Core Viewpoint - The corn futures market is experiencing fluctuations due to varying supply and demand dynamics, with both domestic and international factors influencing prices and inventory levels [1][2][3]. Group 1: Market Data - As of August 7, corn futures closed at 2267.00 CNY/ton, reflecting a 0.53% increase [1]. - By August 1, 2025, the corn inventory at the four northern ports totaled 1.905 million tons, a week-on-week decrease of 201,000 tons [2]. - The weekly corn export net sales for the U.S. for the 2024/25 marketing year are expected to range between 200,000 to 400,000 tons, while for the 2025/26 marketing year, it is projected to be between 1.3 million to 2.5 million tons [2]. - In the fifth week of July 2025, Brazil exported a total of 2.434 million tons of corn, down from 3.5539 million tons in August of the previous year, with a daily average shipment of 105,800 tons, a decrease of 31.51% year-on-year [2]. Group 2: Institutional Perspectives - According to Fangzheng Zhongqi Futures, the Brazilian second-season corn harvest is nearing completion, with a slower harvest pace but still maintaining a high yield, leading to sustained pressure in the market. The U.S. corn planting area is expected to increase year-on-year, contributing to downward pressure on prices [3]. - Domestic market dynamics show a conflict between the release of old grain and tightening supply in certain regions, with wheat substitution and ongoing corn imports adding to the pressure. The recent initiation of corn exports from Argentina to China is also expected to exert pressure on prices [3]. - Guoxin Futures notes that wheat retains a substitution advantage in some areas, while demand from livestock farming remains weak, and deep processing continues to incur losses. The upcoming new corn harvest and the auction of imported corn are contributing to a loosening supply-demand balance [3].