Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The decline of US corn is limited, and the domestic corn spot is short - term stable but with a weakening trend due to factors like import auctions and weak demand. The 09 - contract corn is expected to fluctuate narrowly, and the 01 - contract corn can be short - sold at high prices. For starch, the short - term 09 - contract on the futures market will fluctuate narrowly, and the enterprise will be in a long - term loss state due to weak demand [5][7][8][9][10]. 3. Summary by Directory First Part: Data - **Futures Market**: For corn futures, C2601 closed at 2212 with a decline of 0.05%, C2605 at 2263 with an increase of 0.35%, and C2509 at 2284 with a decline of 0.57%. For starch futures, CS2601 closed at 2580 with a decline of 0.04%, CS2605 at 2625 with an increase of 0.04%, and CS2509 at 2664 with a decline of 0.15% [3]. - **Spot and Basis**: Corn spot prices in various regions showed different changes. For example, the price in Qinggang was 2255 yuan with a decline of 5 yuan, and the basis varied from - 29 to 230 yuan. Starch spot prices were stable, and the basis was between 175 and 395 yuan [3]. - **Spreads**: In the corn market, the C01 - C05 spread was - 51 with a decline of 9, and in the starch market, the CS01 - CS05 spread was - 45 with a decline of 2. The CS09 - C09 spread was 380 with an increase of 9 [3]. Second Part: Market Judgment - **Corn**: US corn planting is finished, and it is weak. With the reduction of Sino - US tariffs, the decline space is limited. Domestic northern port prices are stable, and the supply in North China is tight. Due to factors such as import auctions and weak demand, the spot price is short - term stable but weak [5][7]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants increases, and the inventory decreases. The price depends on corn price and downstream stocking. In the long - term, due to weak demand, enterprises will be in a loss state, and the 09 - contract on the futures market will fluctuate narrowly [8]. Third Part: Corn Options - Option Strategy: Enterprises with spot can close out short positions of corn call options, or short - term investors can try to sell at high prices and operate in a rolling manner [13]. Fourth Part: Related Attachments - The attachments include charts of various data such as corn spot prices in different regions, corn 09 - contract basis, corn 9 - 1 spreads, and corn starch 9 - 1 spreads, which visually show the historical trends of these data [15][17][18][20].

1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - After the US corn planting is completed, the US corn market is weak. With the reduction of Sino - US tariffs, the US corn price continues to decline, but the potential for further decline is limited due to possible weather - related speculations. China has reinstated a 15% tariff on US corn, with a total of 26% tariff within the quota, and a 22% tariff on US sorghum. Foreign corn imports are profitable, with the August import price from Brazil at 1,971 yuan. The domestic corn market has different trends in different regions, with short - term stability in the north and tight supply in North China. The corn starch market sees inventory reduction, and the price is affected by corn price and downstream stocking. The 09 contracts of both corn and starch are expected to have narrow - range fluctuations [5][7][8][9]. 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Disk - For corn futures, C2601 closed at 2,218 with a 0.14% increase, C2605 at 2,263 with no change, C2509 at 2,312 with a 0.43% increase. Their trading volumes decreased by 47.04%, 46.94%, and 32.39% respectively, and the open interests decreased by 2.28%, 2.85%, and 5.54% respectively. For corn starch futures, CS2601 closed at 2,596 with no change, CS2605 at 2,638 with a 0.04% increase, CS2509 at 2,683 with a 0.63% increase. Their trading volumes decreased by 30.17%, 46.09%, and 38.71% respectively, and the open interests changed by 3.77%, 9.67%, and - 5.63% respectively [3]. 3.1.2 Spot and Basis - Corn spot prices in different regions showed different trends. For example, the price in Qinggang was 2,270 yuan with no change, while the price in Shouguang increased by 20 yuan. The basis for corn in different regions ranged from - 72 to 218. Starch spot prices also varied. The price of Longfeng starch increased by 50 yuan, and the basis for starch in different regions ranged from 162 to 382 [3]. 3.1.3 Spread - Corn inter - delivery spreads: C01 - C05 was - 45 with a 3 - point increase, C05 - C09 was - 49 with a 10 - point decrease, C09 - C01 was 94 with a 7 - point increase. Starch inter - delivery spreads: CS01 - CS05 was - 42 with a 1 - point decrease, CS05 - CS09 was - 45 with a 16 - point decrease, CS09 - CS01 was 87 with a 17 - point increase. Cross - variety spreads: CS09 - C09 was 371 with a 7 - point increase, CS01 - C01 was 378 with a 3 - point decrease, CS05 - C05 was 375 with a 1 - point increase [3]. 