Report Information - Industry: Soybean Meal [1] - Date: July 22, 2025 [2] - Research Team: Agricultural Products Research Team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Core Viewpoints - The US soybean futures contract on the external market fluctuated today, with the main contract at 1025 cents. Due to good weather and a slightly bearish USDA report in July, CBOT soybeans declined weakly at the beginning of last week and tested the previous low of 1000 cents again technically. Subsequently, positive news emerged. The US reached a trade agreement with Indonesia, which includes Indonesia's purchase of $4.5 billion worth of agricultural products from the US, stimulating the expectation of new - season US soybean exports. However, CBOT soybeans are still expected to fluctuate in the bottom range. The new - season US soybeans are growing well, with an unexpectedly high excellent - good rate of 70% in the latest week, 4% higher than the previous week and at a very high level in the past five years. Only 7% of the US soybean planting areas are affected by drought, and the soil moisture has some leeway. The expectation of a bumper harvest is gradually strengthening. If China, the largest importer of US soybeans, still cannot purchase due to high tariffs, CBOT soybeans are expected to have no sustained improvement. [6] - Domestic soybean meal continued to be strong this week. Firstly, the risk preference in the commodity market has recovered, and the prices of most industrial products at the bottom have continued to rise, driving the bullish sentiment in the whole market. Secondly, the fundamental situation of soybean meal itself is solid. Although the current spot supply of soybean meal is abundant, considering that China has not started to book ships for new - season US soybeans in the fourth quarter, the current pressure is insignificant. The price of CBOT soybeans has recovered this week, the FOB price of Brazilian soybeans has increased, and the import cost has gradually risen. The far - month soybean meal should be treated with a low - buying strategy. The risk lies in whether the future Sino - US peace talks will bring good news, such as a mutual reduction of tariffs without an agreement for China to purchase additional US agricultural products. [6] Section Summaries 1. Market Review and Operation Suggestions - **Market Data**: For the soybean meal 2601 contract, the previous settlement price was 3070, the opening price was 3080, the highest price was 3091, the lowest price was 3068, the closing price was 3087, with a rise of 17 and a rise rate of 0.55%. The trading volume was 292,691, the open interest was 1,155,465, and the open interest change was 8,587. For the soybean meal 2509 contract, the previous settlement price was 3043, the opening price was 3060, the highest price was 3070, the lowest price was 3046, the closing price was 3069, with a rise of 26 and a rise rate of 0.85%. The trading volume was 972,455, the open interest was 1,885,694, and the open interest change was - 21,481. For the soybean meal 2511 contract, the previous settlement price was 3083, the opening price was 3098, the highest price was 3108, the lowest price was 3083, the closing price was 3105, with a rise of 22 and a rise rate of 0.71%. The trading volume was 150,810, the open interest was 632,481, and the open interest change was - 9,420. [6] - **External Market Situation**: The US soybean futures contract on the external market fluctuated, and CBOT soybeans were affected by weather, USDA report, trade agreements, and China's purchasing situation. [6] - **Domestic Market Situation**: Domestic soybean meal was strong due to market sentiment and its own fundamentals. The far - month soybean meal should be treated with a low - buying strategy, with risks related to Sino - US relations. [6] 2. Industry News - **CFTC Position Report**: As of the week ending July 15, for CBOT soybeans, the long positions increased by 4,268 lots to 186,780 lots, and the short positions increased by 27,042 lots to 171,486 lots; for CBOT soybean oil, the long positions increased by 5,345 lots to 135,739 lots, and the short positions