Core Viewpoint - The corn spot prices are showing strong performance due to factors such as farmers' reluctance to sell, rising futures prices, and rigid demand, although there are regional disparities in market performance [1][3]. Group 1: Price Trends - As of December 5, the national average corn price reached 2235.64 yuan/ton, reflecting a month-on-month increase of 4.14% and a year-on-year increase of 9.06% [1]. - The corn futures market has been strong, contributing to bullish market sentiment, with the main contract rising by 7.19% compared to a 4.20% increase in spot prices from November 3 to December 5 [1]. Group 2: Regional Market Performance - There is a noticeable disparity in price increases across different regions, with the Northeast showing a more significant rise in corn prices compared to the relatively stable prices in North China [3]. Group 3: Industry Challenges - Despite rising corn prices, the terminal breeding sector is facing ongoing losses, with average profits for self-bred and self-raised pigs reported at -227.18 yuan/head, a decrease of 14.20 yuan/head week-on-week [5]. - The continuous rise in corn prices is expected to exert pressure on feed prices, further impacting the breeding sector, which has been in a loss position since mid-September [5]. - The market is anticipated to cool down, with potential price corrections expected in mid-December, possibly bringing the national average price below 2220 yuan/ton in the coming month [5].

二 〇 二 五 年 度 2025 年 12 月 7 日 玉米：或有回调 尹恺宜 投资咨询从业资格号：Z0019456 yinkaiyi@gtht.com 报告导读： （1） 玉米市场回顾 现货市场，12 月 5 日当周，玉米现货上涨。据汇易网统计，截至 12 月 5 日，全国玉米均价 2358.63 元/吨，较前一周 2329.80 元/吨上涨 30 元/吨。华北玉米价格涨跌互现，深加工企业主流收购价格 2260-2380 元/吨（含 18%水分以内潮粮），饲料企业本地粮收购价格 2330-2380 元/吨，部分本地自然 干粮上市，关外猪料玉米到货 2400-2450 元/吨。东北深加工玉米价格继续上行，黑、吉潮粮主流收购价 格 2050-2160 元/吨，饲料玉米主流价格 2110-2250 元/吨之间。北方玉米散船集港价格 2250-2270 元/ 吨，广东蛇口散船报价 2450-2470 元/吨。 期货市场，12 月 5 日当周盘面上涨。北港价格偏强运行，贸易商仍有合同待执行，收购积极性尚 可，市场情绪较强，价格继续上涨。港口玉米库存量处于近年低位，盘面偏强运行。主力合约（C2601） 最高价 2310 ...