2026 年 1 月 13 日星期二 重庆市江北区金沙门路 32 号 23 层； 023-67071029 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-61101854 地址： 电话： 1 市场有风险 投资需谨慎 | | | | 碳酸锂： | | 16 | | --- | --- | --- | | 铜： | | 17 | | 铝： | | 17 | | 锌： | | 18 | | 铅： | | 18 | | 锡： | | 18 | | 镍： | | 19 | | 豆油、豆粕： | | 19 | | 棕榈油： | | 20 | | 菜粕、菜油： | | 21 | | 棉花： | | 21 | | 白糖： | | 22 | | 苹果： | | 23 | | 生猪： | | 24 | | 鸡蛋： | | 25 | | 玉米&淀粉： | | 25 | | 原木： | | 26 | | 免责声明 | | 28 | 上一交易日，国债期货收盘多数上涨，30 年期主力合约涨 0.30%报 111.200 元， 10 年期主力合约涨 0.06%报 107.845 元，5 年期主力合约涨 0.05%报 1 ...

| 观点总结（ | 截至1月7日，全国玉米淀粉企业淀粉库存总量112.5万吨，较上周增加0.20万吨，周增幅0.18%，月增幅2.09%；年同比增幅25.14 | | --- | --- | | 淀粉） | %。企业库存仍处于同期高位，总体供应压力仍存。不过，木薯淀粉涨幅过大后，部分下游客户重新采购玉米淀粉，提升其需求增 | | 重点关注 | 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 | | 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | 量。关注春节前下游备货对玉米淀粉价格带动情况。盘面来看，近期受玉米上涨提振，淀粉同步跟涨，短期观望。 | 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 玉米系产业日报 2026-01-12 免责声明 | 项目类别 | 数据指标 最新 环比 数据指标 | | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):(日,元/吨) | 2290 | 27 玉米淀粉期货收盘价(活跃合约):(日,元/ | 2566 | 31 | ...

Maike 迈科期货 TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE www.mkqh.com 迈科期货基差统计表 | | 名称 | 交易代码 | 主力基差率 | 较昨日増减 | 当月基差 | 次月基差 | 再次月基差 | 录自导科 | 次月合约 | 再次月合约 | 现货价格 | 现货价格来源 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 铜 | CU | 0.21% | 0.86% | 215 | 115 | 165 | 101870 | 101970 | 101920 | 102085 | SMM 1#电解铜 | | | 指 | AL | 0.04% | 1.23% | 10 | -15 | -60 | 23990 | 24015 | 24060 | 24000 | SMM A00铝 | | | 锌 | ZN | 0.52% | 0.54% | 125 | 80 | 40 | 24045 | 24090 | 24130 | 2417 ...

瑞达期货研究院 「2026.01.09」 玉米类市场周报 现货市场偏强支撑 玉米期价震荡收涨 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 取 更 多 资 讯 联系电话：0595-86778969 关 注 我 们 获 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 总结及策略建议 3 Ø 玉米： Ø 行情回顾：本周玉米期货震荡收涨。主力2603合约收盘价为2263元/吨，较上周+37元/吨。 Ø 行情展望：美玉米步入出口旺季，阶段性供应压力较高。不过，美玉米出口状况良好，对美玉米 价格有所支撑。市场等待USDA月度供需报告和季度谷物库存报告。国内方面，东北产区据国粮局 统计截至12月29日玉米已累积收购1.17亿吨，收购进度过半。元旦后储备玉米投放陆续增多，进 口玉米定向投放继续进行，基层种植户惜售心理仍偏强，深加工企业库存持续回升，饲料企业库 存在一个月以上，继续维持刚性采购。华北黄淮产区收获期遭遇持续秋雨，新玉米质量不佳，饲 料企业大量采购东北粮。另外，南北港口以及下游企业库存整体依旧偏低 ...

