Report Industry Investment Rating - No information is provided in the given content about the report industry investment rating. Core Viewpoints Oils and Fats - The domestic soybean oil fundamentals remain bearish, but the high cost of imported soybeans, weak performance of soybean meal, and reluctance of oil mills to lower basis quotes will keep basis quotes stable. The final decision of the US EPA on the biofuel obligation in 2026 will be a key factor affecting the long - term demand for soybean oil. Palm oil prices are under pressure from potential inventory growth due to increased production and slow exports. The Dalian palm oil futures will choose a new breakthrough direction, and the trend of Malaysian palm oil will have an impact on it [1]. Meals - The domestic soybean meal supply remains loose. Although downstream feed enterprises are replenishing their inventories from January to March and there is continuous procurement of US soybeans, it is difficult to see an upward trend in the market. The impact of domestic policy - based procurement on US soybeans is uncertain, and the soybean meal market is expected to remain volatile with dull short - term trading [2]. Pigs - At the beginning of the month, the supply from the breeding side decreased, and there was reluctance to sell, but the downstream slaughter volume was limited, resulting in a basically balanced market supply and demand. In December, the supply is expected to increase, and the pig price is expected to maintain a weak and volatile structure. The market should pay attention to the rhythm of pressure release at the end of the year. The price of large pigs is not promising, and second - round fattening should enter the market cautiously. The strategy of inter - month reverse arbitrage can continue to be held, and the single - side price is expected to continue to bottom out [4]. Corn - In the short term, due to the mismatch between supply and demand, the futures price remains firm, but the supply pressure has not been released, so the price increase is limited, and the overall performance is a narrow - range oscillation. Attention should be paid to the subsequent rhythm of corn supply [7]. Sugar - Affected by the supply outlook and weak technical aspects, the ICE raw sugar futures fell sharply. The new sugar in Guangxi has entered the market, driving down the price of Yunnan sugar. Although processed sugar and beet sugar are impacted to some extent, their prices are relatively firm, providing support for the price of new sugar in Guangxi. After the pre - sold sugar sources are sold out, the market is expected to rise, and Zhengzhou sugar is expected to maintain a bottom - oscillating pattern [11]. Cotton - The ICE cotton futures fell. The Zhengzhou cotton futures face hedging pressure when rising, but the pressure is not concentrated. The demand - side textile enterprises' procurement of cotton is dull, but the pre - sold cotton is being delivered successively, which eases the short - term supply pressure. The basis of spot sales is firm, and the Zhengzhou cotton has strong support below. In the short term, the cotton price may oscillate in a slightly stronger range [12]. Eggs - The number of newly - laid hens remains low, and the number of old hens being slaughtered has increased significantly. As a result, the inventory of laying hens has entered a downward channel, and the production capacity is shrinking. The market supply pressure has been improved. The egg price has dropped to a phased low, and downstream buyers are replenishing their stocks. The spot price of eggs may rebound slightly, but considering the overall pressure, the futures price is expected to maintain a bottom - oscillating pattern [15][16]. Summary by Related Catalogs Oils and Fats - **Soybean Oil**: The current price in Jiangsu is 8560 yuan, up 50 yuan or 0.58% from the previous value; the futures price of Y2601 is 8288 yuan, up 44 yuan or 0.53%; the basis of Y2601 is 322 yuan, up 6 yuan or 1.90%. The US used 1053 million pounds of soybean oil for biofuel production in September [1]. - **Palm Oil**: The current price of 24 - degree palm oil in Guangdong is 8570 yuan, unchanged from the previous value; the futures price of P2601 is 8652 yuan, up 26 yuan or 0.30%; the basis of P2601 is - 82 yuan, down 26 yuan or 46.43%. The import cost of palm oil in Guangzhou Port in January is 9077 yuan, up 82 yuan or 0.91% [1]. - **Rapeseed Oil**: The current price of third - grade rapeseed oil in Jiangsu is 10080 yuan, down 30 yuan or 0.30%; the futures price of OI601 is 9770 yuan, up 13 yuan or 0.13%; the basis of OI601 is 310 yuan, down 43 yuan or 12.18% [1]. - **Spreads**: The soybean oil inter - month spread (01 - 05) is 202 yuan, down 2 yuan or 0.98%; the palm oil inter - month spread (01 - 05) is - 52 yuan, up 6 yuan or 11.54%; the soybean - palm oil spread of 2601 is - 612 yuan, up 26 yuan or 4.08%; the rapeseed - soybean oil spread in the spot market is 1470 yuan, down 80 yuan or 5.16%; the rapeseed - soybean oil spread of 2601 is 1482 yuan, down 31 yuan or 2.05% [1]. Meals - **Soybean Meal**: The current price of soybean meal in Jiangsu is 3060 yuan, up 30 yuan or 0.99%; the futures price of M2601 is 3039 yuan, down 5 yuan or - 0.16%; the basis of M2601 is 21 yuan, up 35 yuan or 250.00%. The Brazilian 2 - month shipping schedule's盘面 import profit is 22 yuan, up 8 yuan or 57.1% [2]. - **Rapeseed