Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The USDA's December report increased US corn exports, but the production is at a high level. In the short term, US corn will fluctuate slightly stronger. The support of the US corn 03 contract at 430 cents per bushel is relatively strong. With the 11% tariff for imported US corn and 12% for sorghum in China, importing US corn has become profitable, and importing from Brazil offers higher profits [4]. - Currently, farmers' reluctance to sell has weakened, leading to an increase in corn supply. Port inventories remain low, and port prices are stable. It is expected that there will be another wave of selling pressure for Northeast corn in mid - January. In the short term, the supply of Northeast corn is increasing, but downstream demand for replenishment is driving a relative stability in Northeast corn prices. In North China, the increase in corn supply has led to a continuous decline in spot prices. The price difference between wheat and corn in North China remains high, and it is expected that corn supply will increase next week. In the short term, the supply at the northern ports will increase, and the purchase price will remain stable before the Spring Festival. The 03 corn contract will fluctuate at a high level, and the decline of the 07 corn contract is limited [4]. - The operating rate of starch factories has increased, while downstream提货 has decreased, leading to an increase in starch inventory, which remains at a high level. As corn spot prices are weak, starch spot prices are also weakening. The profits of North China starch factories have declined, and the operating rate of starch enterprises will continue to rise. As corn prices decline, there is still room for starch spot prices to fall. It is expected that the 03 corn starch contract will follow the high - level fluctuations of corn [4]. Summary by Directory Chapter One: Comprehensive Analysis and Trading Strategies - **Market Situation**: US corn exports are increasing, and the 03 contract has strong support at 430 cents per bushel. In China, corn supply in the Northeast and North China is increasing, and there will be a peak selling season in mid - January. Corn spot prices still have room to fall. In the short term, corn prices will continue to decline, and the 03 contract has limited room for rebound [4]. - **Trading Strategies** - Unilateral trading: Consider buying US corn 03 below 430 cents per bushel, making long - term purchases of 07 corn below 2240 yuan, and short - term shorting of 03 corn [5]. - Arbitrage: Hold a wait - and - see attitude. - Options: Consider a cumulative put strategy for 03 corn at high prices [5]. Chapter Two: Core Logic Analysis International Market - **US Corn Supply and Demand** - The USDA's December report shows changes in US corn supply and demand indicators such as planting area, yield, inventory, and consumption in different years. The export volume has been adjusted, and attention should be paid to the January report. Importing US corn and Brazilian corn is currently profitable [9]. - As of January 1, the weekly US corn export inspection was 1.21 million tons, with a cumulative export of 26.81 million tons. This week, there were no exports to China, with a cumulative export of 0 tons and a proportion of 0%. In November, 560,000 tons of corn were imported, and from January to November, 1.85 million tons were imported, compared with 13.32 million tons in the same period last year [10]. - **US Corn Non - commercial Net Long Position and Ethanol Production** - As of December 30, the non - commercial net long position of US corn decreased, and ethanol production also decreased. The US corn 03 contract is oscillating at the bottom, with strong support at 430 cents per bushel [15]. Domestic Market - **Deep - processing and Feed Enterprises** - The corn inventory of feed enterprises has increased but is lower than the same period last year. As of January 8, the average corn inventory of 47 large - scale feed mills was 30.1 days, a week - on - week increase of 0.18 days and a year - on - year decrease of 6.81% [19]. - Deep - processing consumption has slightly decreased. From January 1 to January 7, 2026, 149 major corn deep - processing enterprises in China consumed 1.3817 million tons of corn, a decrease of 0.11 million tons from the previous week. Deep - processing inventory has increased, and it is expected to continue rising next week. As of January 7, the corn inventory of 96 deep - processing enterprises was 354 tons, a 1.32% increase from the previous week and a 40.5% decrease year - on - year [20]. - **Port Inventories** - The corn inventory at northern ports has decreased, while the grain inventory at southern ports has increased. As of January 2, the corn inventory at the four northern ports was 1.538 million tons, a week - on - week decrease of 75,000 tons and a year - on - year decrease of 2.889 million tons. The shipping volume from the four ports this week was 593,000 tons, a week - on - week decrease of 74,000 tons. In Guangdong Port, the domestic corn inventory was 478,000 tons, an increase of 93,000 tons from the previous week; the foreign - trade inventory was 294,000 tons, a decrease of 30,000 tons from the previous week; the imported sorghum was 107,000 tons, a decrease of 22,000 tons from the previous week; the imported barley was 710,000 tons, a