20180709前海期货玉米半年报：玉米供需格局趋松
报告摘要
n 养殖亏损逐步降低，或将对养殖户提高存栏量有一定刺激，但利润未由负转正之前，农户养殖的积极性仍有待观察。三伏天即将到来，工厂的开机率明显出现季节性下降，且近期玉米价格持续上涨，为降低库存成本，企业扩大采购的意愿较低，饲料需求提振有限。
n 中美贸易摩擦一旦继续恶化或进一步推高玉米价格，需持续关注此风险。
Ø 2018上半年玉米及玉米淀粉期货市场行情回顾
Ø 全球玉米市场供需形势分析
Ø 国内玉米供应形势分析
Ø 国内玉米下游市场消费分析
Ø 2018下半年市场展望及策略推荐
Abstract
n The improving breeding profit may stimulate farmers to increase the perceived amount. However, the enthusiasm of farmers remains to be observed before the profit turns from negative to positive. The factory's operating rate is obviously seasonally decreasing because of the approaching hot weather. The corn price continues to rise. In order to reduce the inventory cost, factories are not willing to expand procurement. As a result, the feed demand increases limitedly.
n If the trade friction between China and US further deteriorates, the price of corn may be pushed up higher, which needs continuous attention.
Ø Futures Market Review of corn and corn starch in 1H18
Ø Analysis on the supply and demand of global corn market
Ø Analysis of domestic corn supply
Ø Analysis of domestic corn consumption
Ø Market outlook for 2H18 and strategy recommendation
20180709前海期货—玉米产业链半年报—玉米供需格局趋松.pdf
