Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The U.S. corn report was bearish, but the global corn supply pressure has weakened, and U.S. corn has stabilized and rebounded. The import profit of foreign corn has increased, and the import price from Brazil in February is 2,132 yuan. The domestic corn spot price is relatively stable in the short - term, and the starch spot price is also relatively strong, but the enterprise is still in a loss state. The 03 corn has room to fall, and the 03 starch is expected to fluctuate at a high level in the short - term [3][5][6] Summary by Directory Part 1: Data - **Futures Disk**: For corn futures, C2601 closed at 2,248 with an increase of 4 (0.18%), C2605 at 2,286 with an increase of 9 (0.39%), C2509 at 2,300 with an increase of 4 (0.17%). For corn starch futures, CS2601 closed at 2,575 with a decrease of 5 (-0.19%), CS2605 at 2,606 with an increase of 21 (0.81%), CS2509 at 2,628 with an increase of 14 (0.53%). The trading volume and open interest of some contracts also had significant changes [1] - **Spot and Basis**: Corn spot prices in different regions had different changes, with the price in Qinggang increasing by 10 to 2,160 yuan, and the price in Jinzhou Port increasing by 5 to 2,340 yuan. Starch spot prices remained stable. The basis of corn and starch in different regions also had corresponding values [1] - **Spread**: In corn inter - period spreads, C01 - C05 was - 38 with a decrease of 5, C05 - C09 was - 14 with an increase of 5. In starch inter - period spreads, CS01 - CS05 was - 31 with a decrease of 26, CS05 - CS09 was - 22 with an increase of 7. In cross - variety spreads, CS09 - C09 was 328 with an increase of 10, CS01 - C01 was 327 with a decrease of 9 [1] Part 2: Market Judgment - **Corn**: The U.S. corn report was bearish, but the global corn supply pressure decreased, and U.S. corn rebounded. The import profit of foreign corn increased. The northern port closing price was strong, and the spot price in the Northeast and North China was stable. The spread between Northeast and North China corn decreased. The wheat - corn spread was large, and corn had cost - effectiveness. The domestic breeding demand was stable, and the downstream feed enterprise inventory increased. The short - term corn spot price was relatively stable [3][5] - **Starch**: The number of vehicles arriving at Shandong deep - processing plants increased, and the corn spot price in Shandong was stable. The starch inventory decreased this week, with the factory inventory at 1.069 million tons, a decrease of 31,000 tons from last week (a monthly decrease of 3.0% and a year - on - year increase of 10.4%). The starch price was mainly affected by corn price and downstream inventory preparation. The by - product price was strong, and the spot spread between corn and starch was at a low level. The starch spot price was strong, and the enterprise was still in a loss state. The 03 starch was expected to fluctuate at a high level in the short - term [6] Part 3: Corn Options - **Option Strategy**: A short - term cumulative put option strategy with rolling operation was recommended [10] Part 4: Related Attachments - The attachments included figures such as the northern port corn closing price, corn 05 contract basis, corn 5 - 9 spread, corn starch 5 - 9 spread, corn starch 05 contract basis, and corn starch 05 contract spread, which showed the price trends and spreads of different periods and varieties [14][15][19]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The US corn market is weak, with inventory reductions but still high production, causing it to oscillate at the bottom. Import profit for foreign corn has increased, and the import price from Brazil in February is 2,137 yuan. The domestic corn spot market is relatively stable in the short - term, with attention on the seasonal selling pressure in Northeast China and downstream inventory building before the Spring Festival. The starch market is affected by corn prices and downstream stocking. Current starch prices are weak, and corporate profitability is declining [4][6][7]. 3. Summary by Directory 3.1 Data 3.1.1 Futures Disk - C2601 closed at 2,288, down 5 (-0.22%), with a trading volume of 1,778 (down 74.10%) and an open interest of 18,650 (up 1.49%). - C2605 closed at 2,253, up 1 (0.04%), with a trading volume of 136,894 (up 33.67%) and an open interest of 526,948 (up 1.82%). - C2509 closed at 2,280, up 3 (0.13%), with a trading volume of 6,526 (up 17.06%) and an open interest of 45,546 (up 2.57%). - CS2601 closed at 2,485, down 1 (-0.04%), with a trading volume of 1,023 (up 124.34%) and an open interest of 2,400 (down 25.51%). - CS2605 closed at 2,545, down 7 (-0.28%), with a trading volume of 10,474 (up 103.05%) and an open interest of 49,506 (up 13.62%). - CS2509 closed at 2,593, down 5 (-0.19%), with a trading volume of 549 (up 268.46%) and an open interest of 1,769 (up 4.86%) [2]. 