decrease of 5,000 tons from the previous week; and the total grain inventory was 1.589 million tons, a week - on - week increase of 36,000 tons [23]. - **Grain Sales Progress** - The grain sales progress has accelerated. The overall national grain sales progress (including all 13 provinces) is 50%, a 3% increase from the previous week and a 2% increase year - on - year; the sales progress in 7 provinces (Heilongjiang, Jilin, Liaoning, Inner Mongolia, Hebei, Shandong, and Henan) is 48%, a 4% increase from the previous week and a 3% increase year - on - year [26]. - **Starch Market** - The operating rate of deep - processing enterprises has decreased. From January 1 to January 7, the national corn processing volume was 627,900 tons, and the starch production was 324,800 tons, a decrease of 27,000 tons from the previous week. The operating rate was 59.37%, a 0.49% decrease from the previous week [30]. - As North China corn spot prices fall, starch spot prices decline, and by - product prices remain stable, enterprise profits have decreased. This week, the profit per ton of corn in Heilongjiang was - 67 yuan, a decrease of 39 yuan from the previous week, and in Shandong, it was - 6 yuan, a decrease of 3 yuan [30]. - Downstream提货 has decreased, and with the decline in the operating rate, starch inventory has increased. It is expected to continue rising next week. As of January 7, the corn starch inventory was 1.125 million tons, an increase of 2,000 tons from the previous week, a 0.2% increase, a 2.1% increase from the beginning of the month, and a 25.1% increase year - on - year [30]. - **Substitute Products** - The wheat price in North China is basically around 2,490 yuan per ton, showing a weak trend. The price difference between wheat and corn has narrowed. North China corn is weak, while Northeast corn is stable. The price difference between North China and Northeast corn has narrowed, and the price difference between northern port corn and the 05 corn contract has declined [39]. Chapter Three: Weekly Data Tracking - **Livestock and Poultry Breeding** - From January 4 to January 8, the self - breeding and self - raising profit of pigs was 59 yuan per head, a decrease of 3 yuan per head from the previous week, and the profit from purchasing piglets was - 75 yuan per head, an increase of 3 yuan per head from the previous week [43]. - From January 4 to January 8, the breeding profit of white - feather broilers was 1.13 yuan per chicken, compared with 1.24 yuan per chicken last week. The egg - laying hen breeding cost this week was 3.52 yuan per catty, and the breeding profit was - 0.42 yuan per catty, compared with - 0.55 yuan per catty last week [49]. - **Deep - processing Downstream Consumption** - The operating rate of starch sugar: The operating rate of F55 high - fructose syrup this week was 60.77%, a 6.27% increase from the previous week, and the operating rate of maltose syrup was 57.1%, a 5.31% increase from the previous week [52]. - The operating rate of paper mills: The operating rate of corrugated paper this week was 65.86%, a 1.63% increase from the previous week, and the operating rate of containerboard was 66.8%, a 1.86% decrease from the previous week [52]. - **Prices of Corn and Substitute Products** - The report shows the price trends of corn and substitute products such as wheat, sorghum, and their price differences, as well as the price differences between different corn and starch contracts [53][57][61].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The US corn has a bumper harvest, but the export volume is increased. In the short term, the support for the US corn 03 contract at 430 cents per bushel is strong. Currently, the supply of corn in Northeast China is increasing, and the supply in North China is also rising. There is still room for the spot price of corn to decline. In the short term, corn prices will continue to fall. It is expected that the prices of 03 and 05 corn will still decline, but the decline of 07 corn is limited. Currently, operations can be carried out according to seasonal patterns, and the spot price is expected to continue to decline in late December [4]. - The operating rate of starch factories has increased, downstream提货 is good, and starch inventory has decreased, but it is still at a high level. The spot price of corn has started to decline, while the spot price of starch is strong, and the profit of North China starch factories has increased. In the future, the operating rate of starch enterprises will still rise. With the large - scale listing of new corn, there is still room for the spot price of starch to decline. It is expected that the 01 corn starch will follow the weak and volatile trend of corn [4]. Summary According to the Table of Contents Chapter 1: Comprehensive Analysis and Trading Strategies - **Corn**: The US corn yield per unit in December is stable, and the export volume is increased. However, the production is at a high level. In the short term, the US corn is in a narrow and strong - side volatile trend, and the 03 contract has strong support at 430 cents per bushel. The in - quota tariff for importing US corn to China is 11%, and that for sorghum is 12%. Importing US corn has started to have profits, and the import profit from Brazil is relatively high. Currently, farmers' reluctance to sell has weakened, the supply of corn has increased, but