研究所 农产品研发报告 玉米淀粉日报 2026 年 2 月 26 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2026/2/26 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2310 | 10 | 0.43% | 1,541 | 36.37% | 4,575 | 13.98% | | C2605 | | 2342 | 10 | 0.43% | 576,076 | -5.50% | 1,381,322 | 6.41% | | C2509 | | 2365 | 11 | 0.47% | 23,454 | -5.59% | 96,471 | 3.06% | | CS2601 | | 2653 | 10 | 0.38% | 36 | 80.00% | 82 | 7.89% | | CS2605 | | 2673 | 10 | ...

研究所 农产品研发报告 玉米淀粉日报 2026 年 2 月 24 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2026/2/24 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2300 | 11 | 0.48% | 1,130 | 43.04% | 4,014 | 3.21% | | C2605 | | 2332 | 12 | 0.51% | 609,628 | -7.37% | 1,298,098 | 7.06% | | C2509 | | 2354 | 17 | 0.72% | 24,842 | 47.64% | 93,608 | 3.66% | | CS2601 | | 2643 | 20 | 0.76% | 20 | -53.49% | 76 | 4.11% | | CS2605 | | 2663 | 25 | ...

玉米淀粉日报 2026 年 1 月 26 日 玉米淀粉日报 第一部分 数据 收盘价 涨跌 涨跌幅 成交量 增减幅 持仓量 增减幅 2253 -2 -0.09% 2,139 52.13% 2,090 16.11% 2290 3 0.13% 265,026 52.88% 732,543 5.05% 2303 3 0.13% 17,583 70.71% 65,406 8.71% 2595 15 0.58% 1 -96.30% 17 6.25% 2617 -1 -0.04% 33,039 2.19% 76,806 8.30% 2635 1 0.04% 1,764 20.82% 5,621 27.95% 青冈 松原嘉吉 诸城兴贸 寿光 锦州港 南通港 广东港口 2160 2220 2334 2306 2350 2420 2450 0 0 0 0 10 0 0 -143 -83 31 3 60 117 147 龙凤 中粮 益海（黑） 玉峰 金玉米 诸城兴贸 恒仁工贸 2730 2700 2700 2860 2800 2900 2780 0 0 0 0 0 0 -10 113 83 83 243 183 283 163 玉 ...

Report Overview - The report is a corn starch daily report dated January 15, 2026, covering data, market analysis, trading strategies, and related charts [1]. 1. Data Futures Market - **Corn Futures**: C2601 closed at 2282, down 18 (-0.79%); C2605 at 2283, up 8 (0.35%); C2509 at 2301, up 6 (0.26%) [1]. - **Corn Starch Futures**: CS2601 at 2540, up 1 (0.04%); CS2605 at 2597, up 17 (0.65%); CS2509 at 2625, up 11 (0.42%) [1]. Spot Market and Basis - **Corn Spot**: Prices ranged from 2150 in Qinggang to 2460 in Guangdong ports, with price changes from -10 to 20 [1]. - **Corn Starch Spot**: Prices were between 2700 - 2900, with only Hengren工贸 up 30 [1]. Spreads - **Corn Inter - delivery Spreads**: C01 - C05 was -1, down 26; C05 - C09 was -18, up 2; C09 - C01 was 19, up 24 [1]. - **Corn Starch Inter - delivery Spreads**: CS01 - CS05 was -57, down 16; CS05 - CS09 was -28, up 6; CS09 - CS01 was 85, up 10 [1]. - **Cross - variety Spreads**: CS09 - C09 was 324, up 5; CS01 - C01 was 258, up 19; CS05 - C05 was 314, up 9 [1]. 2. Market Analysis Corn - The US corn report significantly increased production, but global corn supply pressure has weakened, limiting the downside of US corn. Import profit of foreign corn has risen, with the February Brazilian import price at 2127 yuan [3]. - Northern port flat - price declined, around 2335 yuan. Northeast corn was strong, while North China's supply increased and prices were stable, narrowing the price gap between the two regions [3][5]. - Wheat and corn auctions continued. Wheat prices in North China were stable around 2490 yuan/ton, and the price gap between wheat and corn remained large, making corn more cost - effective [5]. - Domestic breeding demand was stable, downstream feed enterprises' inventories increased, and short - term corn prices were relatively stable. The market is concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and downstream inventory building [5]. Corn Starch - The number of trucks arriving at Shandong deep - processing plants increased, and Shandong corn prices were stable. Corn starch prices in Shandong were around 2760 yuan, and Northeast prices were stable [6]. - This week, corn starch inventory decreased to 1.1 million tons, down 25,000 tons from last week, with a monthly decline of 0.2% and a year - on - year increase of 21.5% [6]. - Starch prices depend on corn prices and downstream stocking. By - product prices were strong, higher than last year, and the spot price gap between corn and starch was low. Due to strong corn prices, starch prices were also strong, but enterprise profitability declined [6]. 3. Trading Strategies - **Unilateral**: 03 US corn has support at 430 cents/bushel. Short 03 corn lightly and short 03 starch on rallies [8]. - **Arbitrage**: Start reverse arbitrage on 35 starch [9]. 4. Corn Options - The option strategy is short - term cumulative put strategy with rolling operations [10]. 