Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The US corn report is bearish, with US corn hitting a new low. Chinese tariffs on US corn and sorghum have increased, but foreign corn import profits are high. Corn spot prices are expected to be relatively stable in the short term but may decline due to imports, domestic auctions, and the upcoming new corn harvest. Starch demand is weak, and enterprises may face long - term losses. The 09 starch contract is expected to fluctuate weakly in the short term [5][8][9] Group 3: Summary According to Relevant Catalogs 1. Data Futures盘面 - For corn futures contracts C2601, C2605, and C2509, the closing prices are 2204, 2275, and 2279 respectively, with daily increases of 0.50%, 0.62%, and 0.83%. For starch futures contracts CS2601, CS2605, and CS2509, the closing prices are 2586, 2643, and 2651 respectively, with daily increases of 0.93%, 0.76%, and 0.23% [2] Spot and Basis - Corn spot prices in different regions vary, with prices in Qinggang, Jiajishenghua, and other places ranging from 2215 to 2502. Starch spot prices in different enterprises range from 2800 to 3020. The basis of corn and starch also shows different values in different regions and enterprises [2] Spreads - Corn and starch have different inter - period spreads and cross - variety spreads, such as C01 - C05 with a spread of - 71 and a daily change of - 3, and CS01 - CS05 with a spread of - 57 and a daily change of 4 [2] 2. Market Judgment Corn - The US corn report increased the planting area, and US corn reached a new low. Chinese tariffs on US corn and sorghum have increased, but foreign corn import profits are high. Northern port flat - price is stable, and Northeast corn is stable, while North China corn is weak. Wheat continues to substitute for corn, and domestic breeding demand is weak. Corn spot prices are expected to be stable in the short term but may decline [5][7] Starch - The number of trucks arriving at Shandong deep - processing plants has increased, and Shandong corn is strong. Starch inventory has increased this week. Starch prices depend on corn prices and downstream stocking. By - product prices are strong, and the spot price difference between corn and starch is low. Starch demand is weak, and enterprises may face long - term losses. The 09 starch contract is expected to fluctuate weakly in the short term [8] 3. Trading Strategies - Unilateral: The domestic 09 corn contract will continue to fluctuate narrowly. Short - sell 09 and 01 corn contracts when prices are high - Arbitrage: Buy spot and short - sell the 09 corn contract in a rolling manner. Wait and see the spread between 09 corn and starch [10] 4. Corn Options - Enterprises with spot positions can close out short positions in corn call options, or short - sell on rallies in the short term and conduct rolling operations [13] 5. Relevant Attachments - The attachments include charts of corn and starch spot prices, basis, spreads, etc., covering multiple time periods and contracts, with data sources from Galaxy Futures and iFinD Information [15][17][21]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The US corn supply is abundant, and although the price has been falling, the decline space is limited due to significant trading volume at the current level. China has imposed a 15% tariff on US corn, with a total of 26% tariff within the quota, and a 22% tariff on US sorghum. The import profit of foreign corn is relatively high, with the December Brazilian import price at 2,100 yuan. [5] - The domestic corn spot market is relatively stable in the short - term, but is under pressure from imports and domestic corn auctions. In North China, the supply of corn is expected to be tight in August due to low trader inventories and some feed enterprises' stocking. [5][7] - The corn starch inventory has increased this week. In the long - term, due to weak demand, starch enterprises will be in a loss state. The short - term 09 starch futures contract is expected to fluctuate within a narrow range. [8] 3. Summary by Directory 3.1 Data - **Futures Disk**: For corn futures, contracts C2601, C2605, and C2509 had closing prices of 2,188, 2,255, and 2,262 respectively, with price changes of 4, 7, and 7 and percentage changes of 0.18%, 0.31%, and 0.31% respectively. For corn starch futures, CS2601, CS2605, and CS2509 had closing prices of 2,560, 2,616, and 2,642 respectively, with price changes of 8, 7, and 0 and percentage changes of 0.31%, 0.27%, and 0.00% respectively. [3] - **Spot and Basis**: Corn spot prices in different regions showed some fluctuations, with prices in Qinggang, Jiajishenghua, and other