2026 年 3 月 5 日星期四 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 | 目录 | | --- | | 碳酸锂： 16 | | 铜： 16 | | --- | | 铝： 17 | | 锌： 18 | | 铅： 18 | | 锡： 19 | | 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： 24 | | 玉米&淀粉： 25 | | 原木： 26 | | 免责声明 28 | 国债： 股指： 上一交易日，股指期货涨跌不一，沪深 300 股指期货（IF）主力合约-1.16%，上 证 50 股指期货（IH）主力-1.33%，中证 500 股指期货（IC）主力合约-0.61%，中证 1000 股指期货（IM）主力合约-0.90%。 当前国内经济保持平稳，但国内宏观经济复苏动能不强，企业盈利增速处在低位。 但是，一 ...

，基层玉米购销相对停滞，东北粮源也调入减少，市场有效供应维持低位，加工企业节前建库较谨慎，库 玉米系产业日报 2026-03-04 | 项目类别 | 数据指标 环比 | 最新 | | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | 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) 6 吨) 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) | 2379 -17 | | | 2692 -72 | 14 -2 | | | 期货持仓量(活跃合约):黄玉米(日,手) 9060 期货持仓量(活跃合约):玉米淀粉(日,手) | 1464914 | | | 254705 | 9213 | | 期货市场 | -11902 期货前20名持仓:净买单量:玉米淀粉(日, 期货前20名持仓:净买单量:玉米(日,手) | -215253 | | | -26583 | -1408 | | | 手) 注册仓单量:黄玉米(日,手) 0 注册仓单量:玉米淀粉(日,手) | 90399 | ...

农产品团队 | 作者： | 王亮亮 | | --- | --- | | 从业资格证号： | F03096306 | | 投资咨询证号： | Z0017427 | | 联系方式： | 010-68578697 | | 作者： | 侯芝芳 | | 从业资格证号： | F3042058 | | 投资咨询证号： | Z0014216 | | 联系方式： | 010-68578922 | | 作者： | 宋从志 | | 从业资格证号： | F03095512 | | 投资咨询证号： | Z0020712 | | 联系方式： | 18001936153 | | 作者： | 辛旋 | | 从业资格证号： | F3064981 | | 投资咨询证号： | Z0016876 | | 联系方式： | -- | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2026年03月03日星期二 更多精彩内容请关注方正中期官方微信 期货研究院 养殖油脂产业链日度策略报告 期货研究院 养殖油脂产业链日度策略报告 摘要 豆油：周二，豆油主力05合约午后收于8350（日变动90或1.09% ）。豆油现货价格环比普遍上涨100元/吨左右 ...

Group 1: Energy and Chemicals - Crude oil: The main contract closed at 527.8, up 43.5 or 8.98% from the previous settlement. The trading volume was 190,029 lots, an increase of 45,717 lots. The open interest was 44,601 lots, with a net increase of 5,628 lots [2]. - PTA: The main contract closed at 5,552, up 336 or 6.44%. The trading volume was 2,276,096 lots, an increase of 1,336,643 lots. The open interest was 1,467,484 lots, with a net increase of 20,629 lots [2]. - PX: The main contract closed at 7,836, up 496 or 6.76%. The trading volume was 514,606 lots, an increase of 259,452 lots. The open interest was 277,536 lots, with a net increase of 5,048 lots [2]. - Rubber: The main contract closed at 17,245, up 155 or 0.91%. The trading volume was 364,042 lots, an increase of 145,215 lots. The open interest was 170,621 lots, with a net decrease of 3,594 lots [2]. - NR: The main contract closed at 13,870, up 85 or 0.62%. The trading volume was 65,365 lots, an increase of 12,794 lots. The open interest was 31,588 lots, with a net decrease of 6,492 lots [2]. Group 2: Metals - Copper: The main contract closed at 103,850, up 1,030 or 1.00%. The trading volume was 175,311 lots, an increase of 17,830 lots. The open interest was 199,587 lots, with a net decrease of 4,212 lots [17]. - Aluminum: The main contract closed at 24,465, up 760 or 3.21%. The trading volume was 483,091 lots, an increase of 164,840 lots. The open interest was 277,833 lots, with a net increase of 19,143 lots [17]. - Zinc: The main contract closed at 24,850, up 275 or 1.12%. The trading volume was 186,884 lots, an increase of 82,336 lots. The open interest was 95,630 lots, with a net increase of 756 lots [17]. - Nickel: The main contract closed at 140,890, up 1,520 or 1.09%. The trading volume was 554,437 lots, an increase of 55,750 lots. The open interest was 219,113 lots, with a net increase of 369 lots [17]. - Tin: The main contract closed at 444,010, up 12,760 or 2.96%. The trading volume was 462,888 lots, an increase of 71,755 lots. The open interest was 49,946 lots, with a net decrease of 5,846 lots [17]. - Alumina: The main contract closed at 2,773, up 16 or 0.58%. The trading volume was 365,789 lots, a decrease of 181,123 lots. The open interest was 344,018 lots, with a net decrease of 33,878 lots [17]. - Industrial silicon: The main contract closed at 8,325, up 20 or 0.24%. The trading volume was 202,748 lots, a decrease of 63,533 lots. The open interest was 334,292 lots, with a net increase of 5,876 lots [17]. - Lithium carbonate: The main contract closed at 172,020, down 1,660 or -0.96%. The trading