1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The US corn yield in November was lowered, but the production is at a high level. The US corn oscillated around 430 cents per bushel this week, with a short - term narrow - range and slightly upward trend. The 12 - contract of US corn has strong support at 420 cents per bushel. Although China - US relations have eased and the in - quota tariff for importing US corn is 11% and 12% for sorghum, there is still no profit in importing US corn, while the import profit from Brazil is relatively high. Currently, farmers are still reluctant to sell, resulting in a low volume of corn on the market. It is expected that there will be another wave of selling pressure for Northeast corn in December. The 01 corn futures are expected to have limited rebound height and are likely to decline. [4] - The operating rate of starch factories has decreased, downstream提货 is good, and starch inventory has declined, but it is still at a historically high level in the same period. Corn spot is relatively strong, and starch spot is also rising. The profit of North China starch factories has declined, and the operating rate of starch enterprises will still increase in the future. With the large - scale listing of new corn, there is still room for the starch spot price to fall. It is expected that the 01 corn starch will follow the corn to oscillate at a high level and is likely to oscillate downward next week. [4] 3. Summary According to Relevant Catalogs 3.1 Chapter 1: Comprehensive Analysis and Trading Strategies - **Corn Situation**: The US corn is in a bumper harvest, but the yield may continue to be lowered later. The 12 - contract of US corn has strong support at 420 cents per bushel. Currently, corn in Northeast China is gradually being put on the market, while the volume in North China is relatively small. The upward space of corn spot is limited. In the short term, corn may experience a correction. It is expected that the rebound space of 01 and 05 corn is limited, and the 1 - 5 spread has narrowed. According to the seasonal pattern, the spot price may decline at the end of November. [4] - **Trading Strategies** - **Unilateral**: Try to buy the 12 - contract of US corn below 420 cents per bushel. Short - sell the 01 corn at a high price above 2200, and long - buy the 05 corn below 2220. [4][5] - **Arbitrage**: Try to buy the 01 corn and sell the 01 starch, and narrow the spread at a high price. [5] - **Options**: Adopt the strategy of accumulating put options for the 01 corn at a high price. [5] 3.2 Chapter 2: Core Logic Analysis International Market - **Yield and Price**: The US corn yield in November continued to be lowered, but it is in a bumper harvest. The price of US corn rose first and then fell, and the 12 - contract has support at 420 cents per bushel. Although China has lowered tariffs on US agricultural products, there is still no profit in importing US corn. The domestic import profit has expanded, with an import profit of 233 yuan/ton from Brazil in December. [8][11] - **Export and Inventory**: As of November 13, the export inspection of US corn this week was 2 million tons, with a cumulative export of 15.84 million tons. This week, the export to China was 0 tons, with a cumulative export of 0 tons, accounting for 0%. In October, 360,000 tons of corn were imported, and from January to October, 1.29 million tons were imported, compared with 13.03 million tons in the same period last year. [12] - **Non - commercial Net Short and Ethanol Production**: As of September 30, the non - commercial net short position of US corn increased to 81,000 lots, and the US ethanol production decreased. The 12 - contract of US corn oscillated at the bottom, around 430 cents per bushel. [17] Domestic Market - **Inventory and Consumption of Deep - processing and Feed Enterprises** - Feed enterprises' corn inventory has increased but is less than the same period last year. As of November 20, the average corn inventory of 47 large - scale feed factories was 26.23 days, a month - on - month increase of 0.63 days and a year - on - year decrease of 9.58%. [21] - The consumption of deep - processing enterprises has increased. From November 13 to November 19, 2025, 149 major corn deep - processing enterprises in the country consumed 1.3831 million tons of corn, a decrease of 34,000 tons from the previous week. The inventory of deep - processing enterprises has decreased, and it is expected to increase next week. As of November 19, the corn inventory of 96 