Group 1 - Argentina's corn production for the 2025/26 season is projected at 54.1 million tons, a 1% decrease from previous estimates, with a forecast range of 46.8 to 59.9 million tons due to drought risks in the Pampas region [1] - As of December 24, 2025, the total corn inventory of 96 major processing enterprises across 12 regions in the country is 3.378 million tons, reflecting a 4.26% increase [1] - In the main corn-producing states of the U.S., there is a 60% confidence that temperatures will be above historical averages in the next 6-10 days, while 15% of the areas have a high confidence of above-average precipitation [1] Group 2 - Overall, the corn production is increasing this year, but due to a decline in pig inventory and a reduction in egg production, the demand for corn is not optimistic, leading to long-term pressure on corn prices, although short-term prices may remain strong due to farmers holding back on sales [3] - In the short term, there is a mix of seasonal selling pressure and farmer reluctance to sell, along with continued support from downstream inventory building, resulting in fluctuating spot prices; medium-term, seasonal selling pressure will persist before the Spring Festival, limiting the potential for price increases [4] - Long-term pricing logic will focus on substitution and planting costs, with a key emphasis on policy direction [4]