Meal**: The current price of rapeseed meal in Jiangsu is 2420 yuan, down 40 yuan or - 1.63%; the futures price of RM2601 is 2423 yuan, down 29 yuan or - 1.18%; the basis of RM2601 is - 3 yuan, down 11 yuan or - 137.50%. The盘面 import profit of Canadian rapeseed with a 1 - month shipping schedule is 664 yuan, down 26 yuan or - 3.77% [2]. - **Soybeans**: The current price of soybeans in Harbin is 3940 yuan, unchanged; the futures price of the main soybean contract is 4126 yuan, up 18 yuan or 0.44%; the basis of the main soybean contract is - 186 yuan, down 18 yuan or - 10.71%. The current price of imported soybeans in Jiangsu is 3950 yuan, unchanged; the futures price of the main soybean - two contract is 3766 yuan, up 6 yuan or 0.16%; the basis of the main soybean - two contract is 184 yuan, down 6 yuan or - 3.16% [2]. - **Spreads**: The soybean meal inter - month spread (01 - 05) is 204 yuan, up 5 yuan or 2.51%; the rapeseed meal inter - month spread (01 - 05) is 20 yuan, down 17 yuan or - 45.95%; the oil - meal ratio in the spot market is 2.81, down 0.011 or - 0.40%; the oil - meal ratio of the main contract is 2.73, up 0.019 or 0.70%; the soybean - rapeseed meal spread in the spot market is 640 yuan, up 70 yuan or 12.28%; the soybean - rapeseed meal spread of 2601 is 616 yuan, up 24 yuan or 4.05% [2]. Pigs - **Futures Indicators**: The basis of the main contract of live pigs 2605 is 11925 yuan, down 10 yuan or - 0.08%; the basis of live pigs 2601 is 11495 yuan, up 30 yuan or 0.26%; the spread between live pigs 1 - 5 is - 430 yuan, up 40 yuan or 8.51%. The position of the main contract is 101740, down 5802 or - 5.40% [4]. - **Spot Prices**: The spot price of live pigs in Henan is 11400 yuan, up 50 yuan; in Shandong is 11550 yuan, up 200 yuan; in Liaoning is 11300 yuan, up 100 yuan; in Guangdong is 12310 yuan, up 900 yuan; in Hunan is 11210 yuan, up 300 yuan; in Hebei is 11450 yuan, up 50 yuan [4]. - **Spot Indicators**: The daily slaughter volume of sample points is 208687, down 1528 or - 0.73%; the weekly white - strip price is 18.28 yuan/kg, unchanged; the weekly piglet price is 17.00 yuan, down 0.5 yuan or - 2.86%; the weekly sow price is 32.47 yuan, unchanged; the weekly average slaughter weight is 129.22 kg, up 0.4 kg or 0.32%; the weekly self - breeding profit is - 148 yuan/head, down 12.1 yuan or - 8.90%; the weekly profit of purchasing piglets for breeding is - 249 yuan/head, down 14.2 yuan or - 6.05%; the monthly inventory of fertile sows is 39900000 heads, down 450000 heads or - 1.12% [4]. Corn - **Corn**: The futures price of corn 2601 is 2236 yuan, down 8 yuan or - 0.36%; the basis of the Jinzhou Port flat - warehouse price is 2290 yuan, unchanged; the spread between corn 1 - 5 is - 37 yuan, down 5 yuan or - 15.63%. The Shekou bulk grain price is 2440 yuan, unchanged; the north - south trade profit is 54 yuan, unchanged; the CIF price is 2022 yuan, down 1 yuan or - 0.03%; the import profit is 418 yuan, up 1 yuan or 0.15%. The number of remaining vehicles in Shandong's deep - processing enterprises in the morning is 819, up 145 or 17.70%; the inventory is 2235598, up 27399 or 1.24%; the number of warehouse receipts is 60215, unchanged [7]. - **Corn Starch**: The futures price of corn starch 2601 is 2542 yuan, down 24 yuan or - 0.94%; the spot price in Changchun is 2590 yuan, unchanged; the spot price in Weifang is 2800 yuan, unchanged; the basis is 48 yuan, up 24 yuan or 100.00%. The spread between corn starch 1 - 5 is - 74 yuan, down 11 yuan or - 17.46%; the spread between the starch - corn 01 contract on the disk is 306 yuan, down 16 yuan or - 4.97%; the profit of Shandong's starch enterprises is - 6 yuan, down 7 yuan or - 700.00%. The position is 326685, down 3818 or - 1.16%; the number of warehouse receipts is N/A [7]. Sugar - **Futures Market**: The futures price of sugar 2601 is 5405 yuan, up 5 yuan or 0.09%; the futures price of sugar 2605 is 5333 yuan, up 6 yuan or 0.11%; the ICE raw sugar main contract is 14.74 cents/pound, down 0.47 cents or - 3.09%. The spread between sugar 1 - 5 is 72 yuan, down 1 yuan or - 1.37%. The position of the main contract is 350573, down 10944 or - 3.03%; the number of warehouse receipts is 0; the number of valid forecasts is 183, unchanged [11]. - **Spot Market**: The spot price in Nanning is 5440 yuan, down 10 yuan or - 0.18%; the spot price in Kunming is 5430 yuan, down 10 yuan or - 0.18%. The basis in Nanning is 107 yuan, down 16 yuan or - 13.01%; the basis in Kunming is 97 yuan, down 16 yuan or - 14.16%. The price of imported Brazilian sugar (within the quota) is 4172 yuan, up 15 yuan or 0.36%; the price of imported Brazilian sugar (outside the quota) is 5289 yuan, up 18 yuan or 0.34%. The spread between imported Brazilian sugar (within the quota) and Nanning is - 1268 yuan, up 25 yuan or 1.93%; the spread between imported Brazilian sugar (outside the quota) and Nanning is - 151 yuan, up 28 yuan or 15.64% [11]. - **Industry Situation**: The cumulative national sugar production is 1116.21 million tons, up 119.89 million tons or 12.03%; the cumulative national sugar sales is 1048.00 million tons, up 88.00 million tons or 9.17%. The cumulative sugar production in Guangxi is 646.50 million tons, up 28.36 million tons or 4.59%; the monthly sugar sales in Guangxi is 26.66 million tons, down 18.68 million tons or - 41.20%. The cumulative national sugar sales rate