1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The corn market experienced a weakening trend last week, with spot prices fluctuating weakly and futures prices mainly falling. The main contract switched to 2603, the port basis rose, the 1 - 3 spread strengthened, and the 3 - 5 spread weakened. The 2603 contract faced significant pressure. Fundamentally, the number of trucks arriving at deep - processing enterprises in Heilongjiang and Shandong increased. The selling pressure rebounded after the snow cleared, and the bullish sentiment of grain holders weakened. The grain sales of farmers continued, but the sales progress in Northeast China slowed slightly, while it remained normal in North China. It is expected that there will be a small peak in grain sales before the Spring Festival. Regarding imported corn, Brazilian corn will gradually arrive at ports, which will help relieve the tight inventory situation in the South. On the demand side, the breeding profit has been poor, the short - term feed demand has resilience but the outlook is pessimistic. The deep - processing profit is still not good, and the operating rate remains low and stable. The raw material inventory of feed mills and deep - processing enterprises has continuously increased, and the inventory in the northern ports has also increased significantly, weakening the boost from restocking. Overall, the stage of supply - demand mismatch in the corn market has ended, and it is expected to fluctuate weakly in the future under the background of poor demand and sufficient supply [7] 3. Summary According to the Directory 3.1 Weekly Analysis and Outlook - **Corn Futures Market Changes**: No specific content provided - **Corn Spot Market Changes**: No specific content provided - **Corn Spot Market: Regional Spreads**: No specific content provided - **Corn Sales Progress**: The grain sales of farmers continued, but the sales progress in Northeast China slowed slightly, while it remained normal in North China. It is expected that there will be a small peak in grain sales before the Spring Festival [7] - **Corn Import**: Brazilian corn will gradually arrive at ports, which will help relieve the tight inventory situation in the South [7] - **Feed and Breeding Demand**: The breeding profit has been poor, the short - term feed demand has resilience but the outlook is pessimistic [7] - **Feed and Breeding Demand: Feed Production**: No specific content provided - **Deep - processing Demand**: The deep - processing profit is still not good, and the operating rate remains low and stable [7] - **Substitutes**: No specific content provided - **Northern Port Corn Dynamics**: The raw material inventory of feed mills and deep - processing enterprises has continuously increased, and the inventory in the northern ports has also increased significantly, weakening the boost from restocking [7] - **Southern Port Corn Dynamics**: No specific content provided - **Southern Port Grain Dynamics**: No specific content provided 3.2 Domestic Corn Starch Market Dynamics - **Corn Starch Futures**: No specific content provided - **Corn Starch Spot**: No specific content provided - **Corn - Starch Spread**: No specific content provided - **Corn Starch Production and Inventory**: No specific content provided - **Corn Starch Downstream Demand**: No specific content provided - **Cassava Starch**: No specific content provided 3.3 International Corn Market Dynamics - **US Corn Futures Market**: No specific content provided - **US Corn Sowing and Growth Progress**: No specific content provided - **US Corn Export Sales**: No specific content provided - **Brazilian Corn Crop Progress**: No specific content provided

1. Report Industry Investment Rating - The investment rating for the corn industry is "oscillatory" [4]. 2. Core Viewpoints of the Report - The supply is short - term bullish and medium - term bearish. Short - term farmer reluctance to sell may lead to postponed selling pressure, and the 2025/26 season has a good harvest expectation. The demand is bullish due to high livestock and poultry inventories, low feed enterprise inventories, and seasonal building needs of deep - processing enterprises. The inventory situation is bullish as ports and enterprises have low inventories. The basis is neutral, and the profit is bearish with losses in livestock and poultry farming and deterioration in deep - processing profits. The valuation is neutral, and the macro and policy factors are bullish. Overall, the market is expected to be oscillatory, and investors are advised to be cautiously bullish and pay attention to logistics, downstream inventory, and farmers' selling attitudes [4]. 