volume was 227,061 lots, a decrease of 54,919 lots. The open interest was 378,336 lots, with a net decrease of 3,216 lots [17]. Group 3: Agricultural Products - Live hogs: The main contract closed at 11,220, down 220 or -1.92%. The trading volume was 97,976 lots, an increase of 27,200 lots. The open interest was 165,149 lots, with a net increase of 9,894 lots [21]. - Corn: The main contract closed at 2,384, up 37 or 1.58%. The trading volume was 951,555 lots, an increase of 426,449 lots. The open interest was 1,502,061 lots, with a net increase of 26,583 lots [21]. - Soybean meal: The main contract closed at 2,826, down 2 or -0.07%. The trading volume was 905,873 lots, an increase of 185,687 lots. The open interest was 1,942,859 lots, with a net decrease of 85,078 lots [21]. - Rapeseed meal: The main contract closed at 2,295, up 10 or 0.44%. The trading volume was 487,190 lots, an increase of 158,121 lots. The open interest was 909,258 lots, with a net increase of 516 lots [21]. - Soybean oil: The main contract closed at 8,260, up 34 or 0.41%. The trading volume was 328,276 lots, an increase of 86,230 lots. The open interest was 656,400 lots, with a net decrease of 10,210 lots [21]. - Rapeseed oil: The main contract closed at 9,359, up 151 or 1.64%. The trading volume was 248,126 lots, an increase of 102,219 lots. The open interest was 268,810 lots, with a net increase of 10,866 lots [21]. - Palm oil: The main contract closed at 8,898, up 142 or 1.62%. The trading volume was 489,772 lots, an increase of 110,156 lots. The open interest was 387,932 lots, with a net decrease of 5,670 lots [21]. - Eggs: The main contract closed at 3,242, down 16 or -0.49%. The trading volume was 141,502 lots, a decrease of 13,045 lots. The open interest was 122,413 lots, with a net decrease of 11,753 lots [21]. Group 4: Others - Glass: The main contract closed at 1,043, down 9 or -0.86%. The trading volume was 1,624,477 lots, an increase of 942,426 lots. The open interest was 1,365,461 lots, with a net increase of 151,479 lots [12]. - Soda ash: The main contract closed at 1,188, up 3 or 0.25%. The trading volume was 1,270,083 lots, an increase of 512,115 lots. The open interest was 1,141,408 lots, with a net increase of 3,450 lots [12]. - Methanol: The main contract closed at 2,365, up 176 or 8.04%. The trading volume was 2,857,069 lots, an increase of 1,987,533 lots. The open interest was 942,819 lots, with a net decrease of 34,450 lots [12]. - PP: The main contract closed at 6,998, up 396 or 6.00%. The trading volume was 888,436 lots, an increase of 481,027 lots. The open interest was 498,613 lots, with a net increase of 8,140 lots [12]. - Sugar: The main contract closed at 5,345, up 31 or 0.58%. The trading volume was 353,834 lots, a decrease of 23,874 lots. The open interest was 469,987 lots, with a net decrease of 3,352 lots [26]. - Zheng cotton: The main contract closed at 15,225, down 105 or -0.68%. The trading volume was 461,720 lots, an increase of 39,923 lots. The open interest was 794,512 lots, with a net decrease of 43,468 lots [26]. - Cotton yarn: The main contract closed at 21,100, down 125 or -0.59%. The trading volume was 11,204 lots, a decrease of 2,110 lots. The open interest was 14,198 lots, with a net decrease of 296 lots [26]. - Apples: The main contract closed at 9,896, up 108 or 1.10%. The trading volume was 91,817 lots, a decrease of 18,121 lots. The open interest was 130,604 lots, with a net increase of 1,829 lots [26]. - Red dates: The main contract closed at 8,840, up 5 or 0.06%. The trading volume was 71,523 lots, a decrease of 24,143 lots. The open interest was 116,270 lots, with a net decrease of 1,655 lots [26]. - Corn starch: The main contract closed at 2,694, up 35 or 1.32%. The trading volume was 158,988 lots, an increase of 67,317 lots. The open interest was 244,396 lots, with a net increase of 12,884 lots [26]. - European container shipping: The main contract closed at 1,429, up 186 or 15.00%. The trading volume was 81,309 lots, an increase of 49,246 lots. The open interest was 46,243 lots, with a net increase of 8,998 lots [26].