increased by 382 lots to 71,614 lots; for CBOT soybean meal, the long positions increased by 13,201 lots to 128,060 lots, and the short positions increased by 7,342 lots to 207,802 lots; for ICE rapeseed, the long positions decreased by 15,049 lots to 133,601 lots, and the short positions increased by 3,344 lots to 33,399 lots. [7] - **Rapeseed Growth Data**: As of the week ending July 16, the excellent - good rate of rapeseed crops in Saskatchewan, Canada was 60.65%. As of the week ending July 15, the excellent - good rate of rapeseed growth in Alberta was 64.4%, up from 63.7% the previous week. In Manitoba, due to a long sowing window, rapeseed was at different growth stages, and the fungicide spraying work was still in progress. [9] 3. Data Overview - Data includes various charts such as the ex - factory price of soybean meal, the basis of the 09 contract of soybean meal, the 1 - 5 spread of soybean meal, the 5 - 9 spread of soybean meal, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate, with data sources from Wind and the Research and Development Department of Jianxin Futures. [15][17][14]

Group 1 - Chicago futures market saw a decline in corn, wheat, and soybean prices on July 21, with corn down 5.5 cents to $4.22 per bushel, wheat down 4 cents to $5.42 per bushel, and soybeans down 9.75 cents to $10.26 per bushel [1] - The weather in the central United States poses no threat to crops, and there is a potential increase in corn and soybean ending stocks [1] - Farmers are reluctant to sell due to thin or negative profits, leading to a bearish market driven by supply, with expectations of market lows occurring during the harvest season [1] Group 2 - The USDA reported a decrease in corn export inspections to 39 million bushels from 52 million the previous week, while soybean inspections increased to 13 million bushels from 6 million, and wheat inspections rose to 27 million bushels, marking the largest weekly export inspection since May [2] - Weather forecasts indicate heavy rain in the southern Midwest, with high temperatures expected in certain areas, but the duration of heat will be short-lived in key agricultural states [2]

Report Industry Investment Rating - No information provided Core Viewpoints of the Report - For rapeseed meal, the current good weather in US soybean - producing areas leads to a high good - rate and strong expectations of a bumper harvest, which restricts the market price. The import of soybeans in China has increased, and the short - term supply is loose, putting pressure on the meal market. However, the uncertainty of fourth - quarter purchases provides support. The aquaculture peak season boosts rapeseed meal demand, but the substitution advantage of soybean meal weakens the demand expectation. The market is also concerned about Sino - US trade negotiation news. The price of rapeseed meal continues to rise due to trade policy uncertainties [2]. - For rapeseed oil, the good growth conditions of Canadian rapeseed and the possible resumption of Sino - Australian rapeseed trade put pressure on the market. The MPOb report shows an increase in Malaysian palm oil inventory, which restricts palm oil prices, but news from the US and Indonesia's biodiesel sector is positive for the oil market. In China, the off - season of oil consumption and high inventory of rapeseed oil mills restrict the price. However, the decrease in the mill's operating rate reduces the output pressure, and fewer rapeseed purchases in the third quarter may ease the long - term pressure. Recently, rapeseed oil has performed weaker than soybean and palm oil, with increased short - term fluctuations [2]. Summary by Relevant Catalogs Futures Market - Futures closing prices: The closing price of the active rapeseed oil contract is 9563 yuan/ton, down 23 yuan; the closing price of the active rapeseed meal contract is 2727 yuan/ton, up 5 yuan; the closing price of the active ICE rapeseed contract is 698.9 Canadian dollars/ton, down 1.1 Canadian dollars; the closing price of the active rapeseed contract is 5153 yuan/ton, up 5 yuan [2]. - Spreads and positions: The 9 - 1 spread of rapeseed oil is 71 