Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The U.S. corn market is expected to remain in a narrow - range oscillation. Although there may be a potential reduction in the yield per unit, the overall production is still expected to increase. The domestic corn market shows short - term strength in spot prices, but there is still a risk of price decline due to the potential seasonal selling pressure in Northeast China. The upward space for the 01 - contract corn futures is limited. For corn starch, the short - term upward space for the 01 - contract on the futures market is also limited as the price of North China corn may decline in November [4][6][7][8]. 3. Summary by Relevant Catalogs 3.1 Data - **Futures Market**: The closing prices of C2601, C2605, C2509, CS2601, CS2605, and CS2509 are 2177, 2251, 2279, 2490, 2577, and 2625 respectively. The trading volumes of C2601, C2605, C2509, CS2601, CS2605, and CS2509 decreased by 32.13%, 33.00%, 51.24%, 20.45%, 38.38%, and 14.63% respectively. The positions of C2601, C2605, C2509, CS2601, CS2605, and CS2509 changed by 0.96%, 3.01%, 1.77%, 1.23%, - 0.33%, and - 0.19% respectively [2]. - **Spot and Basis**: The spot prices of corn in Qinggang, Songyuan Jiji, Zhucheng Xingmao, Shouguang, Jinzhou Port, Nantong Port, and Guangdong Port are 1960, 2050, 2300, 2250, 2190, 2300, and 2320 respectively, with price changes of 0, 20, 10, 10, 10, 10, and 20. The basis is - 319, - 229, 21, - 29, 13, 21, and 41 respectively. The spot prices of starch in Longfeng, COFCO, Cargill, Yufeng, Jinyu, Zhucheng Xingmao, and Hengren Industry and Trade are 2650, 2650, 2800, 2890, 2800, 2900, and 2800 respectively, with no price changes. The basis is 73, 73, 223, 313, 223, 323, and 223 respectively [2]. - **Price Spreads**: The spreads of C01 - C05, C05 - C09, C09 - C01, CS01 - CS05, CS05 - CS09, CS09 - CS01, CS09 - C09, CS01 - C01, and CS05 - C05 are - 74, - 28, 102, - 87, - 48, 135, 346, 313, and 326 respectively, with price changes of 3, - 3, 0, 3, - 5, 2, 2, 0, and 0 respectively [2]. 3.2 Market Analysis - **Corn**: The U.S. corn market is in a narrow - range oscillation. The import profit of foreign corn has declined. The spot prices of corn in the north ports and Northeast China have increased. The supply in North China has decreased, and the spot price is strong. The price difference between Northeast and North China corn is large. The wheat price in North China is weak, and corn has a cost - performance advantage. The domestic breeding demand is stable, and some feed enterprises are building inventories in Northeast China. The 01 - contract corn futures are oscillating at a high level, and the basis of the spot market is weakening. The market is concerned about the seasonal selling pressure of Northeast corn and the inventory - building of downstream enterprises [4][6]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong is stable. The starch inventory has decreased this week, with the manufacturer's inventory at 113.3 million tons, a decrease of 0.5 million tons from last week, a monthly increase of 0.44%, and a year - on - year increase of 27.6%. The starch price depends on the corn price and downstream inventory - building. The by - product price is strong, and the profit of enterprises is good. The 01 - contract starch futures are oscillating at a high level following corn, but the corn price in North China may decline in November, and the starch spot price is also expected to fall [7]. 3.3 Trading Strategies - **Unilateral Trading**: The U.S. corn has support at 400 cents per bushel. It is recommended to wait and see for the 05 - and 01 - contract corn, and aggressive investors can try short - selling. - **Arbitrage**: Try to narrow the price spread between the 01 - contract corn and starch when it is high [9]. 3.4 Corn Options - **Option Strategy**: Adopt a short - term cumulative put option strategy with rolling operations [11].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Corn: The planting progress of US corn is accelerating, and the price is oscillating at the bottom. The price below 440 cents per bushel has limited downside potential. Northeast corn prices are stable, while North Port inventory continues to decline, with stable spot prices. In North China, the supply of corn is increasing, causing spot prices to fall. As wheat is gradually entering the market with weak prices, the price difference between wheat and corn has narrowed to around 0 yuan per ton. There is still room for spot prices to rise due to a shortage of corn this year. The 07 futures contract is oscillating at the bottom, but considering the large number of warehouse receipts and weak acceptance willingness, the futures price must be at a discount. The 09 futures contract is expected to have limited upside due to potential state grain reserve sales and acceptance time factors. - Starch: The operating rate of starch factories is decreasing, but downstream demand remains weak, with reduced提货. Starch inventory has slightly decreased. Corn prices in the Northeast and North China are falling, while by - product prices have slightly increased. Spot starch prices are stable, and factory losses are decreasing. The operating rate of North China starch enterprises will continue to decline, and there is still room for spot starch prices to rise. The 09 starch futures contract is experiencing large losses, and the price difference between the 09 corn and starch futures contracts is expected to widen [3]. 