3.1.2 Spot and Basis - **Corn**: Today's quotes in different regions range from 2,120 to 2,440 yuan. The price in Qinggang is 2,120 yuan (unchanged), in Songyuan Jiji is 2,180 yuan (down 10), etc. The basis varies from -160 to 160 yuan [2]. - **Starch**: Today's quotes in different regions range from 2,700 to 2,880 yuan, all unchanged. The basis varies from 155 to 335 yuan [2]. 3.1.3 Spreads - **Corn Inter - delivery**: The spread of C01 - C05 is 35 (down 6), C05 - C09 is -27 (down 2), and C09 - C01 is -8 (up 8). - **Starch Inter - delivery**: The spread of CS01 - CS05 is -60 (up 6), CS05 - CS09 is -48 (down 2), and CS09 - CS01 is 108 (down 4). - **Cross - variety**: The spread of CS09 - C09 is 313 (down 8), CS01 - C01 is 197 (up 4), and CS05 - C05 is 292 (down 8) [2]. 3.2 Market Judgment 3.2.1 Corn - The US corn market is oscillating at the bottom. Import profit for foreign corn has increased. The spot price in the northern ports is stable, while the price in the Northeast corn - producing area is weak. The supply in North China has increased, and the price is weak. The price difference between Northeast and North China corn has narrowed. The wheat price is stable, and the price difference between wheat and corn is large, giving corn a cost - performance advantage. The domestic breeding demand is stable, and the inventory of downstream feed enterprises has increased. The short - term corn spot is relatively stable, with attention on the seasonal selling pressure in Northeast China and downstream inventory building before the Spring Festival [4][6]. 3.2.2 Starch - The number of trucks arriving at Shandong deep - processing plants has increased, and the corn spot price in Shandong is weak. The starch price in Shandong is around 2,720 yuan, and the spot price in Northeast China is stable. This week, the corn starch inventory has risen to 112.5 million tons, a monthly increase of 2.1% and a year - on - year increase of 25.1%. The starch price depends on the corn price and downstream stocking. By - product prices are strong, and the spot price difference between corn and starch is low. Due to the strong corn price and weak starch price, corporate profitability is declining. The 03 starch contract is oscillating at the bottom, and the corn price in North China may decline in January, with limited upside potential for the 03 starch contract in the short - term [7]. 3.3 Trading Strategies - **Unilateral**: The 03 US corn has support at 430 cents per bushel. Close the long position of 07 corn [9]. - **Arbitrage**: Stay on the sidelines [10]. 3.4 Corn Options - Option strategy: Use a short - term cumulative put strategy with rolling operations [11]. 3.5 Related Attachments - The report provides six figures, including the closing price of corn at northern ports, the basis of corn 05 contract, the 5 - 9 spread of corn and corn starch, the basis of corn starch 05 contract, and the spread of corn starch 05 contract [15][16][17][19][21][22]

Report Summary 1. Investment Rating The report does not provide an investment rating for the corn industry. 2. Core Viewpoints - In the 2025/26 crop year, the bottom of the corn price is expected to rise, and investors should focus on trading opportunities in price fluctuations. The domestic corn supply will increase due to the growth in both planting area and yield in 2025, while the demand is expected to decline. As a result, the supply - demand situation will be marginally looser, and the overall policy - related substitutes still have room, which restricts the upside of the corn price [2][81][82]. - Before the Spring Festival, the selling pressure on corn may not be significant. After the resolution of the temporary supply - demand mismatch, traders will enter the market to build inventories, and the price correction will be limited. Subsequently, the corn price may fall again due to traders' selling and policy auctions, but the overall price center is expected to move up. Additionally, the situation of the new - season corn should be monitored [2][82]. - In 2026, the corn price is expected to fluctuate between 2000 - 2450 yuan/ton, with a core range of 2100 - 2400 yuan/ton [3][83]. 