3.2 Market Judgment 3.2.1 Corn - The US corn market is weak but has limited downside due to potential weather speculation. China's tariff policies on US corn and sorghum are in place, and foreign corn imports are profitable. The northern port flat - hatch prices are stable, and the Northeast corn is stable. North China's corn supply is tight, and the wheat - corn substitution continues. The domestic corn demand is weak, and the short - term corn spot price is relatively stable. The 09 corn contract is expected to have narrow - range fluctuations [5][7]. 3.2.2 Starch - The number of vehicles arriving at Shandong deep - processing plants has increased, and the Shandong corn spot price is strong. The starch inventory has decreased this week, with the factory inventory at 129.3 million tons, a decrease of 1.8 million tons from last week. The by - product price is strong, and the spot price difference between corn and starch is low. The 09 starch contract is expected to have narrow - range fluctuations [8]. 3.3 Trading Strategy - Unilateral: The domestic 09 corn will continue to have narrow - range fluctuations, and it is recommended to wait and see. - Arbitrage: Buy spot and short 09 corn in a rolling manner, and wait and see on the spread between 09 corn and starch [9][10]. 3.4 Corn Options - For enterprises with spot, they can close out short positions of corn call options, or short - term investors can try to sell on rallies [13]. 3.5 Relevant Attachments - The attachments include charts of corn spot prices in different regions, corn 09 contract basis, corn 9 - 1 spread, corn starch 9 - 1 spread, corn starch 09 contract basis, and corn starch - corn 09 contract spread, which help to visually understand the price trends and relationships of corn and corn starch [14][16][20].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The planting of US corn is completed, and it is currently in a weak state. With the reduction of Sino - US tariffs, US corn prices have continued to decline. However, as weather factors are likely to be speculated on later, the downward space for US corn is limited. China has restored a 15% tariff on US corn, with a total of 26% tariff within the quota, and a 22% tariff on US sorghum. The import profit of foreign corn is relatively high, and the import price from Brazil in August is 2,001 yuan. [3] - The flat - hatch price of ports in the north is stable, around 2,320 yuan. The spot price in the Northeast corn - producing area is stable. The supply in North China has decreased, and the corn spot price has risen. The price difference between Northeast and North China corn is stable. The wheat price in North China is stable, around 2,450 yuan/ton. The price difference between wheat and corn is small, and wheat substitution continues. The domestic breeding demand is still weak, and the inventory of downstream feed enterprises is high. The corn spot price is relatively stable in the short term. Recently, imported corn has been auctioned successively, making the corn spot price weak. The inventory of corn traders in North China is still low, and some feed enterprises will stock up in August. It is expected that the supply of corn in North China will still be tight. It is estimated that the short - term support for North China corn is strong around 2,400 yuan/ton, and around 2,220 yuan/ton in Heilongjiang. [3][5] - The number of vehicles arriving at deep - processing plants in Shandong has increased, and the corn spot price in Shandong is strong. The starch price in Shandong is basically around 2,860 yuan, and the starch spot price in the Northeast is also stable. This week, the inventory of corn starch has increased. The manufacturer's inventory this week is 1.311 million tons, a decrease of 35,000 tons from last week, with a monthly increase of 0.15% and a year - on - year increase of 19.4%. At present, the starch price mainly depends on the corn price and downstream stockpiling. The average income from by - products in the past few years has basically been over 600 yuan. Today, the contribution of by - products in Shandong is 627 yuan (662 yuan in Heilongjiang). Recently, the by - product price has been strong, higher than last year. The spot price difference between corn and starch is low. North China corn is stable in the short term, while Northeast corn is relatively weak. In the long - term, due to weak starch demand, enterprises will be in a long - term loss state. It is expected that the short - term 09 starch contract on the futures market will fluctuate narrowly. [6] 3. Summary by Directory 3.1 Data - **Futures Market Data**: On July 29, 2025, for different corn and corn starch futures contracts, there were fluctuations in closing prices, trading volumes, and open interests. For example, the closing price of C2601 was 2,215, down 11 points or 0.50%, with a trading volume of 81,555 (down 2.80%) and an open interest of 213,252 (up 10.23%). [2] - **Spot Market Data**: The current prices and price changes of corn and corn starch in different regions are provided. For example, the current price of corn in Qinggang