Report Industry Investment Rating - Not provided in the content Core Viewpoints - Corn futures prices rose first and then fell this week, with short - term large fluctuations. It is advisable to wait and see. Corn starch futures prices also rose first and then fell, and are expected to maintain short - term fluctuations [8][10] Summaries by Directory 1. Week - on - Week Summary Corn - **Market Review**: The main 2603 contract of corn futures closed at 2,226 yuan/ton, up 4 yuan/ton from last week [8] - **Market Outlook**: U.S. corn is in the export peak season with high short - term supply pressure. However, good export conditions and a downward adjustment of the ending inventory forecast support its price. In China, the grain sales progress in the Northeast is fast, farmers are reluctant to sell, and most grain sources are in the hands of grain depots and traders. Feed enterprises have certain inventories, while deep - processing enterprises have relatively low inventories and weak willingness to purchase at higher prices. In the North China and Huanghuai regions, the overall grain sales progress is about 40%, and processing enterprises are not willing to replenish stocks at high prices [8] Corn Starch - **Market Review**: The main 2603 contract of Dalian corn starch futures fluctuated up and down, closing at 2,515 yuan/ton, up 1 yuan/ton from last week [10] - **Market Outlook**: With the increase in the supply of new - season corn, the supply - side pressure of corn starch remains. As of December 24, the national corn starch inventory increased. However, holiday stocking and the price increase of cassava starch may boost demand [10] 2. Futures and Spot Market Futures Price and Position Changes - The 3 - month contract of corn futures rose first and then fell, with a total position of 1,009,261 lots, an increase of 5,461 lots from last week. The 3 - month contract of corn starch futures also rose first and then fell, with a total position of 195,489 lots, an increase of 3,391 lots from last week [16] Top 20 Net Position Changes - The top 20 net position of corn futures was - 168,889 this week, with an increase in net short positions compared to last week. The top 20 net position of starch futures was - 31,610, with a decrease in net short positions compared to last week [23] Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 39,395 lots, and those of corn starch were 12,355 lots [29] Spot Price and Basis - As of December 30, 2025, the average spot price of corn was 2,351.76 yuan/ton, and the basis between the active 3 - month contract and the spot average price was + 125 yuan/ton. The spot price of corn starch in Jilin was 2,700 yuan/ton and 2,800 yuan/ton in Shandong, and the basis between the 3 - month contract and the Jilin Changchun spot price was 185 yuan/ton [34][39] Futures Inter - monthly Spread - The 3 - 5 spread of corn was - 29 yuan/ton, at a medium level in the same period. The 3 - 5 spread of starch was - 50 yuan/ton, also at a medium level in the same period [45] Futures Spread between Starch and Corn - The spread between the 3 - month contracts of starch and corn was 289 yuan/ton. As of Thursday this week, the spread between Shandong corn and corn starch was 410 yuan/ton, the same as last week [53] Substitute Spread - As of December 30, 2025, the spot price of wheat was 2,516.17 yuan/ton, and the spot price of corn was 2,351.76 yuan/ton, with a wheat - corn spread of 164.41 yuan/ton. In the 51st week of 2025, the average spread between cassava starch and corn starch was 712 yuan/ton, narrowing by 13 yuan/ton compared to last week [59] 3. Industry Chain Situation Corn Supply - As of December 19, 2025, the domestic trade corn inventory in Guangdong Port was 224,000 tons, an increase of 33,000 tons from last week; the foreign trade inventory was 278,000 tons, an increase of 16,000 tons from last week. The corn inventory in the four northern ports was 1.803 million tons, an increase of 11,000 tons week - on - week, and the shipping volume was 827,000 tons, an increase of 143,000 tons week - on - week [49] - As of December 25, the overall domestic corn sales progress was 45%, an increase of 3 percentage points from the previous week and 4 percentage points from the same period last year. The sales progress in the Northeast was 44%, an increase of 3 percentage points from the previous week and 8 percentage points from the same period last year [61] - In November 2025, China's ordinary corn imports were 560,000 tons, the highest this year, an increase of 260,000 tons (86.67%) compared to the same period last year and 200,000 tons compared to last month [65] - As of December 25, the average inventory of national feed enterprises was 