瑞达期货研究院 「2025.08.22」 玉米类市场周报 现货市场疲软 期货维持偏弱调整 取 更 多 资 讯 联系电话：0595-86778969 关 注 我 们 获 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 总结及策略建议 Ø 策略建议：偏空交易为主。 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 3 Ø 玉米： Ø 行情回顾：本周玉米期货震荡收低。主力2511合约收盘价为2175元/吨，较前一周-15元/吨。 Ø 行情展望：由于种植面积和单产的上调，USDA将美玉米2025/26年度产量和期末库存均明显提升， 期末库存来到2018/19年度以来最高水平。拖累国际玉米价格下滑。近来市场等待美国作物巡查结 果，巡查前三天各州总体产量前景相对良好。国内方面，东北产区9月份新粮将陆续上市，陈粮可 售期缩短，持粮主体出货意愿提升，贸易粮库存持续减少，但轮换粮集中出库，进口玉米持续拍 卖，市场供应略显宽松，加工企业多依靠合同粮或消耗库存满足加工需求，采购量明显不足，需 求支撑力度有限，现货市场价 ...

大宗商品研究所 农产品研发报告 玉米淀粉日报 2025 年 8 月 21 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/8/21 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2165 | -4 | -0.18% | 69,772 | -39.46% | 385,153 | 1.69% | | C2605 | | 2241 | -3 | -0.13% | 5,784 | -53.66% | 61,734 | 1.21% | | C2509 | | 2208 | -18 | -0.82% | 89,676 | -29.09% | 183,845 | -12.05% | | CS2601 | | 2513 | -9 | -0.36% | 9,167 | -28.79% | 42,410 | 4.35% | | CS2 ...

投资咨询业务资格:证监许可【2012】31号 ITG 国贸期货 玉米系数据日报 国贸期货研究院 农产品研究中心 黄向岚 投资咨询号:Z0021658 从业资格号:F03110419 2025/8/21 | | 指标 | 8月20日 | 涨跌 | 升贴水 | 对主力基差 | | --- | --- | --- | --- | --- | --- | | | 锦州港平舱价 | 2260 | -50 | 0 | 18 | | | 鲅鱼圈港平舱价 | 2310 | 0 | 0 | 68 | | | 蛇口港市场价 | 2410 | -20 | | | | | 黑龙江省-哈尔滨 | 2180 | 0 | -195 | 133 | | | 黑龙江省-绥化 | 2180 | 0 | -195 | 133 | | | 吉林省-长春 | 2240 | 0 | -130 | 128 | | | 辽宁省-沈阳 | 2270 | -10 | -80 | 108 | | 玉米现货 | 辽宁省-铁岭 | 2260 | 0 | -80 | 98 | | | 内蒙古-通辽 | 2220 | 0 | -100 | 78 | | | 内蒙古-赤峰 ...

Report Industry Investment Rating - Not provided Core Viewpoints - For corn, the high-quality rate of US corn remains good, and the weather is favorable for corn growth in the Midwest, leading to high output prospects and continuous pressure on international corn prices. In the domestic market, the supply is becoming more abundant, and downstream demand is average, with weak procurement enthusiasm. Corn futures prices are generally weak and should be treated with a bearish mindset [2]. - For corn starch, due to continuous production losses, the industry's operating rate is at a low level in recent years, reducing supply pressure. However, downstream demand is in the traditional off - season, and the supply - demand situation remains loose. Corn starch futures prices have been oscillating weakly at a low level recently and should also be treated with a bearish mindset [3]. Summary by Directory Futures Market - Corn: The closing price of the active contract is 2,249 yuan/ton, down 17 yuan/ton; the 9 - 1 monthly spread is 55 yuan/ton; the trading volume of the active contract is 768,475 lots, up 21,511 lots; the net long position of the top 20 futures holders is - 35,985 lots, down 18,100 lots; the registered warehouse receipt volume is 151,940 lots, down 601 lots; the CS - C spread of the main contract is 405 yuan/ton, up 25 yuan/ton [2]. - Corn starch: The closing price of the active contract is 2,654 yuan/ton, down 10 yuan/ton; the 9 - 11 monthly spread is 96 yuan/ton; the trading volume of the active contract is 153,533 lots, down 1,311 lots; the net long position of the top 20 futures holders is - 9,480 lots, up 5,331 lots; the registered warehouse receipt volume is 4,450 lots, up 4,450 lots [2]. Outer - disk Market - The closing price of the active contract of CBOT corn is 407 cents/bushel, down 4 cents/bushel; the total position is 1,575,283 contracts, up 81,613 contracts; the non - commercial net long position is - 133,467 contracts, up 416 contracts [2]. Spot Market - Corn: The average spot price is 2,398.04 yuan/ton, down 3.33 yuan/ton; the flat - hatch price at Jinzhou Port is 2,320 yuan/ton, down 20 yuan/ton; the CIF price of imported corn is 1,926.33 yuan/ton, down 2.37 yuan/ton; the international freight of imported corn is 45 US dollars/ton [2]. - Corn starch: The factory quotes in Changchun, Weifang, and Shijiazhuang are 2,710 yuan/ton, 2,950 yuan/ton, and 2,880 yuan/ton respectively, all unchanged [2]. - Substitute products: The average spot price of wheat is 2,437.61 yuan/ton, down 2.22 yuan/ton; the price difference between tapioca starch and corn starch is 140 yuan/ton, down 35 yuan/ton; the price difference between corn starch and 30 - powder is 36 yuan/ton, up 7 yuan/ton [2]. Upstream Situation - The predicted annual corn production in the US, Brazil, Argentina, China, and Ukraine is 401.85 million tons, 131 