is 2,270 yuan, with no change; the current price of starch in Longfeng is 2,850 yuan, with no change. [2] - **Basis and Spread Data**: The basis of corn and corn starch, as well as the price spreads between different contracts, are presented. For example, the basis of C2601 is - 32, and the spread of C01 - C05 is - 48, down 3 points. [2][4] 3.2 Market Judgment - **Corn**: The planting of US corn is completed, and it is in a weak state. After the reduction of Sino - US tariffs, US corn prices continue to decline. However, the downward space is limited due to potential weather speculation. The import profit of foreign corn is high. The domestic corn market has different situations in different regions. North China corn may be in short supply in the short term, while the overall domestic corn spot price is relatively stable in the short term but weak due to imported corn auctions. [3][5] - **Starch**: The starch price is affected by corn price and downstream stockpiling. The inventory has increased this week. The by - product price is strong. In the long - term, due to weak demand, enterprises may face long - term losses. The short - term 09 starch contract on the futures market is expected to fluctuate narrowly. [6] 3.3 Trading Strategies - **Unilateral Strategy**: The domestic 09 corn contract will continue to fluctuate narrowly, and it is recommended to wait and see. [8] - **Arbitrage Strategy**: Buy the spot and short the 09 corn contract in a rolling manner, and wait and see the price spread between 09 corn and starch. [8] 3.4 Corn Options - **Option Strategy**: Enterprises with spot can close out short positions of corn call options, or short - term traders can try to sell on rallies. [11] 3.5 Related Attachments - The attachments include multiple charts showing the spot prices of corn in different regions, the basis of corn 09 contracts, the price spreads between different corn and corn starch contracts, etc., providing visual data support for market analysis. [12][14][18]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Corn: US corn planting is finished, and the price is weak. With the reduction of Sino - US tariffs, US corn prices continue to decline, and weather factors may be a future focus. China has adjusted tariffs on US corn and sorghum. Importing foreign corn is profitable, with the August import price from Brazil at 2001 yuan. Northern port closing prices are stable, and Northeast corn prices are steady. In North China, corn supply is tight, but the rebound of corn prices is limited due to continuous auctions of imported corn [3][5]. - Starch: The number of trucks arriving at Shandong deep - processing plants has increased, and Shandong corn prices are strong. Starch prices in Shandong and Northeast China are stable. Corn starch inventory has increased this week. In the long - term, due to weak demand, starch enterprises will be in a loss state. The 09 starch contract is expected to fluctuate narrowly in the short term [6]. 3. Summary by Relevant Catalogs Data - **Futures Market**: On July 24, 2025, the closing prices of various corn and corn starch futures contracts mostly declined. For example, C2601 closed at 2238, down 9 (-0.40%); CS2605 closed at 2280, down 11 (-0.48%). Trading volumes generally decreased, while some positions increased [2]. - **Spot Market**: Corn prices in Qinggang, Jiamusi, Zhucheng, etc., and starch prices of enterprises like Longfeng, COFCO, etc., are provided. The basis and spreads of corn and corn starch are also presented, such as C01 - C05 spread is - 42 with a change of 2, CS01 - CS05 spread is - 41 with a change of - 1 [2]. Market Analysis - **Corn**: US corn prices are affected by planting progress, tariff policies, and potential weather speculation. In China, North China's corn supply is tight, and Northeast corn prices are stable. The substitution of wheat for corn continues, and the demand from the breeding industry is weak. Imported corn auctions are influencing the market [3][5]. - **Starch**: Starch prices are mainly determined by corn prices and downstream stocking. This week's inventory increase, combined with long - term weak demand, indicates a difficult situation for starch enterprises. The 09 starch contract is expected to move narrowly [6]. Trading Strategies - **Unilateral**: Domestic 09 corn will continue to fluctuate narrowly, and it is recommended to wait and see [8]. - **Arbitrage**: Close the position of buying spot and shorting 09 corn, and wait and see on the spread between 09 corn and starch [8]. Corn Options - Option strategy: Enterprises with spot positions can close out short positions of corn call options, or short - term traders can try to sell on rallies [11]. Relevant Attachments - The report provides multiple charts, including those showing corn spot prices in different regions, corn 09 contract basis, corn 9 - 1 spread, corn starch 9 - 1 spread, corn starch 09 contract basis, and corn starch 09 contract spread [12][14][18].