一、忽城的历史与变迁 图片来源：作者供图 忽城全名忽城集，但因现在集市已取消多年，人叫起来顺口，多叫做忽城。其实是个村庄，而且不大，现在是83户人家，户籍人口350多人。名大庄小， 似乎名不副实。但却是个真实无误、名至实归的古村。 忽城集传说始于金代，忽必烈建立元朝时南征路过此地，有忽氏家族人看上此村四面环水，是块风水宝地，计划在此建城，取名忽城。但在请风水师规划 时，却发现有"狠地"（建衙门的地方），缺少"愁地"（盖监狱之处），便取消了城建计划。 丰县博物馆尚存一记事碑载：元泰定四年（公元1327年）某吏部尚书曾到过此村，以此可推论此时本村应有忽氏皇族势力存在，因此吸引了四面八方各种 人们朝拜聚集，使方圆百里商贾云集，形成集市，便改名忽城集。建成南北街道约600多米，两边杂货铺、饭店、酒坊、粮行、旅店、说书场等店铺林 立。繁荣的集市引来了远道的僧尼道人定居传经授道。 元惠宗五年（公元1337年）后，街东西南北中相继建立奶奶庙、火神庙、观音庙和关公庙，后又改建了一座占地约五亩的街东玉帝庙。（东庙现存高于地 平面0.5至1米多不等，曾被生产队改为打谷场，有个石头裸露一角，被村民挖出，发现是一个大石龟，背上有长方 ...

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：中国海关，智研咨询整理 相关报告：智研咨询发布的《2025-2031年中国高粱行业市场全景调查及未来发展潜力报告》 根据中国海关数据显示：2025年6月中国高粱进口数量为44万吨，同比下降52.7%，进口金额为1.22亿美 元，同比下降56.2%，。 ...

巴西《经济价值报》8月14日报道，据巴西地理统计局数据，2025年巴西农作物产量预计为34050万 吨，将创历史最高纪录，同比增长16.3%；农作物收获面积8120万公顷，同比增长2.7%。大豆、玉米、 高粱和棉花产量均创历史新高。其中，大豆产量16550万吨，同比增长14.2%；玉米产量13760万吨，同 比增长19.9%；高粱产量490万吨，同比增长23.6%；棉花（籽棉）产量950万吨，同比增长7.1%。此 外，水稻产量1250万吨，同比增长17.7%。小麦产量770万吨，同比增长2.3%。 （原标题：2025年巴西农作物产量预计创纪录） ...

体中心供图 据永乐街道农业技术推广研究员黎凯介绍，今年永乐共种植高粱4500余亩，品种主要以"宜糯红4号"为 主。为保障种植质量与效益，政府统一为种植户提供种子和病虫害防治农药；对集中成片区域采用无人 机统防统治，大幅提升了田间管理效率；在收益保障方面，所有种植户均与郎酒公司签订收购合同，以 3.75元/斤的保护价收购；同时政府对向郎酒公司出售高粱的农户给予0.25元/斤的补助，双重保障让种 植户吃下"定心丸"。今年收成好，农户种植积极性高。 丰收的喜悦同样体现在种植大户的账本上。麻柳滩村种植大户姜昌梅说："今年我承包了200亩土地种高 粱，主要种植'郎糯红20'，通过科学育种、无人机植保等科技手段，实现亩产约400斤，单价4元一斤， 增加收入30万余元。"实实在在的收益让她对未来种植充满信心。 丰收时节，晾晒成了农户们最牵挂的事。为解决种植户晾晒场地不足的问题，麻柳滩、永兴、水落等 村"两委"主动腾出宽敞的活动室院坝给农户当晾晒场。如今，院坝里铺满了红高粱，如同铺上一层"金 红地毯"，村"两委"干部还不时来帮忙照看，干群同心的画面温暖又动人。 中新网四川新闻8月21日电 (唐洁)当前正值高粱成熟时节，泸州市 ...

