2025 年 8 月 20 日 商 品 研 究 期货研究 国 泰 君 安 期 货 研 究 所 尹恺宜 投资咨询从业资格号：Z0019456 yinkaiyi@gtht.com 【基本面跟踪】 玉米基本面数据 | 重要现货 | | | | 昨日价格 | 价格变动 | | | --- | --- | --- | --- | --- | --- | --- | | | 东北收购均价 | 元/吨 | | n a | 0 | | | | 锦州平仓 | 元/吨 | | 2,310 | 0 | | | 价 格 | 华北收购均价 | 元/吨 | | n a | 0 | | | | 广东蛇口 | 元/吨 | | 2,400 | 0 | | | | 山东玉米淀粉价格 元/吨 | | | 2,840 | 0 | | | | | 单 位 | 昨日收盘价 | 日涨跌% | 昨夜夜盘收盘价 | 夜盘涨跌% | | | C2509 | 元/吨 | 2,242 | -1.10 | 2,236 | -0.27 | | | C2511 | 元/吨 | 2,170 | -0.60 | 2,165 | -0.23 | | | | 单 位 | 昨日成 ...

Report Industry Investment Rating - The investment rating for the corn industry is "Weak Operation" [1] Core View of the Report - The corn market is currently in a state of weak operation, with prices showing a downward trend in some areas and futures prices also experiencing declines [1][2] Summary by Relevant Catalogs Fundamental Tracking - **Spot Prices**: The northeast acquisition average price remained unchanged, the Jinzhou closing price decreased by 10 yuan/ton to 2,340 yuan/ton, the Guangdong Shekou price dropped by 10 yuan/ton to 2,410 yuan/ton, and the Shandong corn starch price stayed at 2,840 yuan/ton [1] - **Futures Prices**: The C2509 contract closed at 2,284 yuan/ton yesterday, down 0.52%, and the overnight session closed at 2,258 yuan/ton, down 1.14%. The C2511 contract closed at 2,227 yuan/ton yesterday, down 0.27%, and the overnight session closed at 2,215 yuan/ton, down 0.54% [1] - **Trading Volume and Open Interest**: The trading volume of C2509 decreased by 30,052 lots to 418,945 lots, and the open interest increased by 248 lots to 746,964 lots. The trading volume of C2511 increased by 20,022 lots to 144,735 lots, and the open interest increased by 21,791 lots to 529,034 lots. The total trading volume of the corn market decreased by 6,131 lots to 641,840 lots, and the total open interest increased by 31,421 lots to 1,649,471 lots [1] - **Warehouse Receipts**: The total number of corn warehouse receipts decreased by 500 lots to 152,541 lots [1] - **Price Spreads**: The basis of the main 09 contract was 56 yuan/ton, and the 09 - 11 inter - period spread was 57 yuan/ton [1] Macro and Industry News - **Corn Prices**: Northern corn port collection prices decreased by 10 yuan/ton, Guangdong Shekou bulk ship prices dropped by 10 yuan/ton, and prices in some northeast enterprises and North China showed a weakening trend [2] - **Substitute Prices**: The August shipment of Argentine sorghum in Guangdong was quoted at 2,120 yuan/ton, Australian sorghum at 2,430 yuan/ton, imported barley for August - September shipment was pre - sold at 2,160 yuan/ton, and for November - December shipment at 2,050 yuan/ton. Feed wheat for July delivery was quoted at 2,530 yuan/ton, and for August at 2,560 yuan/ton [2] Trend Intensity - The trend intensity of corn is 0 [3]

商 品 研 究 2025 年 6 月 25 日 玉米：震荡调整 尹恺宜 投资咨询从业资格号：Z0019456 yinkaiyi@gtht.com 【基本面跟踪】 玉米基本面数据 | | | | 昨日价格 | | 价格变动 | | | --- | --- | --- | --- | --- | --- | --- | | | 东北收购均价 | 元/吨 | n a | | 0 | | | 重要现货 | 锦州平仓 | 元/吨 | 2,380 | | 0 | | | 价 格 | 华北收购均价 | 元/吨 | n a | | 0 | | | | 广东蛇口 | 元/吨 | 2,460 | | 0 | | | | 山东玉米淀粉价格 元/吨 | | 2,840 | | 0 | | | | | 单 位 | 昨日收盘价 | 日涨跌% | 昨夜夜盘收盘价 | 夜盘涨跌% | | | C2507 | 元/吨 | 2,359 | -0.72 | 2,351 | -0.34 | | | C2509 | 元/吨 | 2,389 | -0.95 | 2,380 | -0.38 | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 ...

Group 1 - The State Administration for Market Regulation has approved the acquisition of equity in Witte Company by Bunge Global Limited with additional restrictive conditions [1] - Following the completion of the transaction, Bunge will hold 100% equity in Witte and will have sole control over it [1] - The concentration of operators is expected to have or may have effects of excluding or restricting competition in the markets for imported soybeans, barley, and canola seeds within China [1] Group 2 - The approval was granted based on the commitment plan submitted by the acquirer, which included additional restrictive conditions [1]