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The US corn planting is finished, and the US corn price is in a weak state. With the reduction of Sino - US tariffs, the US corn price continues to decline. The weather factor is likely to be a topic for speculation later. The import profit of foreign corn is relatively high, with the import price from Brazil in August at 2007 yuan [3]. - In China, the northern port's flat - price of corn is stable. The spot price in the Northeast corn - producing area is stable, while the supply in North China is tightening, and the corn spot price is rebounding. The demand from the domestic breeding industry is still weak, and the inventory of downstream feed enterprises is high. The corn spot price will be relatively stable in the short - term. The supply of North China corn is expected to be tight in August, with strong support at around 2400 yuan/ton in the short - term [3][5]. - The price of starch is mainly determined by the corn price and downstream stocking. The inventory of corn starch has increased this week. In the medium - to - long - term, due to weak demand, starch enterprises will be in a long - term loss state. The 09 starch contract is expected to fluctuate within a narrow range in the short - term [6]. 3. Summary by Sections Data Section - **Futures Data**: The closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interest, and open interest change rates of multiple corn and corn starch futures contracts are presented. For example, the closing price of C2601 is 2247, with a price increase of 1 and a price change rate of 0.04%, and the trading volume has increased by 61.28% [2]. - **Spot and Basis Data**: The spot prices and price changes of corn and starch in different regions (such as Qinggang, Jiajibio, Zhucheng Xingmao, etc.) are provided, as well as the basis and spread data between different contracts [2]. Market Judgment Section - **Corn**: The US corn market is affected by planting progress, tariff policies, and potential weather speculation. In the Chinese market, the northern port's price is stable, the Northeast is stable, North China is strengthening, and the supply - demand relationship is complex. The import corn auction is also influencing the market. The 09 corn contract has bottomed out and rebounded today, with a strong basis [3][5][7]. - **Starch**: The price of starch is related to corn price and downstream stocking. The inventory has increased this week. The 09 starch contract is expected to have narrow - range fluctuations in the short - term due to factors such as the relatively stable North China corn price and the tight supply in the future [6]. Trading Strategy Section - **Unilateral Strategy**: The domestic 09 corn contract will continue to fluctuate within a narrow range, and it is recommended to wait and see [8]. - **Arbitrage Strategy**: Close the position of buying spot and shorting 09 corn, and wait and see the spread between 09 corn and starch [8]. Corn Option Section - Option Strategy: Enterprises with spot can close the position of selling corn call options, or short - term investors can try to accumulate short positions when the price rises [11]. Related Attachments Section - Multiple charts are provided, including the spot prices of corn in different regions, the basis of the corn 09 contract, the 9 - 1 spread of corn and corn starch, the basis of the corn starch 09 contract, and the spread of the corn starch 09 contract [12][14][18].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The U.S. corn planting is finished, and the price is weak. With the reduction of Sino - U.S. tariffs, the U.S. corn price continues to decline, and weather conditions are likely to be a point of speculation. The import profit of foreign corn is relatively high, and the import price from Brazil in August is 2007 yuan. The domestic corn market has a complex situation: the spot price in the north is stable, the supply in North China is tight, the domestic breeding demand is weak, and the downstream feed enterprise inventory is high. The 09 corn futures will fluctuate narrowly in the short - term, and the basis will strengthen. The policy will have a greater impact later, and the upward space for the corn spot price is limited [5][7][9]. - For starch, the number of trucks arriving at Shandong deep - processing plants has increased, and the corn spot price in Shandong is strong. The starch inventory has increased this week, and the price mainly depends on the corn price and downstream stocking. The by - product price is strong. In the medium - to - long - term, due to weak demand, starch enterprises will be in a long - term loss state. The 09 starch futures will oscillate in a narrow range in the short - term [8]. 