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoint - The corn market is in a stage of oscillating downward, and the later price center is expected to decline. Due to high yields, imported corn supplements the market supply, and the overall supply is sufficient. The price difference between corn and wheat remains in the substitutable range, with wheat being widely used as a substitute for corn. Alongside the substitution of millet and other grains, these factors suppress the corn price. The planting area of new crops is high, and the expected yield per unit is good, so the new crop yield is still expected to be abundant. The lowest planting cost of the new crop on the futures market is about 2,000 yuan/ton, and the cost center continues to shift downward. Under multiple negative factors, it is expected that c2509 will oscillate downward, and the later price center is expected to shift downward [7]. 3. Summary by Directory Domestic Corn Supply - **Supply**: The domestic corn price continues to oscillate weakly, and the growth of new - season corn is good. The current main variable is the weather during the growth period, especially rainfall. The NDVI data shows that the growth of corn in Northeast China is significantly better than in previous years, while in North China, although affected by extreme weather, the growth is still around the annual average. Overall, the expected yield per unit of corn in the main production areas is good [9][10]. - **Import**: The scale of corn imports has significantly decreased. In June 2025, the total corn import volume was 156,400 tons, a year - on - year decrease of 82.99% and a month - on - month decrease of 3.21 tons. From January to June 2025, the total corn import volume was 785,300 tons, a year - on - year decrease of 92.88%. The USDA estimates that China's corn imports in the 2024/25 season will be 4 million tons, lower than 23.41 million tons in the 2023/24 season [17][19][20]. - **Substitutes**: Feed enterprises are purchasing wheat to replace corn, and the substitution pressure of imported substitutes is decreasing. The price difference between corn and wheat in North China is near parity, and wheat has a high cost - effectiveness, exerting great pressure on the feed - use substitution of corn. In June 2025, the import volume of barley decreased by 23.83% year - on - year, and the import volume of sorghum decreased by 32.71% year - on - year [29][30]. Demand - **Feed and Livestock Farming**: The feed demand in the livestock farming industry is rigid, but the breeding profit is average. In June 2025, the national industrial feed production was 27.67 million tons, a month - on - month decrease of 0.1% and a year - on - year increase of 6.6%. The inventory of breeding sows, the parent - stock of white - feather broilers, and the hatching volume of laying - hen chicks are all at high levels, indicating a rigid feed demand. However, the breeding profit of self - breeding and self - raising pigs is at a low level, the profit of broiler breeding is seasonally rising, and the profit of laying - hen breeding has deteriorated [34][35][36]. - **Deep - processing**: The operating rate of corn starch enterprises in Heilongjiang has increased significantly, but the deep - processing production profit is severely in the red. The operating rate of major corn starch enterprises nationwide has rebounded to a neutral level, with Shandong and Heilongjiang showing relatively high rates. The corn starch production has also increased, but the downstream提货量 is low, and the production profit is severely in the red. The consumption of corn by corn alcohol enterprises has slowed down, and the operating rate has reached a new low [55][56]. Inventory - **Corn Trade and Inventory**: The inventory of trade channels and downstream users is gradually decreasing, and the starch inventory is significantly high. As of August 8, the inventory of the four northern ports continued to decline, and the domestic trade inventory of southern ports fluctuated downward. The inventory of feed enterprises continued to decrease, and the inventory of deep - processing enterprises decreased seasonally. The starch inventory of major starch enterprises continued to reach a new high in the past eight years [83][84][85]. Basis and Spread - **Basis**: The report provides the basis data of corn 01, 05, 09 contracts at Jinzhou Port and the basis data of starch 01, 05, 09 contracts in Jilin area on August 14, 2025 [117][119][121]. - **Spread**: The report provides the spread data of corn 5 - 9, 9 - 1, and the spread data of starch 1 - 5, 5 - 9, 9 - 1, as well as the spread data between corn and starch 01, 05, 09 contracts [127][128][129]. Corn Warehouse Receipt Quantity - As of August 14, 2025, the corn warehouse receipt quantity was 222,298 hands, and the corn starch warehouse receipt quantity was 25,000 hands [140]. Industrial Chain Operation Suggestions - **Traders**: For procurement management, build inventory and seek to buy corn at low prices. Use a 100% hedging ratio, buy the c2509 - C - 2400 option at an entry price of 8. For inventory