is 93.90%, down 2.51 percentage points or - 2.60%; the cumulative sugar sales rate in Guangxi is 93.90%, up 4.30 percentage points or 4.80%. The industrial sugar inventory in the US is 68.21 million tons, down 47.79 million tons or - 41.20%; the industrial sugar inventory in Guangxi is 44.21 million tons, up 17.07 million tons or 62.90%; the industrial sugar inventory in Yunnan is 33.65 million tons, up 7.07 million tons or 26.60%. The sugar import volume is 55.00 million tons, up 15.00 million tons or 37.50% [11]. Cotton - **Futures Market**: The futures price of cotton 2601 is 13765 yuan, up 40 yuan or 0.29%; the futures price of cotton 2605 is 13725 yuan, up 40 yuan or 0.29%; the ICE US cotton main contract is 64.64 cents/pound, down 0.09 cents or - 0.14%. The spread between cotton 5 - 1 is - 40 yuan, unchanged. The position of the main contract is 546943, down 1275 or - 0.21%; the number of warehouse receipts is 2403, down 5; the number of valid forecasts is 1884, up 1621 [12]. - **Spot Market**: The Xinjiang arrival price of 3128B cotton is 14763 yuan, up 40 yuan or 0.27%; the CC Index: 3128B is 14896 yuan, up 40 yuan or 0.27%. The FC Index:M: 1% is 12956 yuan, up 21 yuan or 0.16%. The spread between 3128B and the 01 contract is 1038 yuan, unchanged; the spread between 3128B and the 05 contract is 998 yuan, unchanged; the spread between CC Index:3128B and FC Index:M: 1% is 1930 yuan, up 19 yuan or 0.97% [12]. - **Industry Situation**: The commercial inventory is 363.97 million tons, up 70.91 million tons or 24.2%; the industrial

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core Views - For corn: Internationally, the high output prospects of US corn due to good crop conditions and favorable weather continue to put pressure on international corn prices. Domestically, the increasing pressure of policy - grain release, cooling auction results, high cost pressure on downstream enterprises, and weak procurement lead to a narrow and weak downward trend in purchase prices. The corn futures market also shows a weak trend [2]. - For corn starch: The supply - demand imbalance is obvious. With the recovery of the industry's operating rate and weak downstream demand, the inventory has increased, and the market is in a weak state, suggesting a bearish view [2][3]. 3. Summary by Related Catalogs Futures Market - Corn: The futures closing price of the active contract is 2259 yuan/ton, up 10 yuan/ton; the open interest of the active contract is 722961 hands, down 45514 hands; the net long position of the top 20 holders is - 16995 hands, up 18990 hands; the registered warehouse receipt volume is 146425 hands, down 5515 hands [2]. - Corn starch: The futures closing price of the active contract is 2662 yuan/ton, up 8 yuan/ton; the open interest of the active contract is 147032 hands, down 6501 hands; the net long position of the top 20 holders is - 9427 hands, up 53 hands; the registered warehouse receipt volume is 7450 hands, up 3000 hands [2]. - The CS - C spread of the main contract is 403 yuan/ton, down 2 yuan/ton [2]. Outer - disk Market - CBOT corn: The futures closing price of the active contract is 401.5 cents/bushel, down 5.5 cents/bushel; the total open interest is 1575283 contracts, up 81613 contracts; the non - commercial net long position is - 133467 contracts, up 416 contracts [2]. Spot Market - Corn: The average spot price is 2395.1 yuan/ton, down 2.94 yuan/ton; the average price at Jinzhou Port is 2320 yuan/ton, unchanged; the CIF price of imported corn is 1927.76 yuan/ton, up 1.43 yuan/ton; the international freight of imported corn is 45 dollars/ton, unchanged [2]. - Corn starch: The ex - factory prices in Changchun, Weifang, and Shijiazhuang are 2710 yuan/ton, 2950 yuan/ton, and 2880 yuan/ton respectively, all unchanged; the basis of the main contract is 56 yuan/ton, up 10 yuan/ton [2]. - Substitute products: The average spot price of wheat is 2437.44 yuan/ton, down 0.17 yuan/ton; the spread between cassava starch and corn starch is 140 yuan/ton, down 35 yuan/ton; the spread between corn starch and 30 - powder is 36 yuan/ton, up 7 yuan/ton [2]. Upstream Situation - Production: The predicted annual yields of the US, Brazil, Argentina, China, and Ukraine are 401.85 million tons, 131 million tons, 53 million tons, 295 million tons, and 30.5 million tons respectively, all unchanged [2]. - Sown area: The predicted annual sown areas of the US, Brazil, Argentina, China are 35.37 million hectares, 22.6 million hectares, 7.5 million hectares, and 44.3 million hectares respectively, all unchanged [2]. - Inventory: The inventories at southern and northern ports are 88.9 million tons, up 62000 tons, and 291 million tons, down 13000 tons respectively; the inventory of deep - processed corn is 379.7 million tons, down 20.8 million tons [2]. Industry Situation - Import and export: The monthly import volume of corn is 16 million tons, down 3 million tons; the monthly export volume of corn starch is 27780 tons, up 4060 tons [2]. - Inventory: The weekly inventory of starch enterprises is 132 million tons, up 2.7 million tons [2][3]. Downstream Situation - Feed production: The monthly output of feed is 2762.1 million tons, up 98.1 million tons; the weekly inventory days of sample feed corn is 30.58 days, down 0.29 days; the weekly consumption of deep - processed corn is 113.77 million tons, up 7.53 million tons [2]. - Corn