Market Overview - Corn starch futures experienced high volatility, with the main contract reported at 2530.00 CNY, a slight increase of 0.60% [1] - As of January 7, the Dalian Commodity Exchange reported 12,477 corn starch futures warehouse receipts, an increase of 122 from the previous trading day [1] Positioning Data - On January 7, the top 20 futures companies held a total of 156,800 long positions and 196,100 short positions, resulting in a long-to-short ratio of 0.8 [1] - The net position decreased by 3,625 contracts to -39,200 contracts compared to the previous day [1] Price Comparison - The spot price for corn starch in Changchun, Jilin, was quoted at 2,620.00 CNY/ton, which is 82.0 CNY/ton higher than the futures main price of 2,538.00 CNY/ton [1] Institutional Insights - Starch prices are performing relatively weaker than corn, with stable spot prices across regions and minor declines in various contracts [2] - Despite a loose supply-demand situation in the starch industry, the price gap is at a low level, and there are signs of improvement in downstream consumption [2] - The narrowing space for the starch-corn price gap suggests a cautious bullish outlook, with recommendations for conservative investors to observe and aggressive investors to hold previous long positions [2]

玉米系产业日报 2026-01-07 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 最新 数据指标 | | 环比 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 26 玉米淀粉期货收盘价(活跃合约):(日,元/ 期货收盘价(活跃合约):(日,元/吨) | 2248 | | 2538 | 37 | | | 玉米月间价差(5-9):(日,元/吨) 6 玉米淀粉月间价差(3-5):(日,元/吨) | -21 | 吨) | -43 | 1 | | 期货市场 | 期货持仓量(活跃 ...

Report's Industry Investment Rating No investment rating mentioned in the report. Core Viewpoints of the Report - For the corn market, the US corn is in the export peak season with high short - term supply pressure, but good export conditions support the price. In the domestic market, the acquisition progress in the Northeast has passed half, and after the New Year's Day, the release of reserve corn and the directional release of imported corn continue. The feed enterprise inventory is at a normal level, and the deep - processing enterprise inventory is relatively low year - on - year. In the Huabei and Huanghuai regions, as the Spring Festival approaches, the willingness to sell grain increases, and the market supply is abundant. The corn futures price is relatively volatile recently, and it is advisable to wait and see [2]. - For the corn starch market, with the increase in the supply of new - season corn, the supply pressure remains. The starch inventory has increased week - on - week, month - on - month, and year - on - year. However, after the large increase in the price of tapioca starch, some downstream customers have repurchased corn starch, increasing the demand. The starch price has been oscillating recently, and short - term waiting and seeing is recommended [3]. Summary by Relevant Catalogs Futures Market - Corn futures: The closing price of the active contract is 2222 yuan/ton, the monthly spread (5 - 9) is - 27 yuan/ton, the open interest of the active contract is 994015 lots (down 7328 lots), the net long position of the top 20 holders is - 167858 lots (up 1031 lots), the registered warehouse receipts are 31655 lots (down 7740 lots), and the CS - C spread of the main contract is 313 yuan/ton (down 8 yuan/ton) [2]. - Corn starch futures: The closing price of the active contract is 2501 yuan/ton (down 8 yuan/ton), the monthly spread (3 - 5) is - 44 yuan/ton (down 1 yuan/ton), the open interest of the active contract is 193513 lots (down 3295 lots), the net long position of the top 20 holders is - 33413 lots (down 1803 lots), and the registered warehouse receipts are 12355 lots (unchanged) [2]. - CBOT corn futures: The closing price of the active contract is 444.5 cents/bushel (up 7.5 cents), the total open interest is 1543015 contracts (up 26463 contracts), and the non - commercial net long position is 53192 contracts (down 11680 contracts) [2]. Spot Market - Corn: The average spot price is 2354.51 yuan/ton (down 1.96 yuan/ton), the FOB price at Jinzhou Port is 2310 yuan/ton (unchanged), and