1. Report Industry Investment Rating - Not provided in the content 2. Core Views Corn - The U.S. corn supply - demand pattern is relatively loose, constraining international corn prices, and there is still potential import pressure in the international market [2]. - Near the Spring Festival, the grain - holding entities' selling mentality has loosened, increasing the corn market supply. After the previous policy - grain auctions, enterprise inventories have risen above the safety line, and most grain - using enterprises' pre - festival stockpiling is basically over. The market trading enthusiasm has declined, and deep - processing enterprises' purchase prices have slightly decreased [2]. - The futures market is supported by strong spot prices, maintaining a relatively strong oscillation, but the upside pressure is still large, and the short - term high has declined [2]. Corn Starch - Near the Spring Festival, downstream demand is good,提货 is active, and the overall inventory has decreased. However, the overall inventory level is still relatively high [3]. - The starch futures market has maintained an oscillation recently, and it is advisable to wait and see in the short term [3]. 3. Summary by Relevant Catalogs Futures Market - Corn futures closing price (active contract) is 2261 yuan/ton, down 10 yuan; corn starch futures closing price (active contract) is 2513 yuan/ton, down 8 yuan [2]. - Corn monthly spread (5 - 9) is - 25 yuan/ton, down 4 yuan; corn starch monthly spread (3 - 5) is - 59 yuan/ton, up 8 yuan [2]. - Corn futures trading volume (active contract) is 760192 lots, down 114507 lots; corn starch futures trading volume (active contract) is 151286 lots, down 6295 lots [2]. - The net long position of the top 20 futures holders of corn is - 132837 lots, up 54494 lots; that of corn starch is - 23889 lots, up 3630 lots [2]. - Corn registered warehouse receipts are 54881 lots, up 2836 lots; corn starch registered warehouse receipts are 11611 lots, unchanged [2]. - The CS - C spread of the main contract is 307 yuan/ton, down 5 yuan [2]. Outer Market - CBOT corn futures closing price (active contract) is 428.25 cents/bushel, down 2.75 cents; CBOT corn total trading volume (weekly) is 1667786 contracts, up 54400 contracts [2]. - CBOT corn non - commercial net long position (weekly) is - 51704 contracts, down 18281 contracts [2]. Spot Market - The average spot price of corn is 2373.43 yuan/ton, down 2.84 yuan; the ex - factory price of corn starch in Changchun is 2610 yuan/ton, unchanged [2]. - The FOB price of corn at Jinzhou Port is 2330 yuan/ton, down 10 yuan; the ex - factory price of corn starch in Weifang is 2790 yuan/ton, unchanged [2]. - The CIF price of imported corn is 2036.6 yuan/ton, down 34.17 yuan; the ex - factory price of corn starch in Shijiazhuang is 2770 yuan/ton, unchanged [2]. - The international freight of imported corn is 52 US dollars/ton, up 5 US dollars [2]. - The basis of the main corn contract is 112.43 yuan/ton, up 7.16 yuan; the basis of the main corn starch contract is 97 yuan/ton, up 8 yuan [2]. - The spread between Shandong starch and corn (weekly) is 444 yuan/ton, unchanged; the spread between tapioca starch and corn starch (weekly) is 573 yuan/ton, down 4 yuan [2]. - The spread between corn starch and 30 - powder is - 205 yuan/ton, down 1 yuan [2]. Upstream Situation - The predicted annual corn yield in the U.S. is 425.53 million tons, and the sown area is 36.44 million hectares, both unchanged [2]. - The predicted annual corn yield in Brazil is 131 million tons, and the sown area is 22.6 million hectares, both unchanged [2]. - The predicted annual corn yield in Argentina is 53 million tons, and the sown area is 7.5 million hectares, both unchanged [2]. - The predicted annual corn yield in China is 295 million tons, and the sown area is 44.3 million hectares, both unchanged [2]. - The predicted annual corn yield in Ukraine is 29 million tons, down 3 million tons [2]. Industry Situation - The corn inventory at southern ports (weekly) is 50.5 tons, down 19.2 tons; the deep - processing corn inventory (weekly) is 440.5 tons, up 56.7 tons [2]. - The corn inventory at northern ports (weekly) is 180 tons, up 5 tons; the weekly inventory of starch enterprises (weekly) is 102.8 tons, down 4.1 tons [2]. - The monthly import volume of corn is 80 tons, up 24 tons; the monthly export volume of corn starch is 16.74 tons, down 0.2 tons [2]. - The monthly output of feed is 3008.6 tons, up 30.7 tons [2]. Downstream Situation - The sample feed corn inventory days (weekly) are 31.93 days, up 0.61 days [2]. - The deep - processing corn consumption (weekly) is 138.54 tons, up 0.39 tons [2]. - The alcohol enterprise operating rate (weekly) is 57.43%, up 0.1%; the starch enterprise operating rate (weekly) is 59.99%, down 0.47% [2]. - The corn starch processing profit in Shandong is - 32 yuan/ton, down 10 yuan; in Hebei, it is 53 yuan/ton, unchanged; in Jilin, it is - 91 yuan/ton, unchanged [2]. Option Market - The 20 - day historical volatility of corn is 9.13%, up 0.18%; the 60 - day historical volatility of corn is 9.03%, down 0.13% [2]. - The implied volatility of at - the - money call options for corn is 10.71%, up 0.85%; the implied volatility of at - the - money put options for corn is 10.71%, up 0.85% [2]. Industry News - As of January 28, the sown area of Argentina's 2025/26 corn season accounted for 97.2% of the total expected area (7.8 million hectares), up from 93.1% a week ago [2]. - A private Brazilian meteorological agency issued a weather warning that the probability of rainfall in southern Brazil, Argentina, and southern Paraguay will be low next week [2]. Key Points to Watch - Pay attention to Mysteel's weekly corn consumption, starch enterprise operating rate, and inventory on Thursday and Friday [3]

