Report Industry Investment Rating No relevant content provided. Core Viewpoints - In the fourth quarter, it is the period of concentrated supply of new-season corn. In October, the pressure of harvest and concentrated listing is relatively large. The supply-demand structure is temporarily imbalanced, leading to a situation where prices are more likely to fall than rise. The price of new-season corn has been declining. Since October, continuous rainy weather in the North China production area has led to a decline in corn quality, adding additional short-term price pressure. The production situation in the Northeast production area is good, with mainly sunny weather. After continuous declines, prices have recently stopped falling, mainly due to the excessive short-term decline. The maximum decline in the price of damp grain has exceeded 150 yuan/ton. Additionally, the decrease in the proportion of high-quality corn in the North China production area provides some support for the Northeast production area. Local deep-processing enterprises in the Northeast may initiate grain-locking actions, helping prices to stop falling. Overall, although not pessimistic about the medium- to long-term corn prices, currently it is still the peak period of new-season corn listing, and prices are still under pressure. Bullish factors need to accumulate and ferment, and it is difficult to say that prices will stabilize and rise in the short term. Attention should be paid to the price performance at the end of the month and early November [1]. - The corn futures on the Dalian Commodity Exchange took an important step in the bottom-finding process yesterday. Multiple contracts declined simultaneously. The main November contract fell below the 2,100-yuan mark, becoming the first corn contract this year to break through this level. The decline in far-month contracts weakened successively, and the month-spread structure steepened. The number of registered warehouse receipts increased significantly, highlighting the pressure on the spot market [1]. - The price of CBOT corn futures is consolidating at a low level, waiting for further guidance from the USDA's October supply and demand report [1]. Summary by Relevant Catalogs Bullish Factors - The import volume of corn and grains remains at a low level, providing a basis for the improvement of the medium-term corn supply-demand structure [5]. - The pressure of domestic corn production increase is limited, and it is expected to show resilience after the seasonal pressure passes [5]. - The purchasing sentiment in the Northeast production area has increased, and prices have stopped falling [5]. Bearish Factors - The pig industry is in the process of production capacity regulation, which may affect the medium-term feed demand for corn [3]. - The release of the new-season supply pressure still needs a process, and prices are in the bottom-finding or bottom-grinding stage [3]. - In the past two days, there have been many trucks arriving in Shandong, and deep-processing enterprises generally purchase at reduced prices [3]. Corn & Starch Spot Prices and Main Continuous Basis | Location | Corn Price & Basis | Today's Change | Location | Corn Starch Price & Basis | Today's Change | | --- | --- | --- | --- | --- | --- | | Jinzhou Port | 2,150 | -20 | Shandong | 2,740 | -10 | | Shekou Port | 2,330 | -40 | Jilin | 2,550 | -10 | | Harbin | 2,020 | 0 | Heilongjiang | 2,480 | 0 | | Jinzhou Port Main Continuous Basis | 58 | 13 | Shandong Main Continuous Basis | 339 | 21 | [3] Corn & Starch Futures Prices | Contract | 2025-10-10 | 2025-10-13 | Today's Change | Change Rate | | --- | --- | --- | --- | --- | | Corn 11 | 2,125 | 2,092 | -33 | -1.55% | | Corn 01 | 2,125 | 2,106 | -19 | -0.89% | | Corn 03 | 2,140 | 2,125 | -15 | -0.70% | | Corn 05 | 2,204 | 2,192 | -12 | -0.54% | | Corn 07 | 2,216 | 2,209 | -7 | -0.32% | | Corn 09 | 2,226 | 2,226 | 0 | 0.00% | | Corn Starch 11 | 2,432 | 2,401 | -31 | -1.27% | | Corn Starch 01 | 2,430 | 2,402 | -28 | -1.15% | | Corn Starch 03 | 2,440 | 2,416 | -24 | -0.98% | | Corn Starch 05 | 2,531 | 2,515 | -16 | -0.63% | | Corn Starch 07 | 2,535 | 2,524 | -11 | -0.43% | | Corn Starch 09 | 2,578 | 2,573 | -5 | -0.19% | | Wheat Average Price | 2,462 | 2,464 | 2 | 0.08% | [3][6] U.S. Corn Prices and Import Profits | Item | Price | Daily Change | Increase Rate | Import Profit | | --- | --- | --- | --- | --- | | CBOT Corn Main Continuous | 410.5 | -3 | -0.73% | | | COBT Soybean Main Continuous | 1,008.25 | 1.25 | 0.12% | | | CBOT Wheat Main Continuous | 496.75 | -2 | -0.4% | | | U.S. Gulf Port Duty-Paid Price | 2,089.08 | -22.55 | -1.07% | 280.92 | | U.S. West Coast Duty-Paid Price | 1,940.85 | -16.5 | -0.84% | 429.15 | [27]