玉米系产业日报 2025-08-25 玉米替代等潜在压制因素继续作用下，市场看涨情绪持续降温，现货市场下调范围扩大。盘面来看，玉米 总体仍然处于偏弱趋势中，偏空思路对待。 | 观点总结（ | 随着前期检修企业陆续复工，近来玉米淀粉行业开机率有所回升，供应端压力增加。同时，下游需求仍处淡季，签单走货欠佳，玉 | | --- | --- | | 淀粉） | 米淀粉供大于求格局明显。截至8月20日，全国玉米淀粉企业淀粉库存总量133.9万吨，较上周增加0.70万吨，周增幅0.53%，月增 | | 重点关注 | 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 | | 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | 幅2.14%；年同比增幅25.61%。盘面来看，淀粉总体仍维持偏弱趋势，偏空思路对待。 | 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见 ...

Report Industry Investment Rating - No information provided Core Viewpoints - The short - term price of live pigs has some support, but it is still under pressure later; the corn price is supported in the short - term but has limited upside space with pressure on the upper side of the market and may fluctuate at a low level in the short - term [5][8] Summary by Related Catalogs Live Pigs - Last week, the live pig futures showed a weak trend. The LH2509 contract closed at 14,055 yuan/ton, a 2.63% drop from the previous week's settlement price. The national average market price of outer ternary live pigs was 14.26 yuan/kg, a week - on - week decrease of 0.55 yuan/kg. As of August 1st, the self - breeding and self - raising profit was 43.85 yuan/head, a week - on - week decrease of 18.31 yuan/head; the profit of purchasing piglets for breeding was - 116.78 yuan/head, a week - on - week decrease of 45.39 yuan/head; the pig - grain ratio was 5.93, a week - on - week decrease of 0.09 [5] - The national live pig spot market first declined and then stabilized last week. In the short term, downstream consumption has no obvious positive factors, and the demand boost is limited. At the beginning of the month, the enterprise's slaughter pressure weakens, and the breeding end mainly controls the quantity and stabilizes the price. After continuous market decline, second - fattening inquiries have started in some areas, providing short - term support for live pig prices. However, as breeding enterprises resume slaughter, live pig prices are still expected to be under pressure [5] Corn - Last week, the corn futures fluctuated weakly. The C2509 contract closed at 2,297 yuan/ton, a 0.73% drop from the previous week's settlement price. The national average spot price of corn was 2,402.75 yuan/ton, a week - on - week decrease of 5.09 yuan/ton. Port prices in some areas showed a slight decline [6] - From July 24th to July 31st, 2025, 149 major corn deep - processing enterprises consumed 1.1377 million tons of corn, a week - on - week increase of 75,300 tons. The processing volume of corn starch enterprises was 545,100 tons, an increase of 43,600 tons from the previous week; the weekly national corn starch output was 267,800 tons, an increase of 32,600 tons from the previous week; the weekly operating rate was 51.76%, a 6.3% increase from the previous week. The operating rate of the DDGS industry increased, with the weekly output increasing by 8.20% [7] - As of July 30th, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 3.797 million tons, a decrease of 5.19%. As of August 1st, the total corn inventory of the four northern ports was about 2.06 million tons, and the corn inventory in Guangdong ports was 830,000 tons [7][8] - The national corn spot market first rose and then fell last week. The remaining grain inventory decreased significantly year - on - year, providing short - term supply support for corn prices. However, it is rumored that the directional rice auction may resume in August, which will help ease the tight supply of the corn market and limit the upside space of corn prices. The market is under pressure on the upper side and may fluctuate at a low level in the short term [8]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - The US corn is oscillating at the bottom, and it's likely to be affected by weather speculation later. The downside space of the US corn December contract below 420 cents per bushel is limited. The 09 corn contract is expected to continue oscillating at the bottom, with strong support at 2280 and resistance at 2330. The 09 corn and starch price spread will still fluctuate within a narrow range, and it's advisable to wait and see for the 01 corn contract [3]. - The开机 rate of starch factories is decreasing, downstream demand remains weak, but提货 volume has increased, leading to a decline in starch inventory. Starch spot prices are relatively stable, and starch factories are still suffering significant losses [3]. 