3. Summary According to Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies - **Corn Situation**: US corn planting progress is accelerating, but weather factors may still be hyped later. There is support around 420 cents per bushel. Port inventory is continuously decreasing, and downstream restocking continues, so corn spot prices will remain strong. Corn warehouse receipts are at a high level, and there is still room for the price difference between the 07 futures contract and the spot price to narrow. Considering potential state grain reserve sales and acceptance willingness, the 09 corn futures contract is over - valued, with limited upside. - **Starch Situation**: The operating rate of starch factories is decreasing, downstream demand is weak, and inventory has slightly decreased. Spot starch prices are stable, and losses are decreasing. The price difference between the 09 corn and starch futures contracts has large losses and room for profit repair, so it is expected to widen. - **Trading Strategies** - **Single - sided**: Consider buying US corn 07 below 440 cents per bushel. The 07 corn futures contract will oscillate within a narrow range. - **Arbitrage**: Buy 09 starch and sell 09 corn, entering the market when the spread is below 370. - **Options**: Hold a wait - and - see attitude [3][4] 3.2 Core Logic Analysis - **International - Planting Progress and Market Conditions**: The planting progress of US corn is accelerating, and the price is oscillating at the bottom. As of June 1st, the planting progress was 93%, which is the same as the 5 - year average. The import tariffs for US corn and sorghum are 26% and 23% respectively. The domestic import profit has expanded, with a profit of 404 yuan per ton for Brazilian corn arriving in July at Guangdong Port. As of May 29th, the weekly export inspection of US corn was 1.58 million tons, with a cumulative export of 48.58 million tons. The weekly export to China was 0 tons, with a cumulative export of 27,000 tons, accounting for 0.06%. In April, 180,000 tons of corn were imported, and from January to April, a total of 440,000 tons were imported, compared with 9.08 million tons in the same period last year. The non - commercial net short position of US corn has increased, and ethanol production has rebounded [8][9]. - **Domestic - Inventory and Consumption**: The consumption of deep - processing enterprises has slightly increased. In the 23rd week of 2025 (May 31st - June 4th), 149 major corn deep - processing enterprises consumed 1.2077 million tons of corn, an increase of 14,600 tons from the previous week. Deep - processing inventory has slightly increased, but it is expected to decrease next week. As of June 4th, the inventory of 96 deep - processing enterprises was 4.654 million tons, a 2.81% increase from the previous week. The corn inventory of feed enterprises has decreased but is higher than the same period last year. As of June 5th, the average inventory of 47 large - scale feed mills was 35.35 days, a decrease of 1.19 days from the previous week and a 12.15% increase from the same period last year. North Port corn inventory and South Port grain inventory have both decreased [17][20]. - **Starch - Production and Inventory**: The operating rate of starch factories has decreased. From May 31st to June 4th, the national corn processing volume was 551,700 tons, and the starch production was 267,900 tons, a decrease of 13,200 tons from the previous week. The operating rate was 51.78%, a decrease of 2.55% from the previous week. Spot starch prices are stable, and losses have decreased. The downstream提货 volume has decreased, and inventory has slightly decreased. As of June 4th, the corn starch inventory was 1.404 million tons, a decrease of 8,000 tons from the previous week, a decrease of 0.57% week - on - week, 0.57% month - on - month, and a year - on - year increase of 31.6% [23]. - **Substitutes - Wheat Prices**: Wheat prices are basically stable. The factory - delivered price in North China is around 2,430 yuan per ton, and the price is weak. The price difference between wheat and corn has narrowed, North China corn prices have fallen, while Northeast corn prices have risen, narrowing the price difference between North and Northeast China. The price difference between North China corn and the 09 futures contract has also decreased [30]. 3.3 Weekly Data Tracking - **Livestock and Poultry**: For pigs, from May 31st to June 4th, the self - breeding and self - raising profit was 95 yuan per head, an increase of 3 yuan per head from the previous week, and the profit from purchasing piglets was 39.5 yuan per head, also an increase of 3 yuan per head from the previous week. For white - feather broilers, the breeding profit was 0.19 yuan per chicken this week, compared with 0.23 yuan per chicken last week. For laying hens, the breeding cost this week was 3.50 yuan per catty, and the breeding profit was - 0.61 yuan per catty, compared with - 0.56 yuan per catty last week [37][41]. - **Deep - processing Downstream Consumption**: The operating rate of starch sugar has changed. The operating rate of F55 high - fructose corn syrup this week was 54.9%, an increase of 0.68% from the previous week, and the operating rate of maltose syrup was 47.97%, a decrease of 0.88% from the previous week. The operating rate of paper mills has increased. The operating rate of corrugated paper this week was 64.49%, an increase of 0.55% from the previous week, and the operating rate of boxboard paper was 68.48%, an increase of 0.15% from the previous week [44]. - **Prices of Corn and Substitutes**: Information on price trends such as the FOB price at Jinzhou Port, the ex - factory price of Weifang starch, and the price differences between wheat, sorghum, and corn is presented through charts, but specific numerical summaries are not provided in the text [46][48].