研究所 农产品研发报告 玉米淀粉日报 2026 年 3 月 2 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2026/3/2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2322 | 12 | 0.52% | 1,358 | 19.65% | 5,147 | 7.68% | | C2605 | | 2360 | 18 | 0.76% | 525,106 | -4.16% | 1,475,478 | 4.13% | | C2509 | | 2375 | 14 | 0.59% | 20,533 | -10.59% | 109,417 | 7.39% | | CS2601 | | 2663 | 21 | 0.79% | 27 | -52.63% | 105 | 16.67% | | CS2605 | | 2667 | 9 | ...

摘要 农产品团队 | 作者： | 王亮亮 | | --- | --- | | 从业资格证号： | F03096306 | | 投资咨询证号： | Z0017427 | | 联系方式： | 010-68578697 | | 作者： | 侯芝芳 | | 从业资格证号： | F3042058 | | 投资咨询证号： | Z0014216 | | 联系方式： | 010-68578922 | | 作者： | 宋从志 | | 从业资格证号： | F03095512 | | 投资咨询证号： | Z0020712 | | 联系方式： | 18001936153 | | 作者： | 辛旋 | | 从业资格证号： | F3064981 | | 投资咨询证号： | Z0016876 | | 联系方式： | -- | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2026年02月26日星期四 期货研究院 养殖油脂产业链日度策略报告 期价 豆油：周四，豆油主力05合约午后收于8198（日变动-30或-0.36 %）。豆油现货价格环比普遍下跌50元/吨左右。OPEC+考虑增产 ，国际原油价格下跌，拖累棕榈油价格，进而带动我 ...

1. Report Industry Investment Ratings No information provided in the given content. 2. Core Views of the Report - **Treasury Bonds**: Expected to face some pressure, maintain a cautious stance [5][6] - **Stock Index Futures**: The volatility center is expected to gradually move up, and long positions can be held [9][10] - **Precious Metals**: Market volatility will significantly increase, stay on the sidelines for now [11][12] - **Rebar and Hot - Rolled Coils**: There is a lack of bullish drivers for rebar prices, but the valuation is low. Investors can focus on low - level long - buying opportunities [14] - **Iron Ore**: The supply - demand pattern of the iron ore market is weak. Investors can focus on low - level long - buying opportunities [16] - **Coking Coal and Coke**: The futures of coking coal and coke may continue the oscillatory pattern in the medium term. Investors can focus on low - level buying opportunities [19] - **Ferroalloys**: Overall, there is an over - supply pressure. Consider long - position opportunities in the low - level range after a decline [20] - **Crude Oil**: The price of Brent crude has support at $70. Temporarily stay on the sidelines for the main crude oil contract [22][23] - **Fuel Oil**: The increase in Singapore fuel oil inventory is bearish for fuel oil prices. Focus on short - selling opportunities for the main fuel oil contract [24][25] - **Polyolefins**: Temporarily stay on the sidelines [27] - **Synthetic Rubber**: Expected to show a strong - oscillatory trend [28][29] - **Natural Rubber**: Expected to continue the strong - oscillatory trend [30][31] - **PVC**: The market may show a strong - oscillatory trend [32][35] - **Urea**: The price may oscillate upward after the festival, with a focus on policies and demand rhythm [36][37] - **PX**: May enter the de - stocking channel in the short term, and consider participating in the low - level range [38][39] - **PTA**: May oscillate in the short term, and consider range - based operations [40] - **Ethylene Glycol**: May maintain an oscillatory bottom - building pattern, and operate with caution [41] - **Short - Fibre**: Still trades based on the cost - end logic [42] - **Bottle Chips**: Expected to oscillate following the cost - end, pay attention to the restart of maintenance devices [43] - **Soda Ash**: Observe and wait after the festival, and be cautious [44][45] - **Glass**: May oscillate slightly stronger in the short term, but the sustainability is expected to be general [46] - **Caustic Soda**: Be cautious as the mid - and downstream fundamentals have not significantly improved [49][50] - **Pulp**: The future increase depends on the verification of downstream demand. Wait for the increase in the operating load of paper mills after the festival [53] - **Lithium Carbonate**: The support at the bottom is strong, but the short - term volatility may increase [54] - **Copper**: May maintain a high - level wide - range oscillation in the short term [55][56] - **Aluminum**: The price is temporarily under pressure and oscillating [57][58] - **Zinc**: The price will continue to oscillate and adjust after the