5. Related Charts - The report includes charts of North Port corn flat - price, corn 05 contract basis, corn 5 - 9 spreads, corn starch 5 - 9 spreads, corn starch 05 contract basis, and corn starch 05 contract spreads [13][14][18].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The USDA's December report was bullish for US corn, but high production levels suggest that the US corn market will likely remain in a strong, volatile range [4][7]. - In the domestic market, North - East Chinese corn is relatively strong due to farmers' reluctance to sell, while North - China corn has seen an increase in supply and stable prices. The price difference between North - East and North - China corn has narrowed. Corn futures are expected to oscillate at the bottom [5][7]. - Corn starch prices are mainly influenced by corn prices and downstream inventory - building. With rising inventory and relatively stable corn prices, the profitability of starch enterprises has declined. The 03 starch futures contract is expected to oscillate at the bottom in the short term [6]. 3. Summary by Directory 3.1 Data - **Futures Market**: For corn futures, C2601 closed at 2220, down 1 (-0.05%); C2605 closed at 2227, down 1 (-0.04%); C2509 closed at 2257, unchanged. For starch futures, CS2601 closed at 2497, down 5 (-0.20%); CS2605 closed at 2532, down 7 (-0.28%); CS2509 closed at 2587, down 3 (-0.12%)[2]. - **Spot and Basis**: Corn spot prices in different regions ranged from 2080 - 2430 yuan/ton. Starch spot prices were between 2700 - 2890 yuan/ton. Corn basis values varied from - 177 to 173 yuan/ton, and starch basis values were between 168 - 358 yuan/ton[2]. - **Spreads**: Corn inter - delivery spreads such as C01 - C05 was - 7 (unchanged), C05 - C09 was - 30 (down 1). Starch inter - delivery spreads like CS01 - CS05 was - 35 (up 2), CS05 - CS09 was - 55 (down 4). Cross - variety spreads included CS09 - C09 at 330 (down 3), CS01 - C01 at 277 (down 4), CS05 - C05 at 305 (down 6)[2]. 3.2 Market Analysis and Trading Strategies - **Corn**: US corn exports were raised and stocks were lowered in the USDA's December report, but production remained high. Import profits for foreign corn decreased. In the domestic market, North - East corn was strong, while North - China corn supply increased. The price difference with North - China wheat was large, and corn had cost - effectiveness. The short - term outlook for corn spot prices was relatively strong, but there were concerns about seasonal selling pressure in late December and downstream inventory - building [4][5]. - **Starch**: The number of trucks delivering to Shandong deep - processing plants increased. Corn starch inventory rose to 107.4 million tons this week, up 2.5 million tons from last week, with a monthly increase of 0.5% and a year - on - year increase of 22.3%. Starch prices depended on corn prices and downstream inventory - building. With strong by - product prices, the profitability of starch enterprises declined. The 03 starch futures contract was expected to oscillate at the bottom [6]. - **Trading Strategies**: For single - side trading, 03 US corn had support at 430 cents per bushel, and it was recommended to go long on 07 corn at low prices with a light position. For arbitrage, it was advised to wait and see. For options, a short - term put - accumulation strategy with rolling operations was suggested [8][9][10]. 3.3 Corn Options - On December 22, 2025, the C2605 - P - 2240.DCE option had an underlying price of 2,227 and a closing price of 51.00, with a change of - 0.5. The C2603 - P - 2200.DCE option had an underlying price of 2,192 and a closing price of 37.00, with a change of 1.5 [12]. 3.4 Related Diagrams - The report includes diagrams showing various aspects of corn and corn - starch prices such as regional corn spot prices, corn 01 contract basis, corn 1 - 5 spreads, corn - starch 1 - 5 spreads, corn - starch 01 contract basis, and corn - starch 01 contract spreads [14][16][18].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The US corn continues to rebound, and there may be a downward adjustment of the US corn yield per unit later, indicating potential for further rebound. China has reinstated 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 import price from Brazil in December at 2,140 yuan. The domestic corn spot market is expected to decline with the upcoming large - scale listing of new - season corn, and the 01 corn futures may also fall. The starch market is mainly influenced by corn prices and downstream inventory. With weak long - term demand, starch enterprises will be in a long - term loss state, and the 01 starch futures are expected to decline in the short term [5][7][8]. 