29.88 days, a decrease of 0.10 days from last week, a month - on - month decrease of 0.33% and a year - on - year decrease of 1.68% [69] Demand - At the end of the third quarter, the national pig inventory was 436.8 million heads, an increase of 9.86 million heads (2.3%) year - on - year and 12.33 million heads (2.9%) quarter - on - quarter. As of the end of October, the inventory of breeding sows was 30.9 million heads, a decrease of 450,000 heads (1.12%) month - on - month [73] - As of December 26, 2025, the self - breeding and self - raising pig farming profit was - 130.11 yuan/head, and the profit from purchasing piglets was - 162.8 yuan/head [77] - As of December 30, 2025, the corn starch processing profit in Jilin was - 50 yuan/ton. The corn alcohol processing profit was - 399 yuan/ton in Henan, - 767 yuan/ton in Jilin, and - 265 yuan/ton in Heilongjiang [82] Corn Starch Supply - As of December 24, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 3.378 million tons, an increase of 4.26% [86] - From December 25 - 31, 2025, the national corn processing volume was 631,100 tons, a decrease of 4,200 tons from last week; the national corn starch output was 327,500 tons, a decrease of 3,300 tons from last week; the weekly operating rate was 59.86%, a decrease of 0.6% from last week. As of December 31, the national corn starch inventory was 1.123 million tons, an increase of 21,000 tons from last week, a week - on - week increase of 1.91%, a month - on - month increase of 3.09%, and a year - on - year increase of 24.64% [90] 4. Option Market Analysis - As of December 31, the implied volatility of the options corresponding to the main 2603 contract of corn was 11.32%, a recovery of 1.04% from last week's 10.28%. The implied volatility this week recovered and was at a medium level compared to the 20 - day, 40 - day, and 60 - day historical volatility [93]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Corn futures fluctuated and rose this week. The international corn market price is under pressure, but the domestic corn market is supported by factors such as farmers' reluctance to sell, tight transportation capacity, increased processing consumption, and strong procurement by enterprises. The corn futures price is generally strong and volatile, and investors should be cautious about chasing up [6]. - Corn starch futures also oscillated and closed higher. Although the supply - side pressure increases due to sufficient raw material supply and rising industry operating rates, the downstream demand is good, inventory has decreased, and the starch futures price has risen in sync with the corn market, with caution advised for chasing up [8]. 3. Summary According to Relevant Catalogs 3.1. Weekly Highlights 3.1.1. Corn - **Market Review**: The main 2601 contract of corn futures closed at 2,244 yuan/ton, up 49 yuan/ton from last week [6]. - **Market Outlook**: International supply pressure is high, while in the domestic market, factors such as farmers' reluctance to sell, tight transportation, and increased consumption support the price. The futures price is strong and volatile, and cautious chasing is recommended [6]. 3.1.2. Corn Starch - **Market Review**: The main 2601 contract of Dalian corn starch futures closed at 2,566 yuan/ton, up 54 yuan/ton from last week [8]. - **Market Outlook**: Supply - side pressure increases, but downstream demand is good, inventory has decreased, and the futures price has risen in sync with the corn market, with caution advised for chasing up [8]. 3.2. Futures and Spot Markets 3.2.1. Futures Price Trends and Position Changes - Corn futures' January contract oscillated and closed higher, with a total position of 959,620 hands, an increase of 10,180 hands from last week. Corn starch futures' January contract also oscillated and closed higher, with a total position of 238,140 hands, an increase of 1,212 hands from last week [14]. 3.2.2. Net Positions of the Top Twenty - The net position of the top twenty in corn futures this week was - 202,716, compared with - 108,473 last week, indicating an increase in net short positions. The net position of the top twenty in starch futures was - 33,782, compared with - 43,094 last week, showing a slight decrease in net short positions [20]. 3.2.3. Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 60,215, and the registered warehouse receipts of corn starch were 0 [24]. 3.2.4. Spot Prices and Basis Trends - As of November 27, 2025, the average spot price of corn was 2,325.29 yuan/ton, and the basis between the active January contract of corn and the spot average price was + 81 yuan/ton [32]. - The spot price of corn starch in Jilin was 2,650 yuan/ton, and in Shandong was 2,800 yuan/ton, with a slight increase this week. The basis between the January contract of corn starch and the spot price in Changchun, Jilin was 84 yuan/ton [36]. 