starch processing profit: The processing profits in Shandong, Hebei, and Jilin are - 121 yuan/ton, - 58 yuan/ton, and - 67 yuan/ton respectively, with changes of - 7 yuan/ton, - 10 yuan/ton, and 0 yuan/ton [2]. - Operating rate: The operating rates of alcohol and starch enterprises are 41.8%, up 3.17%, and 53.83%, up 2.07% respectively [2]. Option Market - Historical volatility: The 20 - day and 60 - day historical volatilities of corn are 8.89%, up 0.26%, and 7.44%, down 0.07% respectively [2]. - Implied volatility: The implied volatilities of at - the - money call and put options of corn are 12.93% and 12.92% respectively, both up 2.78% [2]. Industry News - As of August 2, the harvest progress of Brazil's second - season corn in the 2024/25 season is 75.2%, compared with 66.1% a week ago, 91.3% in the same period last year, and a five - year average of 77.5% [2]. - The price of Brazilian corn has received "some support" recently due to the delayed harvest in some areas, but it still faces downward pressure in the medium - to - long - term as the harvest progresses and the total output is expected to be close to 200 million tons [2]. - As of August 3, 2025, the good - to - excellent rate of US corn is 73%, higher than the market expectation of 72%, and the weather is favorable for corn growth in the Midwest [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints Corn - Internationally, the high initial growth - stage excellent rate of US corn maintains good output prospects, continuously pressuring international corn prices. Domestically, with continuous auctions of imported corn, the transaction rate declines, premiums shrink, market sentiment cools. High - temperature weather in summer affects grain storage, increasing traders' willingness to sell. Deep - processing plants have low operating rates and weak procurement demand. Wheat has obvious feed substitution advantages, reducing corn's feed demand. So, the spot price of corn shows a weak trend, and the futures price has declined from high - level oscillations [2]. Corn Starch - Due to continuous production losses of corn starch enterprises, the industry's operating rate remains at a low level in recent years, reducing supply pressure. However, demand in the civilian and paper - making markets is poor, and downstream demand is in the traditional off - season. The supply - demand situation remains loose. Affected by the decline in corn prices, the starch price has also fallen recently [3]. 3. Summary by Directory Futures Market - Corn: The closing price of the active contract is 2,295 yuan/ton, down 7 yuan; the net long position of the top 20 futures holders is - 13,388 lots, up 401 lots; the registered warehouse receipt volume is 185,811 lots, down 8,315 lots. - Corn Starch: The closing price of the active contract is 2,641 yuan/ton, down 6 yuan; the net long position of the top 20 futures holders is - 11,235 lots, up 2,518 lots; the registered warehouse receipt volume is 18,439 lots, down 460 lots. The CS - C spread of the main contract is 346 yuan/ton, up 1 yuan [2]. Outer - disk Market - CBOT Corn: The closing price of the active contract is 418.5 cents/bushel, up 6.25 cents; the total position is 1,498,964 lots, up 297 lots; the non - commercial net long position is - 141,762 lots, up 13,764 lots [2]. Spot Market - Corn: The average spot price is 2,413.63 yuan/ton, down 3.82 yuan; the CIF price of imported corn is 1,899.76 yuan/ton, up 15.44 yuan. - Corn Starch: The factory price in Changchun is 2,700 yuan/ton, unchanged; the factory price in Shijiazhuang is 2,860 yuan/ton, unchanged. The basis of the corn main contract is 118.63 yuan/ton, up 3.18 yuan; the basis of the corn starch main contract is 59 yuan/ton, up 6 yuan [2]. Upstream Situation - 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 sown areas of the corresponding countries are 35.37 million hectares, 22.6 million hectares, 7.5 million hectares, 44.3 million hectares respectively [2]. Industry Situation - Corn: The inventory in southern ports is 88.6 tons, down 15.5 tons; the inventory in northern ports is 353 tons, down 17 tons; the monthly import volume is 19 tons, up 1 ton. - Corn Starch: The weekly inventory of starch enterprises is 133.7 tons, up 2.4 tons; the monthly export volume is 27,780 tons, up 4,060 tons [2]. Downstream Situation - Feed: The monthly output is 2,762.1 tons, up 98.1 tons; the inventory days of sample feed corn is 31.58 days, down 0.38 days. - Corn Starch Processing: The processing profit in Shandong is - 119 yuan/ton, down 14 yuan; the processing profit in Hebei is - 11 yuan/ton, down 3 yuan; the processing profit in Jilin is - 65 yuan/ton, up 8 yuan. The alcohol enterprise operating rate is 42.96%, down 1.92%; the starch enterprise operating rate is 50.14%, down 1.06% [2]. Option Market - The 20 - day historical volatility of corn is 6.29%, down 0.29%; the 60 - day historical volatility is 7.03%, up 0.01%. The implied volatility of at - the - money call options for corn is 11.06%, up 2.04%; the implied volatility of at - the - money put options is 11.07%, up 2.05% [2]. Industry News - The US corn export inspection volume in the week ending July 10, 2025, is 1,287,159 tons, lower than the previous week. The transaction rates of the imported corn (genetically modified and non - genetically modified) auction on July 15 are 25% and 30% respectively. The excellent