places ranging from 2,220 to 2,514 yuan. Starch spot prices in different enterprises were between 2,800 and 3,020 yuan, with a 30 - yuan decrease in Hengren Gongmao. [3] - **Spreads**: Corn inter - period spreads such as C01 - C05 was - 67 with a change of - 3, and starch inter - period spreads like CS01 - CS05 was - 56 with a change of 1. The cross - variety spreads, for example, CS09 - C09 was 380 with a change of - 7. [3] 3.2 Market Judgment - **Corn**: The US corn supply is loose, and the price decline space is limited. The domestic corn spot market is relatively stable in the short - term, but is affected by imports and auctions. In North China, the supply is expected to be tight in August, and the price is expected to have strong support around 2,400 yuan/ton at the end of August. [5][7] - **Starch**: The inventory of corn starch has increased. In the long - term, due to weak demand, enterprises will be in a loss state. The short - term 09 starch futures contract is expected to fluctuate within a narrow range. [8] 3.3 Trading Strategies - **Unilateral**: The domestic 09 corn futures contract will fluctuate within a narrow range. Short - term long positions can be taken when the 09 corn price pulls back, and short - term short positions can be taken at high prices for the 01 corn contract. [10] - **Arbitrage**: Buy spot and short 09 corn in a rolling manner, and wait and see for the spread between 09 corn and starch. [10] 3.4 Corn Options - Option strategies suggest that enterprises with spot positions can close out short positions in corn call options, or short - term traders can try to sell at high prices and operate in a rolling manner. [13] 3.5 Related Attachments - The attachments include charts of corn spot prices in different regions, corn 09 contract basis, corn 9 - 1 spreads, corn starch 9 - 1 spreads, corn starch 09 contract basis, and corn starch - corn 09 contract spreads from different years. [15][16][17]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The US corn market is experiencing a bottom - side oscillation. The US corn 12 - contract is expected to have limited downside below 400 cents per bushel. Corn auctions are ongoing, and with the upcoming new - season corn harvest in September, the market anticipates that Shandong corn prices may drop below 2,200 yuan/ton when a large amount of North China corn hits the market in mid - October. The 09 corn contract may trade in a narrow range around 2,250 yuan/ton, while the 01 corn contract may decline to around 2,150 yuan/ton under favorable weather conditions. The 09 starch contract is expected to remain weak due to its high price differentials with corn and the 01 starch contract [4]. - For trading strategies, one can consider buying the US corn 12 - contract below 400 cents per bushel, buying the 01 corn contract around 2,150 yuan/ton, and paying attention to the 9 - 1 starch reverse spread opportunity (around 100) and the opportunity to narrow the spread between the 09 corn and starch contracts (420 - 380). Options trading should be on hold [5]. 3. Summary by Directory 3.1 Chapter 1: Comprehensive Analysis and Trading Strategies - **Corn Situation**: The US corn is at the bottom and oscillating, with the price significantly below the cost (480 cents per bushel). The 12 - contract is expected to have limited downside below 400 cents per bushel. As of August 8, 2.89 million tons of corn were up for auction, with 1.18 million tons sold, a 41% success rate. High 09 - contract warehouse receipts (1.5 million tons), reduced domestic planting costs, and large losses in deep - processing industries are causing domestic corn spot prices to decline. The market is shifting focus to new crops, especially in North China, where it is expected that North China corn prices will likely fall below 2,200 yuan/ton in October. The 09 corn contract may trade narrowly around 2,250 yuan/ton, and the 01 corn contract may drop to 2,150 yuan/ton under good weather [4]. - **Starch Situation**: Starch factory operating rates are rising, but downstream demand remains weak. Although corn spot prices are falling, starch spot prices are also dropping, and starch factories are still facing large losses. The operating rates of North China starch enterprises will decline later, and with the upcoming new - corn harvest, North China starch prices will continue to fall. The 09 starch contract is expected to remain weak due to its high price differentials [4]. - **Trading Strategies**: - **Unilateral Trading**: Consider buying the US corn 12 - contract below 400 cents per bushel. The 09 corn contract may trade in a narrow range of 2,230 - 2,280 yuan/ton, and the 01 corn contract can be bought around 2,150 yuan/ton [5]. - **Arbitrage**: Pay attention to the 9 - 1 starch reverse spread opportunity around 100 and the opportunity to narrow the spread between the 09 corn and starch contracts (420 - 380) [5]. - **Options**: Hold off on options trading [5]. 