3.2.5. Inter - month Spread Changes - The 1 - 3 spread of corn was + 5 yuan/ton, at a medium level in the same period. The 1 - 3 spread of starch was - 9 yuan/ton, also at a medium level in the same period [42]. 3.2.6. Futures Spread Changes - The spread between the January contracts of starch and corn was 322 yuan/ton. As of Thursday this week, the spread between Shandong corn and corn starch was 470 yuan/ton, a decrease of 20 yuan/ton compared with last week [51]. 3.2.7. Substitute Spread Changes - As of November 27, 2025, the average spot price of wheat was 2,506.44 yuan/ton, and the average spot price of corn was 2,325.29 yuan/ton, with a wheat - corn spread of 181.15 yuan/ton. In the 48th week of 2025, the average spread between tapioca starch and corn starch was 601 yuan/ton, an increase of 147 yuan/ton compared with last week [56]. 3.3. Industrial Chain Situation 3.3.1. Corn - **Supply Side**: - As of November 21, 2025, the domestic trade corn inventory in Guangdong Port was 28.4 tons, an increase of 1.10 tons from last week; the foreign trade inventory was 31.5 tons, a decrease of 4.00 tons from last week. The corn inventory in the four northern ports was 115.6 tons, a decrease of 1.4 tons week - on - week, and the shipping volume from the four northern ports was 74.4 tons, an increase of 34.40 tons week - on - week [46]. - As of November 27, the overall progress of domestic corn sales was 30%, a 3% increase from November 20, and a 3% increase compared with the same period last year [58]. - In October 2025, China's corn import volume was 35.90 tons, a year - on - year increase of 43.06% and a month - on - month increase of 30.25 tons [62]. - As of November 27, the average inventory of national feed enterprises was 27.83 days, an increase of 1.60 days from last week, a week - on - week increase of 6.10%, but a year - on - year decrease of 4.72% [66]. - **Demand Side**: - At the end of the third quarter, the national pig inventory was 436.80 million, a year - on - year increase of 2.3% and a quarter - on - quarter increase of 2.9%. The inventory of breeding sows was 40.35 million, a year - on - year decrease of 0.7% and a quarter - on - quarter decrease of 0.2% [70]. - As of November 21, 2025, the breeding profit of self - breeding and self - raising pigs was - 135.9 yuan/head, and the profit of purchasing piglets was - 234.63 yuan/head [74]. - As of November 27, 2025, the corn starch processing profit in Jilin was - 3 yuan/ton. The corn alcohol processing profit in Henan was - 500 yuan/ton, in Jilin was - 579 yuan/ton, and in Heilongjiang was - 252 yuan/ton [79]. 3.3.2. Corn Starch - **Supply Side**: - As of November 26, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions across the country was 269.8 tons, a decrease of 1.06% [84]. - From November 20 to November 26, 2025, the national corn processing volume was 62.46 tons, an increase of 1.22 tons from last week; the national corn starch output was 32.34 tons, an increase of 0.84 tons from last week; the weekly operating rate was 61.38%, an increase of 1.59% from last week. As of November 26, the total starch inventory of national corn starch enterprises was 106.9 tons, a decrease of 4.00 tons from last week, a weekly decrease of 3.61%, a monthly decrease of 5.23%, and a year - on - year increase of 19.04% [88]. 3.4. Option Market Analysis - As of November 28, the implied volatility of the options corresponding to the main 2601 contract of corn was 11.05%, a rebound of 2.63% from 8.42% last week. The implied volatility rebounded significantly this week and was at a relatively high level compared with the 20 - day, 40 - day, and 60 - day historical volatilities [91].

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Corn futures are in a long - term bearish trend. The supply pressure of US corn is increasing with the harvest, and domestic new - season corn is in the peak listing period with weak demand, though the start of purchases by direct - subordinate warehouses and the expansion of rotation procurement by the China National Grain Reserves Corporation support market sentiment to some extent [8]. - Corn starch futures are also bearish. With the increase in new - season corn supply, the cost support for corn starch weakens. After the holiday, the industry's开机 rate has increased significantly, inventory has slightly increased, and the market demand is squeezed by substitutes [12]. 