rate of US corn as of July 13 is 74%, consistent with market expectations [2]. Key Points to Monitor - Monitor the weekly consumption of corn and the operating rate and inventory of starch enterprises on Thursday and Friday as reported by Mysteel [3]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For the corn market, international corn prices still hold an advantage due to a good production outlook in the US, but the domestic corn market is weak. The third auction of imported corn saw a cooling in transactions, leading to more market - available grains, price - cutting by enterprises, and a decline in feed demand due to wheat substitution. Corn futures prices have been oscillating downward from high levels [2]. - For the corn starch market, downstream demand is in the traditional off - season, and the supply - demand situation remains loose. Corn starch inventories have increased, and prices have been oscillating weakly influenced by the decline in corn prices. The industry's operating rate is at a low level due to continuous losses, but demand from civil and paper - making markets is poor [2][3]. 3. Summary by Directory 3.1 Futures Market - Corn starch futures closing price (active contract): 2677 yuan/ton, with a change of 0; corn futures closing price (active contract): 2320 yuan/ton, with a change of 0 [2]. - Corn monthly spread (9 - 1): 85 yuan/ton; corn starch monthly spread (9 - 11): 47 yuan/ton, with a change of - 4 [2]. - Futures open interest: 1005818 lots for yellow corn and 239427 lots for corn starch, with changes of - 3987 and 8383 respectively [2]. - Net long positions of the top 20 futures holders: - 31664 lots for corn and - 14369 lots for corn starch, with changes of - 7675 [2]. - Registered warehouse receipts: 199829 lots for yellow corn, with a change of - 2660; 22689 lots for corn starch, with a change of - 132 [2]. - CS - C spread of the main contract: 357 yuan/ton, with a change of - 1 [2]. 3.2 Outer - market - CBOT corn futures closing price (active contract): 416 cents/bushel, with a change of 17.25; total CBOT corn open interest (weekly): 1498667 contracts, with a change of - 36301 [2]. - Non - commercial net long positions of CBOT corn: - 155526 contracts, with a change of - 24956 [2]. 3.3 Spot Market - Average spot price of corn: 2426.86 yuan/ton, with a change of - 0.59; factory - gate price of corn starch in Changchun: 2700 yuan/ton, with no change [2]. - FOB price of corn in Jinzhou Port: 2360 yuan/ton, with no change; factory - gate price of corn starch in Weifang: 2920 yuan/ton, with no change [2]. - CIF price of imported corn: 1886.94 yuan/ton, with a change of 0.79; factory - gate price of corn starch in Shijiazhuang: 2860 yuan/ton, with no change [2]. - International freight of imported corn: no change; basis of the main corn starch contract: 23 yuan/ton, with no change; basis of the main corn contract: - 1.59 yuan/ton [2]. 3.4 Upstream Situation - Forecasted sown area and yield of corn in the US, Brazil, Argentina, China, and Ukraine remain unchanged [2]. - Corn inventory in southern ports: 104.1 tons, with a change of - 9.2; deep - processing corn inventory: 435.4 tons, with a change of - 21.3 [2]. - Corn inventory in northern ports: 370 tons, with a change of - 1; weekly starch enterprise inventory: 133.7 tons, with a change of 2.4 [2]. 3.5 Industry Situation - Import volume of corn: 19 tons; export volume of corn starch: 27780 tons; monthly feed production: 2762.1 tons [2]. - Corn starch processing profit in Shandong: - 97 yuan/ton, with a change of 0; in Hebei: 13 yuan/ton, with no change; in Jilin: - 63 yuan/ton, with a change of - 7 [2]. 3.6 Downstream Situation - Average feed corn inventory days: 31.96 days, with a change of - 0.63; deep - processing corn consumption: 117.63 tons, with a change of - 1.29 [2]. - Alcohol enterprise operating rate: 44.88%, with a change of - 1.3; starch enterprise operating rate: 50.14%, with a change of - 1.06 [2]. 3.7 Option Market - 20 - day historical volatility of corn: 6.79%, with a change of 0.02; 60 - day historical volatility of corn: 6.94%, with no change [2]. - Implied volatility of at - the - money call options for corn: 8.87%, with a change of - 0.08; implied volatility of at - the - money put options for corn: 8.87%, with a change of - 0.08 [2]. 3.8 Industry News - Analysts predict the global corn ending inventory for 2025/26 to be 277.46 million tons, higher than the USDA's previous forecast [2]. - Analysts expect the US corn ending inventory for 2025/26 to be 1.72 billion bushels, lower than the USDA's previous forecast [2]. - As of July 6, 2025, the US corn good - to - excellent rate was 74%, higher than market expectations [2].

