Industry Overview - As of the end of June, Brazil's sugar production in the 2025/26 first quarter (April to June) was reported at 12.249 million tons, a year-on-year decrease of 14.3% [1] - The domestic sugar supply and demand forecast for the 2025/26 season remains consistent, with an expected slight increase in production to 11.2 million tons [1] Market Insights - According to Minmetals Futures, the domestic market is currently experiencing the best import profit window in the last five years, with potential increased import pressure in the second half of the year [2] - The current valuation of Zheng sugar's September contract is relatively high compared to other contracts, with a likelihood of continued price decline unless there is a significant rebound in external prices [2] Production and Pricing Trends - Hualian Futures reported that due to continuous rainfall, Brazil's sugarcane crushing volume in the second half of June was 4.424 million tons, a year-on-year decrease of 9.7%, with sugar production down 9.8% to 2.95 million tons [3] - Domestic sugar production and sales are progressing rapidly, with industrial inventory at historically low levels, supporting relatively strong spot prices [3] - The traditional consumption peak in the third quarter may lead to tight local inventory conditions in October, suggesting a potential upward trend in sugar prices [3]
国内产销情况仍旧不错 预计糖价或偏强
Jin Tou Wang·2025-07-17 07:16