1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Past week, corn spot prices fluctuated and adjusted, with overall small fluctuations, and the Northeast production area was weaker than North China; futures fluctuated in a narrow range and showed a stalemate; the basis increased slightly, while the C03 - C05 spread decreased slightly. The weakness of the March contract was mainly due to concerns about the selling pressure in spring and the lack of demand support after the downstream restocking was completed. As of February 5, the national corn sales progress reached 63%, significantly higher than in previous years, which was conducive to alleviating the post - Spring Festival selling pressure. The feed demand was resilient, but enterprises had limited motivation to significantly increase inventory under the expectation of capacity reduction; the demand of deep - processing enterprises was expected to remain weak. The inventory in the north and south ports was low, providing some support. The futures market was slightly at a discount, and there was some support for the downstream of corn. The operation strategy was to treat it as a volatile market [7] 3. Summary According to the Directory 3.1 Weekly Analysis and Outlook - **Corn Futures Market Changes**: Not detailed in the provided content - **Corn Spot Market Changes**: Past week, corn spot prices fluctuated and adjusted, with overall small fluctuations, and the Northeast production area was weaker than North China [7] - **Corn Spot Market: Regional Price Difference**: Not detailed in the provided content - **Corn Selling Progress**: As of February 5, the national corn sales progress reached 63%, significantly higher than in previous years, and the progress in the Northeast production area was significantly higher than that in North China [7] - **Corn Import**: Not detailed in the provided content - **Feed and Livestock Breeding Demand**: The livestock and poultry inventory in the breeding industry was high, so the feed demand was resilient, but enterprises had limited motivation to significantly increase inventory under the expectation of capacity reduction [7] - **Feed and Livestock Breeding Demand: Feed Output**: Not detailed in the provided content - **Deep - processing Demand**: Deep - processing enterprises' inventory had returned to a neutral level after recent restocking. Considering the poor deep - processing profit, the later - stage demand was expected to remain weak [7] - **Substitutes**: Not detailed in the provided content - **North Port Corn Dynamics**: The inventory in the north port increased, but the absolute level was still low [7] - **South Port Grain Dynamics**: The inventory in the south port was also at a low level [7] 3.2 Domestic Corn Starch Market Dynamics - **Corn Starch Futures**: Not detailed in the provided content - **Corn Starch Spot**: A table of data was provided, but no specific analysis was given [82] - **Corn - Starch Price Difference**: Not detailed in the provided content - **Corn Starch Production and Inventory**: Not detailed in the provided content - **Corn Starch Downstream Demand**: Not detailed in the provided content - **Cassava Starch**: Not detailed in the provided content 3.3 International Corn Market Dynamics - **US Corn Futures Market**: Not detailed in the provided content - **US Corn Sowing and Growth Progress**: Not detailed in the provided content - **Brazilian Corn Crop Progress**: Not detailed in the provided content

| 项目类别 | 数据指标 最新 环比 数据指标 | | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 玉米淀粉期货收盘价(活跃合约):(日,元/ 期货收盘价(活跃合约):(日,元/吨) 玉米月间价差(1-5):(日,元/吨) 0 玉米淀粉月间价差(1-3):(日,元/吨) | 2243 -36 | 8 吨) | 2572 -11 | 21 -7 | | | 期货持仓量(活跃合约):黄玉米(日,手) -29094 期货持仓量(活跃合约):玉米淀粉(日,手) | 968502 | | 243202 | 1454 | | 期货市场 | -16250 期货前20名持仓:净买单量:玉米淀粉(日, 期货前20名持仓:净买单量:玉米(日,手) | -182690 | | -33837 | 2936 | | | 注册仓单量:黄玉米(日,手) -3000 注册仓单量:玉米淀粉(日,手) | 62515 | 手) | 10195 | -500 | | | 主力合约CS-C价差(日,元/吨) | 369 | 4 | | | | | 期货收盘价(活跃合约):CBOT玉米 ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - For the corn market, in the US, as the corn harvest progresses, supply pressure will gradually increase, but the estimated corn yield this year is lower than the previous USDA forecast, and the expectation