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 Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The corn market is under pressure on the futures market, with a neutral trend strength [1][4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The purchase price in Northeast China is not available, the Jinzhou平仓 price is 2,320 yuan/ton, the average purchase price in North China is not available, and the price in Guangdong Shekou is 2,390 yuan/ton. The price of Shandong corn starch is 2,840 yuan/ton [1]. - **Futures Prices**: The closing price of C2509 yesterday was 2,255 yuan/ton, down 0.49%, and the overnight closing price was 2,262 yuan/ton, up 0.31%. The closing price of C2511 yesterday was 2,199 yuan/ton, down 0.68%, and the overnight closing price was 2,203 yuan/ton, up 0.18% [1]. - **Trading Volume and Open Interest**: The trading volume of C2509 yesterday was 338,463 lots, a decrease of 26,786 lots, and the open interest was 659,407 lots, a decrease of 25,646 lots. The trading volume of C2511 yesterday was 167,935 lots, an increase of 22,438 lots, and the open interest was 592,103 lots, an increase of 18,913 lots. The total trading volume of the corn market was 612,883 lots, an increase of 2,845 lots, and the total open interest was 1,711,288 lots, an increase of 18,659 lots [1]. - **Warehouse Receipts**: The total number of corn warehouse receipts in the market yesterday was 144,037 lots, a decrease of 1,758 lots [1]. - **Spreads**: The basis of the main contract 09 was 65 yuan/ton, and the 09 - 11 inter - period spread was 56 yuan/ton [1]. 3.2 Macro and Industry News - **Corn Prices**: The northern corn collection port price is 2,260 - 2,280 yuan/ton (listed), the container collection port price is 2,330 - 2,350 yuan/ton, and the prices are flat compared to yesterday. The price of bulk ships in Guangdong Shekou is 2,370 - 2,390 yuan/ton, and the container price is 2,460 - 2,490 yuan/ton, also flat compared to yesterday. The corn prices in Northeast enterprises slightly decreased, and the prices in North China showed mixed trends [2]. - **Substitute Grain Prices**: The price of Argentine sorghum (bulk) in Guangdong for September - October shipment is 2,120 yuan/ton, the price of Australian sorghum for September shipment is 2,430 yuan/ton. The pre - sale price of imported barley for October - November shipment is 2,100 - 2,150 yuan/ton, and for December - January shipment is 2,040 - 2,090 yuan/ton. The price of feed wheat for August delivery is 2,560 yuan/ton [2]. 3.3 Trend Strength - The trend strength of corn is 0, indicating a neutral trend [4].

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]

Report Summary 1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - Corn prices are on a continuous rebound [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The Jinzhou closing price was 2,340 yuan/ton with no change; the Guangdong Shekou price was 2,430 yuan/ton with no change; the Shandong corn starch price was 2,840 yuan/ton with no change [2] - **Futures Prices**: C2509 closed at 2,314 yuan/ton yesterday with a 1.22% increase and 2,319 yuan/ton in the night session with a 0.22% increase; C2511 closed at 2,281 yuan/ton yesterday with a 0.97% increase and 2,284 yuan/ton in the night session with a 0.13% increase [2] - **Trading Volume and Open Interest**: C2509 had a trading volume of 550,232 lots yesterday with a decrease of 3,704 lots and an open interest of 1,067,675 lots with an increase of 8,025 lots; C2511 had a trading volume of 98,925 lots yesterday with an increase of 16,349 lots and an open interest of 408,184 lots with an increase of 10,735 lots; the corn whole - market trading volume was 740,289 lots with an increase of 18,550 lots and an open interest of 1,747,516 lots with an increase of 29,358 lots [2] - **Warehouse Receipts**: The corn whole - market warehouse receipts were 178,283 lots yesterday with a decrease of 6,688 lots [2] - **Price Spreads**: The main 09 basis was 26 yuan/ton; the 09 - 11 inter - period spread was 33 yuan/ton [2] 3.2 Macro and Industry News - Northern corn port collection prices were 2,280 - 2,300 yuan/ton (listed), moisture 14.5%, unchanged from yesterday; container port collection prices were 2,330 - 2,360 yuan/ton, unchanged from yesterday; Guangdong Shekou bulk ship prices were 2,410 - 2,430 yuan/ton, container new - crop quotes were 2,430 - 2,450 yuan/ton, down 30 - 40 yuan/ton from the beginning of the week; Northeast enterprise corn prices showed mixed changes; North China corn prices continued to rebound [3] - Imported feed grain prices: Argentine sorghum (bulk) in Guangdong for July - August shipment was quoted at 2,130 yuan/ton, Australian sorghum for July - August shipment was quoted at 2,430 yuan/ton; imported barley for August - September shipment was pre - sold at 2,140 - 2,180 yuan/ton, for November - December shipment was pre - sold at 2,050 yuan/ton; feed wheat for July delivery was quoted at 2,530 yuan/ton, for August at 2,560 yuan/ton [3] 3.3 Trend Intensity - The corn trend intensity was 0 [4]