million tons, 53 million tons, 295 million tons, and 30.5 million tons respectively, all unchanged; the predicted sown areas are 35.37 million hectares, 22.6 million hectares, 7.5 million hectares, 44.3 million hectares respectively, all unchanged [2]. - Corn inventories at southern ports are 88.9 million tons, up 62 million tons; at northern ports are 291 million tons, down 13 million tons; the monthly import volume is 16 million tons, down 3 million tons [2]. Industry Situation - The weekly inventory of deep - processing corn is 379.7 million tons, down 20.8 million tons; the weekly inventory of starch enterprises is 129.3 million tons, down 1.8 million tons; the monthly export volume of corn starch is 27,780 tons, up 4,060 tons [2]. Downstream Situation - The monthly output of feed is 2,762.1 million tons, up 98.1 million tons; the sample feed corn inventory days are 30.58 days, down 0.29 days; the weekly consumption of deep - processing corn is 113.77 million tons, up 7.53 million tons; the alcohol enterprise operating rate is 41.8%, up 3.17 percentage points; the starch enterprise operating rate is 51.76%, up 6.3 percentage points [2]. - The processing profits of corn starch in Shandong, Hebei, and Jilin are - 114 yuan/ton, - 48 yuan/ton, and - 67 yuan/ton respectively, all unchanged [2]. Option Market - The 20 - day historical volatility of corn is 8.63%, up 1.71 percentage points; the 60 - day historical volatility is 7.51%, up 0.6 percentage points; the implied volatility of at - the - money call options is 10.15%, up 3.23 percentage points; the implied volatility of at - the - money put options is 10.14%, up 3.23 percentage points [2]. Industry News - The US Department of Agriculture's weather report shows that the temperature in the corn - belt region is lower than normal, which is beneficial to the growth of soybeans and corn. StoneX predicts that the total US corn production in 2025 will reach 16.323 billion bushels, with an average yield of 188.1 bushels per acre, while the USDA predicts 15.705 billion bushels and a yield of 181 bushels per acre [2]. - As of the week ending August 3, 2025, the high - quality rate of US corn is 73%, higher than the market expectation of 72%, the same as the previous week, and higher than 67% in the same period last year [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Corn: US corn planting is finished, and the price is weak. With the reduction of Sino - US tariffs, US corn prices continue to decline, and weather factors may be a future focus. China has adjusted tariffs on US corn and sorghum. Importing foreign corn is profitable, with the August import price from Brazil at 2001 yuan. Northern port closing prices are stable, and Northeast corn prices are steady. In North China, corn supply is tight, but the rebound of corn prices is limited due to continuous auctions of imported corn [3][5]. - Starch: The number of trucks arriving at Shandong deep - processing plants has increased, and Shandong corn prices are strong. Starch prices in Shandong and Northeast China are stable. Corn starch inventory has increased this week. In the long - term, due to weak demand, starch enterprises will be in a loss state. The 09 starch contract is expected to fluctuate narrowly in the short term [6]. 3. Summary by Relevant Catalogs Data - **Futures Market**: On July 24, 2025, the closing prices of various corn and corn starch futures contracts mostly declined. For example, C2601 closed at 2238, down 9 (-0.40%); CS2605 closed at 2280, down 11 (-0.48%). Trading volumes generally decreased, while some positions increased [2]. - **Spot Market**: Corn prices in Qinggang, Jiamusi, Zhucheng, etc., and starch prices of enterprises like Longfeng, COFCO, etc., are provided. The basis and spreads of corn and corn starch are also presented, such as C01 - C05 spread is - 42 with a change of 2, CS01 - CS05 spread is - 41 with a change of - 1 [2]. Market Analysis - **Corn**: US corn prices are affected by planting progress, tariff policies, and potential weather speculation. In China, North China's corn supply is tight, and Northeast corn prices are stable. The substitution of wheat for corn continues, and the demand from the breeding industry is weak. Imported corn auctions are influencing the market [3][5]. - **Starch**: Starch prices are mainly