3. Summary by Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - **Supply**: Short - term bullish, medium - term bearish. Short - term farmer reluctance to sell may postpone selling pressure, especially in December - January. The 2025/26 season has lower planting costs, slightly reduced sown area, good yields, and a good harvest expectation [4]. - **Demand**: Bullish. As of October 2025, the national industrial feed output was 29.07 million tons, a 4.2% month - on - month decrease and a 3.6% year - on - year increase. The proportion of corn in compound feed was 38.0%, a 2.7 - percentage - point year - on - year decrease. High short - term livestock and poultry inventories support feed demand, but policies may affect long - term supply. Feed enterprises need to replenish stocks, deep - processing enterprises have seasonal building needs, and trade merchants have strong purchasing intentions [4]. - **Inventory**: Bullish. North ports have slow inventory accumulation and low inventory levels. South ports' grain inventories are at low levels, and feed and deep - processing enterprises also have low inventories [4]. - **Basis/Spread**: Neutral. The basis is at a neutral level [4]. - **Profit**: Bearish. Livestock and poultry farming and deep - processing industries such as starch and alcohol are facing profit losses or deterioration [4]. - **Valuation**: Neutral. New - season corn is overvalued in terms of planting costs but undervalued in terms of the absolute futures price [4]. - **Macro and Policy**: Bullish. The railway administration's loading limit notice increases short - term logistics tension expectations [4]. - **Investment Viewpoint**: Oscillatory. Short - term supply - demand mismatches due to logistics and weather lead to a firm spot price and an expected high - level oscillation of the futures price. Investors are advised to be cautiously bullish and pay attention to logistics, downstream inventory, and farmers' selling attitudes [4]. - **Trading Strategy**: Unilateral trading is expected to be oscillatory, and arbitrage trading is advised to wait and see [4]. 3.2 Futures and Spot Market Review - The report presents multiple charts showing the basis trend of the corn main contract, national average prices, port prices, and futures contract positions over the years [6][8][11]. 3.3 Domestic Corn Supply - Demand Fundamental Data - **Sales Progress**: It shows the sales progress in Northeast and North China regions over the years, and there is an increase in the amount of corn on the market [22][24]. - **Port and Enterprise Data**: North port arrivals, Shandong deep - processing remaining vehicles, price spreads between ports, and North port corn shipments are presented. In October, corn imports increased while sorghum and barley imports decreased. North port inventories are low, and South port grain inventories are decreasing. Feed enterprises' inventory days are shown, along with feed monthly output [26][33][39][46]. - **Livestock and Poultry Farming**: Pig prices have slightly declined, and weight reduction is not obvious. Data on pig breeding profits, chicken and egg - laying chicken breeding profits, and存栏 are presented [50][54][58]. - **Deep - Processing**: Deep - processing corn consumption has a seasonal rebound, and inventories are at low levels. Starch processing profits are deteriorating, and inventories are being depleted. Alcohol production has a seasonal increase in operation rate, but profits are falling. Wheat prices are rising, and flour demand is weak [65][73][97][104]. 3.4 Foreign Corn Supply - Demand Fundamental Data - **USDA Report**: The November 2025 report shows an increase in the corn stock - to - consumption ratio of major exporting countries. Global corn production and distribution are presented. The US corn export sales performance is good, including exports to China [117][121][123].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The international corn market in 2025/26 generally shows a loose pattern, with the supply pressure mainly concentrated in the United States. The South American market is in the sowing period, and the expected output is relatively stable, but the La Nina pattern may affect the output. In China, the corn output in 2025/26 has increased significantly, and the overall supply - demand is slightly loose. The corn price is expected to fluctuate widely in the range of 2,100 - 2,400 yuan/ton [2][34][35] 3. Summary by Relevant Catalogs 3.1 Market Review - In 2025, the domestic corn market mainly operated in the bottom - range. It was strong in the first half of the year due to reserve purchases, a sharp reduction in imported grains, and strong feed demand. In the second half, the market declined due to poor breeding profits, weak deep - processing demand, and the start of CGSCC's imported corn auctions, with futures leading the decline of spot prices [4] 3.2 International Corn Supply and Demand Analysis 3.2.1 Yield Recovery - In 2025, the international corn market price fluctuated widely at the bottom. The relative planting income of corn increased, and the planting area of major producing countries expanded. The corn output of countries outside China in 2025/26 is expected to reach 991 million tons, an increase of 55.408 million tons compared with 2024/25 [7] 3.2.2 Stable and Increasing Consumption - The corn consumption in major countries is expected to increase steadily in 