光大期货：12月26日软商品日报

Sugar Industry - As of December 24, Thailand's cumulative sugarcane crushing volume reached 11.53 million tons, a decrease of 1.96 million tons or 14.54% compared to the same period last year [3] - The sugar content of the sugarcane was 11.40%, down 0.08% from 11.48% last year, while the sugar production rate increased by 0.027% to 8.676% [3] - Sugar production amounted to 1.00 million tons, a decline of 0.17 million tons or 14.28% year-on-year [3] - Current spot prices for sugar in Guangxi range from 5,320 to 5,410 CNY per ton, while in Yunnan, prices are between 5,140 and 5,260 CNY per ton, remaining stable [3] - The raw sugar market is closed due to the Christmas holiday, and the domestic spot market has stabilized after a decline, with expectations of future fluctuations [3] Cotton Industry - On Thursday, ICE cotton futures were closed for the Christmas holiday, while Zheng cotton's main contract rose by 0.74% to 14,255 CNY per ton, with open interest increasing by 20,504 contracts to 835,100 contracts [4] - The cotton 3128B spot price index was 15,000 CNY per ton, up 90 CNY from the previous day [4] - The recent upward trend in Zheng cotton prices is driven by strong expectations, particularly regarding potential reductions in cotton planting areas in Xinjiang [4] - The highest price for Zheng cotton futures reached 14,265 CNY per ton, influenced by market sentiment [4] - Key future considerations include the sustainability of consumer demand and potential new inventory replenishment by textile companies before the Spring Festival, as well as macroeconomic factors such as possible interest rate cuts and upcoming cotton subsidy policy details [4][8]