determined by corn prices and downstream stocking. This week's inventory increase, combined with long - term weak demand, indicates a difficult situation for starch enterprises. The 09 starch contract is expected to move narrowly [6]. Trading Strategies - **Unilateral**: Domestic 09 corn will continue to fluctuate narrowly, and it is recommended to wait and see [8]. - **Arbitrage**: Close the position of buying spot and shorting 09 corn, and wait and see on the spread between 09 corn and starch [8]. Corn Options - Option strategy: Enterprises with spot positions can close out short positions of corn call options, or short - term traders can try to sell on rallies [11]. Relevant Attachments - The report provides multiple charts, including those showing 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 09 contract spread [12][14][18].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views Corn - The excellent rate of US corn crops remains stable, in line with market expectations, reaching the highest level in the same period since 2016. The initial growth excellent rate is good, with high output prospects, and international corn prices continue to face pressure [2]. - In the domestic market, the frequency and time of weekly auctions of imported corn are relatively fixed, but the auction transaction volume remains low, and the transaction premium is gradually decreasing. Due to the previous weak outlook of traders and panic selling, the supply of grain sources has increased temporarily. However, the deep - processing efficiency is poor, and some enterprises have suspended or limited production, leading to relatively limited procurement demand and a continuous decline in prices. Recently, as traders' selling speed is fast, the inventory of commercial grain has decreased significantly, and the sentiment of grain - holding entities to hold back sales has increased, resulting in a decreasing trend of grain supply. Some processing enterprises have rigid procurement needs, and the purchase price has strengthened slightly recently. The corn futures have maintained a low - level shock recently after the previous decline, and short - term observation is recommended [2]. Corn Starch - Affected by continuous production losses of corn starch enterprises, the industry's operating rate remains at a low level in recent years, and the supply pressure has significantly weakened. However, the demand in the civilian and paper - making markets is poor, and the downstream demand is in the traditional off - season, so the supply - demand situation remains loose. As of July 23, the total starch inventory of national corn starch enterprises was 131100 tons, a decrease of 3500 tons from last week, with a weekly decline of 2.60%, a monthly increase of 0.15%, and a year - on - year increase of 19.40%. The starch futures have rebounded recently, and short - term observation is recommended [3]. 3. Summary by Relevant Catalogs Futures Market - Corn futures closing price (active contract) is 2321 yuan/ton, down 1 yuan/ton; corn monthly spread (9 - 1) is 74 yuan/ton; futures open interest (active contract) is 923031 lots [2]. - Corn starch futures closing price (active contract) is 2675 yuan/ton, up 7 yuan/ton; corn starch monthly spread (9 - 11) is 62 yuan/ton; futures open interest (active contract) is 207954 lots, down 16277 lots [2]. - The net long position of the top 20 futures holders for corn is - 20212 lots, up 1928 lots; for corn starch, it is - 19454 lots, up 885 lots [2]. - The registered warehouse receipts for yellow corn are 175450 lots, down 207 lots; for corn starch, they are 11334 lots, down 800 lots [2]. - The spread between the main CS - C contracts is 354 yuan/ton [2]. Outer - Market - CBOT corn futures closing price (active contract) is 417.5 cents/bushel, down 5 cents/bushel; total open interest is 1470395 contracts, down 28569 contracts [2]. - The non - commercial net long position of CBOT corn is 12305 contracts, down 129457 contracts [2]. Spot Market - The average spot price of corn is 2409.02 yuan/ton, down 0.88 yuan/ton; the ex - factory price of corn starch in Changchun is 2680 yuan/ton, unchanged [2]. - The FOB price of corn in Jinzhou Port is 2360 yuan/ton, unchanged; the ex - factory price of corn starch in Weifang is 2900 yuan/ton, unchanged [2]. - The CIF price of