festival [58][59] - **Lead**: The price will continue to oscillate widely for the time being [60][61] - **Tin**: The price has support at the bottom, but the short - term commodity price volatility may intensify [62][63] - **Nickel**: The primary nickel is still in an oversupply pattern, and pay attention to relevant policies in Indonesia and macro - event disturbances [64] - **Soybean Oil and Soybean Meal**: For soybean meal, consider long - position opportunities in the low - cost support range; for soybean oil, wait and see after the price leaves the low - cost range [66] - **Palm Oil**: Consider a bullish trading idea [67][68] - **Rapeseed Meal and Rapeseed Oil**: Rapeseed oil can consider a bullish trading idea [69][70] - **Cotton**: The cotton price is expected to be strong in the medium and long term [73][74] - **Sugar**: Wait and see [75][76] - **Apples**: The price is expected to be strong in the medium and long term [77] - **Pigs**: Supply may still face great pressure, and wait for high - level short - selling opportunities [78] - **Eggs**: Consider holding short positions in the far - month contracts [79][80] - **Corn and Starch**: Corn starch may follow the corn market. Wait for the release of post - festival supply pressure [83] - **Logs**: Pay attention to foreign - market quotes, shipping dynamics, and downstream consumption [85][86] 3. Summaries According to the Directory Pulp - The main 2605 contract closed at 5312 yuan/ton, down 0.97%. The inventory continued to accumulate, and the base spread strengthened in the past two days. The domestic supply changed little. After the holiday, there was a rigid demand for restocking, and the high cost of foreign markets supported the price bottom. The import pulp market showed a trend of first stabilizing and then rising, and the price sentiment warmed up. However, the demand recovery still needs time, and the actual transactions were still light [51][53] Carbonate Lithium - The main contract rose 3.47% to 173,660 yuan/ton. The global lithium resource supply - demand balance sheet is being reshaped. The supply of lithium carbonate decreased weekly, and the consumption showed the characteristics of not being off - season. The social inventory of lithium carbonate was gradually depleted. There was support at the bottom of the price, but the short - term volatility might increase [54] Copper - The main Shanghai copper contract closed at 102,550 yuan/ton, down 0.15%. The macro - situation led to an increase in risk - aversion sentiment. The supply of copper concentrates was tight, and the production of electrolytic copper was high. The demand recovery after the holiday might be slow, and the social inventory accumulation cycle might continue until mid - March. The copper price may maintain a high - level wide - range oscillation in the short term [55][56] Aluminum - The main Shanghai aluminum contract closed at 23,780 yuan/ton, down 0.34%; the main alumina contract closed at 2,747 yuan/ton, down 3.55%. The cost support of alumina was not strong, and the supply - demand surplus pattern remained unchanged. The social inventory of electrolytic aluminum continued to accumulate in the short term. The aluminum price was temporarily under pressure and oscillating [57][58] Zinc - The main Shanghai zinc contract closed at 24,570 yuan/ton, down 0.04%. The refining zinc production decreased seasonally in February, and the social inventory did not increase significantly before the festival. The demand in the off - season was significant. The zinc price continued to oscillate and adjust after the festival [58][59] Lead - The main Shanghai lead contract closed at 16,800 yuan/ton, up 0.27%. The production of primary lead decreased, and the production enthusiasm of secondary lead enterprises was not high. The resumption of work of lead - acid battery enterprises was earlier than that of secondary lead enterprises, forming a short - term supply - demand mismatch. The lead price continued to oscillate widely for the time being [60][61] Tin - The main Shanghai tin contract rose 2.35% to 428,000 yuan/ton. The risk