研究所 农产品研发报告 玉米淀粉日报 2025 年 11 月 10 日 玉米淀粉日报 第一部分 数据 收盘价 涨跌 涨跌幅 成交量 增减幅 持仓量 增减幅 2164 15 0.69% 549,821 20.06% 966,186 -1.11% 2250 9 0.40% 44,195 39.66% 245,033 3.74% 2274 11 0.48% 3,078 66.38% 13,425 2.29% 2479 17 0.69% 119,334 57.02% 226,343 0.12% 2572 12 0.47% 711 199.02% 6,126 1.32% 2618 12 0.46% 148 1245.45% 518 9.05% 青冈 松原嘉吉 诸城兴贸 寿光 锦州港 南通港 广东港口 1960 2030 2290 2226 2160 2270 2270 0 20 -10 28 10 10 20 -314 -244 16 -48 - 4 -4 -4 龙凤 中粮 嘉吉 玉峰 金玉米 诸城兴贸 恒仁工贸 2650 2650 2800 2890 2800 2900 2800 玉米&玉米淀粉数据日报 基差 淀粉 ...

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

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

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The US corn market shows a narrow - range oscillation. Although the US - China relationship has eased and the price has rebounded, the high - level production remains a factor. China maintains a 15% tariff on US corn and a 22% tariff on US sorghum, while the import profit of foreign corn is relatively high. [4] - In the domestic market, the northern port corn prices are falling, and the northeast corn spot prices continue to decline. The north - south price difference is narrowing. The domestic corn has cost - effectiveness compared to wheat, but the short - term wheat price increase is limited due to the possible wheat auction. The domestic aquaculture demand is stable, and the downstream feed enterprises have low inventory. [4][6] - The starch price is mainly affected by corn price and downstream stocking. The current inventory of corn starch has decreased this week. The profit of starch enterprises is good due to the large decline in corn prices. The short - term 01 starch futures contract is expected to oscillate weakly. [7] 3. Summary by Directory First Part: Data - **Futures Market**: Among corn futures, C2601 closed at 2123 with a 0.52% increase, C2605 at 2230 with a 0.58% increase, and C2509 at 2261 with a 0.49% increase. Among starch futures, CS2601 closed at 2424 with a 0.04% decrease, CS2605 at 2541 with a 0.16% decrease, and CS2509 at 2593 with a 0.19% decrease. [2] - **Spot and Basis**: The spot price of corn in northern ports is around 2130 yuan, and the northeast corn spot price continues to decline. The north - south price difference is narrowing. The starch spot price is relatively stable, with the basis mostly positive. [2][6] - **Spread**: For corn inter - period spreads, C01 - C05 is - 107 with a - 2 change; for starch inter - period spreads, CS01 - CS05 is - 117 with a 3 change; for cross - variety spreads, CS09 - C09 is 332 with a - 16 change. [2] Second Part: Market Judgment - **Corn**: The US corn market oscillates narrowly. The domestic northern port corn prices are falling, and the northeast corn spot prices continue to decline. The north - south price difference is narrowing. The domestic corn has cost - effectiveness compared to wheat, but the short - term wheat price increase is limited. The domestic aquaculture demand is stable, and the downstream feed enterprises have low inventory. [4][6] - **Starch**: The number of trucks arriving at Shandong deep - processing plants has increased, and the Shandong corn spot price is weak. The starch inventory has decreased this week. The starch price is mainly affected by corn price and downstream stocking. The short - term 01 starch futures contract is expected to oscillate weakly. [7] - **Trading Strategies**: It is recommended to wait and see for 05 and 01 corn futures, and try to narrow the spread between 01 corn and starch. [9] Third Part: Corn Options The recommended option strategy is a short - term strategy of accumulating puts and calls with rolling operations. [11] Fourth Part: Related Attachments The report provides multiple charts, including those showing the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn and corn starch, the basis and spread of corn starch 01 contract, etc. [13][15][19]