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].