yuan/ton, down 6 yuan; the 9 - 1 spread of rapeseed meal is 312 yuan/ton, down 16 yuan. The main - contract positions of rapeseed oil are 241,486 lots, and the net long positions of the top 20 futures holders are 14,661 lots, down 3403 lots. The main - contract positions of rapeseed meal are 548,829 lots, and the net long positions of the top 20 futures holders are 35,096 lots, down 5186 lots [2]. - Warehouse receipts: The number of rapeseed oil warehouse receipts is 3487, unchanged; the number of rapeseed meal warehouse receipts is 0, down 434 [2]. Spot Market - Spot prices: The spot price of rapeseed oil in Jiangsu is 9660 yuan/ton, up 100 yuan; the spot price of rapeseed meal in Nantong is 2630 yuan/ton, up 9 yuan; the spot price of rapeseed in Yancheng, Jiangsu is 6000 yuan/ton, unchanged. The average price of rapeseed oil is 9700 yuan/ton, up 100 yuan. The import cost of rapeseed is 4997.41 yuan/ton, up 10.26 yuan [2]. - Basis and price differences: The basis of the rapeseed oil main contract is 74 yuan/ton, down 46 yuan; the basis of the rapeseed meal main contract is - 97 yuan/ton, up 4 yuan. The spot price difference between rapeseed oil and soybean oil is 1340 yuan/ton, up 40 yuan; the spot price difference between rapeseed oil and palm oil is 690 yuan/ton, down 100 yuan; the spot price difference between soybean meal and rapeseed meal is 270 yuan/ton, up 1 yuan [2]. Upstream Situation - Production and imports: The global rapeseed production forecast is 89.77 million tons, up 0.21 million tons; the annual forecast production of rapeseed is 12,378 thousand tons, unchanged. The total rapeseed import volume in the current month is 33.55 tons, down 15.37 tons [2]. - Inventory and operating rate: The total inventory of rapeseed in oil mills is 15 tons, down 5 tons. The weekly operating rate of imported rapeseed is 15.72%, up 5.86 percentage points [2]. Industry Situation - Imports: The import volume of rapeseed oil and mustard oil in the current month is 34 tons, up 10 tons; the import volume of rapeseed meal in the current month is 28.79 tons, up 4.13 tons [2]. - Inventory and提货量: The coastal rapeseed oil inventory is 9.25 tons, down 0.04 tons; the coastal rapeseed meal inventory is 1.2 tons, down 0.31 tons. The rapeseed oil inventory in East China is 58.45 tons, down 0.82 tons; the rapeseed meal inventory in East China is 38.04 tons, up 2.46 tons. The rapeseed oil inventory in Guangxi is 5.6 tons, down 0.32 tons; the rapeseed meal inventory in South China is 28.2 tons, down 1.1 tons. The weekly rapeseed oil提货量 is 3.29 tons, up 1.18 tons; the weekly rapeseed meal提货量 is 2.46 tons, up 0.14 tons [2]. Downstream Situation - Production: The monthly output of feed is 2762.1 tons, up 98.1 tons; the monthly output of edible vegetable oil is 440.4 tons, down 87 tons [2]. - Consumption: The monthly total retail sales of social consumer goods in the catering industry is 4578.2 billion yuan, up 411.2 billion yuan [2]. Option Market - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal is 20.87%, down 0.1 percentage points; the implied volatility of at - the - money put options for rapeseed meal is 20.87%, down 0.1 percentage points. The implied volatility of at - the - money call options for rapeseed oil is 13.89%, up 2.1 percentage points; the implied volatility of at - the - money put options for rapeseed oil is 13.85%, up 2.06 percentage points [2]. - Historical volatility: The 20 - day historical volatility of rapeseed meal is 16.6%, down 0.34 percentage points; the 60 - day historical volatility of rapeseed meal is 17.18%, down 0.11 percentage points. The 20 - day historical volatility of rapeseed oil is 12.14%, up 0.01 percentage points; the 60 - day historical volatility of rapeseed oil is 12.75%, down 0.18 percentage points [2]. Industry News - ICE rapeseed: On July 18th, the ICE rapeseed futures rose slightly but were far below the daily high due to the decline in US soybean oil futures and favorable Canadian crop weather [2]. - US soybean: As of July 13th, 2025, the good - rate of US soybeans was 70%, 4 percentage points higher than the previous week and higher than the analyst's expectation [2].