imported corn is 1993.7 yuan/ton, down 0.43 yuan/ton; the international freight of imported corn is 46 US dollars/ton, unchanged [2]. - The basis of the main corn contract is 88.02 yuan/ton, up 0.12 yuan/ton; the basis of the main corn starch contract is 12 yuan/ton, down 4 yuan/ton [2]. - The spread between Shandong starch and corn is 390 yuan/ton, down 20 yuan/ton; the spread between tapioca starch and corn starch is 179 yuan/ton, up 40 yuan/ton [2]. Upstream - The predicted planting area of corn in the US is 16 million hectares; the predicted output is 401.85 million tons [2]. - The predicted planting area of corn in Brazil is 35.37 million hectares; the predicted output is 131 million tons [2]. - The predicted planting area of corn in Argentina is 7.5 million hectares; the predicted output is 53 million tons [2]. - The predicted planting area of corn in China is 44.3 million hectares; the predicted output is 295 million tons [2]. - The predicted output of corn in Ukraine is 30.5 million tons [2]. Industry - The corn inventory in southern ports is 838000 tons, down 48000 tons; in northern ports, it is 3.17 million tons, down 360000 tons [2]. - The deep - processing corn inventory is 4.27 million tons, down 166000 tons; the starch enterprise weekly inventory is 131100 tons, down 3500 tons [2]. - The monthly import volume of corn is 160000 tons, down 30000 tons; the monthly export volume of corn starch is 27780 tons, up 4060 tons [2]. Downstream - The monthly output of feed is 2.7621 million tons, up 98100 tons; the sample feed corn inventory days are 31.34 days, down 0.24 days [2]. - The deep - processing corn consumption is 1100500 tons, down 57300 tons; the alcohol enterprise operating rate is 38.34%, down 4.62 percentage points; the starch enterprise operating rate is 45.46%, down 4.83 percentage points [2]. - The corn starch processing profit in Shandong is - 151 yuan/ton, unchanged; in Hebei, it is - 62 yuan/ton, unchanged; in Jilin, it is - 66 yuan/ton, unchanged [2]. Options Market - The 20 - day historical volatility of corn is 6.68%, down 0.13 percentage points; the 60 - day historical volatility is 6.82%, down 0.12 percentage points [2]. - The implied volatility of at - the - money call options for corn is 8.72%, down 1.65 percentage points; the implied volatility of at - the - money put options is 8.72%, down 1.65 percentage points [2]. Industry News - The US Department of Agriculture's crop progress weekly report shows that the excellent rate of US corn crops remains stable, in line with market expectations, reaching the highest level in the same period since 2016. As of July 13, the silking rate of US corn was 34%, up from 18% last week, lower than 39% in the same period last year, and the five - year average was 33%. The dough stage ratio was 7%, up from 3% last week, the same as 7% in the same period last year [2]. - As of the week ending July 20, 2025, the excellent rate of US corn was 74%, in line with market expectations, the same as the previous week, and higher than 67% in the same period last year [2].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - **Corn**: Internationally, the high initial growth - stage good rate of US corn indicates high output prospects, putting continuous pressure on international corn prices. Domestically, the auction of imported corn has low transaction volume and decreasing premiums. Due to previous panic selling by traders, the supply increased, but with poor deep - processing benefits and limited enterprise procurement demand, prices fell. However, as traders' inventories decreased and the willingness to hold grains increased, the supply decreased, and some processing enterprises had rigid procurement needs, leading to a slight increase in purchase prices. The corn futures price rebounded recently after a continuous decline, and short - term observation is recommended [2]. - **Corn Starch**: Affected by continuous production losses, the industry's operating rate is at a low level in recent years, reducing supply pressure. But the demand in the civilian and paper - making markets is poor, and it is the traditional off - season for downstream demand, with slightly slower downstream pick - up. The supply - demand situation remains loose. The corn starch futures price rebounded recently following the rebound of corn [3]. 