the CIF price of imported corn is 2051.05 yuan/ton (up 3.76 yuan/ton) [2]. - Corn starch: The ex - factory price in Changchun is 2570 yuan/ton (unchanged), in Weifang is 2800 yuan/ton (unchanged), and in Shijiazhuang is 2730 yuan/ton (unchanged). The basis of the main corn starch contract is 69 yuan/ton (up 8 yuan/ton), and the basis of the main corn contract is 132.51 yuan/ton (up 0.04 yuan/ton) [2]. Upstream Situation - Corn production forecasts: The predicted annual production in the US is 425.53 million tons (down 1.58 million tons), in Brazil is not mentioned, in Argentina is 53 million tons (unchanged), in China is 295 million tons (unchanged), and in Ukraine is 32 million tons (unchanged) [2]. - Corn planting areas: The predicted planting areas in the US is 36.44 million hectares (up 0.55 million hectares), in Brazil is not mentioned, in Argentina is 7.5 million hectares (unchanged), in China is 44.3 million hectares (unchanged), and in Ukraine is not mentioned [2]. - Corn inventory: The inventory at southern ports is 65.8 tons (up 15.6 tons), at northern ports is 157 tons (down 31 tons), and the deep - processing corn inventory is 349.4 tons (up 11.6 tons) [2]. Industry Situation - Corn: The monthly import volume is 36 tons (up 30 tons), the monthly feed production is 2977.9 tons (up 20.9 tons), and the sample feed corn inventory days are 29.92 days (up 0.04 days) [2]. - Corn starch: The monthly export volume is 19.17 tons (up 6.39 tons), the starch enterprise inventory is 112.3 tons (up 2.1 tons, with a week - on - week increase of 1.91%, a month - on - month increase of 3.09%, and a year - on - year increase of 24.64%) [2][3]. Downstream Situation - Corn: The deep - processing corn consumption is 138.28 tons (down 1.42 tons), and the alcohol enterprise operating rate is 63.5% (down 1.38%) [2]. - Corn starch: The starch enterprise operating rate is 59.86% (down 0.6%), the processing profit in Shandong is - 8 yuan/ton (unchanged), in Hebei is 65 yuan/ton (unchanged), and in Jilin is - 56 yuan/ton (unchanged) [2]. Option Market - For corn options, the 20 - day historical volatility is 11.08% (down 0.32%), the 60 - day historical volatility is 9.29% (down 0.01%), and the implied volatility of at - the - money call and put options is 10.02% (up 0.53%) [2]. Industry News - As of the week ending January 1, 2026, the US corn export inspection volume was 1,206,913 tons, compared with the revised 1,335,028 tons last week and 877,214 tons in the same period last year [2]. - As of the week ending December 25, 2025, the net sales volume of US corn in the 2025/26 season was 756,419 tons, compared with 2,202,287 tons in the previous week [2].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The macro - economic recovery momentum is still weak, but different investment products have different trends. For example, the stock index is expected to have its fluctuation center gradually move up, while the treasury bond futures are expected to face some pressure [6][9]. 3. Summary by Category Treasury Bonds - **Market Performance**: The previous trading day saw most treasury bond futures close down. The 30 - year, 5 - year, and 2 - year main contracts declined by 0.05%, 0.02%, and 0.03% respectively, while the 10 - year main contract rose by 0.03% [5]. - **Policy and News**: The central bank conducted 13.5 billion yuan of 7 - day reverse repurchase operations on January 5th, with a net withdrawal of 468.8 billion yuan due to 482.3 billion yuan of reverse repurchases maturing. The 9 - department notice on promoting green consumption was released [5]. - **Outlook**: Treasury bond futures are expected to face some pressure, and caution is advised [6]. Stock Index Futures - **Market Performance**: The previous trading day saw mixed performance in stock index futures. The main contracts of IF, IH, IC, and IM rose by 2.26%, 2.55%, 3.11%, and 2.69% respectively [8]. - **Policy and News**: The China Securities Regulatory Commission held a symposium on promoting the cross - departmental work of the comprehensive prevention and control system for financial fraud in the capital market. It aims to improve