玉米周报：延续弱势

1   -2- -3- -4- -5- -6- -7- -8- 18000 16000 14000 12000 10000 8000 18.00% 15.65% 15.54% 14.46% 13.74% 12.59%12.71% 11.78% 10.77% 8.64% 9.16% 9.21% 8.33% 9.92% 8.75% 7.89%7.39% 11289898211232 173117372293214022211919 123513771360 1763 1340 1660 16.00% 14.00% 12.00% 10.00% 8.00% 6000 4000 2000 6.00% 4.00% 2.00% Totalsupply Totaluse Endingstocks StocksToUse 00.00% -9- 美玉米累计�口成交量美玉米周度�口成交量 8000 7000 6000 5000 4000 3000 2000 1000 0 9/210/211/212/21/22/23/24/25/26/27/28/2 800 700 600 500 400 300 200 100 0 -100 9/210/211/212/21/22/23/24/25/26/27/28/2 2019/202020/212021/222019/202020/212021/22 2022/232023/242024/252022/232023/242024/25 Corn-Sales/PRO.Corn-Export/PRO. 120%120% 100%100% 80%80% 60%60% 40%40% 20%20% 0% 9/210/211/212/21/22/23/24/25/26/27/28/2 0% 9/210/211/212/21/22/23/24/25/26/27/28/2 2019/202020/212021/222019/202020/212021/22 2022/232023/242024/252022/232023/242024/25 美玉米对华累计�口成交量 美玉米对华周度�口成交量 2500 700600 2000 500 1500 400300 1000 200 500 0 9/210/211/212/21/22/23/24/25/26/27/28/2 100 0 -100 9/210/211/212/21/22/23/24/25/26/27/28/2 2019/202020/212021/222019/202020/212021/22 2022/232023/242024/252022/232023/242024/25 -10- Year2010/112011/122012/132013/142014/152015/162016/172017/182018/192019/202020/212021/222022/232023/242024/25 2025/26 Planted 88.2 91.9 97.2 95.4 90.6 88 94 90.2 88.9 89.7 90.7 93.3 88.2 94.6 90.6 95.2 Harvested 81.4 84 87.4 87.5 83.1 80.8 86.7 82.7 81.3 81.3 82.3 85.3 78.7 86.5 82.9 86.8 Yield 152.8 147.2 123.4 158.1 171 168.4 174.6 176.6 176.4 167.5 171.4 176.7 173.4 177.3 179.3 181 Beginningstocks 1708 1128 989 821 1232 1731 1737 2293 2140 2221 1919 1235 1377 1360 1763 1340 Production 12447 12360 10780 13829 14216 13602 15148 14609 14340 13620 14111 15074 13651 15341 14867 15705 Imports 28 29 162 36 32 67 57 36 28 42 24 24 39 28 25 25 Totalsupply 14182 13516 11932 14686 15479 15401 16942 16939 16509 15883 16055 16333 15066 16729 16655 17070 FeedandResidualFood,Seed&Industrial Ethanol&by-productsDomestic,Total ExportsTotaluse 479364285021 11220 1835 13055 454564395011 10985 1543 12527 433360464648 10379 731 11111 5036 5324 5120 5472 5304 5430 5899 5602 5721 5486 5805 5675 5850 6501 6560 6646 6883 7056 6793 6286 6466 6764 6558 6868 6890 6885 5134 5200 5224 5432 5605 5378 4857 5028 5326 5176 5478 5500 5500 11537 11883 11766 12356 12360 12223 12185 12068 12484 12045 12673 12565 12735 1917 1864 1898 2293 2438 2065 1778 2753 2471 1661 2292 2750 2675 13454 13748 13664 14649 14799 14288 13963 14821 14956 13706 14966 15315 15410 Endingstocks 1128 989 821 1232 1731 1737 2293 2140 2221 1919 1235 1377 1360 1763 1340 1660 StocksToUse 8.6% 7.9% 7.4% 9.2% 12.6% 12.7% 15.7% 14.5% 15.5% 13.7% 8.3% 9.21% 9.92% 11.78% 8.75% 10.77% Corn-World (Jul) (Jul) (Jun) Year 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 2025/2026 2025/2026 AreaHarvested(1000HA) 189,059 189,364 188,721 197,179 194,590 192,948 195,660 200,784 207,709 202,409 208,868 203,628 208,442 208,576 Yield(MT/HA) 5.47 5.60 5.41 5.73 5.59 5.87 5.77 5.65 5.88 5.76 5.89 6.02 6.06 6.07 BeginningStocks(1000MT) 145,530 216,040 279,937 313,363 350,824 342,236 326,776 314,543 297,182 314,354 305,611 315,690 284,178 285,040 Production(1000MT) 1,033,821 1,061,041 1,021,192 1,129,359 1,087,284 1,132,822 1,128,285 1,134,439 1,221,050 1,165,641 1,230,733 1,225,295 1,263,660 1,265,982 MYImports(1000MT) 125,071 125,026 139,948 138,443 152,771 166,378 167,564 185,027 184,460 173,425 197,686 182,873 187,758 187,483 TotalSupply(1000MT) 1,304,422 1,402,107 1,441,077 1,581,165 1,590,879 1,641,436 1,622,625 1,634,009 1,702,692 1,653,420 1,734,030 1,723,858 1,735,596 1,738,505 FeedandResidual(1000MT) 579,943 594,337 616,970 661,928 675,984 705,310 717,486 728,557 744,001 731,193 770,079 784,187 800,943 801,903 FSIConsumption(1000MT) 376,981 385,115 390,054 406,544 423,171 426,614 418,017 425,167 437,817 436,223 455,694 462,921 466,760 465,546 TotalDom.Consumption(1000MT) 956,924 979,452 1,007,024 1,068,472 1,099,155 1,131,924 1,135,503 1,153,724 1,181,818 1,167,416 1,225,773 1,247,108 1,267,703 1,267,449 MYExports(1000MT) 131,458 142,718 120,690 161,869 149,488 182,736 172,579 183,103 206,520 180,393 192,567 192,572 195,810 195,820 EndingStocks(1000MT) 216,040 279,937 313,363 350,824 342,236 326,776 314,543 297,182 314,354 305,611 315,690 284,178 272,083 275,236 StocksToUse 19.8% 24.9% 27.8% 28.5% 27.4% 24.9% 24.0% 22.2% 22.6% 22.7% 22.3% 19.7% 18.6% 18.8% Corn-USA (Jul) (Jul) (Jun) Year 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 2025/2026 2025/2026 AreaHarvested(1000HA) 35,394 33,648 32,680 35,106 33,481 32,848 32,776 33,252 34,394 31,851 35,008 33,547 35,116 35,370 Yield(MT/HA) 9.93 10.73 10.57 10.96 11.08 11.08 10.52 10.76 11.09 10.89 11.13 11.26 11.36 11.36 BeginningStocks(1000MT) 20,859 31,292 43,974 44,123 58,253 54,367 56,823 50,913 31,358 34,975 34,551 44,792 34,