3. Summary by Relevant Catalogs 3.1 First Part: Data 3.1.1 Futures盘面 - Corn futures: The closing prices of C2601, C2605, and C2509 are 2250, 2294, and 2320 respectively, with price increases of 6, 10, and 6, and price increase rates of 0.27%, 0.44%, and 0.26% respectively. The trading volume of C2601 increased by 25.11%, C2605 decreased by 19.17%, and C2509 decreased by 7.84%. The open interest of C2601 increased by 2.16%, C2605 increased by 0.69%, and C2509 decreased by 2.94% [2]. - Starch futures: The closing prices of CS2601, CS2605, and CS2509 are 2641, 2669, and 2664 respectively, with price increases of 24, 17, and 6, and price increase rates of 0.91%, 0.64%, and 0.23% respectively. The trading volume of CS2601 increased by 163.27%, CS2605 increased by 111.54%, and CS2509 increased by 4.42%. The open interest of CS2601 increased by 16.83%, CS2605 increased by 9.57%, and CS2509 decreased by 9.61% [2]. 3.1.2 Spot and Basis - Corn spot: The prices in Qinggang, Jiajishenghua, Zhuchengxingmao, Shouguang, Jinzhou Port, Nantong Port, and Guangdong Port are 2260, 2240, 2522, 2500, 2320, 2470, and 2480 respectively. The price in Shouguang increased by 10, Nantong Port increased by 20, and Guangdong Port increased by 10, while others remained stable. The basis is - 60, - 80, 202, 180, 0, 150, and 160 respectively [2]. - Starch spot: The prices of Longfeng, COFCO, Cargill, Yufeng, Jinyumi, Zhuchengxingmao, and Hengrengongmao are 2850, 2800, 2850, 3000, 2950, 2960, and 2960 respectively, all remaining stable. The basis is 181, 131, 181, 331, 281, 291, and 291 respectively [2]. 3.1.3 Spread - Corn inter - delivery spread: C01 - C05 is - 44 with a decrease of 4, C05 - C09 is - 26 with an increase of 4, and C09 - C01 is 70 with no change. - Starch inter - delivery spread: CS01 - CS05 is - 28 with an increase of 7, CS05 - CS09 is 5 with an increase of 11, and CS09 - CS01 is 23 with a decrease of 18. - Cross - variety spread: CS09 - C09 is 344 with no change, CS01 - C01 is 391 with an increase of 18, and CS05 - C05 is 375 with an increase of 7 [2]. 3.2 Second Part: Market Judgment 3.2.1 Corn - The U.S. corn planting is completed, and the price is weak. With the reduction of Sino - U.S. tariffs, the U.S. corn price continues to decline. The import profit of foreign corn is high, and the import price from Brazil in August is 2007 yuan. The northern port's flat - closing price is stable, the spot price in the Northeast corn - producing area is stable, the supply in North China is tight, the domestic breeding demand is weak, and the downstream feed enterprise inventory is high. The Northeast - North China corn price difference has widened, and wheat continues to substitute for corn. The 09 corn futures will fluctuate narrowly in the short - term, and the basis will strengthen. The policy will have a greater impact later, and the upward space for the corn spot price is limited [5][7][9]. 3.2.2 Starch - The number of trucks arriving at Shandong deep - processing plants has increased, and the corn spot price in Shandong is strong. The starch inventory has increased this week, reaching 134.6 million tons, an increase of 0.9 million tons from last week, with a monthly increase rate of 2.83% and a year - on - year increase rate of 26.27%. The starch price mainly depends on the corn price and downstream stocking. The by - product price is strong. In the medium - to - long - term, due to weak demand, starch enterprises will be in a long - term loss state. The 09 starch futures will oscillate in a narrow range in the short - term [8]. 3.3 Third Part: Corn Options - Option strategy: Enterprises with spot can close out the short position of corn call options, or they can try to accumulate short positions on rallies in the short - term [13]. 3.4 Fourth Part: Relevant Attachments - There are six figures, including the spot price of corn in various regions, the basis of corn 09 contract, the 9 - 1 spread of corn, the 9 - 1 spread of corn starch, the basis of corn starch 09 contract, and the spread of corn starch 09 contract [14][16][20].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The US corn planting is completed, and the price is weak. With the reduction of Sino-US tariffs, the price continues to decline, and weather factors may be a potential market driver. China has adjusted tariffs on US corn and sorghum, and the import profit of foreign corn is relatively high. The domestic corn market shows different trends in different regions, with short - term stability in the north and potential tight supply in North China. The starch market is affected by corn prices and downstream demand, with inventory increasing and limited short - term downward space for the 09 contract [3][4][5]. - In the short term, domestic 09 corn is expected to fluctuate narrowly, and there is a possibility of a rebound in North China corn due to tight supply. For trading strategies, a light - position short - term long on 09 corn can be considered, and for the spread between 09 corn and starch, a wait - and - see approach is recommended [6][7]. 