Report Title - Soft Commodity Daily Report dated April 25, 2025 [1] Sugar Report Market Conditions - As of April 23, the number of ships waiting to transport sugar at Brazilian ports increased to 44 from 42 last week, with the volume of sugar waiting to be transported rising to 1.8711 million tons from 1.6935 million tons last week. Brazil exported 759,200 tons of sugar in the first three weeks of April, with a daily average export of 58,400 tons, a 32% decrease compared to the daily average export in April last year. Unica data showed that the central-southern region of Brazil crushed 456,000 tons of sugarcane in late March, a 10% year-on-year decrease, and produced 201,000 tons of sugar, a 10% year-on-year increase. In March 2025, China imported 132,800 tons of syrup and premixed powder, a year-on-year decrease of 24,600 tons. An ISMA member said that India's 24/25 sugar season may export 600,000 - 700,000 tons of sugar [3] Futures Prices and Spreads - On April 25, 2025, SR01 closed at 5,832, down 0.03% daily and up 0.92% weekly; SR03 closed at 5,803, up 0.05% daily and 0.99% weekly; SR05 closed at 6,175, up 0.52% daily and 0.78% weekly; SR07 closed at 6,026, up 0.5% daily and 0.3% weekly; SR09 closed at 5,974, up 0.49% daily and 0.37% weekly; SR11 closed at 5,889, up 0.34% daily and 0.70% weekly. The SB closed at 17.85, down 0.28% daily and up 0.45% weekly, and W closed at 504.8, up 0.36% daily and 1.24% weekly [4] Basis and Import Prices - On April 25, 2025, the basis of Nanning - SR01 was 378, up 2 daily and down 13 weekly; the basis of Kunming - SR01 was 158, up 12 daily and down 23 weekly. The quota - in price of Brazilian sugar imports was 4,955, up 85 daily and down 73 weekly, and the quota - out price was 6,311, up 111 daily and down 95 weekly. The quota - in price of Thai sugar imports was 4,928, up 85 daily and down 64 weekly, and the quota - out price was 6,276, up 111 daily and down 83 weekly [10][13] Cotton Report Market Conditions - As of April 23, 2025, the national notarized inspection volume of cotton in the 24/25 season was 6.7932 million tons. As of mid - April, the national commercial cotton inventory was 4.5152 million tons, a decrease of 324,400 tons compared to the end of March, and the industrial inventory was 954,300 tons, a decrease of 5,000 tons compared to the end of March. The sowing of new cotton in Xinjiang's 25/26 season is nearing completion, and cotton fields in southern Xinjiang are gradually emerging. Recently, there were strong winds and sandstorms in some areas of Aksu. Although the current time is early and new cotton can be replanted, it is expected that there may be short - term strong winds in some production areas in early May. The downstream "Golden March and Silver April" peak season is coming to an end. Since April, the overall orders of gauze factories have weakened, and export orders are affected by tariffs. Currently, finished products are slightly accumulating, and textile enterprises maintain low - price restocking, with no significant decline in the operating rate [15] Futures Prices and Spreads - On April 25, 2025, Cotton 01 closed at 13,225, down 5 and 0.04%; Cotton 05 closed at 12,725, down 10 and 0.08%; Cotton 09 closed at 12,990, unchanged. Yarn 01 closed at 19,215, up 60 and 0.31%; Yarn 05 closed at 19,005, up 5 and 0.03%; Yarn 09 closed at 18,945, up 5 and 0.03%. The cotton basis was 1,234, up 36; the spread between Cotton 01 and 05 was 500, up 5; the spread between Cotton 05 and 09 was - 265, down 10; the spread between Cotton 09 and 01 was - 235, up 5; the spread between cotton and yarn was 5,960, down 60; the spread between domestic and foreign cotton was 178, down 277; the spread between domestic and foreign yarn was - 1,039, unchanged [16][17][19] Apple Report Market Conditions - In the production areas, the replenishment enthusiasm of merchants is fair, with transactions mainly for ordinary goods. The sales of high - and low - end goods are average. The trading enthusiasm in Shandong's cold storage has increased, and in Shaanxi, the trading is mainly for northern Shaanxi goods. In Gansu, transactions have increased and sales have improved. In the sales areas, the arrival of goods has increased, there is no backlog in transit warehouses, and the overall purchase in the market is stable with a slight increase, mainly for low - priced goods. As of April 16, 2025, the cold storage inventory of apples in the national main production areas was 3.5456 million tons, a decrease of 440,600 tons compared to last week, and the inventory reduction is accelerating year - on - year, at a five - year low [28] Futures and Spot Prices - On April 25, 2025, AP01 closed at 7,892, up 1.83% daily and 4.57% weekly; AP03 closed at 7,829, up 2.34% daily and 3.7% weekly; AP04 closed at 7,858, up 2.92% daily and 3.94% weekly; AP05 closed at 7,946, down 0.9% daily and up 0.20% weekly; AP10 closed at 8,086, up 1.9% daily and 5.37% weekly; AP11 closed at 7,890, up 1.79% daily and 4.78% weekly; AP12 closed at 7,888, up 1.87% daily and 4.52% weekly. The price of Qixia first - and second - grade 80 apples was 4.1, unchanged daily and up 1% weekly; the price of Luochuan semi - commodity 70 apples was 4.3, unchanged daily and weekly; the price of Jingning paper - bagged 75 apples was 4.8, up 2.13% daily and 4.35% weekly; the price of Yiyuan paper - bagged 70 apples was 2.3, unchanged daily and weekly; the price of Wanrong paper - plus - film 75 apples was 2.8, up 3.7% daily and weekly [29][33] Jujube Report Market Conditions - The overall jujube price is stable, and the price of high - quality goods is firm. Currently, the downstream consumption has entered the off - season, and merchants mainly replenish inventory for刚需, with average purchase enthusiasm. With the increase in cold storage storage fees this year, holders have a price - holding sentiment and there are few price - concession phenomena, so the price remains stable for now [41]
软商品日报-20250425
Dong Ya Qi Huo·2025-04-25 12:07