the system, strengthen coordination, and enhance corporate governance [9]. - **Outlook**: The fluctuation center of the stock index is expected to gradually move up, and investors can choose the right time to go long [9]. Precious Metals - **Market Performance**: The previous trading day saw the gold main contract close at 995 with a 1.78% increase, and the silver main contract close at 18,247 with a 6.87% increase [11]. - **Policy and News**: The Minneapolis Fed President Kashkari commented on the employment market, inflation, and economic outlook [11]. - **Outlook**: The market volatility is expected to significantly increase. It is advisable to exit long positions and wait and see [11]. Steel Products (Thread and Hot - Rolled Coil) - **Market Performance**: The previous trading day saw thread steel and hot - rolled coil futures weakly oscillate. The spot prices of Tangshan billet, Shanghai thread steel, and Shanghai hot - rolled coil were reported [13]. - **Supply and Demand**: The demand for thread steel is in a year - on - year decline, and the market will enter the off - season. The supply pressure has eased as the production is at a low level this year. The inventory is higher than last year but the consumption speed is fast. The hot - rolled coil has similar fundamentals [13]. - **Outlook**: The prices are likely to continue to weakly oscillate. Investors can look for short - selling opportunities at high levels during rebounds and manage their positions carefully [13]. Iron Ore - **Market Performance**: The previous trading day saw iron ore futures oscillate at a high level. The spot prices of PB powder and Super Special powder were reported [15]. - **Supply and Demand**: The national hot metal daily output has declined in the past two months. The import volume in the first 11 months of 2025 increased by 1.4% year - on - year, and the domestic production is lower than in 2024. The port inventory is at the highest level in the same period of the past five years [15]. - **Outlook**: The market supply - demand pattern is weak, but the futures may continue to be strong in the short term. Investors can look for short - selling opportunities at high levels and manage their positions carefully [15]. Coking Coal and Coke - **Market Performance**: The previous trading day saw coking coal and coke futures decline significantly [17]. - **Supply and Demand**: After the holiday, domestic coking coal production increased. The demand from downstream coke enterprises is weak, and the fourth - round price cut of coke procurement has been implemented. The blast furnace profit is low, and the demand for coke is weak [17]. - **Outlook**: The futures may continue to weakly oscillate in the short term. Investors can look for buying opportunities at low levels and manage their positions carefully [17]. Ferroalloys - **Market Performance**: The previous trading day saw the manganese - silicon main contract decline by 0.78% and the silicon - iron main contract decline by 1.37% [19]. - **Supply and Demand**: The manganese ore supply is gradually recovering, and the port inventory is slightly increasing. The cost of ferroalloys fluctuates slightly at a low level. The production of thread steel by sample steel mills is lower than in 2024, and the production of ferroalloys is at a low level in the past five - year period, but the inventory continues to increase [19]. - **Outlook**: After a decline, investors can consider long - position opportunities at low levels when the spot loss expands [20]. Crude Oil - **Market Performance**: The previous trading day saw INE crude oil decline significantly due to the possible development of Venezuelan oil resources by the US [21]. - **Policy and News**: The US may have captured the Venezuelan president, and the US oil production reached a record high in October. The OPEC meeting confirmed a suspension of production increase in the first quarter [21]. - **Outlook**: It is advisable to look for long - position opportunities in the main crude oil contract [22]. Fuel Oil - **Market Performance**: The previous trading day saw fuel oil decline significantly and close below