Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Corn**: In the US, although the estimated corn production in 2025 is expected to reach a record high, it is still lower than the USDA's August forecast, adding expectations of a later USDA production cut. In the domestic market, with the approaching new - season corn listing in the Northeast, the continuous release of reserve - rotated corn, weakened confidence of traders, and sufficient stockpiles of grain - using enterprises, the corn market has weak trading and prices are in a weak adjustment. The corn market is under pressure [2]. - **Corn Starch**: During the transition period between old and new corn, some enterprises have limited production and maintenance, leading to a decline in the industry's operating rate. Supply pressure has decreased, demand has slightly improved, and inventory pressure has declined. However, the industry inventory is still high, and the substitution advantages of cassava starch and wheat starch are still good, squeezing the demand for corn starch. The starch market remains in a low - level oscillation and is still regarded as bearish [3]. 3. Summary by Directory Futures Market - **Corn**: The closing price of the active corn futures contract is 2193 yuan/ton, down 63 yuan; the 1 - 5 monthly spread is 94 yuan/ton; the net long position of the top 20 futures holders is - 72743 hands; the registered warehouse receipt volume is 65202 hands; the CS - C spread of the main contract is 215 yuan/ton [2]. - **Corn Starch**: The closing price of the active corn starch futures contract is 2487 yuan/ton, down 33 yuan; the 11 - 1 monthly spread is 204 yuan/ton; the net long position of the top 20 futures holders is - 40051 hands; the registered warehouse receipt volume is 7450 hands [2]. Outer Market - The closing price of the active CBOT corn futures contract is 423 cents/bushel; the total weekly position is 1456701 contracts, down 109666 contracts; the non - commercial net long position is 34270 contracts, down 70940 contracts [2]. Spot Market - **Corn**: The average spot price is 2363.73 yuan/ton, up 0.4 yuan; the FOB price at Jinzhou Port is 2290 yuan/ton, up 10 yuan; the CIF price of imported corn is 1930.38 yuan/ton, up 0.86 yuan; the international freight of imported corn is 0 dollars/ton; the basis of the main corn contract is 170.73 yuan/ton, up 7.4 yuan [2]. - **Corn Starch**: The ex - factory prices in Changchun, Weifang, and Shijiazhuang are 2660 yuan/ton, 2900 yuan/ton, and 2830 yuan/ton respectively, with no change; the basis of the main corn starch contract is 173 yuan/ton, up 18 yuan; the spread between Shandong starch and corn is 370 yuan/ton, up 34 yuan; the spread between cassava starch and corn starch is 184 yuan/ton, up 27 yuan; the spread between corn starch and 30 - powder is - 67 yuan/ton, with no change [2]. Upstream Situation - The predicted sown areas of corn in the US, Brazil, Argentina, and China are 39.893 million hectares, 35.12 million hectares, 5.3 million hectares, and an unspecified amount respectively; the predicted yields are 162.04 billion bushels (US), 131 million tons (Brazil), 7.5 million tons (Argentina), 295 million tons (China), and 30.5 million tons (Ukraine) [2]. - The corn inventory at southern ports is 770,000 tons, down 280,000 tons; the inventory of deep - processed corn is 2942,000 tons, down 205,000 tons; the inventory at northern ports is 1750,000 tons; the monthly import volume of corn is 60,000 tons, down 10,000 tons [2]. Industry Situation - The monthly export volume of corn starch is 15,940 tons, up 1440 tons; the monthly feed production is 28273,000 tons, down 110,400 tons; the sample feed corn inventory days are 28.13 days, down 0.72 days; the deep - processed corn consumption is 11402,000 tons, up 4000 tons [2]. Downstream Situation - The alcohol enterprise operating rate is 42.87%, down 0.7%; the starch enterprise operating rate is 47.7%, down 3.31%; the corn starch processing profits in Shandong, Hebei, and Jilin are - 130 yuan/ton, - 60 yuan/ton, and - 110 yuan/ton respectively, down 8 yuan/ton, 9 yuan/ton, and 29 yuan/ton [2]. Option Market - The 20 - day historical volatility of corn is 7.48%, up 0.01%; the 60 - day historical volatility is 6.3%, down 0.02%; the implied volatility of at - the - money call options for corn is 9.68%, down 0.34%; the implied volatility of at - the - money put options for corn is 9.67%, down 0.35% [2]. Industry News - As of August 31, in 18 states accounting for 92% of the country's corn - sown area, the proportion of US corn in the dough stage was 90%, up from 83% a week ago, compared with 89% in the same period last year [2]. - As of the week ending August 28, 2025, the US corn export inspection volume was 1,407,050 tons, up from the revised 1,338,532 tons last week and 966,544 tons in the same period last year [2]. - Pro Farmer's final production forecast report shows that the total US corn production in 2025 is expected to reach 16.204 billion bushels, with an average yield of 182.7 bushels per acre, lower than the USDA's August forecast [2].