3. Summary by Directory 3.1 Weekly Highlights Summary Corn - **Market Review**: This week, corn futures adjusted at a low level. The closing price of the main 2601 contract was 2117 yuan/ton, down 8 yuan/ton from before the holiday [8]. - **Market Outlook**: Affected by the US government shutdown, the USDA did not release the crop progress report. Analysts expect about 29% of US corn to be harvested. As the US corn harvest progresses, supply pressure will increase, and prices will continue to be under pressure. In China, new grains in the Northeast are in the peak listing period, with high selling enthusiasm among farmers, weak demand in the downstream market, and continuous price cuts by deep - processing enterprises. In the North China and Huang - Huai regions, due to continuous rainy weather, new corn is difficult to preserve, and the price of wet grain has been falling. However, the start of purchases by direct - subordinate warehouses and the expansion of rotation procurement by the China National Grain Reserves Corporation support market sentiment. The corn futures price is in a bearish trend [8]. - **Strategy Suggestion**: Maintain a long - term bearish view [8]. Corn Starch - **Market Review**: Dalian corn starch futures fluctuated and closed down. The closing price of the main 2601 contract was 2384 yuan/ton, down 46 yuan/ton from before the holiday [12]. - **Market Outlook**: As the supply of new - season corn increases, the cost support for corn starch weakens. After the holiday, the industry's开机 rate has increased significantly, and inventory has slightly increased. As of October 15, the total starch inventory of national corn starch enterprises was 1.199 million tons, up 0.80 tons from last week, with a weekly increase of 0.67%, a monthly increase of 5.27%, and a year - on - year increase of 46.94%. The high inventory and the substitution advantage of cassava starch and wheat starch continue to squeeze the market demand for corn starch. The starch futures price continues to fall [12]. 3.2 Futures and Spot Market Futures Price and Position Change - Corn futures' January contract fluctuated at a low level, with a total position of 769,696 lots, an increase of 212,858 lots from last week. Corn starch futures' January contract fluctuated and closed down, with a total position of 179,051 lots, an increase of 76,641 lots from last week [16]. Top Twenty Net Position Change - This week, the top twenty net position of corn futures was - 38,512, compared with - 30,774 last week, with a slight increase in net short positions. The top twenty net position of starch futures was - 49,015, compared with - 37,899 last week, with a slight increase in net short positions [22]. Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 36,709 lots, and the registered warehouse receipts of corn starch were 12,806 lots [28]. Spot Price and Basis Trend - As of October 16, 2025, the average spot price of corn was 2,271.57 yuan/ton, and the basis between the January active contract of corn futures and the average spot price was + 154 yuan/ton. The spot price of corn starch in Jilin was 2,600 yuan/ton, and in Shandong was 2,750 yuan/ton, with a weak adjustment this week. The basis between the January contract of corn starch futures and the spot price in Changchun, Jilin was 216 yuan/ton [33][38]. Futures Inter - monthly Spread Change - The 11 - 1 spread of corn was - 9 yuan/ton, at a medium level in the same period. The 11 - 1 spread of starch was - 10 yuan/ton, also at a medium level in the same period [44]. Futures Spread Change between Corn and Starch - The spread between the January contracts of starch and corn was 267 yuan/ton. As of this Thursday, the spread between Shandong corn and corn starch was 490 yuan/ton, up 44 yuan/ton from last week [53]. Substitute Spread Change - As of October 16, 2025, the average spot price of wheat was 2,451.94 yuan/ton, and the average spot price of corn was 2,271.57 yuan/ton, with a wheat - corn spread of 180.37 yuan/ton. In the 42nd week of 2025, the average spread between cassava starch and corn starch was 299 yuan/ton, widening 31 yuan/ton from last week [58]. 