3. Summary by Directory 3.1 2025 Corn Market Review - In 2025, the corn futures price fluctuated within a large range, and the spot price moved up compared to the beginning of the year. In the first half of the year, the price rose due to factors such as policy - driven stockpiling, tariff counter - measures, wheat drought, and tight supply - demand. After reaching a high, the price declined due to factors like imported corn auctions and high warehouse receipts. After the new grain was on the market, the price rebounded. The overall price center continued to move down compared to the previous year, and the futures were mainly in a negative basis situation, with a "strong expectation, weak reality" tone [6]. 3.2 International Grains: Loose Supply - Demand Remains Unchanged - **Global Grains**: In the 2025/26 crop year, the global grain supply - demand remains loose. The global grain planting area increased due to better planting profit compared to soybeans, with production rising by 3.2% year - on - year to 2.946 billion tons. Demand increased by 2.3% year - on - year to 2.947 billion tons, mainly from the feed and industrial sectors. The ending inventory is expected to be 769 million tons, a 0.16% year - on - year decrease [11]. - **International Corn**: - **USA**: In the 2025/26 crop year, the US corn production reached a record high due to the increase in both area and yield. The domestic demand and export demand increased. The supply - demand is in a loose pattern, but the price center is expected to move up due to strong export demand and the possible reduction in the 2026 planting area [12][15]. - **Brazil**: The Brazilian corn production is expected to decline. The planting area increased by 4%, but the yield per hectare decreased by 5.4% due to factors such as high - temperature drought and delayed soybean harvest affecting the second - season corn [17]. - **Ukraine**: The Ukrainian corn production increased, and the export is expected to recover. The production increased by 5.2 million tons year - on - year, and the export is expected to reach 24.5 million tons in the 2025/26 crop year [19]. 3.3 Domestic Corn - **Production Increase in 2025/26**: In 2025, the national corn planting area increased by 940,000 mu (0.15%) to 60.912 million mu. The yield increased due to favorable climate conditions and the promotion of planting techniques. The national corn output was 282.45 million tons, a 4.1% year - on - year increase [21][22]. - **Feed Demand Expected to Decline Slowly**: - **2025/26 Feed Demand Forecast**: The overall feed demand is expected to decline. For pigs, the inventory of sows is expected to decrease, driving the decline in commercial pig inventory after the second quarter of 2026. For poultry, the feed demand for meat - type poultry is expected to increase slightly, while that for egg - laying poultry is expected to decline [24][29][39]. - **Structural Demand for Corn**: The structural demand for corn in feed is expected to decline slightly. The substitution of corn in feed depends on cost - effectiveness and policy. Currently, the substitution of wheat for corn has decreased, and the overall substitution situation is uncertain [41][42]. - **Deep - processing Demand Expected to Increase Slightly**: The deep - processing demand for corn is expected to be relatively rigid, with consumption remaining flat or increasing slightly compared to the previous year. In 2024/25, the consumption of deep - processing enterprises decreased by 5%, mainly in the starch and alcohol industries. Currently, the consumption is showing signs of recovery [45]. - **Supply - Demand Balance: Annual Inventory Accumulation**: In the 2025/26 crop year, the domestic corn market is expected to accumulate inventory. Supply will increase due to higher production and possible import growth, while demand will decline, resulting in a marginally looser supply - demand pattern [52]. 