3. Summary by Related Catalogs 3.1 Futures Market - **Prices and Spreads**: Corn futures closing price (active contract) is 2322 yuan/ton, corn starch futures closing price (active contract) is 2668 yuan/ton, corn 9 - 1 monthly spread is 76 yuan/ton, and corn starch 9 - 11 monthly spread is 53 yuan/ton. The CS - C spread of the main contract is 346 yuan/ton [2]. - **Positions**: Corn futures position (active contract) is 975,861 lots, a decrease of 60,392 lots; corn starch futures position (active contract) is 224,231 lots, a decrease of 12,418 lots. The net long position of the top 20 futures holders of corn is - 22,140 lots, and that of corn starch is - 20,339 lots [2]. - **Registered Warehouse Receipts**: The registered warehouse receipts of yellow corn are 175,657 lots, a decrease of 1,686 lots; those of corn starch are 12,134 lots, a decrease of 50 lots [2]. 3.2 Outer - market - **CBOT Corn**: The closing price of CBOT corn (active contract) is 422.5 cents/bushel, a decrease of 5.5 cents. The total position of CBOT corn is 1,470,395 contracts, a decrease of 28,569 contracts. The non - commercial net long position of CBOT corn is - 129,457 contracts, an increase of 12,305 contracts [2]. 3.3 Spot Market - **Prices**: The average spot price of corn is 2409.9 yuan/ton, an increase of 1.17 yuan; the factory - quoted price of corn starch in Changchun is 2680 yuan/ton, unchanged. The average spot price of wheat is 2441.11 yuan/ton, an increase of 0.44 yuan [2]. - **Basis**: The basis of the main corn contract is 87.9 yuan/ton, a decrease of 0.83 yuan; the basis of the main corn starch contract is 12 yuan/ton, a decrease of 4 yuan [2]. 3.4 Upstream Situation - **Production and Planting Area**: The predicted annual corn production in the US is 401.85 million tons, in Brazil is 131 million tons, in Argentina is 53 million tons, in China is 295 million tons, and in Ukraine is 30.5 million tons. The predicted planting area of corn in the US is 35.37 million hectares, in Brazil is 22.6 million hectares, in Argentina is 7.5 million hectares, and in China is 44.3 million hectares [2]. - **Inventory**: The corn inventory in southern ports is 83.8 tons, a decrease of 4.8 tons; in northern ports is 317 tons, a decrease of 36 tons. The deep - processing corn inventory is 427 tons, a decrease of 16.6 tons [2]. 3.5 Industry Situation - **Import and Export**: The monthly import volume of corn is 16 tons, a decrease of 3 tons; the monthly export volume of corn starch is 27.78 tons, an increase of 4.06 tons [2]. - **Production**: The monthly output of feed is 2762.1 tons, and the monthly output of corn starch is 98.1 tons [2]. 3.6 Downstream Situation - **Inventory and Consumption**: The sample feed corn inventory days are 31.34 days, a decrease of 0.24 days; the deep - processing corn consumption is 110.05 tons, a decrease of 5.73 tons [2]. - **Profit and Operating Rate**: The processing profit of corn starch in Shandong is - 151 yuan/ton, a decrease of 10 yuan; in Hebei is - 62 yuan/ton, an increase of 9 yuan; in Jilin is - 66 yuan/ton, a decrease of 4 yuan. The operating rate of alcohol enterprises is 38.34%, a decrease of 4.62%; the operating rate of starch enterprises is 50.29%, an increase of 0.15% [2]. 3.7 Option Market - **Volatility**: The 20 - day historical volatility of corn is 7.13%, an increase of 0.17%; the 60 - day historical volatility is 6.94%, a decrease of 0.13%. The implied volatility of at - the - money call options for corn is 10.37%, a decrease of 0.42%; the implied volatility of at - the - money put options is 10.37%, a decrease of 0.43% [2]. 3.8 Industry News - **US Corn Export**: As of the week ending July 17, 2025, the US corn export inspection volume is 983,625 tons, lower than the revised 1,314,302 tons of last week and 991,257 tons of the same period last year [2]. - **Brazilian Corn Harvest**: As of July 18, the harvest progress of Brazil's second - season corn has reached 53.30% of the planned total planting area, up from 40.46% a week ago, but lower than 50.84% of the same period last year and the five - year average of 57.69% [2]. - **US Corn Growth**: As of the week ending July 20, 2025, the good rate of US corn is 74%, consistent with market expectations, the same as the previous week and higher than 67% of the same period last year [2].