the port inventory is still low, and the port price is strong. It is expected that there will still be a wave of selling pressure for Northeast corn in mid - to - late December. In the short term, the supply of Northeast corn has increased, but downstream has replenished stocks due to rigid demand, resulting in a slight decline in Northeast corn prices. The supply of North China corn has increased, and the spot price of corn has continued to fall. The price difference between North China wheat and corn is still at a high level, and it is expected that the supply of corn will increase next week. It is expected that the supply at the northern ports will increase in the short term, and the purchase price will be lowered. There is still room for the 03 corn price to fall, but the decline of 07 corn is limited [4]. - **Starch**: The operating rate of starch factories has increased, downstream提货 is good, and starch inventory has decreased, but it is still at a high level. The spot price of corn has started to decline, while the spot price of starch is strong, and the profit of North China starch factories has increased. In the future, the operating rate of starch enterprises will still rise. With the large - scale listing of new corn, there is still room for the spot price of starch to decline. It is expected that the 01 corn starch will follow the weak and volatile trend of corn [4]. - **Trading Strategies**: The US corn has a bumper harvest, but the export volume is increased. In the short term, the support for the US corn 03 contract at 430 cents per bushel is strong. Currently, the supply of corn in Northeast China is increasing, and the supply in North China is also rising. There is still room for the spot price of corn to decline. In the short term, corn prices will continue to fall. It is expected that the prices of 03 and 05 corn will still decline, but the decline of 07 corn is limited. Currently, operations can be carried out according to seasonal patterns, and the spot price is expected to continue to decline in late December. Specific strategies include: trying to buy US corn 03 below 430 cents per bushel; short - selling 03 corn at a high price above 2240; long - buying 07 corn at a long - term price below 2260; conducting reverse arbitrage on 3 - 7 corn at a high price; and implementing a cumulative put strategy on 03 corn at a high price [4][5]. Chapter 2: Core Logic Analysis International - **US Corn Supply and Demand and Price Trends**: In December, the yield per unit of US corn remained flat, and the export volume was increased. The US corn showed a strong - side volatile trend, and the 12 - contract had support at 430 cents per bushel. China has lowered tariffs on US agricultural products. The import tariff for US corn is 11%, and that for US sorghum is 12%. Calculated at an 11% tariff, the import cost of US corn is around 2274 yuan per ton, and the import profit is good. As of December 11, the price at the Guangdong port was 2370 yuan per ton, and the cost of corn imported from Brazil in January was 2177 yuan per ton, with an import profit of 283 yuan per ton [8][9]. - **US Corn Non - commercial Net Long Position and Ethanol Production**: As of November 10, the non - commercial net long position of US corn was 43,000 lots, showing an increase. The ethanol production in the United States has decreased. The US corn 03 is in a bottom - side volatile trend, and it has strong support at 430 cents per bushel [16]. Domestic - **Inventory and Consumption of Deep - processing and Feed Enterprises**: The corn inventory of feed enterprises has increased but is less than that of the same period last year. As of December 11, the average corn inventory of 47 large - scale feed factories was 29.53 days, a week - on - week increase of 0.86 days and a year - on - year decrease of 2.51%. The consumption of deep - processing enterprises has increased. From December 4 to December 10, 2025, 149 major corn deep - processing enterprises across the country consumed 1.4167 million tons of corn, a decrease of 900 tons from the previous week. The inventory of deep - processing enterprises has increased, and it is expected to continue to rise next week. As of December 11, the corn inventory of 96 deep - processing enterprises was 294 tons, a week - on - week increase of 6.75% and a year - on - year decrease of 28.8% [20][21]. - **Port Inventory**: The corn inventory at northern ports has increased, while the grain inventory at southern ports has decreased. As of December 5, the corn inventory at the four northern ports was 1.531 million tons, a week - on - week increase of 162,000 tons. The shipping volume at the four ports on that Thursday was 808,000 tons, a week - on - week increase of 273,000 tons. The domestic - trade corn inventory at the Guangdong port was 66,000 tons, a decrease of 115,000 tons from the previous week; the foreign - trade inventory was 249,000 tons, a decrease of 87,000 tons from the previous week; the imported sorghum was 199,000 tons, a decrease of 32,000 tons from the previous week; the imported barley was 508,000 tons, an increase of 39,000 tons from the previous week; and the total grain was 1.022 million tons, a decrease of 195,000 tons [24]. - **Grain - selling Progress**: The grain - selling progress of domestic corn is faster than that of last year. As of December 11, the overall grain - selling progress was 40%, a week - on - week increase of 4% and a year - on - year increase of 7% [27][28]. - **Starch Market**: The operating rate of deep - processing has increased. From December 4 to December 10, the national corn processing volume was 635,700 tons, and the starch production was 331,100 tons, an increase of 6,200 tons from the previous week. The operating rate was 62.84%, a week - on - week increase of 1.18%. The spot price of North China corn has decreased, while the spot price of starch has increased, and the by - product price has remained stable. The enterprise profit has decreased. This week, the profit per ton of corn in Heilongjiang was 29 yuan, an increase of 12 yuan from the previous week, and the profit in Shandong was 19 yuan, an increase of 7 yuan from the previous week. Downstream提货 has increased, the operating rate has risen, and the starch inventory has decreased. It is expected that the starch inventory will rise next week. As of December 10, the corn starch inventory was 1.049 million tons, a decrease of 5,000 tons from the previous week, a decrease of 0.47%, a monthly decrease of 1.87%, and a year - on - year increase of 13.3% [32]. - **Substitute Products**: The wheat price is basically stable. The arrival price in North China is basically 2,500 yuan per ton, and the price is strong. The price difference between wheat and corn has narrowed. The prices of North China and Northeast corn are weak, the price difference between North China and Northeast corn has narrowed, and the price difference between North China corn and the 01 corn contract has decreased [37]. Chapter 3: Weekly Data Tracking - **Livestock and Poultry Breeding**: From December 4 to December 11, the self - breeding and self - raising profit of pigs was - 120 yuan per head, an increase of 12 yuan per head from the previous week; the profit of purchasing piglets for breeding was - 252 yuan per head, a decrease of 9 yuan per head from the previous week. The breeding profit of white - feather broilers was - 0.07 yuan per chicken, compared with - 0.1 yuan per chicken last week. The egg - laying hen breeding cost was 3.51 yuan per catty, and the breeding profit was - 0.48 yuan per catty, compared with - 0.45 yuan per catty last week [42][48]. - **Deep - processing of Corn Starch**: The operating rate of starch sugar: This week, the operating rate of F55 high - fructose corn syrup was 47.17%, an increase of 2.99% from the previous week, and the operating rate of maltose syrup was 50.37%, an increase of 1.4% from the previous week. The operating rate of paper mills: This week, the operating rate of corrugated paper was 67.81%, an increase of 0.39% from the previous week, and the operating rate of containerboard was 70.47%, a decrease of 0.05% from the previous week [51]. - **Prices of Corn and Substitute Products**: The price trends of corn and substitute products are presented in various price charts, including the flat - hatch price at Jinzhou Port, the ex - factory price of starch in Weifang, the price difference between wheat and corn, and the price difference between sorghum and corn [53][54][57][58][59]. - **Basis and Spread of Corn and Corn Starch**: The report also provides data on the basis and spread of corn and corn starch, such as the 01 basis of corn, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, etc. [61].

Core Viewpoint - The report indicates a significant increase in corn inventory and production forecasts in Brazil, while the U.S. shows strong export sales for the 2025/2026 corn season [1][3]. Group 1: Corn Inventory and Production - As of December 10, 2025, the total corn inventory of 96 major processing enterprises in 12 regions of China is 2.94 million tons, reflecting a 6.75% increase [1]. - Brazil's total corn planting area for 2025 is projected to be 22.250454 million hectares, unchanged from last month's estimate, with a 4.2% increase compared to the previous year [1]. - Brazil's total corn production is forecasted at 141.617742 million tons, remaining stable from last month's estimate, but showing a 23.5% increase year-on-year [1]. Group 2: U.S. Corn Export Sales - For the week ending November 13, U.S. net corn export sales for the 2025/2026 marketing year reached 2.38 million tons, up from 0.98 million tons the previous week [1]. - U.S. corn shipments for the 2025/2026 marketing year totaled 2.477 million tons, compared to 1.529 million tons the prior week [1]. Group 3: Market Analysis and Outlook - According to Zhengxin Futures, the U.S. corn market is expected to remain strong due to increased exports and rising domestic demand, although the overall corn production is expected to keep prices low in the medium to long term [3]. - Guodu Futures notes that some new grain quality in North China has been affected, leading to increased purchases of Northeast grain, which has resulted in a rebound in corn prices, though the overall production surplus limits the extent of this rebound [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The US corn is expected to further reduce its yield per unit, but the production is at a high level. The US corn will fluctuate around 420 cents per bushel this week, with narrow - range fluctuations in the short - term. The support level of the December contract at 400 cents per bushel is relatively strong. The focus of the market is still on the selling