of overseas geopolitical conflicts increased, and the supply - demand was tight. The refined tin inventory decreased, and the price had support at the bottom. The short - term commodity price volatility might intensify [62][63] Nickel - The main Shanghai nickel futures contract fell 1.25% to 139,100 yuan/ton. The geopolitical risk between the US and Iran increased, and the global supply - chain risk increased again. The nickel ore was in short supply, and the cost increased. The stainless - steel market was in the off - season, and the consumption was not optimistic. The primary nickel was in an oversupply pattern [64] Soybean Oil and Soybean Meal - The main soybean meal contract rose 0.35% to 2,834 yuan/ton, and the main soybean oil contract fell 0.10% to 8,198 yuan/ton. The import of domestic soybeans slowed down, the supply was relatively loose, and the demand for soybean meal increased moderately. The demand for soybean oil improved slightly, and the inventory pressure decreased [65][66] Palm Oil - The Malaysian palm oil fell. The export decreased, and the domestic palm oil inventory was stable. Consider a bullish trading idea [67][68] Rapeseed Meal and Rapeseed Oil - The Canadian rapeseed continued to rise. The import of domestic rapeseed decreased, and the import of rapeseed oil and rapeseed meal increased. The rapeseed meal inventory decreased, and the rapeseed oil inventory increased slightly. Rapeseed oil can consider a bullish trading idea [69][70] Cotton - The domestic Zhengzhou cotton rose first and then fell, and the external - market cotton fell. The new - year global cotton production is expected to decrease, and the inventory will enter the de - stocking cycle. The domestic supply is expected to be tight, and the demand is resilient. The cotton price is expected to be strong in the medium and long term [71][73] Sugar - The domestic Zhengzhou sugar rose significantly, and the external - market raw sugar fluctuated slightly. India lowered its production, while the domestic sugar supply was sufficient, and the import volume was still high. Wait and see [75][76] Apples - The apple futures rebounded with a reduction in positions. The spot market was stable. The inventory of apples in cold storage decreased, and the new - season apple production and quality declined. The price is expected to be strong in the medium and long term [77] Pigs - The main contract fell 0.13% to 11,395 yuan/ton. The supply of pigs exceeded the demand after the festival, and the supply might still face great pressure. Wait for high - level short - selling opportunities [78] Eggs - The main contract fell 0.67% to 3,239 yuan/500kg. The egg supply in February is expected to remain at a relatively high level. Consider holding short positions in the far - month contracts [79][80] Corn and Starch - The main corn contract closed flat at 2,342 yuan/ton, and the main corn starch contract fell 0.52% to 2,658 yuan/ton. The northern port inventory was low, and the spot price was strong. The corn import decreased in 2025, and the domestic production and demand were basically balanced. The corn starch demand improved slightly, and the inventory was high. It may follow the corn market [81][83] Logs - The main 2605 contract closed at 793.5 yuan/ton, down 0.38%. The New Zealand log shipment volume increased during the Spring Festival, and the domestic inventory increased. The downstream demand gradually recovered after the festival, and the foreign - market quotes might rise. Pay attention to foreign - market quotes, shipping dynamics, and downstream consumption [84][86]

更多精彩内容请关注方正中期官方微信 期货研究院 养殖油脂产业链日度策略报告 摘要 豆油：周三，豆油主力05合约午后收于8228（日变动88或1.08% ）。豆油现货价格普遍较节前上涨100元/吨左右。美伊对抗持续， 国际原油价格运行坚挺。美国生物柴油政策预期向好，市场看多情 绪浓厚，CBOT豆油上探60美分/磅关键位置，国际市场利好持续。 我国港口大豆库存同比下滑，三大油脂整体库存高位小幅回落且低 于去同期水平，供需基本面也在逐步改善。预期向好，豆油上涨驱 动持续，主力合约多单考虑继续持有。豆油主力05合约支撑位关注 8000-8100元/吨，压力位关注8560-8600元/吨； 菜油：周三菜油期货先跌后涨，主力2605合约收涨0.38%于9244 。年后油厂开机增多，菜油供应或增加，而下游消费正值季节性淡 季，市场需求整体偏弱。但港口澳籽总量有限，加菜籽连续出现3- 5月船期买船，但到港情况仍将取决于中加贸易关系的实际落地情 况。特朗普此前关税行为被美国法院判定为违法，但随后其再度加 征新一轮关税，海外关税博弈加剧。受宏观及美生柴需求预期带动 ，菜油价格预计跟随油脂板块摆动，自身单边驱动方向仍不明确。 菜油 ...