Report General Information - Report Name: Corn Starch Daily Report [2][3] - Report Date: July 17, 2025 [2] Report Industry Investment Rating - Not provided in the report. Report Core Views - The U.S. corn planting is completed, with prices weakening. After the reduction of Sino - U.S. tariffs, U.S. corn prices may continue to fall, and weather factors are likely to be a future market focus. China has adjusted tariffs on U.S. corn and sorghum, and foreign corn has high import profits. In the short - term, corn prices may stabilize, with the 09 corn contract expected to oscillate narrowly, and there is potential for a rebound in the future. Starch prices are mainly influenced by corn prices and downstream stocking. In the medium - to - long - term, due to weak demand, starch enterprises will be in a long - term loss state. The 09 starch contract's decline is expected to be limited in the short - term [5][7][8][9] Summary by Relevant Catalogs Part 1: Data Futures Market - Corn Futures: Contracts C2601, C2605, and C2509 closed at 2240, 2278, and 2296 respectively, with increases of 0.27%, 0.22%, and 0.13%. Their trading volumes increased by 130.34%, 295.42%, and 48.33%, and open interests increased by 2.50%, 3.95%, and 0.48% [2] - Starch Futures: Contracts CS2601, CS2605, and CS2509 closed at 2610, 2641, and 2646 respectively, with increases of 0.31%, 0.00%, and 0.26%. Their trading volumes increased by 6.08%, 20.69%, and 39.72%, and open interests increased by 4.68%, 1.80%, and 0.21% [2] Spot and Basis - Corn Spot: Prices in different regions such as Qinggang, Jiajishenghua, and Zhuchengxingmao were 2230, 2240, and 2502 respectively. Price changes were 0, 0, and 10, and basis were - 66, - 56, and 206 [2] - Starch Spot: Prices in different enterprises such as Longfeng, Zhongliang, and Jiajie were 2800, 2800, and 2850 respectively. All price changes were 0, and basis were 159, 159, and 209 [2] Spread - Corn Inter - period Spread: For example, C01 - C05 was - 38 with a change of 1, C05 - C09 was - 18 with a change of 2 [2] - Starch Inter - period Spread: For example, CS01 - CS05 was - 31 with a change of 8, CS05 - CS09 was - 5 with a change of - 7 [2] - Cross - variety Spread: For example, CS09 - C09 was 350 with a change of 4, CS01 - C01 was 370 with a change of 2 [2] Part 2: Market Judgment Corn - The U.S. corn planting is completed, prices are weak, and after the reduction of Sino - U.S. tariffs, prices may continue to fall. Weather factors are likely to be a future market focus. China has adjusted tariffs on U.S. corn and sorghum, and foreign corn has high import profits. The northern port's flat - warehouse price is stable, and the northeast corn spot price is stable. The supply of North China corn is tight, and the price has a strong support at around 2400 yuan/ton [5][7] Starch - The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong has rebounded. The starch inventory has increased this week, with the manufacturer's inventory at 134.6 million tons, a monthly increase of 2.83% and a year - on - year increase of 26.27%. The starch price is mainly influenced by corn prices and downstream stocking. In the medium - to - long - term, due to weak demand, enterprises will be in a long - term loss state. The decline of the 09 starch contract is expected to be limited in the short - term [8] Trading Strategies - Unilateral: The domestic 09 corn will continue to oscillate narrowly. You can try to go long on 09 corn with a light position and conduct rolling operations [10] - Arbitrage: Close the position of buying spot and shorting 09 corn, and wait and see on the spread between 09 corn and starch [10] Part 3: Corn Options - Option Strategies: Enterprises with spot can close the position of selling corn call options, or try bottom - accumulating purchases in the short - term [13] Part 4: Relevant Attachments - The attachments include charts of various data such as corn spot prices in different regions, corn 09 contract basis, corn 9 - 1 spread, starch 9 - 1 spread, starch 09 contract basis, and starch 09 contract spread [14][16][20]