1. Report Industry Investment Rating - No relevant content provided 2. Report's Core View - In the corn market, the good condition of US corn and the easing of Sino - US trade relations have raised concerns about long - term import pressure. In the domestic market, the sales of traders in the Northeast have slowed, some processing enterprises have tight inventories and strong restocking intentions, and the purchase price is relatively strong. In the North China and Huanghuai regions, the wheat harvest has reduced the market's circulating grain sources, and the purchase price of processing enterprises has been raised. Supported by the wheat purchase at the minimum price, the recent corn futures price has risen significantly, and short - term participation is recommended [2]. - In the corn starch market, due to the short - term supply shortage of raw corn in North China and continuous production losses of corn starch enterprises, the industry's operating rate has dropped to a new low this year. With reduced supply pressure and strong corn prices, the spot price of corn starch is relatively stable, and the industry inventory has slightly declined. The starch market has shown a strong and volatile trend following the corn market, and short - term participation is recommended [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Corn starch futures closing price (active contract) is 2710 yuan/ton, down 66 yuan; corn futures closing price (active contract) is 2372 yuan/ton, down 1 yuan; corn monthly spread (9 - 1) is 130 yuan/ton; corn starch monthly spread (7 - 9) is - 66 yuan/ton; the main contract CS - C spread is 380 yuan/ton, up 1 yuan [2]. - Futures positions: the positions of active contracts of yellow corn are 762,225 hands, down 61,720 hands; those of corn starch are 182,540 hands, down 7,636 hands. The net long positions of the top 20 futures holders of corn are - 128,870 hands, down 19,732 hands; those of corn starch are - 11,031 hands, down 603 hands [2]. - Registered warehouse receipts: there are 216,285 hands of yellow corn, down 210 hands; 24,237 hands of corn starch, unchanged [2]. 3.2 Outer - market - CBOT corn futures closing price (active contract) is 436.5 cents/bushel, down 2.5 cents; CBOT corn total positions (weekly) are 1,669,150 contracts, up 14,336 contracts; non - commercial net long positions of CBOT corn are - 81,059 contracts, down 60,726 contracts [2]. 3.3 Spot Market - The average spot price of corn is 2406.27 yuan/ton, up 5.09 yuan; the factory - quoted price of corn starch in Changchun is 2720 yuan/ton, unchanged; in Weifang is 2940 yuan/ton, unchanged; in Shijiazhuang is 2880 yuan/ton, unchanged [2]. - The flat - hatch price of corn in Jinzhou Port is 2390 yuan/ton, unchanged; the CIF price of imported corn is 1930.25 yuan/ton, up 2.44 yuan; the international freight of imported corn is unchanged [2]. - The basis of the corn main contract is 34.27 yuan, up 7.09 yuan; the basis of the corn starch main contract is 10 yuan, down 1 yuan; the spread between Shandong starch and corn (weekly) is 416 yuan, unchanged [2]. 3.4 Upstream Situation - The predicted sown area of corn in the US is 377.63 million hectares, unchanged; the predicted output is 126 million tons, unchanged; in Brazil, the sown area is 33.55 million hectares, unchanged, and the output is 22.3 million tons, unchanged; in Argentina, the sown area is 50 million hectares, unchanged, and the output is 6.4 million tons, unchanged; in China, the sown area is 294.92 million hectares, unchanged, and the output is 44.74 million tons, unchanged [2]. - The corn inventory in southern ports (weekly) is 26.8 million tons, unchanged; the deep - processed corn inventory (weekly) is 465.4 million tons, up 12.7 million tons; the corn inventory in northern ports (weekly) is 115 million tons, down 21.7 million tons [2]. 3.5 Industry Situation - The monthly import volume of corn is 18 million tons, up 10 million tons; the monthly export volume of corn starch is 23,720 tons, up 3,370 tons [2]. - The monthly output of feed is 2777.2 million tons, down 66.4 million tons; the processing profit of corn starch in Shandong is - 103 yuan/ton, up 11 yuan; in Hebei is - 71 yuan/ton, down 6 yuan; in Jilin is - 96 yuan/ton, up 1 yuan [2]. - The alcohol enterprise operating rate (weekly) is 49.92%, up 5.01%; the starch enterprise operating rate (weekly) is 48.71%, down 3.07% [2]. 3.6 Option Market - The 20 - day historical volatility of corn (daily) is 6.87%, down 0.19%; the 60 - day historical volatility is 7.46%, down 0.11% [2]. - The implied volatility of at - the - money call options of corn (daily) is 9.58%, down 0.98%; the implied volatility of at - the - money put options is 9.58%, down 0.98% [2]. 3.7 Industry News - ANEC predicts that the Brazilian corn export volume in June 2025 will increase to 923,400 tons, higher than the previous estimate but 6% lower than that in June last year [2]. - Analysts expect the ending inventory of US corn in the 2024/25 season to be adjusted down to 1.392 billion bushels, slightly lower than the USDA's May forecast [2]. - As of the week ending June 8, 2025, the good - to - excellent rate of US corn is 71%, higher than the market expectation [2].