3. Summary by Directory Part 1: Data - **Futures Data**: On July 16, 2025, different corn and corn starch futures contracts showed various closing prices, price changes, trading volumes, and open interest changes. For example, the closing price of C2601 was 2293, down 2 with a decline of 0.09%, and its trading volume decreased by 15.37% to 373,438, while the open interest increased by 1.77% to 1,054,601. There are also data on basis, spreads (including corn inter - term, starch inter - term, and cross - variety spreads) [2]. - **Spot and Basis Data**: The spot prices of corn in different regions such as Qinggang, Jiajisheng Chemical, and Zhucheng Xingmao are provided, along with their price changes and basis. The same goes for starch in different companies like Longfeng, COFCO, and Jiali [2]. Part 2: Market Judgment - **Corn**: The US corn market is affected by planting progress, tariff policies, and potential weather speculation. In China, the northern port's flat - hatch price is stable, the Northeast corn spot is stable, the supply in North China is tight, and the wheat - corn substitution continues. The domestic breeding demand is weak, and the downstream feed enterprises have high inventory. The short - term corn spot is relatively stable, but there is a possibility of a rebound in North China corn [3][4]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn spot in Shandong has rebounded. The starch inventory has increased this week, reaching 1346,000 tons, a monthly increase of 2.83% and a year - on - year increase of 26.27%. The starch price depends on corn prices and downstream stocking. The short - term downward space for the 09 starch contract is limited [5]. Part 3: Corn Options - Option strategies are proposed, suggesting that enterprises with spot positions close out short positions on corn call options, or short - term investors can try bottom - accumulating purchases [10]. Part 4: Relevant Attachments - Multiple charts are provided, including those showing the spot prices of corn in different regions, the basis of the corn 09 contract, the 9 - 1 spreads of corn and corn starch, the basis of the corn starch 09 contract, and the spread between corn starch and corn 09 contracts [11][13][17].

Report 1: Oil and Fat Industry 1. Industry Investment Rating No investment rating information provided. 2. Core View - Palm oil: After the release of the MPOB supply - demand report, the bullish factors are realized. There is a risk of a new round of decline after the end of the current uptrend in crude palm oil futures due to concerns about production growth in July. Long - term, there is a risk of falling below 4,000 ringgit and continuing to weaken. In the domestic market, after a sharp rise, Dalian palm oil futures may face short - term resistance around 8,650 yuan, and it is advisable to closely monitor whether it can effectively stop falling around 8,500 yuan. - Soybean oil: The CBOT soybean oil market is currently less affected by its own fundamentals. The previous biodiesel theme has been digested by the market. At present, the market is mainly affected by the rise of new - crop soybeans in the US and trade relations. In the short term, the fluctuation range of CBOT soybean oil is small, and the narrow - range shock adjustment pattern will continue. In the domestic market, the overstocked oil mills force traders to lower the basis for sales contracts, which has a certain drag on the spot basis quotation. However, due to the expected limited soybean imports in the fourth quarter, the possibility of a significant downward adjustment of the basis quotation is not large. [1] 3. Data Summary - **Soybean oil**: The spot price in Jiangsu was 8,170 yuan on July 9, up 40 yuan or 0.49% from the previous day; the futures price of Y2509 was 7,920 yuan, down 26 yuan or - 0.33%; the basis of Y2509 was 250 yuan, up 35.87%; the warehouse receipts decreased by 137 to 22,826, a decrease of 0.60%. - **Palm oil**: The spot price of 24 - degree palm oil in Guangdong was 8,700 yuan on July 9, up 120 yuan or 1.75%; the futures price of P2509 was 8,678 yuan, up 34 yuan or 0.39%; the basis of P2509 was 22 yuan, up 123.40%; the warehouse receipts increased by 184 to 854, an increase of 27.46%. - **Rapeseed oil**: The spot price of Grade 4 rapeseed oil in Jiangsu was 9,680 yuan on July 9, up 50 yuan or 0.52%; the futures price of OI509 was 9,510 yuan, down 88 yuan or - 0.92%; the basis of OI509 was 170 yuan, up 431.25%; the warehouse receipts increased by 301 to 3,021. - **Spreads**: The soybean oil inter - period spread (09 - 01) decreased by 2 to 4, a decrease of 33.33%; the palm oil inter - period spread (09 - 01) increased by 18 to 32, an increase of 128.57%; the rapeseed oil inter - period spread (09 - 01) increased by 6 to 60, an increase of 11.11%. The spot soybean - palm oil spread decreased by 110 to - 530, a decrease of 26.19%; the 2509 soybean - palm oil spread decreased by 60 to - 758, a decrease of 8.60%. [1] Report 2: Corn and Corn Starch Industry 1. Industry Investment Rating No investment rating information provided. 