2026 年 2 月 25 日星期三 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 | 目录 | | --- | | 纸浆： 15 | | 碳酸锂： 16 | | --- | | 铜： 16 | | 铝： 17 | | 锌： 17 | | 铅： 18 | | 锡： 18 | | 镍： 19 | | 豆油、豆粕： 19 | | 棕榈油： 20 | | 菜粕、菜油： 20 | | 棉花： 21 | | 白糖： 22 | | 苹果： 23 | | 生猪： 24 | | 鸡蛋： 24 | | 玉米&淀粉： 25 | | 原木： 26 | | 免责声明 27 | 国债： 上一交易日，国债期货收盘全线上涨，30 年期主力合约涨 0.20%报 112.960 元， 10 年期主力合约涨 0.02%报 108.500 元，5 年期主力合约涨 0.07%报 106.175 元，2 年 期主力合约涨 0.02%报 102.450 元。 公开市场方面，央行公告称，2 月 24 日以 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week, corn futures fluctuated and rose. The closing price of the main 2605 contract was 2320 yuan/ton, up 41 yuan/ton from last week. The USDA's supply and demand report was slightly positive, boosting the US corn market price. However, there is still potential import pressure in the international market, and there are also factors affecting supply in the domestic market. It is recommended to hold no positions during the holiday [7]. - Dalian corn starch futures fluctuated and closed higher. The closing price of the main 2605 contract was 2638 yuan/ton, up 44 yuan/ton from last week. As the Spring Festival approaches, the operating rate of corn starch production enterprises has declined, but inventory has increased. It is recommended to wait and see in the short - term [9]. 3. Summaries According to the Catalog 3.1. Week - by - Week Summary 3.1.1. Corn - **Market Performance**: This week, the main 2605 contract of corn futures closed at 2320 yuan/ton, up 41 yuan/ton from last week [7]. - **Market Outlook**: The USDA's supply and demand report was favorable, but there is potential import pressure. In the domestic market, the enthusiasm of farmers in the Northeast to sell grain and that of drying towers to purchase are not high. Feed enterprises' pre - holiday stocking is basically completed, and deep - processing enterprises are gradually shutting down. There are rumors that the supply of policy grains will increase after the Spring Festival. In the North China and Huanghuai regions, the market has gradually become inactive. It is recommended to hold no positions during the holiday [7]. 3.1.2. Corn Starch - **Market Performance**: The main 2605 contract of Dalian corn starch futures closed at 2638 yuan/ton, up 44 yuan/ton from last week [9]. - **Market Outlook**: As the Spring Festival approaches, the operating rate of corn starch production enterprises has decreased, and inventory has increased. As of February 11, the total starch inventory of national corn starch enterprises was 102.5 tons, up 3.00 tons from last week, a week - on - week increase of 3.02%. It is recommended to wait and see in the short - term [9]. 3.2. Futures and Spot Markets 3.2.1. Futures Price and Position Changes - The 5 - month contract of corn futures fluctuated and rose, with a total position of 1,212,499 lots, an increase of 350,488 lots compared to last week. The 5 - month contract of corn starch futures also fluctuated and rose, with a total position of 174,854 lots, an increase of 48,601 lots compared to last week [15]. 3.2.2. Net Position Changes of the Top 20 - The net position of the top 20 in corn futures this week was - 212,341, compared with - 120,101 last week, and the net short position increased. The net position of the top 20 in starch futures was - 35,300, compared with - 28,786 last week, and the net short position increased [21]. 3.2.3. Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 88,570, and those of corn starch were 11,611 [27]. 3.2.4. Spot Prices and Basis - As of February 12, 2026, the average spot price of corn was 2372.16 yuan/ton. The basis between the active 5 - month contract of corn and the average spot price was + 52 yuan/ton. The spot price of corn starch in Jilin was 2700 yuan/ton and 2790 yuan/ton in Shandong. The basis between the 5 - month contract of corn starch and the spot price in Changchun, Jilin was 62 yuan/ton [32][36]. 