management, sell corn at high prices and use a 100% hedging ratio, short the c2509 contract at an entry price of 2300 [4]. - **Downstream Enterprises**: For procurement management, when in need of corn raw materials and worried about price increases, use a 100% hedging ratio, buy the c2509 - C - 2400 option. For inventory management, when the raw material inventory is high and worried about price drops, use a 100% hedging ratio, short the c2509 contract at an entry price of 2300 [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The corn market is in a stage of oscillatory decline, and the later price center is expected to decline. The c2509 contract is affected by multiple negative factors such as high production, sufficient supply from imported corn, substitution by wheat and other grains, high new - crop planting area, and expected good yield. The new - crop's minimum planting cost on the futures market is about 2,000 yuan/ton, and the cost center continues to shift down [1]. 3. Summary According to the Directory Supply Domestic Corn Supply - The corn price continues to oscillate weakly, and the new - crop corn is growing well. The current main variable in future supply is the weather during the growing period, especially rainfall. This week, the national corn market continued to be weak, with both futures and spot prices falling significantly. Different regions have different supply and demand situations. The new - crop production expectation and cost center shift down drive the futures price down [7][8]. Import - The scale of corn imports has significantly decreased. In June 2025, the total corn import volume was 156,400 tons, a year - on - year decrease of 82.99% and a month - on - month decrease of 3.21 tons. From January to June 2025, the cumulative import volume was 785,300 tons, a year - on - year decrease of 92.88%. The estimated import volume for the 2024/25 period is 5 million tons, lower than 23.41 million tons in the 2023/24 period [16][17]. Substitutes - Feed enterprises are purchasing wheat to replace corn, and the substitution pressure from imported substitutes is decreasing. The main domestic substitutes are wheat and millet, and the imported substitutes are mainly imported sorghum and barley. The wheat market is oscillating, and the current corn - wheat price difference in North China is in the substitutable range, so the substitution pressure on corn is high. In June 2025, the import volume of barley and sorghum decreased year - on - year, reducing the substitution pressure [26][28]. Demand Feed and Breeding - The feed demand in the breeding industry is rigid, but the breeding profit is generally average. In June 2025, the national industrial feed output was 27.67 million tons, a month - on - month decrease of 0.1% and a year - on - year increase of 6.6%. The inventory of breeding sows, parent - stock white - feather broilers, and egg - laying chicken seedlings is at a high level, indicating a rigid feed demand. However, the self - breeding and self - raising pig breeding profit is at a low level, the broiler breeding profit is seasonally high, and the egg - laying chicken breeding loss has expanded [32][34]. Deep - processing - The operating rate of corn starch enterprises in Heilongjiang has risen significantly, but the deep - processing production profit is severely in the red. The operating rate of major corn starch enterprises nationwide has recovered to a neutral level, about 54.8%. The production of corn starch has also increased, but the downstream提货 volume is relatively low. The production profit of corn starch is severely in the red, and the profit of corn alcohol enterprises is still in the red [54][55]. Inventory Trade Channel Corn Inventory - The inventory in trade channels and downstream is gradually decreasing, and the starch inventory is significantly high. As of August 1, the inventory in the four northern ports continued to decline, with the total inventory dropping to about 1.9 million tons. The domestic trade inventory in southern ports fluctuated downward. The inventory of feed enterprises and deep - processing enterprises decreased seasonally. The starch inventory of major starch enterprises reached a new high in the past eight years, about 1.32 million tons [78][80]. Feed Enterprises' Corn Inventory - The corn inventory of feed enterprises continues to decrease, with the available inventory days at around 30 days, and the inventory in North China and South China is relatively high [79]. Deep - processing Enterprises' Corn Inventory - The corn inventory of deep - processing enterprises decreased seasonally, with the national inventory at about 3.64 million tons, at a neutral level [79]. Basis and Spread - The report provides data on the basis and spread of corn and starch, including the basis of different contracts in Jinzhou Port and Jilin area, and the spread between different contracts of corn and starch [114][124]. Corn Warehouse Receipt Quantity - On August 7, 2025, the number of corn warehouse receipts was 222,298 hands, and the number of corn starch warehouse receipts was 25,000 hands [132].