3.2 Chapter 2: Core Logic Analysis 2.1 International Market - **US Corn Weather and Supply - Demand**: Favorable weather conditions are contributing to the bottom - side oscillation of US corn. The US corn import tariff is 26% for corn and 23% for sorghum. The domestic import profit has widened, with a 390 - yuan profit in the Guangdong port as Brazilian corn is expected to arrive at 2,040 yuan/ton in September while the Guangdong port price is 2,430 yuan/ton [8]. - **US Corn Export and Inventory**: As of July 31, the weekly US corn export inspection volume was 1.21 million tons, with a cumulative export volume of 61.56 million tons. The weekly export volume to China was 0 tons, and the cumulative export volume to China was 270,000 tons, accounting for 0.04%. In June, 160,000 tons of corn were imported, and from January to June, the cumulative import volume was 790,000 tons, compared with 11.05 million tons in the same period last year [9]. - **US Corn Non - Commercial Net Short and Ethanol Production**: As of July 29, the non - commercial net short position of US corn decreased to 130,000 lots, and US ethanol production rebounded. The US corn 12 - contract is expected to have limited downside below 400 cents per bushel in the short term [15]. 2.2 Domestic Market - **Deep - Processing and Feed Inventory**: Feed enterprise corn inventories are decreasing but are higher than the same period last year. As of August 7, the average corn inventory of 47 large - scale feed mills was 30.44 days, a decrease of 0.14 days from the previous week and a 3.4% increase from the same period last year. Deep - processing consumption is rising, with 1.1646 million tons of corn consumed by 149 major corn deep - processing enterprises from August 1 to August 8, an increase of 26,900 tons from the previous week. Deep - processing inventories are decreasing, with the inventory of 96 deep - processing enterprises at 3.643 million tons as of August 6, a 4.06% decrease from the previous week [19][20]. - **Port Inventories**: Northern port corn inventories are declining, while southern port grain inventories are stable. On August 1, the corn inventory at the four northern ports was 1.905 million tons, a decrease of 201,000 tons from the previous week, and the four - port shipping volume was 240,000 tons, a decrease of 153,000 tons from the previous week. In the Guangdong port, the total grain inventory increased by 22,000 tons to 1.728 million tons [23]. - **Starch Market**: Starch factory operating rates are rising, with the national corn processing volume at 560,500 tons and the starch production at 278,500 tons from August 1 to August 7, an increase of 10,700 tons from the previous week. The operating rate reached 53.83%, a 2.07% increase from the previous week. Although corn prices are falling, starch prices are also dropping, and the profit loss is expanding. The Heilongjiang profit per ton of corn is - 107 yuan/ton, an increase of 17 yuan from the previous week, while the Shandong profit is - 118 yuan/ton, a decrease of 18 yuan from the previous week. Starch inventories are rising, with the inventory at 1.32 million tons as of August 6, an increase of 27,000 tons from the previous week, a 2.1% increase [26]. - **Substitute Products**: Wheat prices are basically stable, with the North China arrival price around 2,450 yuan/ton. The price differential between wheat and corn is widening, North China corn prices are falling while Northeast corn prices are relatively strong, and the price differential between North China and Northeast corn is expanding [32]. 3.3 Chapter 3: Weekly Data Tracking - **Livestock and Poultry Farming**: From August 1 to August 7, the self - breeding and self - raising profit for pigs was 31 yuan/head, a decrease of 13 yuan/head from the previous week, and the profit from purchasing piglets was - 187 yuan/head, a decrease of 16 yuan/head from the previous week. The white - feather broiler farming profit was 1.16 yuan per chicken, compared with 0.03 yuan per chicken in the previous week. The egg - laying hen farming cost was 3.54 yuan per catty, and the profit was - 0.53 yuan per catty, compared with - 0.29 yuan per catty in the previous week [42][48]. - **Starch Downstream Consumption**: The F55 high - fructose corn syrup operating rate was 58.12%, an increase of 0.69% from the previous week, and the maltose syrup operating rate was 46.9%, an increase of 3.32% from the previous week. The corrugated paper operating rate was 61.9%, a decrease of 1.22% from the previous week, and the box - board paper operating rate was 68.68%, an increase of 1.33% from the previous week [51]. - **Price and Spread Data**: The report also tracks prices of corn and substitute products, as well as various price spreads such as corn 09 basis, corn 9 - 1 spread, and corn starch 9 - 1 spread [52][60].