rhythm of Jilin corn, and there is expected to be a selling pressure in early November. The selling pressure of Northeast corn has eased in the short - term, but the rebound space of corn spot is limited. The supply of North China corn has increased, and the corn spot has continued to reach the bottom. The market expects the low point of the corn purchase price at the northern port to be around 2,070 yuan per ton. The January corn futures are expected to fluctuate at the bottom, and the May contract is expected to fluctuate strongly. [4] - The operating rate of starch factories has decreased, downstream demand is still weak, but提货 has increased, and starch inventory has decreased, but it is at a historically high level in the same period. The corn spot has declined, while the starch spot is relatively strong. The profits of North China starch factories are stable. The operating rate of starch enterprises will still rise in the later period. With the large - scale listing of new corn, the starch spot still has room to fall. It is expected that the January corn starch will follow the corn to fluctuate at the bottom. [4] - The US corn has a bumper harvest, but the yield per unit may be further reduced later. The support level of the December contract at 400 cents per bushel is relatively strong, with short - term narrow - range fluctuations. Currently, the selling pressure in the Northeast market has weakened, but the supply of North China corn has started to increase. There is still a selling pressure for Jilin corn at the end of October, and the corn spot is expected to decline. Corn will still fluctuate at the bottom in the short - term. It is expected that the January and May corn will still fluctuate at the bottom. The market expects the corn to be in short supply after the Spring Festival, and the spread between the January and May contracts is still large. Currently, operations should be carried out according to seasonal rules, and there is still room for the spot to fall after the end of October. [4] Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Trading Strategies** - For the US corn December contract, it can be considered to buy around 400 cents per bushel. The January corn will fluctuate at the bottom in the short - term, and the May corn can be bought below 2,200 yuan per ton. [5] - For arbitrage, it is recommended to wait and see. [5] - For options, a cumulative purchase strategy for the May corn can be adopted. [5] Chapter 2: Core Logic Analysis - **International Market** - Although the expected yield per unit of US corn is decreasing, the supply is abundant, and the US corn is fluctuating at the bottom. The import tariffs for US corn and sorghum are 26% and 23% respectively. The domestic import profit has shrunk. The price at the Guangdong port is 2,310 yuan per ton, and the arrival price of Brazilian corn in December is 2,137 yuan per ton, with an import profit of 172 yuan per ton. As of October 16, the export inspection of US corn this week was 1.32 million tons, with a cumulative export of 9.34 million tons. The export to China this week was 0 tons, with a cumulative export of 0 tons, accounting for 0%. In September, 60,000 tons of corn were imported, and from January to September, 930,000 tons were imported, compared with 12.83 million tons in the same period last year. [8][11] - As of September 23, the non - commercial net short position of US corn was increasing, with 51,000 lots. The ethanol production in the US has increased. The December US corn contract is fluctuating at the bottom, around 420 cents per bushel. [17] - **Domestic Market** - The inventory of deep - processing enterprises has increased, the inventory of feed enterprises has slightly decreased, and the consumption of deep - processing has increased. As of October 23, the average corn inventory of 47 large - scale feed factories was 24.04 days, a decrease of 0.4 days compared with the previous week and a year - on - year decrease of 12.04%. From October 8 to October 15, 20 major 149 corn deep - processing enterprises consumed 1.2633 million tons of corn, an increase of 40,300 tons compared with the previous week. As of October 23, the corn inventory of 96 deep - processing enterprises was 269,500 tons, a 6.5% increase compared with the previous week, and the inventory is expected to continue to increase next week. [21][22] - The corn inventory at the northern port has increased, and the grain inventory at the southern port has decreased. As of October 17, the corn inventory at the four northern ports was 959,000 tons, a week - on - week increase of 107,000 tons, and the shipping volume of the four ports that week was 804,000 tons, a week - on - week increase of 223,000 tons. The domestic - trade corn inventory at the Guangdong port was 118,000 tons, a decrease of 75,000 tons compared with the previous week; the foreign - trade inventory was 362,000 tons, an increase of 168,000 tons compared with the previous week; the imported sorghum was 544,000 tons, a decrease of 25,000 tons compared with the previous week; the imported barley was 938,000 tons, a decrease of 95,000 tons compared with the previous week; and the total grain inventory was 1.962 million tons, a decrease of 27,000 tons. [25] - The operating rate of starch has decreased, the starch inventory has decreased, the starch spot has risen, and the profitability is