3. Summary by Directory 3.1 Data - **Futures Market**: On September 3, 2025, most corn and corn starch futures contracts showed price declines. For example, C2601 closed at 2,182, down 1 (-0.05%); CS2601 closed at 2,520, down 15 (-0.60%). The trading volume of most contracts decreased, while the open interest of some contracts increased. For instance, the trading volume of C2601 decreased by 39.78%, and the open interest of CS2601 increased by 13.13% [3]. - **Spot and Basis**: Corn spot prices in Qinggang increased by 10 yuan to 2,145 yuan, while prices in other regions remained stable. Starch spot prices in all listed regions remained unchanged. The basis of corn and starch in different regions varied, with corn basis ranging from - 114 to 203 yuan and starch basis from 203 to 393 yuan [3]. - **Spreads**: In the corn market, C01 - C05 spread was - 63, up 3; in the starch market, CS01 - CS05 spread was - 77, down 3. The cross - variety spreads such as CS09 - C09 was 215, up 3 [3]. 3.2 Market Analysis - **Corn**: The US corn market has upward potential. In the domestic market, the northern port flat - hatch prices are stable, while the northeast corn spot is weak. The supply in North China has increased, and the corn price is stable. The wheat price in North China is weak, and wheat continues to substitute for corn. The domestic breeding demand is weak, and the downstream feed enterprises have high inventory. With the upcoming large - scale listing of new - season corn, the corn spot price is expected to decline. It is predicted that by the end of September, the corn price in North China may reach 2,200 yuan/ton, and in Heilongjiang, it may be around 2,100 yuan/ton [5][7]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants is stable, and the corn price in Shandong is stable. The starch price in Shandong is around 2,800 yuan, and the northeast starch spot is weak. This week, the corn starch inventory decreased to 126.5 million tons, a decrease of 5.3 million tons from last week, with a monthly decline of 4.2% and a year - on - year increase of 37.2%. The starch price is mainly affected by corn prices and downstream inventory. In the long - term, due to weak demand, enterprises will be in a loss state. The 01 starch futures are expected to decline in the short term [8]. 3.3 Trading Strategies - **Unilateral**: The US corn has support at 400 cents per bushel. It is recommended to mainly observe the 01 corn [10]. - **Arbitrage**: It is recommended to observe [11]. 3.4 Corn Options - For enterprises with spot, it is recommended to close out short positions of corn call options. Short - term traders can try to sell on rallies and conduct rolling operations [14].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The US corn is oscillating at the bottom, with limited downside space due to potential future cuts in the US corn yield per unit. China has imposed a 15% tariff on US corn and a 22% tariff on US sorghum, but the import profit of foreign corn remains high. The domestic corn spot is relatively stable in the short - term, but weak in the near future due to imports and domestic corn auctions. The starch price is mainly determined by corn price and downstream stocking, and the starch market is expected to be weak in the medium - to - long - term [5][6][7] - The trading strategy suggests that the domestic 09 corn will continue to oscillate narrowly, and 01 corn can be observed or a light - position short - term long can be taken around 2150. An arbitrage strategy is to buy 11 starch and sell 11 corn [8][9][10] - For the corn option, enterprises with spot can close out the short position of corn call options, or short - term traders can try to sell at high points and roll operations [11] Summary by Relevant Catalogs Part 1: Data Futures Disk - The closing prices of C2601, C2605, C2509, CS2601, CS2605, and CS2509 are 2165, 2241, 2208, 2513, 2595, and 2574 respectively, with corresponding price drops of - 4, - 3, - 18, - 9, - 7, - 3 and percentage drops of - 0.18%, - 0.13%, - 0.82%, - 0.36%, - 0.27%, - 0.12%. The trading volume and open interest of each contract also show different degrees of increase or decrease [3] Spot and Basis - Corn spot prices in different regions have different changes, with prices in Qinggang, Jiajishenghua, Zhuchengxingmao, Shouguang, Jinzhou Port, Nantong Port, and Guangdong Port at 2210, 2220, 2490, 2460, 2290, 2400, 2400 respectively, with some prices dropping. The basis of corn and starch in different regions is also provided [3] Spread - Different spreads such as corn inter - delivery, starch inter - delivery, and cross - variety spreads are presented, along with their price changes [3] Part 2: Market Judgment Corn - The US corn is at the bottom, and the import profit of foreign corn is high. The northern port closing price has dropped, the northeast corn is stable, the supply in North China is increasing, and the spot is weak. The domestic breeding demand is weak, and the downstream feed enterprise inventory is high. The corn spot is expected to be stable in the short - term but may decline due to imports and auctions [5][6] Starch - The number of vehicles arriving at Shandong deep - processing plants has increased, the Shandong corn spot is weak, and the starch inventory has increased. The starch price depends on corn price and downstream stocking, and the starch market is expected to be weak in the medium - to - long - term [7] Part 3: Corn Options - Option strategies include enterprises with spot closing out short positions of corn call options, or short - term traders trying to sell at high points and roll operations, along with data on option contracts [11][13] Part 4: Relevant Attachments - There are six figures showing various price trends and spreads of corn and corn starch, including spot prices, basis, and inter - delivery spreads [15][17][22]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The US corn planting is basically finished, and the US corn market is in a weak state with bottom - level fluctuations. It is likely to be affected by weather factors in the future. The import profit of foreign corn is high, and the domestic corn market is expected to strengthen in the short - and medium - term. The corn starch market has a decline in inventory, and the short - term 09 starch contract will fluctuate narrowly [5][8][9] Group 3: Summary by Directory 1. Data - **Futures Disk**: For corn futures, C2601 closed at 2291 with a 0.09% increase, C2505 at 2317 with a 0.09% decrease, and C2509 at 2408 with a 0.04% decrease. For corn starch futures, CS2601 closed at 2679 with a 0.67% decrease, CS2505 at 2698 with a 0.41% decrease, and CS2509 at 2744 with a 1.53% decrease. The trading volume and open interest of some contracts changed significantly [3] - **Spot and Basis**: Corn spot prices in different regions showed different trends. For example, the price in Qinggang was 2280 yuan, and the price in Jinzhou Port was stable at around 2390 yuan. Starch spot prices in different regions were also stable, with prices ranging from 2780 - 2990 yuan. The basis of corn and starch in different regions was also provided [3] - **Spreads**: The spreads between different corn contracts (such as C01 - C05, C05 - C09) and different starch contracts (such as CS01 - CS05, CS05 - CS09) and the spreads between corn and starch contracts (such as CS09 - C09, CS01 - C01) were presented, along with their changes [3] 2. Market Judgment - **Corn**: The US corn is in bottom - level fluctuations, and it is easy to speculate on weather. The import profit of foreign corn is high. The domestic corn market has different situations in different regions. The supply is low, and the demand is weak. The corn price is expected to strengthen in the short - term, and the spot basis will strengthen. The policy - grain auction is expected in July [5][8] - **Starch**: The number of trucks arriving at Shandong deep - processing plants increased, and the corn price in Shandong declined. The starch inventory decreased this week. The starch price mainly depends on the corn price and downstream stocking. The short - term 09 starch contract will fluctuate narrowly [9] 3. Trading Strategies - **Unilateral**: The domestic 09 corn contract will fluctuate narrowly or short on rebounds [11] - **Arbitrage**: Those with spot can short the 09 corn contract. Expand the spread between 09 corn and starch contracts when the spread is low and conduct oscillatory operations [12] 4. Corn Options - The option strategy is that enterprises with spot can sell corn call options. The data of some corn put options (such as C2509 - P - 2380.DCE) on June 23, 2025, including the underlying price, closing price, change rate, IV, Delta, Gamma, Vega, and Theta, were provided [15] 5. Related Attachments - The report provided six figures, including the spot price of corn in different regions, the basis of the corn 09 contract, the 9 - 1 spread of corn and corn starch, the basis of the corn starch 09 contract, and the spread of the corn starch 09 contract [17][19][21]