Group 1: Report Overview - Report Title: Corn Starch Daily Report, July 14, 2025 [2] - Report Type: Agricultural Product R & D Report [1] - Researcher: Liu Dayong [5] Group 2: Data Summary Futures Market - **Corn Futures**: C2601 closed at 2302, down 4 (-0.17%); C2505 at 2238, up 7 (0.31%); C2509 at 2272, up 7 (0.31%) [2] - **Starch Futures**: CS2601 at 2610, down 2 (-0.08%); CS2505 at 2642, up 3 (0.11%); CS2509 at 2647, down 9 (-0.34%) [2] Spot Market - **Corn**: Northern port closing price dropped, Jinzhou Port at around 2320 yuan; Northeast and North China corn spot prices fell [4][6] - **Starch**: Shandong starch around 2850 yuan, Northeast starch stable [7] Basis and Spread - **Basis**: Corn and starch basis had various changes [2] - **Spread**: Corn and starch inter - period and cross - variety spreads changed [2] Group 3: Market Analysis Corn Market - The US corn planting is finished, with prices weakening. China's tariff on US corn is adjusted, and foreign corn import profit is high. Brazilian corn import price in August is 1930 yuan. North China wheat can substitute for corn. Domestic breeding demand is weak, and downstream feed enterprise inventories are high. Imported corn auctions continue, and the market will be volatile. North China corn has support at around 2400 yuan/ton, and Heilongjiang corn at around 2200 yuan/ton [4][6] Starch Market - Shandong deep - processing arrivals decreased, and corn prices were stable. Starch inventory increased this week, with a monthly increase of 2.14% and a year - on - year increase of 26.97%. Starch prices depend on corn prices and downstream stocking. The by - product price is relatively strong. The medium - to - long - term starch demand is weak, and enterprises will be in a loss state. The short - term decline of 09 starch futures is limited [7] Group 4: Trading Strategies Futures Trading - **Unilateral**: Domestic 09 corn will have narrow - range fluctuations [9] - **Arbitrage**: Close the position of buying spot and shorting 09 corn; widen the spread between 09 corn and starch at low levels and conduct oscillatory operations [9] Options Trading - Enterprises with spot positions can sell corn call options [12] Group 5: Related Attachments - The report includes six figures showing various price trends and spreads of corn and corn starch, such as regional corn spot prices, corn 09 contract basis, corn 9 - 1 spread, etc. [14][16][20]

1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints of the Report - The US corn planting is finished, and the price is weak. With the reduction of Sino - US tariffs, the US corn is in a bottom - shock state, and weather factors may be used for speculation. The import profit of foreign corn is high, and the domestic corn spot is expected to be relatively stable in the short term but may continue to decline due to upcoming auctions. The starch price is mainly affected by corn price and downstream stocking, and the short - term decline space of the 09 starch contract is limited [5][7][8] - The short - term trading strategy for corn is that the domestic 09 corn will have a narrow - range shock. For those with spot, they can short the 09 corn, and the spread between 09 corn and starch can be expanded when it is low. For options, spot - holding enterprises can sell corn call options [9][10][13] 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Disk - C2601 closed at 2234, down 7 (-0.31%), with a trading volume of 27,820 (-42.68%) and an open interest of 128,391 (5.06%) - C2505 closed at 2264, down 4 (-0.18%), with a trading volume of 