2025/26. The feed consumption outside China is expected to be 574 million tons, an increase of 21 million tons, and the FSI consumption is 389 million tons, an increase of 8.4 million tons [9] 3.2.3 Rising Carry - over Inventory - The export potential of major producing countries has increased, and the total export volume has increased by 14.95 million tons. The carry - over inventory outside China is expected to be 107 million tons, an increase of 7 million tons compared with the previous year [11] 3.3 Domestic Corn Supply and Demand Analysis 3.3.1 Significant Yield Increase and Looser Balance Sheet - In 2025/26, the corn planting area in China increased slightly to 44.873 million hectares, the yield per unit area increased by 1.4%, and the output reached 300 million tons, an increase of 1.7%. The feed consumption is expected to decline, while the deep - processing consumption is expected to increase by 1.1 million tons. The final balance is 697,000 tons, turning from a deficit to a surplus [14] 3.3.2 Fast Grain - Selling Progress at the Grass - roots Level - As of November 20, 2025, the grain - selling progress of farmers in 13 provinces was 27%, 3 percentage points faster than the same period last year. The progress in Northeast and North China was 22% and 26% respectively, both 3 percentage points faster year - on - year. The grain - selling rhythm may slow down later [17] 3.3.3 Declining Feed Consumption and Recovering Deep - processing Consumption - In 2026, due to the loss of pig and egg - chicken breeding and the policy of reducing production capacity, the feed consumption is expected to decline. The deep - processing consumption is expected to recover due to the weakening impact of imported cassava starch and the use of low - quality corn in North China for alcohol processing [26][30] 3.3.4 Reduced Substitution of Imported Grains and Wheat - In 2024/25, the import of corn and substitute grains decreased significantly. In 2025/26, the import of corn and grains is expected to increase but remain at a low level. The substitution of domestic wheat for corn is expected to decrease [32] 3.4 Conclusion and Outlook - The international corn market in 2025/26 is generally loose, with supply pressure concentrated in the United States. In China, the corn output has increased, feed consumption has declined, and deep - processing consumption has slightly increased. The overall supply - demand is slightly loose, and the corn price is expected to fluctuate widely between 2,100 - 2,400 yuan/ton. The market is expected to be strong in the short - term, decline after mid - December, and strengthen again in May [34][35]

1. Report Industry Investment Rating - The investment view on the corn market is "oscillating". Without significant policy and weather changes, the new - season corn is expected to oscillate and bottom out under the selling pressure. It is recommended to consider buying far - month contracts at low prices after the selling pressure of new grains is further realized [6]. 2. Core View of the Report - The report analyzes the corn market from multiple aspects including supply, demand, inventory, etc. It believes that the supply side is bearish due to factors such as concentrated supply pressure in the Northeast, high - quality issues of North China's damp grains, and reduced import of grains. The demand side is neutral, with support from feed demand but also some uncertainties. The overall market is expected to oscillate and bottom out in the short - term, and there may be opportunities in far - month contracts later [6]. 3. Summary by Directory 3.1 Part One: Main Views and Strategy Overview - **Supply**: Bearish. Northeast has concentrated supply pressure, North China's low - quality damp grains have storage pressure, and the import of grains is reduced. The 25/26 planting cost is down, the sown area is slightly reduced, and the yield per unit is good, maintaining a high - yield expectation [6]. - **Demand**: Neutral. In August 2025, the national industrial feed production was 29.36 million tons, with a month - on - month increase of 3.7% and a year - on - year increase of 3.8%. The proportion of corn in compound feed is 32.9%. Livestock and poultry have high inventory in the short - term, and feed enterprises have a rigid demand for replenishment. Deep - processing enterprises have seasonal inventory - building needs, but they tend to lower the price for low - quality grains. The high inventory of starch has not been effectively reduced, so enterprises have no urgent need to purchase raw materials [6]. - **Inventory**: Neutral. The inventory accumulation in the northern ports is slow, the corn inventory in the southern ports is at a low level, and the overall grain inventory has increased due to the supplement of imported grains. Feed enterprises and deep - processing enterprises have low inventories [6]. - **Basis/Spread**: Neutral. The basis is at a neutral level [6]. - **Profit**: Bearish. The breeding profits of pigs, meat and egg - laying poultry are in the red, while