the moving average group. The Asian VLSFO spot discount narrowed, and the HSFO oscillated within a range [23]. - **Supply and Demand**: The Singapore fuel oil inventory is high, which is negative for prices. The spot discount narrowing and the possible increase in crude oil prices may support the fuel oil price [24]. - **Outlook**: It is advisable to look for long - position opportunities in the main fuel oil contract [25]. Polyolefins - **Market Performance**: The previous trading day saw the Hangzhou PP market have mixed price movements, and the Yuyao LLDPE price increased [26]. - **Supply and Demand**: The production enterprises are actively reducing inventory, and the market price has stopped falling and rebounded, which is conducive to price stability [26]. - **Outlook**: It is advisable to wait and see for now [27]. Synthetic Rubber - **Market Performance**: The previous trading day saw the synthetic rubber main contract rise by 0.95%. The Shandong mainstream price increased, and the basis was stable [28]. - **Supply and Demand**: The price increase was supported by the rise in butadiene price and high device operating rate, but the weak downstream demand limited the increase. The inventory of domestic cis - polybutadiene rubber decreased [28][29]. - **Outlook**: It is expected to oscillate strongly [30]. Natural Rubber - **Market Performance**: The previous trading day saw the natural rubber main contract and 20 - rubber main contract rise by 1.06% and 1.14% respectively. The Shanghai spot price increased, and the basis slightly widened [31]. - **Supply and Demand**: The domestic supply has stopped, but the overseas pressure remains. The demand from tire enterprises is weak, and the inventory is seasonally increasing. The 20 - rubber delivery supply has expanded [31]. - **Outlook**: It is expected to oscillate [32]. PVC - **Market Performance**: The previous trading day saw the PVC main contract decline by 0.67%. The spot price was stable, and the basis slightly widened [33]. - **Supply and Demand**: It is in the traditional off - season. The supply pressure is increasing, and the demand is weak. The cost support is strong, and the social inventory is increasing [33][34]. - **Outlook**: It is expected to oscillate at a low level. Attention should be paid to changes in the supply side [33][34]. Urea - **Market Performance**: The previous trading day saw the urea main contract rise by 1.43%. The Shandong Linyi price increased, and the basis was stable [35]. - **Supply and Demand**: The daily output has slightly increased, and the agricultural demand is expected to increase. The demand from the industrial sector is weak. The inventory has decreased [35]. - **Outlook**: The downward space is limited [36]. PX - **Market Performance**: The previous trading day saw the PX2603 main contract decline by 1.23%. The PXN spread and short - term profit are recovering [37]. - **Supply and Demand**: The PX load is stable, and the inventory is low. The crude oil price may be adjusted due to the US - Venezuela situation [37][38]. - **Outlook**: It may oscillate and adjust in the short term. It is advisable to participate with caution and pay attention to macro - policies and fundamental changes [38]. PTA - **Market Performance**: The previous trading day saw the PTA2605 main contract decline by 1.87%. The processing fee has recovered [39]. - **Supply and Demand**: The PTA load has increased, and the polyester load has recovered. The export has increased. The cost of crude oil may be uncertain due to geopolitical situations [39]. - **Outlook**: It may oscillate in the short term. It is advisable to operate with caution and pay attention to oil price changes [39]. Ethylene Glycol - **Market Performance**: The previous trading day saw the ethylene glycol main contract decline by 2.51% [40]. - **Supply and Demand**: The supply is expected to increase, the port inventory is increasing, and the demand support is slightly weakening [40][41]. - **Outlook**: It is advisable to wait and see and pay attention to port inventory and supply changes [41]. Short - Fiber - **Market Performance**: The previous