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].

Group 1 - The Argentine government has announced a permanent reduction in export withholding tax rates for various agricultural products, including beef and poultry, with rates decreasing from 6.75% to 5% [1] - The tax reductions also apply to corn and sorghum, which will see rates drop from 12% to 9.5%, sunflower seeds from 7.5% to 5.5%, soybeans from 33% to 26%, and soybean by-products from 31% to 24.5% [1] - This policy aims to boost the agricultural sector, which is considered the most productive industry in Argentina, by alleviating the heavy tax burden it has faced over the past two decades [1] Group 2 - Economists suggest that the reduction in export withholding tax rates may lead to an increase in overall agricultural output, which could offset any fiscal shortfall through increased revenue from other taxes such as VAT and income tax [2] - The policy is seen as a step towards the gradual elimination of export taxes by the Milei administration [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]

Core Insights - The latest USDA drought report indicates that various major agricultural regions in the U.S. are experiencing drought conditions ranging from moderate (D1) to extreme (D3) as of July 15, 2025, significantly impacting grain, cash crops, and livestock [1] Grain Sector - Durum Wheat: 41% of the production area is under drought conditions, unchanged from the previous week, but up 35 percentage points year-on-year [3] - Spring Wheat: 36% of the production area is under drought conditions, an increase of 1 percentage point from the previous week and up 28 percentage points year-on-year [4] - Winter Wheat: 30% of the production area is under drought conditions, an increase of 4 percentage points from the previous week and up 6 percentage points year-on-year [5] - Corn: 9% of the production area is under drought conditions, a decrease of 3 percentage points from the previous week but up 4 percentage points year-on-year [6] - Soybeans: 7% of the production area is under drought conditions, a decrease of 2 percentage points from the previous week but up 2 percentage points year-on-year [7] - Barley: 59% of the production area is under drought conditions, unchanged from the previous week but up 33 percentage points year-on-year [8] - Sorghum: 7% of the production area is under drought conditions, unchanged from the previous week but down 14 percentage points year-on-year [9] - Rice: 1% of the production area is affected by drought, unchanged from the previous week and the same as last year [10] Cash Crop Sector - Cotton: 3% of the production area is under drought conditions, unchanged from the previous week but down 16 percentage points year-on-year [11] - Peanuts: 1% of the production area is under drought conditions, unchanged from the previous week and down 14 percentage points year-on-year [12] - Sunflowers: 8% of the production area is under drought conditions, unchanged from the previous week and up 5 percentage points year-on-year [13] - Sugarbeets: 39% of the production area is under drought conditions, unchanged from the previous week and up 36 percentage points year-on-year [14] - Sugarcane: 30% of the production area is under drought conditions, unchanged from the previous week and up 30 percentage points year-on-year [15] Livestock Sector - Hay: 18% of the production area is under drought conditions, a decrease of 1 percentage point from the previous week but up 2 percentage points year-on-year [16] - Alfalfa Hay: 30% of the production area is under drought conditions, a decrease of 1 percentage point from the previous week and up 13 percentage points year-on-year [17] - Cattle: 15% of the production area is under drought conditions, a decrease of 1 percentage point from the previous week and unchanged year-on-year [18] - Sheep: 29% of the production area is under drought conditions, unchanged from the previous week and up 9 percentage points year-on-year [18] - Milk Cows: 22% of the production area is under drought conditions, an increase of 1 percentage point from the previous week and up 10 percentage points year-on-year [19] - Hogs: 4% of the production area is under drought conditions, a decrease of 2 percentage points from the previous week and down 3 percentage points year-on-year [19]