1. Report Industry Investment Rating No information provided in the report. 2. Report Core Viewpoints - Corn: The output prospect of international corn is good due to increased planting area and good initial growth conditions. The price advantage of international corn remains. In the domestic market, the supply of the corn spot market is relatively tight, and the market continues to run strongly. However, the feed demand for corn has decreased as feed enterprises are gradually increasing the purchase of wheat as a substitute for corn. The corn futures price has generally declined in a high - level range, and short - term participation 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. With the obvious weakening of supply pressure and the support of firm corn prices, the spot price of corn starch performs relatively well, and the industry inventory continues to decline. The corn starch futures price has generally maintained a volatile trend recently, and short - term participation is recommended [3]. 3. Summary by Related Catalogs 3.1 Futures Market - Corn futures: The closing price of the active contract of domestic corn futures is 2363 yuan/ton, the month - to - month spread (9 - 1) is 101 yuan/ton, the trading volume of the active contract is 929730 lots, the net long position of the top 20 futures holders is - 40774 lots, the registered warehouse receipt volume is 209951 lots, and the basis of the main contract is 20.4 yuan/ton [2]. - Corn starch futures: The closing price of the active contract is 2731 yuan/ton, the month - to - month spread (9 - 11) is 62 yuan/ton, the trading volume of the active contract is 166865 lots, the net long position of the top 20 futures holders is - 13942 lots, the registered warehouse receipt volume is 23322 lots, and the basis of the main contract is - 11 yuan/ton [2]. - The spread between the main contracts of corn starch and corn (CS - C) is 368 yuan/ton [2]. 3.2 Outer - disk Market - CBOT corn: The closing price of the active contract is 405.75 cents/bushel, the total weekly position is 1534968 contracts, and the non - commercial net long position is - 23326 contracts [2]. 3.3 Spot Market - Corn: The average spot price is 2436.67 yuan/ton, the average price at Jinzhou Port is 2380 yuan/ton, and the CIF price of imported corn is 1881.04 yuan/ton [2]. - Corn starch: The ex - factory quotes in Changchun, Weifang, and Shijiazhuang are 2720 yuan/ton, 2940 yuan/ton, and 2880 yuan/ton respectively [2]. 3.4 Upstream Situation - Planting area and yield: The predicted planting areas of corn in the US, Brazil, Argentina, China, and Ukraine are 401.85 million hectares, 35.37 million hectares, 22.6 million hectares, 295 million hectares, and 30.5 million hectares respectively; the predicted yields are 131 million tons, 53 million tons, 7.5 million tons, 44.3 million tons, and 3.7 million tons respectively [2]. - Inventory: The corn inventories at southern ports, northern ports, and deep - processing enterprises are 113.3 million tons, 371 million tons, and 456.7 million tons respectively [2]. 3.5 Industry Situation - Import and export: The monthly import volume of corn is 19 million tons, and the monthly export volume of corn starch is 27780 tons [2]. - Production: The monthly output of feed is 2762.1 million tons [2]. - Inventory: The weekly inventory of starch enterprises is 130.9 million tons [2][3]. 3.6 Downstream Situation - Feed: The inventory days of sample feed corn are 32.59 days, and the weekly consumption of deep - processing corn is 118.92 million tons [2]. - Alcohol and starch enterprises: The operating rates of alcohol enterprises and starch enterprises are 46.18% and 51.2% respectively [2]. 3.7 Option Market - Corn: The 20 - day historical volatility is 7.24%, the 60 - day historical volatility is 6.76%, and the implied volatility of at - the - money call and put options is 10.23% [2]. 3.8 Industry News - Brazil: As of June 28, the harvest progress of the second - season corn in the 2024/25 season is 17.0%, compared with 10.3% a week ago, 47.9% in the same period last year, and a five - year average of 28.2% [2]. - US: As of June 29, the silking rate of corn in 18 states accounting for 92% of the national corn planting area is 8%, compared with 4% last week, 10% in the same period last year, and a five - year average of 6%. The 2025 US corn planting area is 95.2 million acres, slightly lower than the March estimate but 5% higher than in 2024. The corn inventory on June 1, 2025, is 4.644 billion bushels, close to market expectations and 7% lower than in the same period last year [2]. 3.9 Key Points to Focus On - Monitor the weekly consumption of corn and the operating rate and inventory of starch enterprises on Thursday and Friday as reported by Mysteel [3].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For corn, the good quality rate of US corn is improving, and the trade relationship between China and the US has eased, leading to concerns about long - term import pressure. In the domestic market, the supply of corn is gradually tightening, and traders are reluctant to sell. However, the substitution effect of wheat and the expectation of imported corn supply have slowed down the upward momentum of corn prices. The recent upward trend of the corn futures market has also slowed down, and short - term participation is recommended [2] - For corn starch, affected by continuous production losses, the industry's operating rate remains at a low level in recent years. With reduced supply pressure and strong corn prices, the spot price of corn starch is relatively stable, and the industry inventory has slightly decreased. Recently, due to the slowdown in the rise of corn prices, the starch market has been volatile, and short - term participation is recommended [3] 3. Summary According to Related Catalogs 3.1 Futures Market - The closing price of the active contract of corn starch futures is 2694 yuan/ton, with a decrease of 92 yuan; the closing price of the active contract of CBOT corn is 429 cents/bushel, with a decrease of 3.75 cents; the total position of CBOT