Group 1: Report Overview - The report is the weekly report on live pigs and corn from July 22 - 28, 2025, published by Caida Futures [1] Group 2: Live Pig Market Futures and Spot Market - Last week, the live pig futures rose significantly and then fell back. The LH2509 contract closed at 14,385 yuan/ton, up 1.91% from the previous week's settlement price [5] - As of July 25, the self - breeding and self - raising live pig breeding profit was 62.16 yuan/head, a week - on - week decrease of 28.73 yuan/head; the profit of purchasing piglets for breeding was - 71.39 yuan/head, a week - on - week decrease of 52.73 yuan/head; the pig - grain ratio was 6.02, a week - on - week decrease of 0.15 [5] Price Trend and Policy Impact - The national live pig spot price rose first and then fell last week. At the beginning of the week, affected by the typhoon, the breeding side reduced supply and resisted price cuts. As the weather impact weakened, group enterprises increased their slaughter, and terminal demand was weak, causing the price to decline slightly [5] - On July 23, the Ministry of Agriculture and Rural Affairs held a symposium on promoting the high - quality development of the live pig industry, proposing to implement capacity control measures, reduce the number of breeding sows, and control fat pig slaughter weight. This news boosted the live pig futures to break through 15,000, reaching a new high for the year [5] Short - term Outlook - In the short term, farms have completed their slaughter plans well, but demand is weak, which restricts the live pig market. Prices may fluctuate, and market sentiment changes should be monitored [5] Group 3: Corn Market Futures and Spot Market - Last week, the corn futures rose and then fell back. The C2509 contract closed at 2,311 yuan/ton, up 0.26% from the previous week's settlement price [6] - The national average corn spot price was 2,407.84 yuan/ton, up 2.84 yuan/ton week - on - week [6] Port Prices - As of July 25, in Jinzhou Port, the price of corn with 15% moisture and 720 bulk density was 2,290 - 2,310 yuan/ton, a week - on - week decrease of 30 - 40 yuan/ton; the flat - hatch price of 15% moisture corn was 2,320 - 2,330 yuan/ton, unchanged week - on - week [6] - In Bayuquan Port, the price of corn with 15% moisture and 720 bulk density was 2,290 - 2,310 yuan/ton, a week - on - week decrease of 40 yuan/ton; the flat - hatch price of 15% moisture corn was 2,320 - 2,330 yuan/ton, unchanged week - on - week [6] - In Guangdong Shekou Port, the transaction price of 15% moisture bulk corn was 2,410 - 2,430 yuan/ton, and the price of first - grade corn was 2,450 - 2,470 yuan/ton, a week - on - week decrease of 10 yuan/ton [6] Industrial Consumption and Inventory - From July 17 - 23, 2025, 149 major corn deep - processing enterprises consumed 1.0624 million tons of corn, a decrease of 38,100 tons from the previous week [7] - The processing volume of 60 corn starch enterprises was 501,500 tons, a decrease of 36,300 tons from the previous week; the weekly corn starch output was 235,200 tons, a decrease of 25,000 tons from the previous week; the weekly operating rate was 45.46% [7] - The operating rate of the DDGS industry was 38.63%, up 0.29% from the previous week; the weekly production of DDGS was 78,620 tons, an increase of 590 tons from the previous week [7] - As of July 23, the total corn inventory of 96 major corn processing enterprises in 12 regions was 4.005 million tons, a decrease of 6.21% [7] - As of July 25, the total corn inventory in the four northern ports was about 2.18 million tons, and the corn inventory in Guangdong ports was 950,000 tons [7] Market Outlook - The national corn spot market stopped falling and rose slightly last week. After continuous grain sales and a decrease in imported corn auctions, traders were reluctant to sell, and enterprise purchase prices mainly increased [8] - Corn starch enterprises are entering the summer maintenance stage, with a significant decline in the operating rate and a continuous decrease in corn consumption. Feed enterprises are digesting previous inventories, and their demand for corn procurement is relatively weak [8] - Overall, trader inventories have decreased significantly, the overall shipment pace has slowed down, market supply has decreased, and the impact of imported corn auctions on the market has weakened. However, considering the limited restocking demand of downstream enterprises, corn prices are expected to stabilize, and the rebound space of the futures is limited, with short - term low - level fluctuations expected [8]

Core Viewpoint - The discussion between President Trump and Coca-Cola regarding the potential return to using cane sugar in the U.S. Coca-Cola formula is seen as a positive change, with Trump emphasizing it as a "better" choice [1][3]. Group 1: Company Response - Coca-Cola has acknowledged Trump's enthusiasm for the brand and stated that it will soon share more details about "innovative products" in its lineup [2][3]. - The company has historically used corn syrup in the U.S. since the 1980s due to rising cane sugar prices influenced by government tariffs [4]. Group 2: Market Context - In contrast to the U.S. market, Coca-Cola still uses cane sugar in countries like Mexico, the UK, and Australia, where consumers have expressed a preference for the unique taste of cane sugar-based Coca-Cola [5]. - The suggestion to switch back to cane sugar has faced opposition from the U.S. corn industry, which argues that such a change could lead to job losses in food manufacturing and reduced income for farmers without any nutritional benefits [5].

Core Viewpoint - The corn industry is a strategic pillar for China's food security, with significant growth in planting area, yield, and total production expected in 2024, despite short-term market adjustments due to international price fluctuations and rising costs [1][8][14]. Group 1: Industry Overview - The corn processing industry in China has developed a complete industrial chain, from primary processing to modern biobased material research, becoming a key hub for agricultural production and industrial manufacturing [1][5][14]. - Corn processing can be categorized into primary processing and deep processing, producing various products for food, feed, and industrial applications [2][3][5]. Group 2: Current Development Status - In 2024, China's corn planting area is projected to reach 44.74 million hectares, a year-on-year increase of 1.18%, with a yield of 439.4 kg/mu, contributing to a total production of 294.92 million tons, a 2.1% increase from the previous year [1][8][10]. - The total corn consumption in 2024 is expected to reach 31.78 million tons, with industrial consumption growing by 3.07% to 7.94 million tons, driven by innovations in deep processing [12][14]. Group 3: Market Trends - The corn deep processing market size is expected to adjust to 190 billion yuan in 2024, down 6.4% from its peak in 2022, but the long-term growth trend remains solid [1][14]. - The corn processing industry is transitioning towards green and low-carbon practices, focusing on high-value product development such as polylactic acid and functional sugars [24][25][26]. Group 4: Competitive Landscape - The corn deep processing industry in China has a tiered competitive structure, with leading companies like COFCO Technology and Meihua Biological occupying the top tier, focusing on high-value products [20][22]. - The market for corn starch is highly concentrated, with top companies holding over 44% market share, and there is a trend towards differentiation and expansion into biobased materials and other emerging fields [22][24].