3. Summary by Relevant Catalogs Chapter 1: Comprehensive Analysis and Trading Strategies - **Corn**: The US corn is oscillating at the bottom. Northeast corn prices are falling, North - port inventory is decreasing, and North - port spot prices are stable. North China corn supply is tight, and 09 corn is oscillating at the bottom, affected by the auction volume [3]. - **Starch**: The开机 rate of starch factories is decreasing, downstream demand is weak,提货 volume increases, and inventory decreases. Starch spot prices are stable, and factories are in significant losses [3]. - **Trading Strategies**: Consider buying the US corn December contract below 420 cents per bushel. The 09 corn will oscillate between 2280 - 2330. It's advisable to wait and see for arbitrage and options trading [3][4]. Chapter 2: Core Logic Analysis International - **Weather and Supply - Demand**: The US corn planting is completed, the July report is flat, and the weather is good, resulting in bottom - level oscillation. The import tariffs for US corn and sorghum are 26% and 23% respectively. Domestic import profits have expanded. As of July 17, the US corn export inspection this week was 1.3 million tons, with a cumulative export of 58.11 million tons. In June, 160,000 tons of corn were imported, and from January to June, 790,000 tons were imported, compared to 1.105 billion tons in the same period last year [6]. - **Non - commercial Net Short Position and Ethanol Production**: As of July 15, the non - commercial net short position of US corn was 130,000 lots, showing a decrease. US ethanol production has rebounded. The US corn December contract is expected to have limited downside space below 420 cents per bushel [11]. Domestic - **Deep - processing and Feed**: Deep - processing consumption, inventory, and feed enterprise corn inventory are all decreasing. In the 30th week of 2025 (July 17 - July 24), 1.0624 million tons of corn were consumed by 149 major corn deep - processing enterprises, a decrease of 38,100 tons from the previous week. As of July 23, the inventory of 96 deep - processing enterprises was 4.005 million tons, a 6.21% decrease from the previous week. As of July 24, the average corn inventory of 47 large - scale feed factories was 30.87 days, a decrease of 0.47 days from the previous week but a 0.65% increase compared to the same period last year [14]. - **Port Inventory**: North - port corn inventory is decreasing, while South - port grain inventory is increasing. On July 18, the corn inventory of the four northern ports was 2.209 million tons, a weekly decrease of 97,000 tons, and the four - port shipping volume was 340,000 tons, a weekly decrease of 262,000 tons. The total grain inventory in Guangdong Port increased by 122,000 tons to 1.826 million tons [17]. - **Starch**: The开机 rate of deep - processing is decreasing. From July 17 to July 23, the national corn processing volume was 501,500 tons, and the starch production was 235,200 tons, a decrease of 25,000 tons from the previous week. The开机 rate was 45.46%, a 4.83% decrease from the previous week. The profit loss has expanded, and starch inventory is decreasing. As of July 23, the corn starch inventory was 1.311 million tons, a decrease of 35,000 tons from the previous week [20]. - **Substitutes**: Wheat prices are basically stable. The price difference between wheat and corn is narrowing, the North China corn price is rebounding, the Northeast corn price is strong, the price difference between North China and Northeast corn is expanding, and the price difference between North China corn and the 09 corn contract is rising [26]. Chapter 3: Weekly Data Tracking - **Livestock and Poultry**: From July 17 - July 23, the self - breeding and self - raising profit of pigs was 72 yuan per head, a decrease of 43 yuan per head from the previous week, and the profit of buying piglets for fattening was - 117 yuan per head, a decrease of 46 yuan per head from the previous week. The breeding profit of white - feather broilers was - 0.88 yuan per bird, compared to - 2.04 yuan per bird last week. The egg - laying hen breeding cost was 3.54 yuan per catty, and the profit was - 0.32 yuan per catty, compared to - 0.77 yuan per catty last week [32][37]. - **Deep - processing Consumption**: This week, the开机 rate of F55 high - fructose corn syrup was 56.71%, a decrease of 1.02% from the previous week, and the开机 rate of maltose syrup was 45.04%, a decrease of 0.74% from the previous week. The开机 rate of corrugated paper was 61.97%, a decrease of 1.04% from the previous week, and the开机 rate of boxboard paper was 65.6%, a decrease of 0.66% from the previous week [40]. - **Prices of Corn and Substitutes**: Relevant price trends and price differences of corn and its substitutes are presented through various price charts, such as the Jinzhou Port corn flat - hatch price, Weifang starch ex - factory price, etc. [42][43]

USDA季度库存报告：截至2025年6月1日，美国旧作玉米库存总量为46.44亿蒲式耳，市场预期为46.41 亿蒲式耳，去年同期为49.93亿蒲式耳。 ...