stable. From October 16 to October 22, the national corn processing volume was 574,000 tons, and the starch production was 287,700 tons, a decrease of 5,800 tons compared with the previous week. The operating rate was 55.62%, a decrease of 1.12% compared with the previous week. The profit per ton of corn in Heilongjiang was 20 yuan, an increase of 3 yuan compared with the previous week, and the profit in Shandong was 75 yuan, a decrease of 1 yuan. As of October 22, the corn starch inventory was 1.14 million tons, a decrease of 59,000 tons compared with the previous week, a decrease of 4.9%, a monthly increase of 0.1%, and a year - on - year increase of 43.4%. The starch inventory is expected to increase next week. [28] - The wheat price is basically stable. The arrival price in North China is basically 2,470 yuan per ton, and the price is relatively strong. The price difference between wheat and corn has widened. The price of North China corn has declined, while the price of Northeast corn is relatively strong. The price difference between North China and Northeast corn has narrowed, and the price difference between North China corn and the January contract has decreased. [36] - **Livestock and Poultry Market** - From October 17 to October 23, the self - breeding and self - raising profit of pigs was - 149 yuan per head, an increase of 53 yuan per head compared with the previous week; the profit of purchasing piglets was - 280 yuan per head, an increase of 67 yuan per head compared with the previous week. [42] - From October 17 to October 23, the breeding profit of white - feather broilers was - 1.34 yuan per bird, compared with - 1.55 yuan per bird last week. The breeding cost of laying hens this week was 3.41 yuan per catty, and the breeding profit was - 0.5 yuan per catty, compared with - 0.56 yuan per catty last week. [48] - **Deep - processing Consumption Market** - The operating rate of starch sugar has decreased. This week, the operating rate of F55 high - fructose syrup was 35.55%, a decrease of 1.69% compared with the previous week, and the operating rate of maltose syrup was 39.62%, a decrease of 0.64% compared with the previous week. [51] - The operating rate of paper mills has increased. This week, the operating rate of corrugated paper was 65.83%, an increase of 3.32% compared with the previous week, and the operating rate of box - board paper was 68.83%, an increase of 2.22% compared with the previous week. [51] Chapter 3: Weekly Data Tracking No additional content other than what is covered in the core logic analysis is provided.

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]

Group 1: Report Overview - Report Name: Corn Daily Report [1] - Date: May 21, 2025 [2] - Research Team: Agricultural Products Research Team [4] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - The price of corn is expected to decline as the supply increases due to traders' need to clear inventory before the wheat harvest in North China, and the substitution of wheat for corn in feed use is increasing. Although demand has slightly increased, inventory levels are sufficient. Futures prices of the 2507/2509 contracts will likely follow the spot market with a downward trend. Futures prices also depend on the weather and growth conditions in wheat and corn production areas [9]. Group 4: Market Review and Recommendations Corn Market - Futures: On the 20th, the main 2507 corn contract opened slightly lower, then declined and fluctuated downward, closing with a negative candle. The highest price was 2339 yuan/ton, the lowest was 2310 yuan/ton, and the closing price was 2312 yuan/ton, a 0.86% decrease from the previous trading day. The total open interest of the index increased by 22,229 lots to 2,057,122 lots. - Spot: On the 20th, the price of second - grade corn at Jinzhou Port was 2310 yuan/ton, unchanged from the previous day [8]. Corn Analysis - Supply: Grass - roots grain sources are almost exhausted, with traders being the main suppliers. Port inventories are in the destocking phase but remain at a high level compared to the same period. - Substitutes: Wheat has an increasing advantage in feed substitution for corn, increasing its use in the feed industry. The rising price of corn at southern ports makes imported barley more price - competitive, potentially increasing imports. - Demand: The continuous growth of the pig inventory drives the demand for feed. Feed enterprises mainly purchase on - demand, replenish stocks in a rolling manner, and sign forward orders. Deep - processing enterprises are in deep losses, with high starch inventories, declining operating rates, and reduced corn consumption. They mainly maintain just - in - time procurement. The inventory of downstream feed enterprises has slightly increased and is at a high level, and they mainly execute previous orders, while the inventory of deep - processing enterprises has slightly decreased, and overall processing demand is unlikely to increase significantly [9]. Group 5: Industry News - On May 19, corn prices at north - south ports were basically stable. In Jinzhou Port, the price of corn with 15% moisture and a bulk density of 720 was 2260 - 2300 yuan/ton, and the fob price of corn with 15% moisture was 2320 - 2330 yuan/ton, unchanged from the previous day. In Bayuquan Port, the prices were the same as in Jinzhou Port. In Guangdong Shekou Port, the