low prices, and sufficient supply, farmers' willingness to expand planting in 2026 will be suppressed [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views Corn - In the international market, due to the record - high corn production in the US in 2025, low prices and sufficient supply will suppress farmers' willingness to expand planting area in 2026. The expected planting area in 2026 is 94 million acres, lower than 98.8 million acres in 2025. However, with normal weather, the USDA expects the 2026 US corn production to reach 15.755 billion bushels, which still restricts international corn prices. In the domestic market, in the Northeast production area, the remaining grain of grass - roots farmers is less than 30%, the pressure of wet grain supply is reduced, and the grain - holding entities are bullish on the future market, resulting in a cold supply of corn. Processing enterprises have a demand for replenishing inventory, and the purchase price is generally strong. In the North China and Huanghuai regions, affected by rain and snow, the grass - roots purchase and sales recovery is slow, the supply of high - quality corn is tight, and deep - processing enterprises raise prices to promote purchases. After the Spring Festival, the corn futures price has been rising and maintaining a strong trend [2]. Corn Starch - After the Spring Festival, the operating rate of the corn starch industry has gradually increased, but the overall increase is limited, and the supply pressure is not large. However, the market purchase and sales have not recovered, the downstream procurement and delivery progress is slow, and the inventory is still rising. As of February 25, the total inventory of corn starch enterprises is 119800 tons, with a weekly increase of 7.16%, a monthly increase of 16.54%, and a year - on - year decrease of 11.32%. Affected by the strong performance of corn, the starch market has also shown a strong shock after the Spring Festival [3]. 3. Summary by Directory Futures Market - Corn futures closing price (active contract) is 2373 yuan/ton, down 11 yuan; corn starch futures closing price (active contract) is 2678 yuan/ton, down 16 yuan. The corn monthly spread (5 - 9) is - 11 yuan/ton, and the corn starch monthly spread (3 - 5) is - 70 yuan/ton, up 6 yuan. The futures trading volume of yellow corn (active contract) is 1455854 lots, down 46207 lots; that of corn starch is 245492 lots, up 1096 lots. The net long position of the top 20 futures holders of corn is - 203351 lots, down 11880 lots; that of corn starch is - 25175 lots, up 5933 lots. The registered warehouse receipt volume of yellow corn is 90399 lots, unchanged; that of corn starch is 12500 lots, up 23 lots. The CS - C spread of the main contract is 309 yuan/ton, down 5 yuan [2]. External Market - The CBOT corn futures closing price (active contract) is 445.25 cents/bushel, down 3 cents. The total CBOT corn position is 1656135 contracts, down 123787 contracts. The non - commercial net long position of CBOT corn is 8828 contracts, up 16663 contracts [2]. Spot Market - The average spot price of corn is 2398.04 yuan/ton, up 3.14 yuan; the ex - factory price of corn starch in Changchun is 2670 yuan/ton, up 30 yuan; in Weifang is 2850 yuan/ton, up 30 yuan; in Shijiazhuang is 2830 yuan/ton, up 30 yuan. The CIF price of imported corn is 1997.31 yuan/ton, up 15.92 yuan; the international freight of imported corn is 52 US dollars/ton, unchanged. The basis of the corn main contract is 25.04 yuan/ton, up 14.14 yuan; the basis of the corn starch main contract is - 8 yuan, up 46 yuan. The price difference between Shandong starch and corn is 450 yuan/ton, up 36 yuan; the price difference between cassava starch and corn starch is 631 yuan/ton, up 58 yuan; the price difference between corn starch and 30 - powder is - 137 yuan, up 15 yuan [2]. Upstream Situation - The predicted annual corn production in the US is 432.34 million tons, up 6.81 million tons; in Brazil is 131 million tons; in Argentina is 53 million tons; in China is 301.24 million tons, up 6.24 million tons; in Ukraine is 29 million tons. The predicted sown area of corn in the US is 36.93 million hectares, up 0.49 million hectares; in Brazil is 22.6 million hectares; in Argentina is 7.5 million hectares; in China is 44.96 million hectares, up 0.66 million hectares [2]. Industry Situation - The corn inventory in southern ports is 776000 tons, up 258000 tons; in northern ports is 2210000 tons, up 3000 tons. The deep - processing corn inventory is 3852000 tons, down 723000 tons. The monthly import volume of corn is 800000 tons, up 240000 tons; the monthly export volume of corn starch is 16740 tons, down 200 tons. The monthly output of feed is 3008600 tons, up 30700 tons [2]. Downstream Situation - The deep - processing corn consumption is 1124900 tons, down 10400 tons. The operating rate of alcohol enterprises is 54.46%, down 0.35 percentage points; the operating rate of starch enterprises is 45.68%, up 4.33 percentage points. The processing profit of corn starch in Shandong is - 38 yuan/ton, down 10 yuan; in Hebei is 29 yuan/ton, down 10 yuan; in Jilin is - 98 yuan/ton, down 20 yuan [2]. Option Market - The 20 - day historical volatility of corn is 7.75%, up 0.59 percentage points; the 60 - day historical volatility is 7.27%, up 0.24 percentage points. The implied volatility of at - the - money call options for corn is 10.87%, down 0.68 percentage points; the implied volatility of at - the - money put options for corn is 10.88%, down 0.68 percentage points [2]. Industry News - In the week ending February 26, 2026, the US corn export inspection volume was 1858624 tons, compared with 2020239 tons last week and 1352573 tons in the same period last year. As of February 26, the harvesting progress of the first - season corn in the central and southern regions of Brazil in the 2025/26 season reached 36%, higher than 28% of the previous week but lower than 46% of the same period last year. The USDA said that due to the record - high corn production in the US in 2025, low prices and sufficient supply will suppress farmers' willingness to expand corn planting area in 2026 [2].