Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core View The current corn price has limited upside and downside potential, and is expected to fluctuate within a range. The short - term strategy is to wait and see, while closely monitoring recent macro - policy adjustments and domestic supply - demand changes [8][75][76]. 3. Summary by Section 3.1. Market Review - **Futures Price**: Last week, the main continuous contract of corn futures oscillated weakly. As of last Friday's close, it was reported at 2,306 yuan/ton, a decline of 0.52%, with a trading volume of 509,176 lots and an open interest of 1,030,900 lots [5][14]. - **Spot Price**: The price of corn in the Northeast, North China, and sales regions continued to be weak. In the Northeast, the terminal purchase price generally decreased by 20 - 30 yuan/ton; in North China, the deep - processing enterprise purchase price decreased by 30 - 40 yuan/ton; in the sales regions, the port quotation was under pressure, and the north - south price difference narrowed [7][18][19]. 3.2. Corn Supply - Demand Pattern Analysis - **Planting Area and Yield**: In recent years, the domestic corn planting area has remained above 38 million hectares. It is expected that in 2025, the national corn planting area will be 40.47 million hectares, a decrease of 110,000 hectares from 2024, and the yield will be 276.59 million tons, an increase of 5.09 million tons from 2024, an increase of 1.87% [25][32]. - **Deep - processing Enterprise Inventory**: Last week, the total corn inventory of processing enterprises was 4.436 million tons, a month - on - month increase of 1.88% and a year - on - year increase of 3.55%. The inventory increase was concentrated in the Northeast [36]. - **Deep - processing Enterprise Startup**: The recent startup rate of deep - processing enterprises has been oscillating at a low level. This week, the startup rate in the Northeast region may further drop below 50% [41]. - **Deep - processing Enterprise Consumption**: From July 3rd to July 9th, 2025, 149 major corn deep - processing enterprises consumed 1.1578 million tons of corn, a month - on - month decrease of 18,500 tons [45]. - **Feed Enterprise Inventory**: As of July 10th, the average inventory of national feed enterprises was 31.58 days, a month - on - month decrease of 1.19% and a year - on - year increase of 1.38% [48]. - **Deep - processing Enterprise Profit**: Last week, the hedging by - product profit of corn starch in Jilin, Shandong, and Heilongjiang increased month - on - month, but was still in the negative range [53]. 3.3. Analysis of Related Products - **Corn Starch**: As of July 10th, the mainstream transaction price of corn starch in Shandong decreased by 40 - 50 yuan/ton month - on - month. The national average price of corn starch was 2,835 yuan/ton, a month - on - month decrease of 4 yuan/ton. The market price continued to be weak [60]. - **Wheat**: As of July 10th, the national average price of corn was 2,421 yuan/ton, and the average price of wheat was 2,440 yuan/ton. The wheat price continued to decline last week [67]. - **Sorghum**: As of July 10th, the price of imported sorghum at Nantong Port was 20 yuan/ton lower than that of corn. The price of imported sorghum remained stagnant, and the market transaction was light [70]. - **Pigs**: Last week, the national average price of live pig slaughter was 14.96 yuan/kg, a month - on - month increase of 0.54% and a year - on - year decrease of 19.27%. The supply - demand pattern of the pig market remained weak [74].