格林大华期货研究院 证监许可【2011】1288 号 2025 年 07 月 21 日星期一 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 研究员： 张晓君 从业资格：F0242716 交易咨询资格：Z0011864 | | | 【行情复盘】 | | --- | --- | --- | | | | 上周五生猪期货主力合约震荡偏强，LH2509合约日涨幅1.07%，收于14135元/吨；L | | | | H2511合约日涨幅0.96%，收于13635元/吨。 | | | | 【重要资讯】 | | | | 1、20日全国生猪均价14.34元/公斤，较18日涨0.17元/公斤；预计今日早间猪价北 | | | | 弱南强，东北调整至14-14.7元/公斤，山东弱稳至14.3-14.9元/公斤，河南微跌至1 | | | | 4.4-14.7元/公斤，四川稳定至13.5-13.8元/公斤，广东涨至15.8-16.2元/公斤，广 | | | | 西涨至13.8-14.3元/公斤。 | | | | 2、官方口径显示我国25年6月能繁母猪存栏4043万头，同比增长0.1%，是 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The overall trend of the US soybeans is expected to be range - bound. The domestic soybean meal market is a mix of long and short factors. The palm oil market is volatile, and the sugar, cotton, egg, and pig markets each have their own supply - demand and price characteristics and trading outlooks [2][3][5]. 3. Summary by Relevant Catalogs Soybean/Meal - **Market Situation**: The US soybeans fell in the night session last Friday. The US soybean oil rose, and recent US agricultural trade agreements boosted US soybeans. However, good weather in North America limited the upside. The domestic soybean meal spot prices increased slightly over the weekend. The oil mill's soybean meal transactions were okay, and downstream inventory days exceeded last year's level. The domestic soybean import cost is in a state of small upward fluctuations due to a single supply source [2][3]. - **Trading Strategy**: The soybean meal market is a mix of long and short factors. It is recommended to buy on dips at the lower end of the cost range and pay attention to crushing margins and supply pressure at the upper end, waiting for progress on Sino - US tariffs and new drivers from the supply side [5]. Palm Oil - **Market Situation**: High - frequency export data shows that Malaysia's palm oil exports had different trends in June. In July, the palm oil yield increased, and the output increased. The overall commodity sentiment was positive last Friday, and foreign capital's positions in the three major oils continued to hit new highs. EPA policies are bullish, but there are still bearish factors in the palm oil market [7]. - **Trading Strategy**: The palm oil market is volatile. Although there is a possibility of price increases in the fourth quarter due to the Indonesian B50 policy, the upside is limited by factors such as high - level annual production increase expectations and weak edible demand in major demand countries [10]. Sugar - **Market Situation**: On Friday, the Zhengzhou sugar futures price continued to fluctuate. The spot prices of sugar in different regions had different trends. In June 2025, China's sugar imports increased year - on - year, but from January to June, the imports decreased year - on - year [12]. - **Trading Strategy**: The domestic sugar market is in the best import profit window in the past five years. If the external market price does not rebound significantly, the probability of the Zhengzhou sugar price continuing to decline is relatively high [13]. Cotton - **Market Situation**: On Friday, the Zhengzhou cotton futures price rose first and then fell. The spot price of cotton increased. The开机 rates of spinning and weaving factories decreased, and China's cotton imports decreased significantly year - on - year [15]. - **Trading Strategy**: Although the Zhengzhou cotton price has rebounded, the downstream consumption is average. The expected issuance of sliding - scale import quotas from July to August is a potential bearish factor [16]. Egg - **Market Situation**: Egg prices generally rose over the weekend, but the upward momentum was insufficient. High - temperature weather affected egg production, and large - sized eggs were in short supply. The peak - season demand started, and the turnover in each link accelerated [19]. - **Trading Strategy**: The near - month contracts are volatile, and for the post - festival contracts after September, pay attention to short - selling opportunities after the rebound [20]. Pig - **Market Situation**: Pig prices rose over the weekend. The previous continuous decline in pig prices led to strong price - holding sentiment among farmers, and the supply decreased. However, in some areas of East China, the supply increased, and the demand was insufficient [22]. - **Trading Strategy**: In the short term, the spot price may rise again in August, and the 09 contract can be considered for buying on dips. For off - season contracts such as 11, wait for short - selling opportunities after the rebound [23].