transaction price of bulk corn with 15% moisture was 2410 - 2430 yuan/ton, and the price of first - grade corn was 2450 - 2470 yuan/ton, also unchanged. - In the northeast production area, the enthusiasm of traders to sell grain increased, and the morning collection volume at northern ports slightly increased. Due to high arrival costs, traders mainly set prices based on sales and execute contracts. At southern ports, high - priced corn orders decreased due to policy rumors. Feed enterprises mainly execute previous orders or use wheat as a substitute, and overall market trading activities were average. Arrival costs supported stable quotes from traders [10][12]. Group 6: Data Overview - Russia: Unfavorable weather led to crop losses of slightly over 100,000 hectares, but almost all damaged areas have been replanted. From January to April this year, the grain transshipment volume at Russian seaports was 12.1 million tons, a 52.7% decrease compared to the same period last year. - US - China: As of May 8, 2025, the shipment volume of US corn exports to China (Mainland) in the 2024/25 season was 33,000 tons, compared to 2.16 million tons in the same period last year. - EU: As of now in the 2024/25 season, EU corn imports have increased by 12% due to a surge in imports from the US, offsetting the decline in imports from Ukraine and Brazil. - Ukraine: Despite poor weather in April and early May, the Ukrainian Ministry of Agriculture maintains its forecast of 56 million tons of grain production in 2025, compared to 56.2 million tons in 2024. - Argentina: As of May 7, Argentine farmers pre - sold 15.28 million tons of corn for the 2024/25 season, 800,000 tons more than a week ago and less than the 18 million tons pre - sold in the same period last year. Last week, the pre - sale volume was 1.2 million tons. - China: As of May 15, the grain sales progress of farmers in 13 provinces was 97%, 3 percentage points faster than the same period last year. The grain sales progress of farmers in 7 major production provinces was 97%, 4 percentage points faster than the same period last year. Recently, concerns about drought in the wheat - producing areas have eased. Coupled with the need to clear inventory and profit - taking by traders, the short - term supply of grass - roots corn has increased, and spot corn prices have fluctuated [14].

Group 1: Report Overview - Report Title: Corn Daily Report [1] - Date: May 9, 2025 [2] - Research Team: Agricultural Products Research Team [4] Group 2: Investment Rating - No investment rating provided in the report. Group 3: Core Viewpoint - The supply of corn is relatively tight as the grassroots grain sources are almost exhausted, and traders are reluctant to sell due to bullish sentiment. Although the demand has a slight increase, the overall inventory is still at a high level. Therefore, the corn price is expected to be generally strong. The futures price of the 2507 contract may follow the spot price and fluctuate strongly, and the weather and growth conditions of wheat and corn production areas need to be continuously monitored [10]. Group 4: Market Review and Operational Suggestions Corn Market - Futures: On the 8th, the main 2507 contract of corn opened slightly lower, then rose, fell back, and fluctuated lower, closing with a negative line. The highest was 2378 yuan/ton, the lowest was 2361 yuan/ton, and the closing price was 2365 yuan/ton, a decrease of 0.46% from the previous trading day. The total open interest of the index decreased by 25,075 lots to 2,175,349 lots [9]. - Spot: On the 8th, the FOB price of second - class corn at Jinzhou Port was 2310 - 2320 yuan/ton, unchanged from the previous day [9]. Corn Review - Supply: The grassroots grain sources are basically exhausted, and the supply is mainly from traders. The bullish sentiment in the market has further intensified, and traders are reluctant to sell. The overall port inventory is in the destocking stage but is still at a high level compared to the same period. Regarding substitutes, wheat in North China has partially replaced corn for feed use, but concerns about wheat production due to drought in the production areas have driven up the prices of wheat and corn. The price advantage of imported barley, sorghum, etc. is not obvious, and the import volume may remain low [10]. - Demand: The continuous growth of pig inventory has led to an improvement in feed demand. Feed enterprises mainly purchase on - demand, replenish inventory in a rolling manner, and sign forward orders. Deep - processing enterprises are in a loss state, the starch inventory is at a high level compared to the same period, and the operating rate has declined. Enterprises may mainly maintain rigid procurement. The inventory of downstream feed enterprises has slightly increased and is at a high level, and they mainly execute previous orders. The inventory of deep - processing enterprises has slightly decreased but is still at a high level. Overall, there is no obvious increase in processing demand [10]. Group 5: Industry News - On May 7th, the corn prices at the north - south ports were basically stable, with partial prices rising slightly. The price of corn with 15% moisture and a bulk density of 720 at Jinzhou Port was 2260 - 2280 yuan/ton, and the FOB price of corn with 15% moisture was 2310 - 2320 yuan/ton, unchanged from the previous day. The price