玉米系产业日报 2026-01-20 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 观点总结（ 淀粉） 截至1月14日，全国玉米淀粉企业淀粉库存总量110万吨，较上周下降2.50万吨，周降幅2.22%，月降幅0.18%；年同比增幅21.48 %。企业库存仍处于同期高位，总体供应压力仍存。不过，春节临近，下游淀粉糖，造纸等下游领域进入生产旺季，淀粉需求有所 增加。关注春节前下游备货对玉米淀粉价格带动情况。盘面来看，近期受玉米走强提振，淀粉同步偏强震荡，短期观望。 重点关注 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The US corn market is experiencing narrow - range fluctuations. Although the US - China relationship has eased and the price has rebounded, the high production level remains a factor. The import profit of foreign corn has declined, and the domestic corn spot has short - term downward space. The starch price is mainly affected by corn price and downstream stocking, and the corn starch spot is expected to decline later [4][6][7]. 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Disk - For corn futures, C2601 closed at 2134, down 1 (- 0.05%), with a trading volume of 391,795 (- 3.51%) and an open interest of 935,749 (0.94%); C2605 closed at 2235, up 3 (0.13%), with a trading volume of 23,599 (- 30.92%) and an open interest of 235,990 (- 0.30%); C2509 closed at 2257, up 3 (0.13%), with a trading volume of 1,577 (- 37.40%) and an open interest of 12,563 (0.44%). - For corn starch futures, CS2601 closed at 2451, up 7 (0.29%), with a trading volume of 72,439 (- 26.65%) and an open interest of 215,252 (0.84%); CS2605 closed at 2555, up 7 (0.27%), with a trading volume of 1,577 (- 54.60%) and an open interest of 6,108 (- 0.18%); CS2509 closed at 2594, unchanged (0.00%), with a trading volume of 26 (- 60.61%) and an open interest of 450 (0.45%) [2]. 3.1.2 Spot and Basis - Corn spot prices in different regions: Qinggang was 1965 yuan, Songyuan Jiji was 2010 yuan, Zhucheng Xingmao was 2290 yuan, Shouguang was 2216 yuan, Jinzhou Port was 2160 yuan, Nantong Port was 2250 yuan, and Guangdong Port was 2250 yuan, all unchanged. The basis ranged from - 292 to 33 yuan. - Starch spot prices in different regions: Longfeng was 2650 yuan, COFCO was 2650 yuan, Cargill was 2800 yuan, Yufeng was 2890 yuan, Jinyu was 2800 yuan, Zhucheng Xingmao was 2900 yuan, and Hengren Industry and Trade was 2800 yuan, all unchanged. The basis ranged from 95 to 345 yuan [2]. 3.1.3 Spreads - Corn inter - delivery spreads: C01 - C05 was - 101 (- 4), C05 - C09 was - 22 (0), C09 - C01 was 123 (4). - Starch inter - delivery spreads: CS01 - CS05 was - 104 (0), CS05 - CS09 was - 39 (7), CS09 - CS01 was 143 (- 7). - Cross - variety spreads: CS09 - C09 was 337 (- 3), CS01 - C01 was 317 (8), CS05 - C05 was 320 (4) [2]. 3.2 Market Outlook 3.2.1 Corn - The US corn market is in narrow - range fluctuations. The import profit of foreign corn has declined, with the December Brazilian import price at 2160 yuan. The northern port FOB price is stable, and the Northeast corn production area spot is stable. The supply in North China has increased, and the corn spot has started to stabilize. The spread between Northeast and North China corn has widened. The wheat price in North China is stable, and the wheat - corn spread is large. The domestic breeding demand is stable, but the corn spot still has short - term downward space [4][6]. 3.2.2 Starch - The number of trucks arriving at Shandong deep - processing plants has increased, and the Shandong corn spot is stable. The starch inventory has increased this week, with the manufacturer's inventory at 113.8 million tons, an increase of 1.0 million tons from last week, a monthly increase of 0.89% and a year - on - year increase of 33.26%. The starch price depends on the corn price and downstream stocking. The by - product price is still strong. The North China corn is short - term strong, while the Northeast corn is falling. The corn - starch spot spread is low, and the corn starch spot is expected to decline later [7]. 3.3 Trading Strategies - Unilateral: The US corn has support at 400 cents per bushel. Wait and see for C05 and C01 corn. - Arbitrage: Try to narrow the spread between C01 corn and starch when it is high [9]. 3.4 Corn Options - Option strategy: Short - term strategy of accumulating puts and calls, with rolling operations [11]. 3.5 Relevant Attachments - The report provides multiple charts, including those showing corn spot prices in different regions, corn 01 contract basis, corn 1 - 5 spreads, corn starch 1 - 5 spreads, corn starch 01 contract basis, and corn starch 01 contract spreads [13][15][20].