1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The US corn yield in November was lowered, but the production is at a high level. The US corn oscillated around 430 cents per bushel this week, with a short - term narrow - range and slightly upward trend. The 12 - contract of US corn has strong support at 420 cents per bushel. Although China - US relations have eased and the in - quota tariff for importing US corn is 11% and 12% for sorghum, there is still no profit in importing US corn, while the import profit from Brazil is relatively high. Currently, farmers are still reluctant to sell, resulting in a low volume of corn on the market. It is expected that there will be another wave of selling pressure for Northeast corn in December. The 01 corn futures are expected to have limited rebound height and are likely to decline. [4] - The operating rate of starch factories has decreased, downstream提货 is good, and starch inventory has declined, but it is still at a historically high level in the same period. Corn spot is relatively strong, and starch spot is also rising. The profit of North China starch factories has declined, and the operating rate of starch enterprises will still increase in the future. With the large - scale listing of new corn, there is still room for the starch spot price to fall. It is expected that the 01 corn starch will follow the corn to oscillate at a high level and is likely to oscillate downward next week. [4] 3. Summary According to Relevant Catalogs 3.1 Chapter 1: Comprehensive Analysis and Trading Strategies - **Corn Situation**: The US corn is in a bumper harvest, but the yield may continue to be lowered later. The 12 - contract of US corn has strong support at 420 cents per bushel. Currently, corn in Northeast China is gradually being put on the market, while the volume in North China is relatively small. The upward space of corn spot is limited. In the short term, corn may experience a correction. It is expected that the rebound space of 01 and 05 corn is limited, and the 1 - 5 spread has narrowed. According to the seasonal pattern, the spot price may decline at the end of November. [4] - **Trading Strategies** - **Unilateral**: Try to buy the 12 - contract of US corn below 420 cents per bushel. Short - sell the 01 corn at a high price above 2200, and long - buy the 05 corn below 2220. [4][5] - **Arbitrage**: Try to buy the 01 corn and sell the 01 starch, and narrow the spread at a high price. [5] - **Options**: Adopt the strategy of accumulating put options for the 01 corn at a high price. [5] 3.2 Chapter 2: Core Logic Analysis International Market - **Yield and Price**: The US corn yield in November continued to be lowered, but it is in a bumper harvest. The price of US corn rose first and then fell, and the 12 - contract has support at 420 cents per bushel. Although China has lowered tariffs on US agricultural products, there is still no profit in importing US corn. The domestic import profit has expanded, with an import profit of 233 yuan/ton from Brazil in December. [8][11] - **Export and Inventory**: As of November 13, the export inspection of US corn this week was 2 million tons, with a cumulative export of 15.84 million tons. This week, the export to China was 0 tons, with a cumulative export of 0 tons, accounting for 0%. In October, 360,000 tons of corn were imported, and from January to October, 1.29 million tons were imported, compared with 13.03 million tons in the same period last year. [12] - **Non - commercial Net Short and Ethanol Production**: As of September 30, the non - commercial net short position of US corn increased to 81,000 lots, and the US ethanol production decreased. The 12 - contract of US corn oscillated at the bottom, around 430 cents per bushel. [17] Domestic Market - **Inventory and Consumption of Deep - processing and Feed Enterprises** - Feed enterprises' corn inventory has increased but is less than the same period last year. As of November 20, the average corn inventory of 47 large - scale feed factories was 26.23 days, a month - on - month increase of 0.63 days and a year - on - year decrease of 9.58%. [21] - The consumption of deep - processing enterprises has increased. From November 13 to November 19, 2025, 149 major corn deep - processing enterprises in the country consumed 1.3831 million tons of corn, a decrease of 34,000 tons from the previous week. The inventory of deep - processing enterprises has decreased, and it is expected to increase next week. As of November 19, the corn inventory of 96 deep - processing enterprises was 2.727 million tons, a decrease of 0.29% from the previous week. [22] - **Port Inventory**: The corn inventory in northern ports has increased, while the grain inventory in southern ports has decreased. As of November 14, the corn inventory in the four northern ports was 1.17 million tons, a week - on - week increase of 99,000 tons, and the shipping volume of the four ports this week was 400,000 tons, a week - on - week decrease of 182,000 tons. The domestic - trade corn inventory in Guangdong Port was 273,000 tons, a decrease of 181,000 tons from the previous week; the foreign - trade inventory was 355,000 tons, a decrease of 57,000 tons from the previous week; the imported sorghum was 334,000 tons, a decrease of 83,000 tons from the previous week; the imported barley was 624,000 tons, a decrease of 82,000 tons from the previous week; and the total grain inventory was 1.586 million tons, a decrease of 403,000 tons. [25] - **Selling Progress**: The selling progress of domestic corn is faster than last year. The overall national selling progress (all 13 provinces) is 27%, a month - on - month increase of 3% and a year - on - year increase of 2%; the selling progress of 7 provinces (Heilongjiang, Jilin, Liaoning, Inner Mongolia, Hebei, Shandong, and Henan) is 23%, a month - on - month increase of 2% and a year - on - year increase of 2%. [26] Starch Market - **Operating Rate and Inventory**: The operating rate of deep - processing has decreased. From November 7 to November 13, the national corn processing volume was 612,400 tons, and the starch production was 315,000 tons, a decrease of 13,400 tons from the previous week. The operating rate was 60.89%, a decrease of 2.59% from the previous week. The downstream提货 volume has increased, and the inventory has decreased. As of November 19, the corn starch inventory was 1.109 million tons, a decrease of 24,000 tons from the previous week, a decrease of 2.12%, a monthly decrease of 1.68%, and a year - on - year increase of 25.6%. It is expected that the starch inventory