1. Report Industry Investment Ratings - Sugar: Oscillating [1] - Cotton: Oscillating [1] 2. Core Views of the Report - Sugar is affected by the continuous drought from autumn to spring, with unfavorable emergence and early - stage growth of sugarcane in Guangxi, while beet grows well overall but there are potential pest problems in Inner Mongolia. International factors include the need to monitor Brazil's sugar production progress and Northern Hemisphere sugar crop growth [1]. - Most cotton - growing areas in China have entered the budding - to - flowering stage, with growth 4 to 7 days ahead of previous years. High - temperature risks in Xinjiang in July and the cautious raw - material procurement of textile enterprises due to the off - season market require continuous attention to weather changes and tariff uncertainties [1]. 3. Summary by Related Content 3.1 Data Overview 3.1.1 Outer - Market Quotes - US sugar price remained at $16.79 from July 19th to 20th, with a 0.00% change [3]. - US cotton price remained at $68.76 from July 19th to 20th, with a 0.00% change [3]. 3.1.2 Spot Prices - Nanning sugar price remained at 6050.0 from July 17th to 18th, with a 0.00% change [3]. - Kunming sugar price remained at 5905.0 from July 17th to 18th, with a 0.00% change [3]. - Cotton Index 328 increased from 3280 to 3281 from July 17th to 18th, with a 1.00% change [3]. - Xinjiang cotton price increased from 15200.0 to 15300.0 from July 17th to 18th, with a 0.66% change [3]. 3.1.3 Spread Overview - All sugar and cotton spreads (SR01 - 05, SR05 - 09, etc.) remained unchanged from July 19th to 20th, with a 0.00% change [3]. 3.1.4 Import Prices - Cotton cotlookA increased from 79.3 to 79.5 from July 17th to 18th, with a 0.25% change [3]. 3.1.5 Profit Margins - Sugar import profit remained at 1579.0 from July 17th to 18th, with a 0.00% change [3]. 3.1.6 Options - SR509C5800 has an implied volatility of 0.0745 and a historical volatility of 7.05 for the underlying SR509 [3]. - SR509P5800 has an implied volatility of 0.0746 [3]. - CF509C14200 has an implied volatility of 0.1198 and a historical volatility of 9.16 for the underlying CF509 [3]. - CF509P14200 has an implied volatility of 0.1251 [3]. 3.1.7 Warehouse Receipts - Sugar warehouse receipts decreased from 21857.0 to 21477.0 from July 17th to 18th, with a - 1.74% change [3]. - Cotton warehouse receipts decreased from 9585.0 to 9532.0 from July 17th to 18th, with a - 0.55% change [3]. 3.2 Company Information - CINDA Futures Co., Ltd. is a limited - liability company specializing in domestic futures business, wholly - owned by CINDA Securities Co., Ltd., with a registered capital of 600 million RMB. It holds various memberships in multiple exchanges and associations [8].

Core Viewpoint - The article highlights the recent performance of CBOT corn, wheat, and soybean futures, indicating a general upward trend in commodity prices, with specific percentage increases noted for each crop [1]. Group 1: Commodity Performance - CBOT corn futures increased by 3.82%, closing at $4.28 per bushel, showing a sustained upward movement [1]. - CBOT wheat futures rose by 0.37%, ending at $5.47 per bushel, demonstrating a U-shaped reversal pattern [1]. - CBOT soybean futures saw a rise of 2.76%, closing at $10.35 per bushel, with a notable increase from Wednesday to Friday [1]. Group 2: Related Futures - Soymeal futures increased by 1.83%, reflecting a positive trend in the soybean market [1]. - Soybean oil futures experienced a rise of 3.60%, contributing to the overall bullish sentiment in the agricultural commodities sector [1].

Core Insights - The article highlights that U.S. soybean export volumes have exceeded market expectations, leading to increased trader confidence and speculation about further price increases [1] Group 1: Market Performance - U.S. soybean exports are performing better than anticipated, which is a positive indicator for the market [1] - Increased trader confidence is noted as a result of the favorable export data, suggesting a bullish sentiment in the market [1] Group 2: Price Outlook - The article raises the question of how much further prices may rise, indicating ongoing speculation about future price movements in the soybean market [1]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The protein meal market: Night trading of soybean and rapeseed meal showed a strong and volatile trend. The US - Indonesia trade agreement reduced the soybean tariff from 32% to 19%, with Indonesia planning to purchase $4.5 billion worth of US agricultural products. There were also sales of US soybeans to unknown destinations, and the US soybean biodiesel policy supported prices. However, the domestic supply - side pressure limited the upside, and the domestic continuous meal was expected to maintain a strong and volatile short - term trend [3]. - The oil market: Night trading of oils was strong. The MPOB report was neutral - bearish, but high - frequency data showed a month - on - month increase in Malaysian palm oil exports. Indian imports changed significantly, with a 60% month - on - month increase in palm oil imports in June. With strong demand, palm oil prices were expected to be supported, and the overall oil market was expected to remain in a volatile pattern [3]. 