Report Industry Investment Rating - The investment rating for the corn industry is "shockingly weak" [1] Core Viewpoints - The report provides a comprehensive analysis of the corn market, including spot prices, futures prices, trading volume, open interest, and basis differentials, indicating a shockingly weak market trend [1] Summary by Relevant Catalogs Fundamental Tracking - Spot prices: The northeast purchase average price is unavailable, the Jinzhou closing price is 2,370 yuan/ton (down 10 yuan), the Guangdong Shekou price is 2,460 yuan/ton (unchanged), and the Shandong corn starch price is 2,840 yuan/ton (unchanged) [1] - Futures prices: C2509 closed at 2,326 yuan/ton yesterday (down 1.36%), and 2,321 yuan/ton in the night session (down 0.21%); C2511 closed at 2,283 yuan/ton yesterday (down 0.91%), and 2,378 yuan/ton in the night session (up 4.16%) [1] - Trading volume and open interest: C2509 had a trading volume of 644,587 lots yesterday (up 192,508 lots) and an open interest of 986,514 lots (up 41,168 lots); C2511 had a trading volume of 114,997 lots yesterday (up 48,514 lots) and an open interest of 364,497 lots (up 11,692 lots); the total trading volume of the corn market was 838,871 lots yesterday (up 282,181 lots), and the total open interest was 1,563,264 lots (up 54,259 lots) [1] - Warehouse receipts: The total number of corn warehouse receipts was 203,732 lots yesterday (down 586 lots) [1] - Basis differentials: The main 09 basis was 44 yuan/ton, and the 09 - 11 inter - period spread was 43 yuan/ton [1] Macro and Industry News - Northern corn port collection prices are 2,330 - 2,350 yuan/ton (listed), container port collection prices are 2,370 - 2,400 yuan/ton, both unchanged from yesterday; Guangdong Shekou bulk carrier prices are 2,440 - 2,460 yuan/ton, unchanged from yesterday, and container new - crop quotes are 2,480 - 2,520 yuan/ton [2] - Northeast enterprise corn prices are falling, with Heilongjiang deep - processing dry - grain purchase prices at 2,220 - 2,290 yuan/ton, Jilin deep - processing mainstream purchase prices at 2,240 - 2,270 yuan/ton, and Inner Mongolia deep - processing mainstream purchase prices at 2,280 - 2,370 yuan/ton [2] - North China corn prices are mostly falling, with wheat added to compound feed at an average ratio of 20% - 30%, Shandong deep - processing prices at 2,480 - 2,550 yuan/ton, poultry feed corn at about 2,480 yuan/ton, and pig feed corn at 2,500 - 2,520 yuan/ton [2] - Imported grain prices: The July - August shipment of Guangdong Argentine sorghum (bulk) is quoted at 2,130 yuan/ton, Australian sorghum at 2,430 yuan/ton; the July - August shipment of imported barley is pre - sold at 2,110 - 2,160 yuan/ton, and the November - December shipment at 2,050 yuan/ton; the July delivery of feed wheat is quoted at 2,540 - 2,550 yuan/ton [2] Trend Intensity - The trend intensity of corn is 0 [3]

Group 1: Report Industry Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View of the Report - There is no clear core view presented in the report. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Spot Prices**: The Jinzhou closing price was 2,380 yuan/ton with no change; the Guangdong Shekou price was 2,460 yuan/ton with no change; the Shandong corn starch price was 2,840 yuan/ton with no change. The prices of northeast and north - China acquisitions were not available [1]. - **Futures Prices**: C2507 closed at 2,364 yuan/ton yesterday with a 0.38% increase, and its night - session closing price was 2,367 yuan/ton with a 0.13% increase. C2509 closed at 2,384 yuan/ton yesterday with a 0.21% increase, and its night - session closing price was 2,379 yuan/ton with a - 0.21% change [1]. - **Trading Volume and Open Interest**: The trading volume of C2507 was 53,941 lots, a decrease of 33,184 lots compared to the previous day, and its open interest was 131,939 lots, a decrease of 24,970 lots. The trading volume of C2509 was 379,522 lots, a decrease of 89,404 lots, and its open interest was 973,770 lots, a decrease of 20,644 lots. The trading volume of the entire corn futures market was 512,344 lots, a decrease of 135,189 lots, and its open interest was 1,630,745 lots, a decrease of 39,119 lots [1]. - **Warehouse Receipts**: The number of corn warehouse receipts in the entire market was 212,917 lots, a decrease of 4,523 lots [1]. - **Price Spreads**: The basis of the main contract 09 was - 4 yuan/ton, and the 07 - 09 inter - period spread was - 20 yuan/ton [1]. 2. Macro and Industry News - **Northern Corn Collection Port Prices**: The collection port price of northern corn was 2,330 - 2,350 yuan/ton (listed price) with 15% moisture, up 10 yuan/ton compared to yesterday; the container collection port price was 2,370 - 2,390 yuan/ton, unchanged from yesterday [2]. - **Guangdong Shekou Prices**: The price of bulk ships in Guangdong Shekou was 2,440 - 2,460 yuan/ton, unchanged from yesterday; the price of new - crop container corn was 2,480 - 2,520 yuan/ton (vomit within 1000ppb) [2]. - **Northeast and North - China Corn Prices**: Northeast enterprise corn prices rose steadily. In Heilongjiang, the purchase price of deep - processed dry corn was 2,220 - 2,280 yuan/ton; in Jilin, the mainstream purchase price was 2,240 - 2,280 yuan/ton; in Inner Mongolia, the mainstream purchase price was 2,280 - 2,380 yuan/ton. North - China corn prices continued to rise. In Shandong, the deep - processed price was 2,450 - 2,580 yuan/ton, the price of poultry feed corn was about 2,450 yuan/ton, and the price of pig feed corn was 2,470 - 2,510 yuan/ton. In Henan, it was 2,450 - 2,550 yuan/ton, and in Hebei, it was 2,420 - 2,480 yuan/ton [2]. - **Imported Feed Grains Prices**: The price of Argentine sorghum (bulk) in Guangdong for July - August shipments was 2,150 yuan/ton; the price of Australian sorghum for July - August shipments was 2,420 yuan/ton. The pre - sale price of imported barley for July - August shipments was 2,130 - 2,170 yuan/ton, and for November - December shipments, it was 2,050 yuan/ton. The price of feed wheat for end - of - June delivery was 2,530 yuan/ton [2]. 3. Trend Intensity - The trend intensity of corn was 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 ...