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]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The US corn planting is completed, and the price is weak but bottom - oscillating. The tariff between China and the US has decreased, and the import profit of foreign corn is high. The northern port's flat - closing price in China has declined, and the Northeast corn spot price has also dropped. The supply in North China has decreased, and the corn spot price is stable. The domestic breeding demand is still weak, and the downstream feed enterprise inventory is high. The corn spot price is relatively stable in the short term but may continue to decline due to upcoming auctions. It is expected to oscillate, with strong support at around 2450 yuan/ton in North China and 2220 yuan/ton in Heilongjiang [3][5]. - The number of vehicles arriving at Shandong's deep - processing plants has decreased, and the corn spot price in Shandong is stable. The starch price in Shandong is around 2900 yuan, and the Northeast starch spot price is also stable. The corn starch inventory has increased this week. The starch price mainly depends on the corn price and downstream stocking. In the long - term, due to weak demand, enterprises will be in a long - term loss state. The short - term decline space of the 09 starch futures is limited [6]. Summary by Directory First Part: Data - **Futures Data**: The closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interests, and open interest change rates of multiple corn and starch futures contracts are provided. For example, the closing price of a certain contract is 2235 yuan, with a price increase of 1 yuan and a price change rate of 0.04%, a trading volume of 24,744, a trading volume decrease rate of 11.06%, an open interest of 131,680, and an open interest increase rate of 2.56% [2]. - **Spot Price Data**: The spot prices and price changes of corn in various regions such as Qinggang, Jiajisheng Chemical, Zhucheng Xingmao, etc., and the spot prices and price changes of starch in enterprises like Longfeng, COFCO, etc. are given. For example, the spot price of corn in Qinggang is 2265 yuan, with a price decrease of 5 yuan [2]. - **Spread Data**: The spreads and spread changes of corn inter - period, starch inter - period, and cross - variety are presented. For example, the C01 - C05 spread of corn is - 33 yuan, with a spread change of - 3 yuan [4]. Second Part: Market Judgment - **Corn**: The US corn price is bottom - oscillating, and the Chinese northern port's flat - closing price and Northeast corn spot price have declined. The supply in North China has decreased, and the price is stable. The domestic breeding demand is weak, and the downstream feed enterprise inventory is high. The corn spot price is relatively stable in the short term but may decline due to upcoming auctions. It is expected to oscillate, with strong support at around 2450 yuan/ton in North China and 2220 yuan/ton in Heilongjiang [3][5]. - **Starch**: The number of vehicles arriving at Shandong's deep - processing plants has decreased, and the corn spot price in Shandong is stable. The starch price in Shandong is around 2900 yuan, and the Northeast starch spot price is also stable. The corn starch inventory has increased this week. The starch price mainly depends on the corn price and downstream stocking. In the long - term, due to weak demand, enterprises will be in a long - term loss state. The short - term decline space of the 09 starch futures is limited [6]. Third Part: Corn Options - The option strategy is that enterprises with spot goods can sell corn call options and hold them. The prices, price change rates, and other data of some corn option contracts are provided [11]. Fourth Part: Related Drawings - Multiple graphs are provided, including the spot price of corn in various regions, the basis of corn 09 contract, the 9 - 1 spread of corn, the 9 - 1 spread of starch, the basis of corn starch 09 contract, and the spread of corn starch 09 contract. These graphs show the price trends and relationships of different periods and varieties [13][15][20].