will increase next week. [30] - **Profit**: The spot price of North China corn has risen, the starch spot price has risen, the by - product price has remained stable, and the enterprise profit has remained stable. This week, the profit per ton of corn in Heilongjiang was 9 yuan/ton, a decrease of 24 yuan from the previous week, and the profit in Shandong was 27 yuan/ton, a decrease of 9 yuan. [30] Substitute Market - **Wheat Price**: The arrival price in North China is basically 2,500 yuan/ton, and the price is relatively strong. The price difference between wheat and corn has narrowed. Corn in North China and Northeast China is relatively strong, the price difference between North China and Northeast corn has expanded, and the price difference between North China corn and the 01 corn contract has increased. [35] 3.3 Chapter 3: Weekly Data Tracking - **Livestock and Poultry Breeding** - **Pigs**: From November 13 to November 20, the self - breeding and self - raising profit was - 81 yuan/head, a decrease of 17 yuan/head from the previous week, and the profit from purchasing piglets was - 165 yuan/head, a decrease of 43 yuan/head from the previous week. [39] - **White - feather Broilers**: From November 13 to November 20, the breeding profit of white - feather broilers was - 0.26 yuan per chicken, compared with - 0.47 yuan per chicken last week. [46] - **Laying Hens**: This week, the breeding cost was 3.46 yuan per catty, the breeding profit was - 0.54 yuan per catty, compared with - 0.43 yuan per catty last week. [46] - **Deep - processing Downstream Consumption** - **Starch Sugar**: This week, the operating rate of F55 high - fructose corn syrup was 41.59%, a month - on - month increase of 0.78%, and the operating rate of malt syrup was 46.2%, a month - on - month increase of 2.52%. [49] - **Paper Mills**: This week, the operating rate of corrugated paper was 64.77%, a decrease of 1.93% from the previous week, and the operating rate of boxboard paper was 67.53%, a decrease of 3.3% from the previous week. [49] - **Price and Spread** - **Price**: The wheat price in North China is basically stable at 2,500 yuan/ton, and the price of corn in North China and Northeast China is relatively strong. [35] - **Spread**: The price difference between wheat and corn has narrowed, the price difference between North China and Northeast corn has expanded, and the price difference between North China corn and the 01 corn contract has increased. [35]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The U.S. corn market is in a narrow - range oscillation. Although the Sino - U.S. relations have eased recently and the price has rebounded, the production remains high. The import profit of foreign corn has declined. The domestic corn spot is relatively strong in the short - term, with stable production areas, reduced supply in North China, and strong demand from downstream feed enterprises. The starch price is mainly affected by corn price and downstream stocking. The inventory has increased this week, and the 01 starch follows the corn to oscillate strongly, but there is a possibility of decline later [3][5][6] - The trading strategy suggests that the U.S. corn is expected to continue to oscillate narrowly. The 05 and 01 corn can be put on hold for now, and the spread between 01 corn and starch can be shorted when it is high. For options, a short - term strategy of accumulating puts and calls with rolling operations is recommended [7][8][10] Group 3: Summary by Directory 1. Data - **Futures Disk Data**: The closing prices, price changes, price change percentages, trading volumes, trading volume change percentages, open interests, and open interest change percentages of multiple futures contracts such as CS2605, CS2509, C2601, etc. are provided. For example, the closing price of CS2605 is 2164, with a price increase of 15 and a price change percentage of 0.69%, the trading volume is 549,821 with an increase of 20.06%, and the open interest is 966,186 with a decrease of 1.11% [1] - **Spot and Basis Data**: The spot prices of corn in different regions such as Qinggang, Songyuan Jiji, Zhucheng Xingmao, etc., and the spot prices of starch of different brands such as Longfeng, COFCO, Cargill, etc. are given. Also, the basis data of corn and starch are provided [1] - **Spread Data**: The spreads and their changes of corn inter - period, starch inter - period, and cross - variety are presented. For example, the C01 - C05 spread of corn is - 86 with a change of 6, and the CS01 - CS05 spread of starch is - 93 with a change of 5 [4] 2. Market Judgment - **Corn**: The U.S. corn is in a narrow - range oscillation. The domestic corn has a relatively strong spot in the short - term. The production areas are stable, the supply in North China has decreased, and the price is relatively strong. The price difference between Northeast and North China corn is large. The wheat price in North China is weak, and the corn has cost - effectiveness. The domestic breeding demand is stable, and the inventory of downstream feed enterprises is low. The corn in Northeast China is relatively strong, and the purchase price in the northern port is strong. It is expected that the price of North China corn will be supported at around 2150 yuan/ton, and the 01 corn oscillates strongly [3][5] - **Starch**: The number of trucks arriving at deep - processing plants in Shandong has decreased, and the corn spot in Shandong is stable. The starch inventory has increased this week, with the manufacturer's inventory at 113.8 million tons, a monthly increase of 0.89% and a year - on - year increase of 33.26%. The starch price mainly depends on the corn price and downstream stocking. The by - product price is strong, and the enterprise profit is good. The 01 starch follows the corn to oscillate strongly, but the corn in North China may decline in November, and the starch spot may also decline later [6] 3. Corn Options - The option strategy is a short - term strategy of accumulating puts and calls with rolling operations. The option contract information such as C2605 - P - 2160.DCE and C2601 - P - 2080.DCE, including the underlying asset price, closing price, and price change, is provided [10] 4. Related Attachments - Multiple charts are provided, including the spot price chart of corn in different regions, the basis chart of corn 01 contract, the 1 - 5 spread chart of corn, the 1 - 5 spread chart of corn starch, the basis chart of corn starch 01 contract, and the spread chart of corn starch 01 contract [12][14][19]

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]