3. Summary by Related Categories Futures Market - **Domestic Futures**: For domestic futures, the previous day's closing prices of soybean oil, palm oil, and other varieties had different changes. For example, the closing price of soybean oil futures was 8072, up 30 with a 0.37% increase; palm oil was 8796, up 74 with a 0.85% increase; and rapeseed oil was 9440, down 30 with a - 3.15% decrease. There were also changes in spreads and price - ratio spreads [2]. - **International Futures**: In the international futures market, the previous day's closing price of BMD palm oil was 4158 ringgit/ton, up 49 with a 1.19% increase; CBOT soybeans were 1027 cents/bushel, up 8 with a 0.74% increase; CBOT US soybean oil was 56 cents/pound, up 1 with a 2.71% increase; and CBOT US soybean meal was 284 dollars/ton, up 1 with a 0.21% increase [2]. Spot Market - **Domestic Spot Prices**: Domestic spot prices also had different changes. For example, the spot price of Tianjin first - grade soybean oil was 8230, with a 0.00% change; Guangzhou first - grade soybean oil was 8240, with a 0.24% increase; and the spot price of Zhangjiagang 24° palm oil was 8870, with a 0.00% change [2]. - **Spot Spreads and Basis**: There were corresponding changes in spot spreads and basis. For example, the spot spread between Guangzhou first - grade soybean oil and 24° palm oil remained at - 570, and the spot basis of Tianjin first - grade soybean oil was 158 [2]. Industry Information - **Palm Oil Industry**: Indonesia increased the mandatory biodiesel blending ratio from 35% to 40%. Malaysia's August reference price for crude palm oil was significantly higher than that in July, and the export tax increased from 8.5% to 9% [3]. - **Protein Meal Industry**: The US and Indonesia reached a trade agreement to reduce the soybean tariff, and Indonesia planned to purchase $4.5 billion worth of US agricultural products, which boosted the market's confidence in US soybean exports [3].

Group 1: Report Investment Ratings - The investment strategy for both the soybean meal and corn sectors is cautiously bearish [3][5] Group 2: Core Views - The adjustment of the supply - demand report is small and in line with market expectations. The good - to - excellent rate of US soybeans is at a relatively high historical level, and the weather in the main production areas is favorable, with no significant impact expected in the near term. In China, there is still pressure on the spot market, and attention should be paid to the growth of new - season US soybeans and policy changes [2] - In the domestic corn market, supply capacity is increasing due to more auctions and high - temperature storage issues. Demand is weak as feed enterprises have sufficient inventory and are in the off - season. Imported corn auctions continue, but the transaction premium and volume are decreasing [4] Group 3: Summary by Section (Market News and Important Data) Soybean Meal and Rapeseed Meal - Futures: On the previous trading day, the soybean meal 2509 contract closed at 3029 yuan/ton, up 52 yuan/ton (+1.75%); the rapeseed meal 2509 contract closed at 2719 yuan/ton, up 66 yuan/ton (+2.49%) [1] - Spot: In Tianjin, Jiangsu, and Guangdong, soybean meal spot prices increased by 30, 50, and 40 yuan/ton respectively. In Fujian, rapeseed meal spot price increased by 60 yuan/ton [1] - Market News: Brazil's expected 2025 soybean export volume is 1.1 billion tons, an increase of about 130 million tons year - on - year. Argentina's 2024/25 soybean production forecast is raised to 49.5 million tons [1] Corn and Corn Starch - Futures: The corn 2509 contract closed at 2296 yuan/ton, up 3 yuan/ton (+0.13%); the corn starch 2509 contract closed at 2646 yuan/ton, up 7 yuan/ton (+0.27%) [3] - Spot: In Liaoning, the corn spot price remained unchanged, and in Jilin, the corn starch spot price also remained unchanged [3] - Market News: As of July 12, 2025, the first - season corn harvest progress in Brazil is 98.3%. Brazil's corn exports from July 1 - 11 are slower than last year [3] Group 4: Summary by Section (Market Analysis) Soybean Meal - The supply - demand report adjustment is small. US soybean good - to - excellent rate is high, and the weather is favorable. In China, there is spot pressure, with rising soybean meal inventory and high physical inventory of feed enterprises [2] Corn - In China, corn supply is increasing due to more auctions and storage issues. Demand is weak as feed enterprises have sufficient inventory and are in the off - season. Imported corn auctions show a change in market sentiment [4]