corn is 1614274 contracts, a decrease of 54876 contracts [2] - The net long position of non - commercial traders in CBOT corn is 95494 contracts, a decrease of 14435 contracts [2] 3.2 Spot Market - The average spot price of corn is 2421.96 yuan/ton, and the factory - quoted price of corn starch in Changchun is 2720 yuan/ton [2] 3.3 Upstream Situation - The predicted sown area of corn in the US is 401.85 million hectares, with a production of 35.37 million tons; in Brazil, the sown area is 53 million hectares, with a production of 7.5 million tons; in China, the sown area is 295 million hectares, with a production of 44.3 million tons [2] 3.4 Industry Situation - The corn inventory in southern ports is 11.9 million tons, and the inventory of deep - processed corn is 113.5 million tons; the inventory of corn in northern ports is 382 million tons, and the weekly inventory of starch enterprises is 132.8 million tons [2] 3.5 Downstream Situation - The monthly output of feed is 2664 million tons, and the processing profit of corn starch in Shandong is - 83 yuan/ton; the processing profit in Hebei is - 35 yuan/ton, and in Jilin is - 94 yuan/ton [2] 3.6 Option Market - The 20 - day historical volatility of corn is 6.32%, and the 60 - day historical volatility is 7.49%; the implied volatility of at - the - money call options for corn is 1.62%, and that of at - the - money put options is 5.37% [2] 3.7 Industry News - As of the week ending June 12, 2025, the net sales volume of US corn in the 2024/25 season was 903,800 tons, 14% higher than the previous week but 6% lower than the four - week average [2] - As of June 18, the harvest progress of Argentine corn in the 2024/25 season was 49.6%, only 2.9% higher than a week ago [2] - As of the week ending June 15, 2025, the good quality rate of US corn was 72%, higher than the market expectation of 71% [2]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - For the corn market, the USDA's forecast of increased US corn ending stocks in 2025/26 restricts market prices, and the easing of Sino - US trade relations raises concerns about long - term import pressure. In the domestic market, feed enterprises in the Northeast have low purchasing enthusiasm, trade grain moves slowly, and processing enterprises' operating rates are down. In the North China and Huanghuai regions, new wheat is about to be harvested, leading to more market circulation and price cuts by processing enterprises, and the proportion of wheat in feed is increasing [2]. - For the corn starch market, affected by high raw material costs, large industry losses, and competition from substitutes, the industry's operating rate continues to decline. Although supply pressure has weakened and spot prices are relatively firm, downstream demand is limited, and industry inventory remains high. Recently, the starch futures price has been weak, and short - term trading is recommended [3]. Summary by Directory Futures Market - Corn futures closing price (active contract) is 2318 yuan/ton, down 9 yuan; corn starch futures closing price (active contract) is 2653 yuan/ton, down 10 yuan. Corn futures open interest (active contract) is 1280330 lots, down 28590 lots; corn starch futures open interest (active contract) is 239245 lots, down 829 lots [2]. - The net long position of the top 20 futures holders for corn is - 98224 lots, up 7111 lots; for corn starch, it is - 4495 lots, down 1227 lots. The registered warehouse receipts for yellow corn are 211311 lots, down 524 lots; for corn starch, they are 25340 lots, down 300 lots [2]. - The CS - C spread of the main contract is 379 yuan/ton, down 7 yuan [2]. Outer - disk Market - CBOT corn futures closing price (active contract) is 459 cents/bushel, down 3.75 cents. CBOT corn total open interest (weekly) is 1637956 contracts, up 48527 contracts. The non - commercial net long position of CBOT corn is - 11552 contracts, down 29658 contracts [2]. Spot Market - The average spot price of corn is 2376.27 yuan/ton, up 0.19 yuan; the factory - gate price of corn starch in Changchun is 2690 yuan/ton, unchanged. The FOB price of corn at Jinzhou Port is 2320 yuan/ton, unchanged [2]. - The CIF price of imported corn is 2057.71 yuan/ton, down 9.05 yuan; the international freight of imported corn is 43 US dollars/ton, unchanged. The basis of the corn main contract is 58.27 yuan/ton, up 9.19 yuan; the basis of the corn starch main contract is 37 yuan/ton, up 10 yuan [2]. Upstream Situation - The predicted annual corn production in the US is 377.63 million tons, in Brazil is 126 million tons, in Argentina is 50 million tons, in China is 294.92 million tons, and in Ukraine is 26.8 million tons, with no change in all countries' production forecasts [2]. - The predicted sown area of corn in the US is 33.55 million hectares, in Brazil is 22.3 million hectares, in Argentina is 6.4 million hectares, and in China is 44.74 million hectares, with no change in all countries' sown area forecasts [2]. - The corn inventory at southern ports is 130.4 million tons, down 13.5 million tons; at northern ports, it is 486 million tons, down 9 million tons. The deep - processing corn inventory is 453.5 million tons, up 0.7 million tons [2]. Industry Situation - The monthly import volume of corn is 8 million tons, unchanged; the monthly export volume of corn starch is 20350 tons, down 930 tons [2]. Downstream Situation - The monthly