3.3 Industrial Chain Situation Corn Supply Side - **Port Inventory**: As of October 10, 2025, the domestic trade corn inventory in Guangdong Port was 193,000 tons, a decrease of 22,000 tons from last week; the foreign trade inventory was 194,000 tons, an increase of 77,000 tons from last week. The total corn inventory of the four northern ports was 852,000 tons, a week - on - week increase of 138,000 tons; the shipping volume of the four northern ports was 581,000 tons, a week - on - week increase of 110,000 tons [48]. - **Monthly Import Volume**: In August 2025, the total import volume of ordinary corn was 40,000 tons, a decrease of 390,000 tons or 90.70% compared with the same period last year, and a decrease of 20,000 tons compared with the same period last month [66]. - **Feed Enterprise Inventory**: As of October 16, the average inventory of national feed enterprises was 24.44 days, a decrease of 0.05 days from last week, a week - on - week decrease of 0.20%, and a year - on - year decrease of 8.94% [70]. Demand Side - **Livestock Inventory**: As of the end of the second quarter of 2025, the pig inventory was 424.47 million heads, a year - on - year increase of 2.2%. As of the end of August, the inventory of breeding sows was 40.38 million heads, a decrease of 40,000 heads from the previous month, accounting for 103.5% of the normal reserve of 39 million heads [74]. - **Breeding Profit**: As of October 10, 2025, the breeding profit of self - bred and self - raised pigs was - 152.15 yuan/head, and the breeding profit of purchased piglets was - 301.04 yuan/head [78]. - **Processing Enterprise Profit**: As of October 16, 2025, the corn starch processing profit in Jilin was 53 yuan/ton. The corn alcohol processing profit was 263 yuan/ton in Henan, - 200 yuan/ton in Jilin, and 54 yuan/ton in Heilongjiang [83]. Corn Starch Supply Side - **Enterprise Inventory**: As of October 15, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions across the country was 2.462 million tons, an increase of 5.48% [87]. - **Starch Enterprise开机Rate and Inventory**: From October 9 to 15, 2025, the total national corn processing volume was 581,700 tons, an increase of 37,100 tons from last week; the national corn starch output was 293,500 tons, an increase of 25,500 tons from last week; the weekly开机rate was 56.74%, an increase of 4.93% from last week. As of October 15, the total starch inventory of national corn starch enterprises was 1.199 million tons, up 0.80 tons from last week, with a weekly increase of 0.67%, a monthly increase of 5.27%, and a year - on - year increase of 46.94% [91]. 3.4 Option Market Analysis - As of October 17, the main 2601 contract of corn fluctuated at a low level, and the corresponding option implied volatility was 10.87%, a recovery of 1.15% from 9.72% last week. This week, the implied volatility fluctuated and recovered, at a slightly high level compared with the 20 - day, 40 - day, and 60 - day historical volatility [94].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report suggests short - term trading for both corn and corn starch. For corn, although the pressure on the import side has decreased due to the non - listing of Brazil's second - crop corn, the expected increase in the US corn ending stocks in the 2025/26 season and concerns about long - term import pressure may restrict prices. In the domestic market, the situation varies by region, and the spring sowing progress in some areas is slower than last year. For corn starch, the supply pressure has declined due to the decrease in the operating rate of enterprises, but the downstream demand is weak, and the inventory remains high [7][8][11][12]. Summary by Directory 1. Week - to - Week Summary Corn - **Strategy**: Short - term trading [7] - **Market Review**: This week, the corn futures fluctuated and declined. The closing price of the main 2507 contract was 2335 yuan/ton, a decrease of 40 yuan/ton compared to the previous week [8] - **Market Outlook**: The non - listing of Brazil's second - crop corn reduces import pressure, but the expected 18 billion bushels of US corn ending stocks in the 2025/26 season restricts prices. In the domestic market, the situation in the Northeast and North China - Huanghuai regions is different, and the spring sowing progress in some areas is slower than last year [8] Corn Starch - **Strategy**: Short - term participation [11] - **Market Review**: The Dalian corn starch futures fluctuated and declined. The closing price of the main 2507 contract was 2685 yuan/ton, a decrease of 53 yuan/ton compared to the previous week [12] - **Market Outlook**: The supply - demand situation of corn starch is weak, the operating rate of enterprises has decreased, the supply pressure has declined, but the downstream demand is poor, and the inventory remains high. As of May 14, the total starch inventory of national corn starch enterprises was 142.1 tons, with a weekly decrease of 1.04%, a monthly increase of 2.45%, and a year - on - year increase of 27.22% [12] 2. Futures and Spot Market Futures Price and Position Changes - The 7 - month contract of corn futures fluctuated and closed lower, with a total position of 1353678 lots, a decrease of 145730 lots compared to last week. The 7 - month contract of corn starch futures also fluctuated and closed lower, with a total position of 215408 lots, a decrease of 24779 lots compared to last week [18] Top Twenty Net Position Changes - This week, the net position of the top twenty in corn futures was - 124594, and last week it was - 176092, with a decrease in net short positions. For corn starch futures, the net position of the top twenty was - 3506, and last week it was - 9414, also with a decrease in net short positions [25] Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 201942 lots, and the registered warehouse receipts of corn starch were 26620 lots [31] Spot Price and Basis - As of May 16, 2025, the average spot price of corn was 2374.9 yuan/ton, and the basis between the active 7 - month contract of corn and the spot average price was 40 yuan/ton. The spot price of corn starch in Jilin was 2800 yuan/ton, and in Shandong it was 2880 yuan/ton, with relatively stable prices this week. The basis between the 7 - month contract of corn starch and the spot price in Changchun, Jilin was 115 yuan/ton [36][40] Futures Inter - month Spread - The 7 - 9 spread of corn was - 16 yuan/ton, at a medium level in the same period. The 7 - 9 spread of starch was - 72 yuan/ton, also at a medium level in the same period [46] Futures Spread between Starch and Corn - The spread between the 7 - month contract of starch and corn was 350 yuan/ton. As of this Thursday, the spread between Shandong corn and corn starch was 436 yuan/ton, an increase of 26 yuan/ton compared to last week [56] Substitute Spread - As of May 15, 2025, the average spot price of wheat was 2468.89 yuan/ton, and the average spot price of corn was 2374.31 yuan/ton, with a wheat - corn spread of 94.58 yuan/ton. In the 20th week of 2025, the average spread between tapioca starch and corn starch was 160 yuan/ton, narrowing by 30 yuan/ton compared to last week [61] 3. Industry Chain Situation Corn - **Supply Side** - As of May 9, 2025, the domestic trade corn inventory in Guangdong Port was 143.9 tons, a decrease of 6.40 tons compared to last week; the foreign trade inventory was 1.4 tons, a decrease of 2.10 tons compared to last week. The corn inventory in the four northern ports was 421.6 tons, a decrease of 4.3 tons week - on - week, and the shipping volume was 53.7 tons, a decrease of 26.00 tons week - on - week [50] - As of May 15, the national farmers' grain sales progress in 13 provinces was 97%, 3% faster than the same period last year, and the sales progress in 7 major producing provinces was 97%, 4% faster than the same period last year [65] - In March 2025, the total import volume of ordinary corn was 8.00 tons, a decrease of 163.00 tons (95.32%) compared to the same period last year, and the same as last month [69] - As of May 15, the average inventory of national feed enterprises was 35.20 days, an increase of 0.06 days compared to last week, a month - on - month increase of 0.17%, and a year - on - year increase of 16.67% [73] - **Demand Side** - As of the end of the first quarter of 2025, the pig inventory was 41731 million heads, a year - on - year increase of 2.2%, and the breeding sow inventory was 4039 million heads, a decrease of 27 million heads month - on - month [77] - As of May 9, 2025, the breeding profit of self - bred and self - raised pigs was 84.33 yuan/head, and the breeding profit of purchased piglets was 58.46 yuan/head [81] - As of May 15, 2025, the corn starch processing profit in Jilin was - 60 yuan/ton, and the corn alcohol processing profit in Henan was - 928 yuan/ton, in Jilin was - 568 yuan/ton, and in Heilongjiang was - 129 yuan/ton [85] Corn Starch - **Supply Side** - As of May 14, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 452.8 tons, a decrease of 8.45% [89] - From May 8 to May 14, 2025, the total national corn processing volume was 58.83 tons, a decrease of 4.84 tons compared to last week; the national corn starch output was 29.58 tons, a decrease of 2.97 tons compared to last week; the weekly operating rate was 57.17%, a decrease of 5.74% compared to last week. As of May 14, the total starch inventory of national corn starch enterprises was 142.1 tons, a decrease of 1.50 tons compared to last week, a weekly decrease of 1.04%, a monthly increase of 2.45%, and a year - on - year increase of 27.22% [93] 4. Option Market Analysis - As of May 15, the main 2507 contract of corn fluctuated and closed lower, with the corresponding option implied volatility at 9.73%, a decrease of 0.43% from 10.1% the previous week. This week, the implied volatility fluctuated and declined, at a relatively high level compared to the 20 - day, 40 - day, and 60 - day historical volatility [96] 5. Representative Enterprise - The report presents the PE(TTM) analysis of Beidahuang (600598.SH), including current value, standard deviation, percentile, etc. [97][98]