3.4 Range - bound with a Rising Price Floor - **Limited Price Decline and Weak Selling Pressure Before the Spring Festival**: Since November 2025, the corn price has been rising against the season due to factors such as restocking demand, farmers' reluctance to sell, and logistics bottlenecks. The outflow of corn from Northeast China is expected to decrease in the future, the downstream restocking enthusiasm will weaken, and the port inventory will gradually accumulate. After the resolution of the supply - demand mismatch, traders will build inventories, and the selling pressure on farmers may not be significant, with limited price correction [53][55][56]. - **After Grain Sales: Focus on Traders' Selling, Substitutes, and New - season Corn Planting**: - **Domestic Policy Substitutes - Wheat Substitution Limited**: The wheat - corn price spread is currently high, and the substitution volume is expected to remain stable or decrease slightly. The probability of a large - scale substitution of wheat for corn before the first quarter of 2026 is low. Attention should be paid to the new - season wheat production and the possible auction of overdue wheat [68][69]. - **Domestic Policy Substitutes - Possible Rice Auction**: There is still a surplus of brown rice, and attention should be paid to the policy regarding its release time, quantity, and base price [71]. - **Imported Grains May Increase Marginally**: The import of corn is expected to increase slightly, mainly depending on policy and import profit. The import of sorghum and barley is expected to decrease, and attention should be paid to cost - effectiveness and import policies [73][75]. - **Traders' Selling and New - season Corn**: After the Spring Festival, the corn price may fall due to traders' selling and the influence of substitutes. The planting cost of new - season corn may increase, and the price may rise in the third quarter due to inventory reduction and restocking demand [80].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The price of corn futures is under downward pressure, and the market sentiment is turning pessimistic. The CS2509 contract of corn starch is expected to trade in the range of 2550 - 2750, following the trend of corn [18][98][156]. Summary by Directory Part I: Market Review CBOT Corn - As of July 14, the closing price of the CBOT corn main contract was 418.5 cents per bushel, up 14.75 cents per bushel week-on-week. As of July 8, the net long position of managed funds was -203,861 contracts, an increase of 2,602 contracts week-on-week [6]. Domestic Corn Futures - As of July 14, the closing price of the DCE corn futures main contract was 2,302 yuan per ton, down 1.03% week-on-week. The contract's open interest was 1,654,874 contracts, up 5.86% week-on-week. Negative factors include the sporadic listing of southern spring corn, large - scale auctions of imported corn, and the high cost - effectiveness of wheat for feed use. Positive factors are low imports, nearly exhausted farmers' remaining grain, and the bottom - support provided by the minimum purchase price of wheat [13]. - As of July 14, the number of corn registered warrants was 194,126 contracts, still significantly higher than in previous years. The average daily trading volume last week was 660,800 contracts [14]. - The term structure of corn futures contracts shows a pattern of near - strong, mid - weak, and far - strong. Compared with last week, futures prices have generally declined, with the C09 contract showing a significant decline. The C09 - C11 spread has continued to weaken, reaching 30 yuan per ton as of July 14, a decrease of 13 yuan per ton week-on-week [18]. - As of July 14, the national average spot price of corn was 2,417.45 yuan per ton, down 0.62% week-on-week. The basis was 115.45 yuan per ton, up 8.9 yuan per ton week-on-week [23]. Corn Starch - As of July 14, the closing price of the Dalian corn starch main contract was 2,647 yuan per ton, down 1.23% week-on-week. The open interest was 331,542 contracts, up 18.91% week-on-week [104]. - The number of corn starch registered warrants decreased to 18,899 contracts, a week-on-week decrease of 4,023 contracts. The average daily trading volume last week was 139,800 contracts, up 6.08% week-on-week [107]. - As of July 14, the average price of Grade - 1 national standard corn starch was 2,874 yuan per ton, down 0.66% week-on-week. The basis was 227 yuan per ton, up 14 yuan per ton week-on-week [111]. - From the term structure, all corn starch contracts have declined compared with last week, with the 09 contract showing a larger decline, presenting a near - strong, mid - weak, and far - strong pattern. As of July 14, the spread between the corn starch and corn futures 09 contract was 345 yuan per ton, a decrease of 9 yuan per ton from last week [117]. Part II: Fundamental Analysis Supply - Demand Balance Sheets - USDA's July 2025/26 balance sheet reduced the beginning inventory by 2 million tons, with no adjustments to other items. Huiyi.com's July balance sheet increased the 2025 corn consumption by 2 million tons, with no changes to other items [29][30]. US Corn Growth - As of the week ending July 13, the good - to - excellent rate of US corn was 74%, in line with market expectations, the same as the previous week and higher than 68% in the same period last year. The silking rate was 34%, up from 18% the previous week, and the dough stage rate was 7%, up from 3% the previous week [32]. Corn Imports - Since the second half of last year, China's corn imports have significantly decreased. In May 2025, corn imports were 190,000 tons, a year-on-year decrease of 81.9%. Cumulative imports in 2025 were 630,000 tons, a 93.8% decrease compared to the same period last year. In April, imports of substitute crops such as wheat, barley, and sorghum were 2.09 million tons, a 52.1% year-on-year decrease. Cumulative imports in 2025 were 6 million tons, a 60.54% year-on-year decrease [37]. Corn Auction - Since September last year, the net purchase volume of imported corn auctions has been 1.66 million tons [42]. Corn Inventory - Port corn inventories are seasonally decreasing. As of July 4, 2025, the inventory at the four northern ports was 2.596 million tons, down 4.70% from June 27. The domestic trade inventory at Guangdong Port was 886,000 tons, down 14.89%, and the foreign trade inventory was 13,000 tons, up 333.33% [45]. - The corn inventory of major deep - processing enterprises increased slightly to 4.436 million tons as of July 11, 2025, up 1.88% from July 4. The available days of corn inventory for feed enterprises decreased slightly to 31.58 days, down 1.19% from July 4 [53]. Corn Consumption - The corn consumption of major deep - processing enterprises decreased slightly. As of July 11, 2025, it was 1.1578 million tons, down 1.57% from July 4 [59]. - In May 2025, the national industrial feed production was 27.7 million tons, a 0.6% month-on-month increase and a 6.9% year-on-year increase. The proportion of corn in compound feed produced by feed enterprises was 39.4%, a 3.1 - percentage - point year-on-year increase [67]. Pig Market - In June, the sales volume of pig feed continued to increase year - on - year and month - on - month, but the month - on - month growth rate narrowed. The sales volume of piglet and sow feed decreased year - on - year [68]. - The hog price fluctuated, and the profit from pig farming was limited. As of July 11, 2025, the average price of the top - three grades of white - striped pork was 19 yuan per kilogram. The self - breeding and self - raising profit of pigs was 160 yuan per head, and the profit from purchasing piglets for fattening was 3 yuan per head [77]. - The hog - to - corn ratio was weakly stable. As of July 14, 2025, the Steel Union hog - to - corn ratio was 6.08, down 0.33% week-on-week [83]. Wheat - Corn Substitution - The wheat price remained stable, and the decline in the corn price widened the wheat - corn price spread, but it was still at a low level. The substitution ratio of wheat for feed use was relatively high [85]. Corn Starch - The spot price spread between corn starch and corn remained stable. As of July 14, 2025, the spread in Heilongjiang Suihua was 490 yuan per ton, up 11.36% week-on-week, and the spread in Shandong Weifang was 450 yuan per ton, down 2.17% week-on-week [123]. - The operating rate and production of corn starch enterprises decreased slightly. As of July 11, 2025, the operating rate was 50.14%, down 1.06 percentage points from July 4, and the production was 259,400 tons, down 2.08% from July 4 [129]. - The losses of corn starch enterprises have increased. - The corn starch inventory increased slightly. As of July 11, 2025, the national inventory of major enterprises was 1.337 million tons, up 1.83% from July 4 [140]. - The demand for corn starch decreased significantly. As of July 11, 2025, the提货 volume of major corn starch enterprises was 235,400 tons, down 9.77% from July 4 [146]. Part III: Future Outlook International Market - CBOT corn futures were stable. The expected high yield in the US restrained bottom - fishing buying and short - covering operations. In the second week of July 2025, Brazil shipped 338,400 tons of corn in 9 working days, a 75.66% decrease in the average daily shipping volume compared to July last year. As of the week ending July 10, 2025, the US corn export inspection volume was 1,287,159 tons [96]. Domestic Market - This week, the weather in Northeast China is favorable for corn growth, while areas such as Xinjiang, North China, and Huanghuai are experiencing high temperatures and low rainfall, which is not conducive to corn