trading day saw the short - fiber 2602 main contract decline by 1.25% [42]. - **Supply and Demand**: The supply is at a relatively high level, and the terminal factories are mainly consuming inventory. The new orders in the weaving sector are weak [42]. - **Outlook**: It may oscillate following the raw material price. It is necessary to control risks and pay attention to cost changes and macro - policy adjustments [42]. Bottle - Chip - **Market Performance**: The previous trading day saw the bottle - chip 2603 main contract decline by 1.46%. The processing fee is around 410 yuan/ton [43]. - **Supply and Demand**: The bottle - chip factory load has increased, and the export growth rate has increased. The supply - demand structure has slightly improved, but the cost is still the main influencing factor [43]. - **Outlook**: It is expected to oscillate following the cost. It is advisable to participate with caution and control risks [44]. Lithium Carbonate - **Market Performance**: The previous trading day saw the lithium carbonate main contract rise by 7.74% [45]. - **Supply and Demand**: The supply is at a high level, and the demand from the energy - storage and power - battery sectors has improved. The inventory has decreased [45]. - **Outlook**: The price may be supported in the short term, but it is necessary to operate with caution as it is easily affected by news [45]. Copper - **Market Performance**: The previous trading day saw the Shanghai copper main contract rise by 2.22% [46]. - **Supply and Demand**: The global copper supply may be tight due to strikes in Chile. The domestic consumption is in the off - season, and the inventory is increasing [46]. - **Outlook**: The price is at a high level. It is necessary to be cautious about chasing the rise [46]. Aluminum - **Market Performance**: The previous trading day saw the Shanghai aluminum main contract rise by 2.57%, and the alumina main contract decline by 0.72% [48]. - **Supply and Demand**: The alumina supply is in excess, and the electrolytic aluminum production is stable. The demand from processing enterprises is weak [48]. - **Outlook**: The price is at a high level. It is necessary to be vigilant about price retracement [48]. Zinc - **Market Performance**: The previous trading day saw the Shanghai zinc main contract rise by 1.16% [50]. - **Supply and Demand**: The zinc concentrate processing fee is low, and the refined zinc production may decrease. The overseas supply - demand tension has eased [50]. - **Outlook**: It is necessary to be cautious about chasing the rise as the consumption off - season is approaching [50]. Lead - **Market Performance**: The previous trading day saw the Shanghai lead main contract rise by 0.32% [52]. - **Supply and Demand**: The supply from primary and secondary lead enterprises is weak, and the consumption is in the off - season. The inventory is low [52][53]. - **Outlook**: It is expected to oscillate within a range [54]. Tin - **Market Performance**: The previous trading day saw the Shanghai tin main contract rise by 1.05% [55]. - **Supply and Demand**: The tin supply is tight due to geopolitical conflicts and slow production resumption in Wa State. The demand has some resilience [55]. - **Outlook**: It is expected to oscillate strongly [55]. Nickel - **Market Performance**: The previous trading day saw the Shanghai nickel main contract rise by 0.71% [56]. - **Supply and Demand**: The Indonesian nickel policy may increase costs. The stainless - steel demand is weak, and the primary nickel is in an oversupply situation [56]. - **Outlook**: It is necessary to pay attention to policy changes [56]. Soybean Oil and Soybean Meal - **Market Performance**: The previous trading day saw the soybean meal main contract decline by 0.28% and the soybean oil main contract decline by 0.13% [57]. - **Supply and Demand**: The Brazilian soybean planting is almost completed. The soybean supply is relatively loose, and the demand for soybean meal is growing moderately, while the demand for soybean oil has slightly improved [57][58]. - **Outlook**: It is advisable to look for long - position opportunities in the