the processing profits of deep - processed starch and alcohol are improving [6]. - **Valuation**: Neutral. From the perspective of planting cost, the valuation of new - season corn is slightly high; from the perspective of the absolute price of the futures market, the valuation of the corn futures price is low [6]. - **Investment View**: Oscillating. Without significant policy and weather changes, C01 is expected to oscillate and bottom out under the selling pressure of new - season corn. Pay attention to the inventory - building rhythm of traders and policy changes. After the selling pressure of new grains is further realized, it is recommended to buy far - month contracts at low prices [6]. - **Trading Strategy**: Unilateral trading is expected to oscillate, and arbitrage is on hold. Pay attention to policies and weather [6]. 3.2 Part Two: Review of Futures and Spot Market Quotes - **Spot Market**: The price has a slight rebound [10]. - **Futures Market**: The position is shifting from one contract to another [15]. 3.3 Part Three: Domestic Corn Supply - Demand Fundamental Data - **Supply - side Data**: The supply from channels has recovered. In September, the import of corn was at a low level, while the import of sorghum and barley increased. The inventory in the northern ports has a slight increase, and the corn inventory in the southern ports is at a low level [24][33][39]. - **Demand - side Data**: The feed production has increased, and the consumption of deep - processed corn has a seasonal rebound. The processing profit of starch has improved, but the inventory is high. The demand for starch in the beverage industry is poor, the papermaking industry has a high operating rate but low profit. The operating rate of alcohol has a seasonal rebound, but the processing profit has declined. The price of wheat has increased, and the demand for flour is weak [49][65][73][81][88][97][105]. 3.4 Part Four: Foreign Corn Supply - Demand Fundamental Data - In the September report, the corn stock - to - consumption ratio of major exporting countries in 2025/26 was slightly lowered. The export sales of US corn and its sales to China are presented in relevant data [117][124].

Report Summary 1. Report Industry Investment Rating - No investment rating for the industry is provided in the report. 2. Core View of the Report - The old - crop corn supply - demand is tightening, but there is significant warehouse receipt pressure, causing the futures market to struggle to rebound. With the expected selling pressure during the new - season corn harvest and the reduction in planting costs, a bearish view is maintained on the C11 and C01 contracts [5]. 3. Summary by Related Catalogs Market Price Data - **Corn Spot Prices**: The prices of corn at various ports and regions have different levels of change. For example, the Jinzhou Port FOB price is 2310 yuan/ton, down 10 yuan; the Jilin Province corn starch spot price is 2730 yuan/ton, unchanged; the Anhui Province wheat spot price is 2433 yuan/ton, down 2 yuan [5]. - **Futures Prices**: The corn主力 contract closing price is 2263 yuan/ton, down 3 yuan; the corn starch主力 contract closing price is 2614 yuan/ton, down 10 yuan [5]. - **International Data**: The US corn closing price is 405.75 cents per bushel, the imported US corn duty - paid price is 2098.54 yuan/ton, and the estimated profit from importing US corn is 331.46 yuan/ton [5]. Supply Situation - The remaining old - crop grain is in short supply. The volume of grain arriving at the northern ports and the number of trucks arriving at Shandong deep - processing plants in the morning are at low levels. The planting cost for the 25/26 season continues to decline, and the estimated port - collection price is about 2000 - 2100 yuan/ton. The sown area shows a slight decrease, the new - season corn is growing well, and the import of grain is restricted, leading to a reduction in imported grain supply [5]. Demand Situation - In the short term, livestock and poultry are expected to maintain high inventory, supporting feed demand. However, national policies tend to control the inventory and weight of pigs, which may affect long - term supply. The price difference between wheat and corn is low, and feed mills in North China have a high proportion of wheat as a feed substitute, so they are cautious about purchasing corn. Deep - processing downstream is in a loss state, forcing the operating rate to decline to a low level, resulting in a reduction in deep - processing demand [5]. Inventory Situation - The inventories at the northern and southern ports are continuously decreasing. The number of days of corn inventory in feed enterprises and the deep - processing corn inventory are both declining [5]. Spread and Other Data - The spread between starch and corn (main continuous contract) is 351, and the spread between starch and corn (Jilin spot average price) is 490. The northern port corn inventory is 177.4 million tons, and the Guangdong port domestic - trade corn inventory is 74.8 million tons [5].