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The US corn market is in a narrow - range oscillation. Although the price has rebounded due to the easing of Sino - US relations, the high production volume keeps the price under pressure. The import profit of foreign corn is decreasing, and the price of Brazilian corn for December import is 2157 yuan. The domestic corn market shows different trends in different regions. The northern port flat - price has increased, while the price in the Northeast may decline, and the price in North China is stabilizing. The price difference between Northeast and North China corn is widening. The wheat price in North China has dropped, and the price difference between wheat and corn is still large, giving corn a cost - performance advantage. The domestic breeding demand is stable, but the corn spot price still has a short - term downward space. The starch market is affected by the corn price. The inventory of corn starch has decreased this week, and the by - product price is strong. The starch price may decline later due to the possible fall of the corn price [4][6][7]. 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Disk - For corn futures contracts (C2601, C2605, C2509), the closing prices are 2135, 2232, and 2254 respectively, with price drops of - 6, - 12, and - 9, and price decline rates of - 0.28%, - 0.54%, and - 0.40%. The trading volumes have decreased by 36.29%, 52.35%, and 44.03%, and the open interests have changed by 1.07%, 0.79%, and 8.79%. For corn starch futures contracts (CS2601, CS2605, CS2509), the closing prices are 2444, 2548, and 2594 respectively, with price drops of - 9, - 10, and - 7, and price decline rates of - 0.37%, - 0.39%, and - 0.27%. The trading volumes have decreased by 16.50%, 52.46%, and 44.07%, and the open interests have changed by - 0.22%, - 0.62%, and 2.75% [2]. 3.1.2 Spot and Basis - Corn spot prices in different regions: Qinggang is 1965 yuan, Songyuan Jiajie is 2010 yuan, Zhucheng Xingmao is 2280 yuan, Shouguang is 2216 yuan, Jinzhou Port is 2160 yuan, Nantong Port is 2250 yuan, and Guangdong Port is 2250 yuan. The price of Jinzhou Port and Nantong Port has increased by 10 yuan, and the others are stable. The basis of corn in different regions ranges from - 289 to 26. Starch spot prices in different factories: Longfeng, Zhongliang, and Jiajie are 2650 yuan, Yufeng is 2890 yuan, Jinyu, Zhucheng Xingmao, and Hengren Industry and Trade are 2800 yuan, all stable. The basis of starch in different factories ranges from 102 to 352 [2]. 3.1.3 Spread - Corn inter - delivery spreads: C01 - C05 is - 97 with a price increase of 6, C05 - C09 is - 22 with a price drop of - 3, C09 - C01 is 119 with a price drop of - 3. Starch inter - delivery spreads: CS01 - CS05 is - 104 with a price increase of 1, CS05 - CS09 is - 46 with a price drop of - 3, CS09 - CS01 is 150 with a price increase of 2. Cross - variety spreads: CS09 - C09 is 340 with a price increase of 2, CS01 - C01 is 309 with a price drop of - 3, CS05 - C05 is 316 with a price increase of 2 [2]. 3.2 Market Judgment 3.2.1 Corn - The US corn market is in a narrow - range oscillation. The import profit of foreign corn is decreasing. The northern port flat - price has increased, and the Northeast corn price is stable, while the North China corn price is stabilizing. The price difference between Northeast and North China corn is widening. The wheat price in North China has dropped, and the price difference between wheat and corn is still large. The domestic breeding demand is stable, but the corn spot price still has a short - term downward space. The North Port price may drop to around 2060 yuan/ton, and the North China corn price is expected to be supported at 2100 yuan/ton [4][6]. 3.2.2 Starch - The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn price in Shandong has increased. The starch price in Shandong is around 2750 yuan, and the Northeast starch price is stable. The inventory of corn starch has decreased this week, with the factory inventory at 112.8 million tons, a decrease of 1.2 million tons from last week, a monthly decline of 0.97%, and a year - on - year increase of 36.9%. The starch price mainly depends on the corn price and downstream stocking. The by - product price is strong. Due to the large drop in the corn price, the enterprise profit is good. The starch price may decline later due to the possible fall of the corn price, and the short - term 01 starch on the disk is expected to oscillate at the bottom [7]. 3.3 Corn Options - The option strategy is a short - term cumulative put and call strategy with rolling operations. The option contract C2605 - P - 2160.DCE has a closing price of 21.50, and the option contract C2601 - P - 2080.DCE has a closing price of 7.00 [11]. 3.4 Relevant Attachments - The attachments include six figures, showing the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of corn starch 01 contract, and the spread of corn starch 01 contract [13][15][19].