of a Sino - US trade agreement boosts the market. In China, in the Northeast, the corn yield has increased significantly, but the purchase price has slightly decreased with the increase in new grain supply. In the North China and Huanghuai regions, the market supply has slightly declined due to farmers' reluctance to sell, and feed enterprises are mainly in a wait - and - see mode. The corn futures price has weakened again after a slight rebound, maintaining a low - level volatile consolidation [2]. - For the corn starch market, the increase in new - season corn supply weakens the cost support for corn starch, and the substitution advantage of tapioca starch squeezes the market demand. However, the industry's operating rate is lower than the same period in previous years, and the enterprise inventory has slightly decreased. The starch market fluctuates synchronously with the corn market, and short - term observation is recommended [3]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - Corn futures: The closing price of the active contract of domestic yellow corn is 2111 yuan/ton, down 102 yuan; the net long position of the top 20 futures holders is - 81914 hands, down 5324 hands; the registered warehouse receipt volume is 63966 hands; the closing price of the active contract of CBOT corn is 434.5 cents/bushel, up 2.75 cents [2]. - Corn starch futures: The closing price of the active contract is 2419 yuan/ton, down 10 yuan; the net long position of the top 20 futures holders is - 54064 hands, up 4667 hands; the registered warehouse receipt volume is 12504 hands; the main - contract CS - C spread is 337 yuan/ton [2]. 3.2 Outer Market - CBOT corn: The total weekly position is 1543065 contracts, up 13269 contracts; the non - commercial net long position is - 51186 contracts, down 15017 contracts [2]. 3.3 Spot Market - Corn: The average spot price is 2242.16 yuan/ton, down 0.59 yuan; the flat - hatch price at Jinzhou Port is 2120 yuan/ton, down 20 yuan; the CIF price of imported corn is 1974.15 yuan/ton, up 0.3 yuan [2]. - Corn starch: The factory - quoted price in Changchun is 2510 yuan/ton, unchanged; in Weifang is 2750 yuan/ton, unchanged; in Shijiazhuang is 2680 yuan/ton, unchanged; the basis of the main contract is 83 yuan/ton, down 3 yuan [2]. 3.4 Upstream Situation - The predicted sown areas of corn in the US, Brazil, Argentina, China are 427.11 million hectares, 53 million hectares, 295 million hectares respectively, and the predicted yields are 36.44 million tons, 7.5 million tons, 44.3 million tons, 32 million tons respectively, with no changes [2]. 3.5 Industry Situation - Corn inventory: 480,000 tons in southern ports, 1.04 million tons in northern ports, 2.334 million tons in deep - processing enterprises, up 298,000 tons [2]. - Corn starch inventory: 1.128 million tons, down 12,000 tons from last week, with a weekly decline of 1.05%, a monthly decline of 0.97%, and a year - on - year increase of 36.89% [2][3]. - Import and export: The monthly import volume of corn is 60,000 tons, and the monthly export volume of corn starch is 12,780 tons, down 2,020 tons [2]. 3.6 Downstream Situation - Feed production: The monthly output is 3.1287 million tons [2]. - Corn starch processing profit: 120 yuan/ton in Shandong, 119 yuan/ton in Hebei, 105 yuan/ton in Jilin [2]. - Operating rate: 61.67% for alcohol enterprises, 58.86% for starch enterprises, up 3.24 percentage points [2]. 3.7 Option Market - The 20 - day historical volatility of corn is 8.48%, down 0.43 percentage points; the 60 - day historical volatility is 7.25%, up 0.1 percentage points; the implied volatility of at - the - money call options is 10.24%, up 0.74 percentage points; the implied volatility of at - the - money put options is 10.25%, up 0.75 percentage points [2]. 3.8 Industry News - Analysts expect the net export sales volume of US corn in the week ending October 23, 2025, to be between 1.1 million and 2.1 million tons [2]. - As of October 27, the planting progress of the first - season corn in Brazil's Paraná state is 98%, up from 94% last week [2]. 3.9 Key Focus - Pay attention to the weekly consumption of mysteel corn and the operating rate and inventory of starch enterprises on Thursday and Friday [3]