Group 1: Report Overview - The report is titled "Corn System Data Daily Report" and is issued by the Agricultural Products Research Center of Guomao Futures Research Institute on August 8, 2025 [3][4] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoint - The southern port's grain inventory is being depleted slowly, downstream demand support is insufficient, and the warehouse receipt pressure is high. Although the supply - demand of old - crop corn is tightening, the time for the 09 contract is limited. Due to the harvest pressure of new - season corn and the reduction in planting costs, the 11 and 01 contracts of corn are expected to fluctuate at a low level [6] Group 4: Price and Market Data Spot Prices - Corn spot prices vary by region. For example, the Jinzhou Port flat - hatch price is 2300 yuan/ton, down 20 yuan; the Harbin price in Heilongjiang Province is 2195 yuan/ton, unchanged. Among them, the price in Hebei Province decreased by 10 yuan [5] - Corn starch spot prices are 2750 yuan/ton in Jilin Province and 2434 yuan/ton in Henan Province, both unchanged [5] - Wheat spot prices are 2435 yuan/ton in Anhui Province, down 1 yuan, and 2434 yuan/ton in Jiangsu Province, unchanged [5] Futures Prices - The closing price of the corn main contract is 2267 yuan/ton, up 8 yuan; the closing price of the corn starch main contract is 2618 yuan/ton, unchanged [5] International Data - The closing price of US corn is 402.00 cents per bushel, the imported US corn duty - paid price is 2231.87 yuan/ton, and the estimated profit of imported US corn is 198.13 yuan/ton. The US dollar - to - RMB exchange rate is 7.18 [5] Spread Data - The spread between starch and corn (main continuous) is 351, and the spread between starch and corn (Jilin spot average price) is 490 [5] Inventory Data - North port corn inventory is 210.6 tons, Guangdong port domestic - trade corn inventory is 88.2 tons, and foreign - trade corn inventory is 0.7 tons. Northeast deep - processing corn inventory is 215.9 tons, and North China deep - processing corn inventory is 114.9 tons [5] Group 5: Supply and Demand Analysis Supply - The remaining grain is in short supply. Northeast grain has the demand for external transportation, and the volumes of grain collection and shipment at the north port have declined. The planting cost in the 25/26 season continues to decrease, and the estimated port collection price is about 2000 - 2100 yuan/ton. The sown area has no obvious change, the new - season corn is growing well, and the supply of imported grains is expected to decrease this year due to continuous policy restrictions [5] Demand - Livestock and poultry are expected to maintain a high inventory in the short term, supporting the feed demand. However, national policies tend to control the inventory and weight of pigs, which may affect the supply in the far - month. The price difference between wheat and corn is at a low level, feed mills are increasing their wheat purchases, the wheat substitution ratio is increasing, and they are maintaining a cautious attitude towards corn purchases. The deep - processing downstream is in a loss, forcing the operating rate to decline to a low level, and the deep - processing demand is shrinking [5] Inventory - The north port inventory has been depleted to a low level, the southern port grain inventory is being depleted slowly, the feed enterprise inventory continues to decline, and the deep - processing corn inventory has declined this week [5]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The domestic corn supply is expected to be tight, and the market is likely to fluctuate upward. The report suggests taking a long - position strategy by buying at low prices [1][30] 3. Summary by Relevant Catalogs 3.1 Market Review - Since April, domestic corn futures have experienced a trend of rising, then correcting, and rising again. The spot price initially rose with futures but later flattened. At the beginning of the month, the corn market was strong due to Sino - US trade conflicts, but then adjusted slightly in the spot market and significantly squeezed the premium in the futures market because of weak demand and warehouse - clearing by traders in North China before wheat procurement. In the second half of the month, the impact of wheat substitution decreased due to drought threats in new wheat - producing areas [3] 3.2 International Corn Market Analysis 3.2.1 USDA Supply - Demand Balance Sheet - The USDA's April report estimated the 2024/25 corn harvest area at 82.9 million acres, with a yield of 179.3 bushels per acre and a total output of 14.867 billion bushels. Feed demand is 5.75 billion bushels, food and processing demand is 6.89 billion bushels, exports are 2.55 billion bushels, and the year - end carry - over inventory is 1.465 billion