大宗商品研究所 农产品研发报告 玉米淀粉日报 2025 年 6 月 18 日 第一部分 数据 2025/6/18 收盘价 涨跌 涨跌幅 成交量 增减幅 持仓量 增减幅 2284 -2 -0.09% 24,632 49.23% 93,064 1.87% 2325 11 0.47% 2,039 38.14% 9,479 10.16% 2397 -2 -0.08% 472,636 85.94% 837,782 7.84% 2692 1 0.04% 1,370 56.21% 4,624 4.54% 2708 5 0.18% 14 64.29% 150 3.45% 2778 0 0.00% 73,119 98.70% 87,940 7.97% 青冈 嘉吉生化 诸城兴贸 寿光 锦州港 南通港 广东港口 2240 2090 2530 2460 2380 2500 2470 0 0 10 0 0 0 10 -157 -307 133 63 -17 103 73 龙凤 中粮 嘉吉 玉峰 金玉米 诸城兴贸 恒仁工贸 2780 2750 2850 2980 2950 2980 2920 30 0 30 0 0 0 -20 72 4 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The U.S. corn planting progress has accelerated, and U.S. corn prices are in a bottom - oscillating state. Chinese corn prices are expected to be strong in the short - term due to reduced supply and potential downstream replenishment demand in June. The 07 corn contract is expected to oscillate narrowly in the short - term, and the price will be affected by policies in the long - term. - Corn starch prices are mainly influenced by corn prices and downstream stocking. The inventory of corn starch has decreased this week. In the long - term, due to weak demand, starch enterprises are in a loss state, but the profit will be repaired as many enterprises shut down. The 07 starch contract is also expected to oscillate narrowly in the short - term [5][7][8]. 3. Summary by Directory 3.1 Data - **Futures Market**: For corn futures, C2601 closed at 2266, down 3 (-0.13%); C2505 closed at 2299, up 1 (0.04%); C2509 closed at 2396, unchanged (0.00%). For corn starch futures, CS2601 closed at 2673, unchanged (0.00%); CS2505 closed at 2685, up 8 (0.30%); CS2509 closed at 2776, up 1 (0.04%) [3]. - **Spot and Basis**: Corn spot prices in different regions showed different trends, with prices in some areas remaining stable and in others rising. The basis also varied. Starch spot prices in some regions increased slightly. The basis for starch was positive in all regions [3]. - **Spreads**: Corn inter - delivery spreads and starch inter - delivery spreads, as well as cross - variety spreads, showed different changes [3]. 3.2 Market Judgment - **Corn**: The U.S. corn is in a bottom - oscillating state. The import profit of foreign corn is acceptable. The spot price of corn in the north is stable, while in the northeast it is strong, and in the north - central region, it has increased significantly. The supply is low, and the downstream demand is still weak, but it is expected that the corn price will rise in the short - term. In the medium - and long - term, policy - related grains may be auctioned after June [5][7]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants has decreased, and corn prices in Shandong have continued to rise. The starch inventory has decreased this week. In the long - term, due to weak demand, starch enterprises are in a loss state, but the profit will be repaired as many enterprises shut down. The 07 starch contract is expected to oscillate narrowly in the short - term [8]. 3.3 Trading Strategies - **Unilateral Strategy**: The domestic 07 corn contract will oscillate narrowly, and it is recommended to wait and see [10]. - **Arbitrage Strategy**: Hold the position of buying spot and short - selling 07 corn. Expand the spread between 09 corn and starch when the spread is low, and conduct oscillating operations [13]. 3.4 Corn Options - **Option Strategy**: Enterprises with spot positions can sell corn call options and hold them [14]. - **Option Data**: Information on option contracts such as C2509 - P - 2380.DCE and C2507 - P - 2360.DCE, including the underlying asset price, closing price, and implied volatility, is provided [14]. 3.5 Relevant Attachments - The report provides multiple charts, including those showing corn spot prices in different regions, corn 09 contract basis, corn 9 - 1 spread, corn starch 9 - 1 spread, corn starch 09 contract basis, and corn starch 09 contract spread [16][19][20].