4,683 (-58.63%) and an open interest of 24,038 (8.57%) - C2509 closed at 2319, down 2 (-0.09%), with a trading volume of 404,273 (-34.92%) and an open interest of 994,428 (0.81%) - CS2601 closed at 2620, down 7 (-0.27%), with a trading volume of 2,950 (-32.17%) and an open interest of 8,301 (11.15%) - CS2505 closed at 2647, down 3 (-0.11%), with a trading volume of 35 (-28.57%) and an open interest of 228 (-2.15%) - CS2509 closed at 2677, up 1 (0.04%), with a trading volume of 92,255 (-24.94%) and an open interest of 231,044 (4.01%) [3] 3.1.2 Spot and Basis - Corn: The current quotes in Qinggang, Jiajishenghua, Zhuchengxingmao, Shouguang, Jinzhou Port, Nantong Port, and Guangdong Port are 2270, 2260, 2534, 2470, 2380, 2490, and 2460 respectively. The price changes are -10, 170, 0, 0, 0, 0, 0 respectively, and the basis is -49, -59, 215, 151, 61, 171, 141 respectively - Starch: The current quotes of Longfeng, COFCO, Cargill, Yufeng, Jinyumi, Zhuchengxingmao, and Hengren Industry and Trade are 2800, 2800, 2850, 3020, 2950, 2980, and 2960 respectively. The price changes are 0, -50, 0, 0, 0, 0, 0 respectively, and the basis is 153, 153, 203, 373, 303, 333, 313 respectively [3] 3.1.3 Spread - Corn inter - period: C01 - C05 spread is -30 (-3), C05 - C09 spread is -55 (-2), C09 - C01 spread is 85 (5) - Starch inter - period: CS01 - CS05 spread is -27 (-4), CS05 - CS09 spread is -30 (-4), CS09 - CS01 spread is 57 (8) - Cross - variety: CS09 - C09 spread is 358 (3), CS01 - C01 spread is 386 (0), CS05 - C05 spread is 383 (1) [3] 3.2 Market Judgment 3.2.1 Corn - The US corn planting is finished, and the price is weak. With the reduction of Sino - US tariffs, it is in a bottom - shock state, and weather factors may be used for speculation. The import profit of foreign corn is high, and the August import price from Brazil is 1943 yuan. The northern port flat - hatch price is weak, and the northeast corn spot price has declined. The supply in North China has decreased, and the corn spot price is stable. The price difference between northeast and North China corn has narrowed. The wheat price in North China is weak, and the price difference between wheat and corn is small, so wheat continues to be a substitute. The domestic breeding demand is still weak, and the inventory of downstream feed enterprises is high. Recently, imported corn has been auctioned, and brown rice is about to be auctioned, so the corn spot price will continue to decline. It is expected that the North China corn will have strong support at around 2450 yuan/ton, and Heilongjiang corn will have support at around 2220 yuan/ton [5][7] 3.2.2 Starch - The number of vehicles arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong is stable. The starch price in Shandong is around 2900 yuan, and the northeast starch spot price is also stable. This week, the corn starch inventory has increased to 133.7 million tons, an increase of 2.4 million tons from last week, with a monthly increase of 2.14% and a year - on - year increase of 26.97%. The starch price mainly depends on the corn price and downstream stocking. The by - product price is relatively strong, and the price difference between corn and starch spot is low. In the medium - to - long - term, due to the weak demand for starch, enterprises will be in a long - term loss state. It is expected that the short - term decline space of the 09 starch contract is limited [8] 3.3 Corn Options - The option strategy is that spot - holding enterprises can sell corn call options [13] 3.4 Relevant Attachments - The attachments include figures such as the spot price of corn in various regions, the basis of the corn 09 contract, the 9 - 1 spread of corn, the 9 - 1 spread of corn starch, the basis of the corn starch 09 contract, and the spread of the corn starch 09 contract [15][17][21]