growth. In the next 10 days, some areas in Northeast China may experience short - term waterlogging, and areas such as Shaanxi, Hebei, and Huanghuai may face drought [97]. - Corn futures prices are under downward pressure. Positive factors include the minimum purchase price of wheat in Hebei, Henan, and Anhui, nearly exhausted farmers' remaining grain, and continued growth in feed sales in June. Negative factors are the increasing listing of spring corn in Hubei, the start of imported corn auctions, and the high substitution ratio of wheat for feed use [98]. - Corn starch futures prices are also under downward pressure, following the trend of corn. The CS2509 contract is expected to trade in the range of 2550 - 2750 [156].

Report Overview - The report is a corn starch daily report dated July 15, 2025, focusing on corn and corn starch markets, including data, market analysis, trading strategies, and option strategies [2] 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The US corn planting is completed, and the US corn market is weak. With the reduction of Sino - US tariffs, the US corn price continues to decline, and weather factors may become a future market driver. In China, the import profit of foreign corn is high. The northern port's flat - warehouse price is stable, the spot price in the Northeast corn - producing area has declined, and the supply in North China is expected to be tight. The corn starch inventory has increased, and the price is mainly affected by corn price and downstream stocking. In the short - term, the 09 corn will oscillate, and the basis will strengthen, with potential for a rebound. The 09 starch's decline space is limited [4][6][7][8] 3. Summary by Directory 3.1 First Part: Data 3.1.1 Futures Disk - Corn futures contracts C2601, C2605, C2509 and corn starch futures contracts CS2601, CS2605, CS2509 all showed price declines on July 15, 2025. For example, C2601 closed at 2236, down 2 (-0.09%), and CS2601 closed at 2605, down 5 (-0.19%). The trading volume of most contracts decreased, while the open interest of some contracts increased [2] 3.1.2 Spot and Basis - Corn spot prices in different regions had different trends. For example, the price in Qinggang decreased by 10 to 2230, while that in Shouguang increased by 10 to 2454. Corn starch spot prices remained stable. The basis of corn and corn starch showed different values in various regions [2] 3.1.3 Spreads - Corn inter - term spreads, corn starch inter - term spreads, and cross - variety spreads all had price changes. For example, C01 - C05 spread was - 36, down 2, and CS09 - C09 spread was 346, up 1 [2] 3.2 Second Part: Market Judgment 3.2.1 Corn - The US corn market is affected by planting completion, tariff reduction, and potential weather speculation. In China, the import profit of foreign corn is high, the northern port price is stable, the Northeast spot price has declined, the North China supply is tight, and the domestic breeding demand is weak. The 09 corn futures continue to decline, but there is potential for a rebound due to tight supply in North China [4][6] 3.2.2 Starch - The number of trucks arriving at Shandong's deep - processing plants has decreased, and the corn spot price in Shandong is stable. The corn starch inventory has increased, with a monthly increase of 2.14% and a year - on - year increase of 26.97%. The starch price is affected by corn price and downstream stocking. The 09 starch futures are weakly oscillating, and the decline space is limited [7] 3.2.3 Trading Strategies - Unilateral: Domestic 09 corn will have narrow - range oscillations, and a light - position short - term long position in 09 corn can be considered. Arbitrage: Close the position of buying spot and shorting 09 corn, and widen the spread between 09 corn and starch at low levels for oscillating operations [8][9] 3.3 Third Part: Corn Options - Option Strategy: Spot - holding enterprises can sell corn call options [12] 3.4 Fourth Part: Related Attachments - The attachments include charts of 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 - corn 09 contract spread, which visually show the price trends and relationships of relevant products [14][16][21]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The US corn planting is basically finished, with the price in a bottom - oscillating state. There is potential for price increases due to possible weather - related speculation later [5][10]. - The spot price of corn in North China is expected to be firm in the short - term, and the price