3.2.5. Inter - month Spread Changes - The 5 - 7 spread of corn was - 5 yuan/ton, at a medium level in the same period. The 5 - 7 spread of starch was + 7 yuan/ton, also at a medium level in the same period [42]. 3.2.6. Futures Spread Changes - The spread between the 5 - month contracts of starch and corn was 318 yuan/ton. As of Thursday this week, the spread between Shandong corn and corn starch was 414 yuan/ton, a decrease of 20 yuan/ton compared to last week [51]. 3.2.7. Substitute Spread Changes - As of February 12, 2026, the average spot price of wheat was 2530.72 yuan/ton, and that of corn was 2372.16 yuan/ton. The wheat - corn spread was 158.56 yuan/ton. In the 7th week of 2026, the average spread between tapioca starch and corn starch was 572 yuan/ton, a narrowing of 3 yuan/ton compared to last week [55]. 3.3. Industrial Chain Situation 3.3.1. Corn - **Supply Side** - As of February 6, 2026, the domestic trade corn inventory in Guangdong Port was 43.1 tons, a decrease of 15.10 tons compared to last week; the foreign trade inventory was 8.7 tons, a decrease of 3.50 tons compared to last week. The corn inventory in the four northern ports was 179.2 tons, an increase of 6.0 tons week - on - week. The shipping volume of the four northern ports was 70.6 tons, the same as last week [46]. - As of February 12, the overall progress of domestic farmers selling corn was 65%, a 2% increase compared to February 5, 2026, and a 4% increase year - on - year [57]. - In December 2025, China's corn import volume was 80.01 tons, a year - on - year increase of 133.12% and a month - on - month increase of 24.52 tons [61]. - As of February 12, the average inventory of national feed enterprises was 33.02 days, an increase of 0.43 days compared to last week, a week - on - week increase of 1.32%, and a year - on - year increase of 9.66% [65]. - **Demand Side** - At the end of 2025, the national pig inventory was 429.67 million, a 0.5% increase compared to the end of the previous year. Among them, the inventory of breeding sows was 39.61 million, a 2.9% decrease [69]. - As of February 6, 2026, the breeding profit of self - breeding and self - raising pigs was - 38.09 yuan/head, and that of purchasing piglets was 91.42 yuan/head [73]. - As of February 12, 2026, the corn starch processing profit in Jilin was - 71 yuan/ton. The corn alcohol processing profit in Henan was - 628 yuan/ton, - 745 yuan/ton in Jilin, and - 194 yuan/ton in Heilongjiang [77]. 3.3.2. Corn Starch - **Supply Side** - As of February 11, 2026, the total corn inventory of 96 major corn processing enterprises in 12 regions across the country was 543.8 tons, an increase of 6.07% [81]. - From February 5 to February 11, 2026, the national corn processing volume was 59.74 tons, a decrease of 1.67 tons compared to last week; the national corn starch output was 30.47 tons, a decrease of 1.15 tons compared to last week; the weekly operating rate was 55.68%, a decrease of 2.1% compared to last week. As of February 11, the total starch inventory of national corn starch enterprises was 102.5 tons, an increase of 3.00 tons compared to last week, a week - on - week increase of 3.02%, a month - on - month decrease of 0.29%, and a year - on - year decrease of 23.90% [85]. 3.4. Options Market Analysis As of February 13, the implied volatility of the options corresponding to the main 2605 contract of corn was 11.13%, a 0.56% increase compared to last week's 10.57%. The implied volatility first decreased and then increased this week, at a slightly high level compared to the 20 - day, 40 - day, and 60 - day historical volatilities [88].