bushels. Feed consumption decreased, exports increased, and carry - over inventory declined. The current US corn planting progress is 12%, higher than the five - year average of 10%. With favorable weather and increased new - crop area, production is expected to increase [6] 3.2.2 Brazil and Argentina's Production - According to CONAB's April estimate, Brazil's 2024/25 corn production is expected to be 125 million tons, slightly up from the March estimate. Consumption is expected to be 87.1 million tons, exports 34 million tons, and the carry - over inventory 7.4 million tons. The domestic balance sheet is looser than last year due to increased area and restored yield. In Argentina, the USDA estimates the 24/25 production at 50 million tons, the same as the March estimate, and exports at 36 million tons, 260,000 tons less than in 23/24. Overall, the production of Brazil and Argentina has increased compared to last year, and the supply - demand situation has improved [10] 3.2.3 Ukraine's Production - The USDA estimates Ukraine's 24/25 corn production at 26.8 million tons, a decrease of 2.7 million tons (19% decline) from last year due to dry and hot weather and a significant drop in yield. Due to the decline in initial inventory and production, export capacity has decreased by 7.5 million tons to 22 million tons, and the ending carry - over inventory is 740,000 tons, the lowest in recent years. Traders estimate that Ukraine's 2025/26 corn production may reach 30 million tons, a significant increase from 25.2 million tons in 2024/25, as the yield may increase by 19% [12] 3.3 Domestic Corn Market Analysis 3.3.1 Grain Sales Progress - Since 2024/25, Chinese farmers' enthusiasm for selling corn has been high. As of April 17, the grain - sales progress of farmers in 13 provinces was 93%, 5% faster than the same period last year, and that in 7 major producing provinces was 93%, 6% faster. Farmers' remaining grain is only 7%, meaning they have basically sold out. In the future, the game between traders and downstream demand enterprises will be more critical [16] 3.3.2 Import Impact - China's corn imports have been at a low level for several consecutive months. In the 24/25 marketing year, the cumulative corn imports are less than 3 million tons, an 84% decrease from 18.48 million tons in the same period last year. There are almost no imports from the US for 9 consecutive months, and imports from Brazil have also significantly decreased, due to narrowed import profits and policy - regulated import volume. The annual corn imports in 24/25 are expected to be more than 10 million tons less than last year, and the Ministry of Agriculture and Rural Affairs has lowered the annual import forecast to 7 million tons. The imports of alternative energy raw materials such as sorghum, barley, wheat, and broken rice are less than 9 million tons, about half of the same period last year. The reduction in imports will significantly ease the domestic supply pressure [19] 3.3.3 Demand Analysis - Feed consumption is expected to increase. The inventory of breeding sows in China began to rise in the second quarter of 2024, peaked in the fourth quarter, and then declined. In 2025, the pig inventory will mostly increase, though at a slower pace. Poultry feed consumption is expected to increase as egg - laying hens have been profitable for four consecutive years and are entering an expansion cycle, while broiler production is relatively stable. Ruminant feed consumption may remain low. The total feed production and sales are expected to increase this year. The latest statistics from the Feed Industry Association show that the national industrial feed production from January to February 2025 was 49.2 million tons, a 9.6% year - on - year increase. In the deep - processing industry, due to weak macro - economic growth and poor downstream demand, the profit is not good. Under Sino - US tariff confrontation, the foreign trade situation is severe, which will continue to pressure the product sales of deep - processing enterprises. The deep - processing demand for corn is expected to be flat or slightly decrease compared to last year [22][23] 3.3.4 Supply Gap - As of April 17, the total inventory in North China is 27.57 million tons. Based on the monthly consumption of deep - processing and feed enterprises, the inventory of traders and farmers can be used for about 3.2 months, until mid - July, but the regional distribution is uneven, and Shandong has the largest supply - demand gap. If only considering the inventory of traders and farmers, the supply - demand gap is 15.39 million tons. In the Northeast, the overall supply and demand can be balanced with a slight surplus. The domestic corn market has a certain supply gap, and needs the supplement of wheat and feed rice [27]