cost - support range for soybean meal and long - position opportunities for call options at low levels for soybean oil [58]. Palm Oil - **Market Performance**: The previous trading day saw Malaysian palm oil rise slightly [59]. - **Supply and Demand**: The Malaysian palm oil inventory is expected to reach a seven - year high, and the export has decreased. The domestic import has increased [60]. - **Outlook**: It is advisable to wait and see for now [61]. Rapeseed Meal and Rapeseed Oil - **Market Performance**: The Canadian rapeseed price increased by more than 1% [62]. - **Supply and Demand**: The domestic rapeseed and rapeseed oil imports have changed, and the inventory of rapeseed meal and rapeseed oil is at a relatively high and low level respectively in the past seven years [62]. - **Outlook**: It is advisable to wait and see for now [63]. Cotton - **Market Performance**: The previous trading day saw the domestic Zhengzhou cotton first rise and then fall. The overseas cotton price rose by 1% [64]. - **Supply and Demand**: The domestic cotton production is expected to increase slightly, but the future planting area may decrease. The textile and clothing export has shown some resilience [65][66]. - **Outlook**: The cotton price is expected to be strong [66]. Sugar - **Market Performance**: The previous trading day saw the Zhengzhou sugar oscillate and rebound, and the overseas raw sugar slightly rebounded [68]. - **Supply and Demand**: The domestic and Indian sugar production is expected to increase, and the supply pressure is increasing. The import volume has changed [69]. - **Outlook**: The upward space may be limited after the significant rebound [70]. Apples - **Market Performance**: The previous trading day saw the domestic apple futures rise significantly [72]. - **Supply and Demand**: The apple inventory is at a low level in recent years, and the new - season production and quality have declined [73]. - **Outlook**: The price is expected to be strong in the medium and long term [73]. Pigs - **Market Performance**: The previous trading day saw the national average pig price remain unchanged. The main contract declined by 0.98% [75][76]. - **Supply and Demand**: The supply of large - scale farms may increase in January, and the demand has weakened after the holiday. The frozen - product inventory has decreased [75][76]. - **Outlook**: The supply may face great pressure in the first quarter. It is advisable to consider an inverse spread strategy [76]. Eggs - **Market Performance**: The previous trading day saw the main contract rise by 1.42% [78]. - **Supply and Demand**: The egg supply is expected to remain at a high level in January, but the supply may improve marginally. The consumption is weak after the New Year's Day [77][78]. - **Outlook**: It is advisable to consider a positive spread strategy [78]. Corn and Starch - **Market Performance**: The previous trading day saw the corn main contract decline by 0.22% and the corn starch main contract decline by 0.44% [79]. - **Supply and Demand**: The North Port corn inventory is low, and the Northeast production area's grain - selling progress is fast. The

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):(日,元/吨) | 2224 -25 | -2 玉米淀粉期货收盘价(活跃合约):(日,元/ -3 玉米淀粉月间价差(3-5):(日,元/吨) | 2509 -43 | -6 7 | | | 玉米月间价差(5-9):(日,元/吨) | | 吨) | | | | | 期货持仓量(活跃合约):黄玉米(日,手) | 1001343 | -7918 期货持仓量(活跃合约):玉米淀粉(日,手) | 196808 | 1319 | | | 期货前20名持仓:净买单量:玉米(日,手) | -168889 | -12315 期货前20名持仓:净买单量:玉米淀粉(日, | -31610 | -373 | | | 注册仓单量:黄玉米(日,手) | 39395 | 手) 0 注册仓单量:玉米淀粉(日,手) | 12355 | 0 | | | 主力合约CS-C价差(日,元/吨) | 285 | 0 | | | | | 期货收盘价(活跃合约 ...

瑞达期货研究院 「2025.12.31」 玉米类市场周报 续涨动能略显不足 玉米期价冲高回落 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 取 更 多 资 讯 联系电话：0595-86778969 关 注 我 们 获 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 总结及策略建议 3 Ø 玉米： Ø 行情回顾：本周玉米期货先涨后跌。主力2603合约收盘价为2226元/吨，较上周+4元/吨。 Ø 行情展望：美玉米步入出口旺季，阶段性供应压力较高。不过，美玉米出口状况良好，且USDA将 2025/26年度美玉米结转库存预测值从上月的21.54亿蒲式耳下调至20.29亿蒲式耳，低于分析师预 期的21.24亿蒲式耳，对美玉米价格有所支撑。国内方面，东北产区今年售粮进度普遍偏快，低温 天气利于玉米上冻脱粒，节前售粮周期同比延长，基层种植户惜售心理偏强，大多数粮源转移到 粮库和贸易企业，剩余未出售的都是优质粮源，贸易商多看涨后市，挺价卖粮心态不变。饲料企 业已有一定库存，深加工企业库存同比偏低，下游产品价 ...