報告摘要

n? 養殖虧損逐步降低，或將對養殖戶提高存欄量有一定刺激，但利潤未由負轉正之前，農戶養殖的積極性仍有待觀察。三伏天即將到來，工廠的開機率明顯出現季節性下降，且近期玉米價格持續上漲，為降低庫存成本，企業擴大采購的意愿較低，飼料需求提振有限。

n? 中美貿易摩擦一旦繼續惡化或進一步推高玉米價格，需持續關注此風險。

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?? 2018上半年玉米及玉米淀粉期貨市場行情回顧

?? 全球玉米市場供需形勢分析

?? 國內玉米供應形勢分析

?? 國內玉米下游市場消費分析

?? 2018下半年市場展望及策略推薦

?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.

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?? Futures Market Review of corn and corn starch in 1H18

?? Analysis on the supply and demand of global corn market

?? Analysis of domestic corn supply

?? Analysis of domestic corn consumption

?? Market outlook for 2H18 and strategy recommendation

20180709前海期貨—玉米產業鏈半年報—玉米供需格局趨松.pdf