News Summary Core Viewpoint - Brazil's sugar production is accelerating, with expectations of increased yields from Thailand and India, while domestic inventory remains low but is expected to rise due to imports and new sugar supply from northern regions [3][4]. Group 1: Production and Supply - In the second week of September 2025, Brazil's cumulative sugar output reached 1.5317 million tons, a significant decrease from 3.8795 million tons in September of the previous year, with an average daily shipment of 153,200 tons, down 17.09% year-on-year [1]. - An institutional survey indicates that sugar production in Brazil's key central-south region is expected to increase by 17.3% to 3.84 million tons in the latter half of August, with cane crushing expected to rise by 9.5% year-on-year to 49.5 million tons [4]. Group 2: Domestic Market Conditions - The current spot price for sugar in Guangxi is 5,765 yuan per ton, reflecting a slight increase of 7 yuan per ton, while major processing factories are quoting prices between 5,950 and 6,090 yuan per ton, with only Guangdong Jinling raising prices by 10 yuan [1]. - As of September 15, the number of sugar futures warehouse receipts on the Zhengzhou Commodity Exchange was 11,325, a decrease of 280 from the previous trading day [2]. Group 3: Market Outlook - The domestic sugar inventory remains relatively low, but there is an expectation of increased imports before October, alongside the gradual supply of new sugar from northern regions as they begin crushing [3]. - Despite lower sales data in August compared to previous years, the cumulative sales of sugar reached 9.9998 million tons by the end of August 2025, an increase of 1.1388 million tons year-on-year, with a sales rate of 89.59%, up 0.65 percentage points year-on-year [4].
九月份北方地区逐渐开榨 白糖期货盘面观望为主
Jin Tou Wang·2025-09-16 08:10