in Heilongjiang has support at around 2,200 yuan/ton. In the medium - to - long - term, the policy of grain auction will have an impact on the price [8]. - The spot price of corn starch is relatively stable, and the inventory has decreased this week. The short - term decline of the 09 starch contract on the futures market is limited [9]. - For trading strategies, the domestic 09 corn will continue to oscillate narrowly, and short - term long positions can be considered for 09 starch. For arbitrage, those with spot goods can short 09 corn, and widen the spread between 09 corn and starch when it is low [10][11][12]. - For option strategies, enterprises with spot goods can sell corn call options [15]. 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Market - The closing prices of various corn and corn starch futures contracts on June 25, 2025, showed different degrees of decline. For example, C2601 closed at 2273, down 8 (- 0.35%); CS2601 closed at 2668, down 11 (- 0.41%) [2]. - In terms of trading volume and open interest changes, C2505 had a significant increase in trading volume (37.66%) and open interest (10.87%), while CS2509 had a 9.44% increase in trading volume and a 17.95% increase in open interest [2]. 3.1.2 Spot Market and Basis - Corn spot prices in different regions: Qinggang was 2280 yuan, Jiajisheng was 2090 yuan, etc. The price in Shouguang increased by 10 yuan. The basis of different regions varied, from - 287 yuan in Jiajisheng to 155 yuan in Zhucheng Xingmao [2]. - Corn starch spot prices in different regions: Longfeng was 2780 yuan, Zhongliang was 2800 yuan, etc. The price in Yufeng increased by 10 yuan. The basis of different regions was between 91 yuan and 301 yuan [2]. 3.1.3 Spread - Corn inter - delivery spreads: C01 - C05 was - 26, up 6; C05 - C09 was - 78, down 2 [2]. - Corn starch inter - delivery spreads: CS01 - CS05 was - 21, down 2; CS05 - CS09 was - 43, up 3 [2]. - Cross - variety spreads: CS09 - C09 was 355, unchanged; CS01 - C01 was 395, down 3 [2]. 3.2 Market Outlook 3.2.1 Corn - The US corn is in a bottom - oscillating state, and the import profit of foreign corn is high. The 8 - month Brazilian import price is 1951 yuan [5]. - The northern port flat - hatch price is stable, the northeast corn spot price is stable, the supply in North China is decreasing, and the spot price is firm. The price difference between northeast and North China corn is widening [5][8]. - Wheat prices in North China have fallen, the substitution effect of wheat on corn continues, and the domestic breeding demand is still weak. However, due to low supply, the corn spot price will rise in the short - term [8]. - The import of grains has decreased significantly, which is expected to be beneficial to the spot market. The market is currently focused on the auction policy, and brown rice and corn may be auctioned after July [8]. 3.2.2 Corn Starch - The number of trucks arriving at Shandong deep - processing plants has decreased, the price of corn in Shandong has increased, and the corn starch price in Shandong is around 2900 yuan. The northeast corn starch spot price is stable [9]. - This week, the corn starch inventory decreased to 132.8 million tons, a decrease of 3.2 million tons from last week, a monthly decrease of 5.95% and a year - on - year increase of 26.4% [9]. - The starch price mainly depends on the corn price and downstream inventory - building. The by - product price is relatively strong, the spot price difference between corn and starch is low. In the medium - to - long - term, due to weak demand, starch enterprises will be in a loss state for a long time, and the profit will be restored [9]. 3.3 Trading Strategies - Unilateral trading: The domestic 09 corn will continue to oscillate narrowly, and short - term long positions can be considered for 09 starch [11]. - Arbitrage trading: Those with spot goods can short 09 corn, and widen the spread between 09 corn and starch when it is low, with oscillating operations [12]. 3.4 Corn Options - Option strategy: Enterprises with spot goods can sell corn call options [15]. - Option contract information on June 25, 2025: For C2509 - P - 2380.DCE, the underlying asset price was 2377, the closing price was 36.50, and the IV was 4.5 [15]. 3.5 Relevant Attachments - The attachments include six figures, showing the spot price of corn in different regions, the basis of corn 09 contract, the 9 - 1 spread of corn and corn starch, the basis of corn starch 09 contract, and the spread of corn starch 09 contract [17][19][21]