output of feed is 2777.2 million tons, down 66.4 million tons. The sample feed corn inventory days are 35.2 days, unchanged. The deep - processing corn consumption is 119.83 million tons, up 1.28 million tons [2]. - The operating rate of alcohol enterprises is 43.61%, up 1.46 percentage points; the operating rate of starch enterprises is 55.88%, down 1.29 percentage points. The corn starch processing profit in Shandong is - 154 yuan/ton, down 10 yuan; in Hebei, it is - 85 yuan/ton, down 1 yuan; in Jilin, it is - 105 yuan/ton, unchanged [2]. Option Market - The 20 - day historical volatility of corn is 8.66%, up 0.11 percentage points; the 60 - day historical volatility is 8.21%, up 0.01 percentage points. The implied volatility of at - the - money call options for corn is 11.04%, down 0.03 percentage points; the implied volatility of at - the - money put options is 11.03%, down 0.04 percentage points [2]. Industry News - As of May 21, the 2024/25 Argentina corn harvest progress is 38.8%, up 1.6 percentage points from a week ago, and the national average yield is 8.07 tons/hectare, down from 8.12 tons/hectare a week ago [2]. - The consulting agency SovEcon predicts that Russia's grain output in 2025 will reach 127.6 million tons, slightly higher than 125.9 million tons in 2024. The USDA's forecast of 1.8 billion bushels of US corn ending stocks in 2025/26 restricts market prices, and the easing of Sino - US trade relations raises concerns about long - term import pressure [2]. Key Points to Watch - The mysteel corn weekly consumption, starch enterprise operating rate, and inventory data on Thursday and Friday. As of May 21, the total starch inventory of national corn starch enterprises is 142.9 million tons, up 0.8 million tons from last week, with a weekly increase of 0.56%, a monthly increase of 3.03%, and a year - on - year increase of 37.40% [3].

Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Core Views Oils and Fats - Palm oil futures may fall due to potential increases in production and inventory, with short - term fluctuations in domestic prices. There's a chance of reaching 8300 yuan. US policy proposals may boost soybean oil demand, but domestic inventory increases could drag down prices [1]. Sugar - Short - term, raw sugar will fluctuate between 17 - 20 cents/pound. Domestic sugar prices are supported currently but may face limited upside due to expected import increases, with a forecast range of 5800 - 5950 yuan [3]. Cotton - Domestic cotton prices may oscillate in the short term. New cotton supply looks good, while downstream demand is slightly weak. Attention should be paid to the 13500 - 13700 yuan/ton pressure level [4]. Eggs - Abundant supply and general demand lead to a slightly tense supply - demand situation. Egg prices may decline slightly and then stabilize this week [6]. Meal - US soybean prices are pressured by biodiesel policy uncertainty and smooth sowing. Domestic supply is increasing, and the basis is under pressure. Attention should be paid to soybean meal performance around 2900 yuan [9]. Corn - In the short term, the corn market is stable with a sideways trend. In the long term, supply tightening and increased demand will support prices. Suggest buying on dips during corrections [11]. Pigs - Pig prices are expected to remain volatile. The 09 contract is driven by funds, with limited upside and downside potential. Attention should be paid to the second - fattening slaughter [15][16]. Summary by Related Catalogs Oils and Fats - **Price Changes**: Soybean oil spot price in Jiangsu dropped 0.84%, palm oil in Guangdong fell 2.27%, and rapeseed oil in Jiangsu decreased 0.31%. Futures prices also declined, while some basis values changed [1]. - **Policy Impact**: US policy proposals may increase soybean oil demand in biofuel production [1]. Sugar - **Market Data**: Futures prices declined slightly, while some spot prices increased. Production and sales increased year - on - year, and inventory decreased [3]. - **Industry Outlook**: Brazil's sugar production was affected by rain, but the 25/26 season is expected to be a bumper harvest [3]. Cotton - **Price and Inventory**: Futures prices dropped slightly, and some spot prices rose. Commercial inventory decreased, and import volume declined [4]. - **Market Situation**: Downstream demand is weakening, and new cotton supply is promising [4]. Eggs - **Price and Profit**: Futures prices declined, and the basis increased. Egg - layer chick prices were stable, and breeding profits improved [6]. - **Supply - Demand**: Supply is abundant, and demand is general [6]. Meal - **Price and Spread**: Soybean meal and rapeseed meal prices changed, and various spreads also adjusted. US soybean prices are under pressure, and domestic supply is increasing [9]. - **Market Factors**: Uncertain US biodiesel policy and smooth sowing affect the market [9]. Corn - **Price and Inventory**: Corn and corn starch prices changed. Corn inventory increased slightly, and starch inventory was stable [11]. - **Market Trends**: Short - term stability and long - term upward trend due to supply - demand changes [11]. Pigs - **Price and Spread**: Futures prices declined, and the spread between 7 - 9 contracts decreased. Spot prices were stable, and some indicators changed [15]. - **Market Conditions**: Stable supply - demand and potential second - fattening slaughter [15][16].