宏源期货有限公司 玉米：弱势不改 肖锋波（F3022345）（Z0012557) 目录 第一部分 行情回顾 基本面分析 第二部分 第三部分 未来展望 1 第一部分：行情回顾 CBOT玉米价格止跌反弹。截至7月14日，CBOT玉米主力合约收盘价为418.5美分/蒲式耳，周环比上涨14.75 美分/蒲式耳。管理基金净多持仓止跌企稳，截至7月8日，净多持仓-203861手，周环比增加2602手。 300 400 500 600 700 800 900 01 02 03 04 05 06 07 08 09 10 11 12 CBOT玉米主力合约收盘价（美分/蒲式耳） 2021 2022 2023 2024 2025 -400000 -300000 -200000 -100000 0 100000 200000 300000 400000 500000 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 CBOT玉米期货和期权:管理基金净多持仓（手） 2021 2022 2023 2024 2025 数据来源：Wind、 ...

Report Overview - The report is a corn starch daily report dated July 15, 2025, focusing on corn and corn starch markets, including data, market analysis, trading strategies, and option strategies [2] 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The US corn planting is completed, and the US corn market is weak. With the reduction of Sino - US tariffs, the US corn price continues to decline, and weather factors may become a future market driver. In China, the import profit of foreign corn is high. The northern port's flat - warehouse price is stable, the spot price in the Northeast corn - producing area has declined, and the supply in North China is expected to be tight. The corn starch inventory has increased, and the price is mainly affected by corn price and downstream stocking. In the short - term, the 09 corn will oscillate, and the basis will strengthen, with potential for a rebound. The 09 starch's decline space is limited [4][6][7][8] 3. Summary by Directory 3.1 First Part: Data 3.1.1 Futures Disk - Corn futures contracts C2601, C2605, C2509 and corn starch futures contracts CS2601, CS2605, CS2509 all showed price declines on July 15, 2025. For example, C2601 closed at 2236, down 2 (-0.09%), and CS2601 closed at 2605, down 5 (-0.19%). The trading volume of most contracts decreased, while the open interest of some contracts increased [2] 3.1.2 Spot and Basis - Corn spot prices in different regions had different trends. For example, the price in Qinggang decreased by 10 to 2230, while that in Shouguang increased by 10 to 2454. Corn starch spot prices remained stable. The basis of corn and corn starch showed different values in various regions [2] 3.1.3 Spreads - Corn inter - term spreads, corn starch inter - term spreads, and cross - variety spreads all had price changes. For example, C01 - C05 spread was - 36, down 2, and CS09 - C09 spread was 346, up 1 [2] 3.2 Second Part: Market Judgment 3.2.1 Corn - The US corn market is affected by planting completion, tariff reduction, and potential weather speculation. In China, the import profit of foreign corn is high, the northern port price is stable, the Northeast spot price has declined, the North China supply is tight, and the domestic breeding demand is weak. The 09 corn futures continue to decline, but there is potential for a rebound due to tight supply in North China [4][6] 3.2.2 Starch - The number of trucks arriving at Shandong's deep - processing plants has decreased, and the corn spot price in Shandong is stable. The corn starch inventory has increased, with a monthly increase of 2.14% and a year - on - year increase of 26.97%. The starch price is affected by corn price and downstream stocking. The 09 starch futures are weakly oscillating, and the decline space is limited [7] 3.2.3 Trading Strategies - Unilateral: Domestic 09 corn will have narrow - range oscillations, and a light - position short - term long position in 09 corn can be considered. Arbitrage: Close the position of buying spot and shorting 09 corn, and widen the spread between 09 corn and starch at low levels for oscillating operations [8][9] 3.3 Third Part: Corn Options - Option Strategy: Spot - holding enterprises can sell corn call options [12] 3.4 Fourth Part: Related Attachments - The attachments include charts of 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 - corn 09 contract spread, which visually show the price trends and relationships of relevant products [14][16][21]

大宗商品研究所 农产品研发报告 玉米： 美玉米种植基本结束，美玉米偏弱，中美关税降低，美玉米底部震荡，接下来容 易炒作天气。中国对美玉米回到 15%关税，配额内共计 26%关税，对美国高粱共计 22% 关税，国外玉米进口利润较高，8 月巴西进口价格 1951 元。今日北方港口平仓价稳 1 / 5 锦州港平舱价 元 吨 研究员：刘大勇 期货从业证号： F03107370 玉米淀粉日报 2025 年 6 月 25 日 | | | | | 第一部分 | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 玉米&玉米淀粉数据日报 | | | | 2025/6/25 | | | | | | 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 | | 2273 | -8 | -0.35% | 19,212 | 2.65% | 108,636 | 2.59% | | C2505 | | 2299 | -14 | -0.61% | ...