deep - processing enterprises was 2.727 million tons, a decrease of 0.29% from the previous week. [22] - **Port Inventory**: The corn inventory in northern ports has increased, while the grain inventory in southern ports has decreased. As of November 14, the corn inventory in the four northern ports was 1.17 million tons, a week - on - week increase of 99,000 tons, and the shipping volume of the four ports this week was 400,000 tons, a week - on - week decrease of 182,000 tons. The domestic - trade corn inventory in Guangdong Port was 273,000 tons, a decrease of 181,000 tons from the previous week; the foreign - trade inventory was 355,000 tons, a decrease of 57,000 tons from the previous week; the imported sorghum was 334,000 tons, a decrease of 83,000 tons from the previous week; the imported barley was 624,000 tons, a decrease of 82,000 tons from the previous week; and the total grain inventory was 1.586 million tons, a decrease of 403,000 tons. [25] - **Selling Progress**: The selling progress of domestic corn is faster than last year. The overall national selling progress (all 13 provinces) is 27%, a month - on - month increase of 3% and a year - on - year increase of 2%; the selling progress of 7 provinces (Heilongjiang, Jilin, Liaoning, Inner Mongolia, Hebei, Shandong, and Henan) is 23%, a month - on - month increase of 2% and a year - on - year increase of 2%. [26] Starch Market - **Operating Rate and Inventory**: The operating rate of deep - processing has decreased. From November 7 to November 13, the national corn processing volume was 612,400 tons, and the starch production was 315,000 tons, a decrease of 13,400 tons from the previous week. The operating rate was 60.89%, a decrease of 2.59% from the previous week. The downstream提货 volume has increased, and the inventory has decreased. As of November 19, the corn starch inventory was 1.109 million tons, a decrease of 24,000 tons from the previous week, a decrease of 2.12%, a monthly decrease of 1.68%, and a year - on - year increase of 25.6%. It is expected that the starch inventory will increase next week. [30] - **Profit**: The spot price of North China corn has risen, the starch spot price has risen, the by - product price has remained stable, and the enterprise profit has remained stable. This week, the profit per ton of corn in Heilongjiang was 9 yuan/ton, a decrease of 24 yuan from the previous week, and the profit in Shandong was 27 yuan/ton, a decrease of 9 yuan. [30] Substitute Market - **Wheat Price**: The arrival price in North China is basically 2,500 yuan/ton, and the price is relatively strong. The price difference between wheat and corn has narrowed. Corn in North China and Northeast China is relatively strong, the price difference between North China and Northeast corn has expanded, and the price difference between North China corn and the 01 corn contract has increased. [35] 3.3 Chapter 3: Weekly Data Tracking - **Livestock and Poultry Breeding** - **Pigs**: From November 13 to November 20, the self - breeding and self - raising profit was - 81 yuan/head, a decrease of 17 yuan/head from the previous week, and the profit from purchasing piglets was - 165 yuan/head, a decrease of 43 yuan/head from the previous week. [39] - **White - feather Broilers**: From November 13 to November 20, the breeding profit of white - feather broilers was - 0.26 yuan per chicken, compared with - 0.47 yuan per chicken last week. [46] - **Laying Hens**: This week, the breeding cost was 3.46 yuan per catty, the breeding profit was - 0.54 yuan per catty, compared with - 0.43 yuan per catty last week. [46] - **Deep - processing Downstream Consumption** - **Starch Sugar**: This week, the operating rate of F55 high - fructose corn syrup was 41.59%, a month - on - month increase of 0.78%, and the operating rate of malt syrup was 46.2%, a month - on - month increase of 2.52%. [49] - **Paper Mills**: This week, the operating rate of corrugated paper was 64.77%, a decrease of 1.93% from the previous week, and the operating rate of boxboard paper was 67.53%, a decrease of 3.3% from the previous week. [49] - **Price and Spread** - **Price**: The wheat price in North China is basically stable at 2,500 yuan/ton, and the price of corn in North China and Northeast China is relatively strong. [35] - **Spread**: The price difference between wheat and corn has narrowed, the price difference between North China and Northeast corn has expanded, and the price difference between North China corn and the 01 corn contract has increased. [35]