of corn with 15% moisture and a bulk density of 720 at Bayuquan Port was 2260 - 2280 yuan/ton, and the FOB price of corn with 15% moisture was 2310 - 2320 yuan/ton, unchanged from the previous day. The transaction price of bulk corn with 15% moisture at Guangdong Shekou Port was 2350 - 2370 yuan/ton, up 10 yuan/ton, and the price of first - class corn was 2430 - 2450 yuan/ton, up 10 yuan/ton from the previous day [11][12]. - The supply from Northeast production areas was light, and the volume of corn gathered at northern ports decreased. The morning gathering volume was about 16,000 tons. Traders' purchase prices were strong, but the trading situation was slightly average. Feed enterprises at southern ports mainly executed previous contracts, the available spot was scarce, the arrival cost was high, and the futures market was strong, which boosted traders' quotes [12]. Group 6: Data Summary - As of the week ending May 1, 2025, the U.S. corn export inspection volume was 1,608,350 tons, compared with 1,666,415 tons last week and 1,299,008 tons in the same period last year [13]. - After the spring maintenance shutdown of factories, the demand for DDGS remains strong. According to the U.S. Department of Agriculture's grain processing report, the total consumption of corn for ethanol production and other uses in the United States in March was 504 million bushels, a month - on - month increase of 8% but a year - on - year decrease of 4% [13]. - According to the position report of the U.S. Commodity Futures Trading Commission, funds sold a large amount of CBOT corn futures and options, and the net long position decreased to 71,329 lots, a decrease of 41,476 lots or 37% from a week ago [13]. - According to the crop rating report released by the French Agricultural Bureau, as of April 28th, the corn planting progress reached 62%, compared with 50% a week ago, 42% in the same period last year, and a five - year average of 63% [13]. - On May 6th in Chicago, the corn futures on the Chicago Board of Trade closed mixed, showing a volatile pattern, with the benchmark contract up 0.28%. At the close, corn futures rose 1.25 cents to fell 3 cents, with the May contract up 1 cent, closing at 447.50 cents/bushel; the July contract up 1.25 cents, closing at 455.50 cents/bushel; the December contract down 1.75 cents, closing at 441.25 cents/bushel. The most actively traded July contract traded in a range of 452.50 cents to 454.25 cents [13]. - According to the latest data from the U.S. Department of Agriculture, as of Sunday, the U.S. corn planting was 40% complete, slightly lower than the market expectation of 41% but higher than 35% in the same period last year and a five - year average of 39% [13]. - According to the latest data from the European Commission, as of May 4th, the EU's corn imports in the 2024/25 season had reached 677.1 million bushels, a year - on - year increase of 10% [13].

Report Information - Report Title: Corn Daily Report [1] - Report Date: April 15, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The price of corn is expected to fluctuate with limited upside and downside potential. The supply of corn at the grassroots level is almost exhausted, while the demand has a slight increase. The futures price is also likely to follow the spot price and fluctuate [9]. Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: On the 14th, the main corn contract 2505 opened slightly higher and then fluctuated lower, closing with a negative candlestick. The highest price was 2,282 yuan/ton, the lowest was 2,262 yuan/ton, and the closing price was 2,267 yuan/ton, up 0.09% from the previous trading day. The total open interest of the index increased by 46,462 lots to 2,218,656 [8]. - **Spot Market**: On the 14th, the FOB price of second - class corn at Jinzhou Port was 2,210 - 2,220 yuan/ton, unchanged from the previous day [8]. 2. Industry News - On April 14, the corn prices at north - south ports were basically stable. In Jinzhou Port, the price of corn with 15% moisture and a bulk density of 720 was 2,160 - 2,200 yuan/ton, and the FOB price of 15% moisture corn was 2,210 - 2,220 yuan/ton, unchanged from the previous day. Similar prices were reported in Bayuquan Port. In Guangdong Shekou Port, the transaction price of 15% moisture bulk corn was 2,260 - 2,280 yuan/ton, and the price of first - class corn was 2,360 - 2,380 yuan/ton, also unchanged [10][12]. 3. Data Overview - **European Imports**: From July 1, 2024, to April 6, 2025, the EU imported 3.4 million tons of US corn, far higher than 114,000 tons in the same period of the previous year [15]. - **USDA Report**: The USDA's April report estimated the 2024/25 global corn production at 1.2151 billion tons, slightly higher than the March forecast; the export volume at 188.68 million tons, higher than the March forecast; and the ending inventory at 287.65 million tons, lower than the previous month's forecast and the previous year's level [15]. - **US Corn Sales**: As of the week ending April 3, 2025, the net sales volume of US corn in the 2024/25 season was 785,600 tons, a 33% decrease from the previous week and the four - week average [15]. - **Domestic Supply**: As of April 10, the grain - selling progress of farmers in 13 provinces was 91%, 7% faster than the same period last year, and that in 7 major producing provinces was also 91%, 8% faster than last year [15].