2. Core View In the short term, due to the continuous import corn auctions, the market sentiment is bearish, and the spot and futures prices are weak. As the remaining grain is consumed, traders are reluctant to sell, and the decline of corn prices slows down. Downstream deep - processing has maintenance plans and purchases on demand; the breeding end purchases as needed and mainly replenishes inventory on a rigid basis. The overall demand is supported by breeding consumption. On the substitution side, wheat is strongly supported by the purchase - protection policy, the wheat - corn price spread narrows, and the feed substitution increases, limiting the rise of corn. In the medium term, the tight supply of corn, low imports, and increasing breeding consumption support the upward movement of corn in the third quarter. Overall, in the short term, the market sentiment is gradually digested, the decline of corn is limited due to the tight remaining grain, the market fluctuates narrowly, and it is advisable to pay attention to subsequent policy releases and temporarily stay on the sidelines. [3] 3. Data Summary - **Corn**: The futures price of corn 2509 was 2,319 yuan/ton, down 2 yuan or - 0.09%; the basis was 41 yuan, up 5.13%; the north - south trade profit was - 1 yuan, down 20 yuan or - 105.26%; the import profit was 554 yuan, down 10 yuan or - 1.84%. The number of remaining vehicles in Shandong deep - processing in the morning was 173, down 40 or - 18.78%; the open interest increased by 25,610 to 1,604,832, an increase of 1.62%; the warehouse receipts increased by 287 to 202,489, an increase of 0.14%. - **Corn starch**: The futures price of corn starch 2509 was 2,677 yuan/ton, up 1 yuan or 0.04%; the basis was 23 yuan, down 1 yuan or - 4.17%; the 9 - 1 spread increased by 8 to 57, an increase of 16.33%; the starch - corn spread on the disk increased by 3 to 358, an increase of 0.85%. The open interest increased by 10,948 to 298,266, an increase of 3.81%; the warehouse receipts decreased by 101 to 22,821, a decrease of 0.44%. [3] Report 3: Sugar Industry 1. Industry Investment Rating No investment rating information provided. 2. Core View In the first half of June, Brazil's sugar production was 2.45 million tons, a year - on - year decrease of 696,000 tons or 22.12%. Brazil's increase in the ethanol blending ratio in gasoline supports the raw sugar price. However, the global supply is becoming looser, which puts pressure on raw sugar, and the rebound height is limited. It is expected that raw sugar will maintain a bottom - oscillating pattern. The market demand is weak, the low inventory supports the spot price in Guangxi, the continuous decline of raw sugar, the expansion of import processing profits, and the loosening of processed sugar quotes put pressure on prices. Considering the increase in imports later, the overall domestic supply - demand is marginally looser, and a bearish view is maintained after a rebound. [7][8] 3. Data Summary - **Futures market**: The futures price of sugar 2601 was 5,606 yuan/ton, up 17 yuan or 0.30%; the futures price of sugar 2509 was 5,779 yuan/ton, up 32 yuan or 0.56%; the ICE raw sugar main contract was 16.54 cents/pound, up 0.39 cents or 2.41%. The 1 - 9 spread was - 173 yuan/ton, down 15 yuan or - 9.49%; the open interest of the main contract decreased by 7,728 to 287,247, a decrease of 2.62%; the warehouse receipts decreased by 105 to 22,987, a decrease of 0.45%. - **Spot market**: The spot price in Nanning was 6,040 yuan/ton, up 20 yuan or 0.33%; the spot price in Kunming was 6,365 yuan/ton, up 485 yuan or 8.25%. The import price of Brazilian sugar (within the quota) was 4,457 yuan/ton, down 30 yuan or - 0.67%; the import price of Brazilian sugar (outside the quota) was 5,662 yuan/ton, down 39 yuan or - 0.68%. - **Industry situation**: The cumulative national sugar production was 11.1621 million tons, up 1.1989 million tons or 12.03%; the cumulative national sugar sales were 8.1138 million tons, up 1.521 million tons or 23.07%; the cumulative sugar production in Guangxi was 6.465 million tons, up 283,600 tons or 4.59%; the monthly sugar sales in Guangxi were 510,000 tons, down 17,200 tons or - 3.26%. The cumulative national sugar sales rate was 72.59%, up 6.42 percentage points or 9.70%; the cumulative sugar sales rate in Guangxi was 71.85%, up 5.39 percentage points or 8.11%. The national industrial inventory was 3.0483 million tons, down 322,100 tons or - 9.56%. [7] Report 4: Cotton Industry 1. Industry Investment Rating No investment rating information provided. 2. Core View The downstream of the cotton industry remains weak, the overall demand is weak, the operating rate of textile enterprises continues to decline, and the finished - product inventory is accumulating. However, the inventory pressure is not large. The profit of textile enterprises has deteriorated from April to May, and there is no obvious continuous upward - driving force in the industrial fundamentals. It is necessary to pay attention to the weather changes in the main production areas in Xinjiang and the downstream demand of the industry. In the short term, the domestic cotton price may fluctuate in a higher range than before the rise in late June. If the downstream remains weak, there is still a risk of decline. [10] 3. Data Summary - **Futures market**: The futures price of cotton 2509 was 13,830 yuan/ton, up 45 yuan or 0.33%; the futures price of cotton 2601 was 13,785 yuan/ton, up 25 yuan or 0.18%; the ICE US cotton main contract was 67.72 cents/pound, up 0.40 cents or 0.59%. The 9 - 1 spread was 45 yuan/ton, up 20 yuan or 80.00%; the open interest of the main contract increased by 3,542 to 546,763, an increase of 0.65%; the warehouse receipts decreased by 16 to 9,932, a decrease of 0.39%. - **Spot market**: The Xinjiang arrival price of 3128B was 15,163 yuan/ton, down 12 yuan or - 0.08%; the CC Index of 3128B was 15,184 yuan/ton, down 9 yuan or - 0.06%; the FC Index of M: 1% was 13,545 yuan/ton, down 87 yuan or - 0.64%. - **Industry situation**: The commercial inventory was 282.98 million tons, down 29.71 million tons or - 9.5%; the industrial inventory was 90.30 million tons, down 2.71 million tons or - 2.9%; the import volume was 4 million tons, down 2 million tons or - 33.3%; the bonded - area inventory was 33.60 million tons, down 3.30 million tons or - 8.9%. The yarn inventory days were 27.23 days, up 3.37 days or 14.1%; the grey - cloth inventory days were 36.61 days, up 1.15 days or 3.2%. The cotton shipment volume out of Xinjiang was 53.46 million tons, up 8.86 million tons or 22.6%. [10] Report 5: Meal and Soybean Industry 1. Industry Investment Rating No investment rating information provided. 2. Core View The good weather in the US soybean - producing areas and market concerns about US tariffs keep the market at the bottom. The premiums of Brazilian soybeans for August and September shipments have slightly declined recently. As the time window for the arrival of US soybeans approaches, the price of Brazilian soybeans is relatively firm. Currently, the inventory of domestic soybeans and soybean meal continues to rise, the operating rate improves, and there is no significant inventory pressure on soybean meal, and the basis is relatively stable. However, the subsequent supply is expected to be high, and the terminal trading is weak. It is necessary to pay attention to the sustainability of demand. The trend of soybean meal is not yet clear, and the market is bottom - grinding in the short term. [12] 3. Data Summary - **Soybean meal**: The spot price in Jiangsu was 2,800 yuan, unchanged; the futures price of M2509 was 2,947 yuan, up 12 yuan or 0.41%; the basis of M2509 was - 147 yuan, down 12 yuan or - 8.89%. The import crushing profit of Brazilian soybeans for September shipments was 37 yuan, up 4 yuan or 12.1%; the warehouse receipts were 42,250, unchanged. - **Rapeseed meal**: The spot price in Jiangsu was 2,480 yuan, unchanged; the futures price of RM2509 was 2,586 yuan, up 10 yuan or 0.39%; the basis of RM2509 was - 106 yuan, down 10 yuan or - 10.42%. The import crushing profit of Canadian rapeseed for November shipments was 155 yuan, down 81 yuan or - 34.32%; the warehouse receipts were 15,663, down 136 or - 0.86%. - **Soybeans**: The spot price of Harbin soybeans was 3,960 yuan, unchanged; the futures price of the main soybean No. 1 contract was 4,111 yuan, up 7 yuan or 0.17%; the basis of the main soybean No. 1 contract was - 151 yuan, down 7 yuan or - 4.86%. The spot price of imported soybeans in Jiangsu was 3,660 yuan, unchanged; the futures price of the main soybean No. 2 contract was 3,582 yuan, unchanged; the basis of the main soybean No. 2 contract was 78 yuan, unchanged. [12] Report 6: Pig Industry 1. Industry Investment Rating No investment rating information provided. 2. Core View The spot price of pigs fluctuates. Recently, the enthusiasm for secondary fattening is limited, the slaughter volume increases slightly, the market demand is weak, the price is stable and weak, and the market lacks upward - driving force. Currently, the breeding profit has returned to a low level, the market is cautious about capacity expansion, and there is no basis for a significant decline in the market. The market expects a wave of market conditions in July and August due to the impact of piglet diarrhea at the beginning of the year. The short - term sentiment is still strong, but the live - pig inventory continues to be postponed, and the pressure on the 09 contract is increasing. It is necessary to pay attention to the pressure above 14,500 yuan. [15][16] 3. Data Summary - **Futures market**: The main - contract basis was - 185 yuan/ton, down 960 yuan or - 123.87%; the futures price of pig 2511 was 13,600 yuan/ton, down 85 yuan or - 0.62%; the futures price of pig 2509 was 14,265 yuan/ton, down 10 yuan or - 0.07%. The 9 - 11 spread was 665 yuan, up 75 yuan or 12.71%; the open interest of the main contract decreased by 1,328 to 71,740, a decrease of 1.82%; the warehouse receipts were 447, unchanged. - **Spot market**: The spot price in Henan was 14,080 yuan/ton, down 970 yuan; the spot price in Shandong was 14,170 yuan/ton, down 1,030 yuan; the spot price in Sichuan was 14,430 yuan/ton, up 30 yuan; the spot price in Liaoning was 14,810 yuan/ton, down 40 yuan; the spot price in Guangdong was 16,590 yuan/ton, unchanged