白糖日报-20250807

Group 1: Report Information - Report Name: Sugar Daily Report [1] - Date: August 7, 2025 [2] - Researcher Team: Agricultural Products Research Team [4] - Researchers: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - New York raw sugar futures weakened, with the main October contract down 0.98% to 16.09 cents/pound, due to bearish production data from mid - southern Brazil in the first half of July, but concerns about Brazil's output decline and potential beet sugar production cuts in the EU remain [7] - Zhengzhou sugar's main contract continued to fall, but the 09 contract showed resistance and the 01 contract had a bottom - building pattern. With a large basis and the bearish impact of imported sugar fully released, the possibility of further decline is low [8] Group 4: Market Review and Operation Suggestions Futures Market Quotes | Contract | Closing Price | Change | Change Rate | Open Interest | Increase/Decrease | | --- | --- | --- | --- | --- | --- | | SR509 | 5683 yuan/ton | -24 | -0.42% | 172519 | -12540 | | SR601 | 5628 yuan/ton | -9 | -0.16% | 262284 | 11742 | | US Sugar 10 | 16.09 cents/pound | -0.16 | -0.98% | 387393 | -2227 | | US Sugar 03 | 16.75 cents/pound | -0.13 | -0.77% | 230653 | 4038 | [7] Domestic Market - Zhengzhou sugar's main contract continued to decline. The 09 contract closed at 5683 yuan/ton, down 24 yuan or 0.42%, with a reduction of 12540 positions. Domestic spot prices in production areas also fell, with Nanning sugar at 5090 yuan and Kunming sugar at 5800 yuan [8] Group 5: Industry News Guangxi - In the 2024/25 sugar - crushing season, the cumulative sugarcane crushed was 4859.54 million tons, a year - on - year decrease of 258.47 million tons; the output of mixed sugar was 646.50 million tons, a year - on - year increase of 28.36 million tons; the sugar - making rate was 13.30%, a year - on - year increase of 1.22 percentage points. As of the end of July, the cumulative sugar sales were 549.61 million tons, a year - on - year increase of 39.66 million tons; the sales rate was 85.01%, a year - on - year increase of 2.51 percentage points. In July, the monthly sugar sales were 35.55 million tons, a year - on - year decrease of 21.78 million tons; the industrial inventory was 96.89 million tons, a year - on - year decrease of 11.3 million tons [9] Yunnan - The 2024/2025 sugar - crushing season in Yunnan lasted 206 days, ending 5 days earlier than last year. The total sugarcane crushed was 1806.30 million tons (compared to 1544.94 million tons in the previous season), the sugar output was 241.88 million tons (203.20 million tons in the previous season), the sugar - making rate was 13.39% (13.15% in the previous season), and the alcohol output was 2.82 million tons (2.80 million tons in the previous season). As of July 31, 2025, the cumulative sugar sales were 195.14 million tons, a year - on - year increase of 32.62 million tons; the sugar sales rate was 80.68%, a year - on - year increase of 0.7%. The monthly sugar sales in July were 20.03 million tons, a year - on - year increase of 0.8 million tons; the industrial inventory was 46.73 million tons, a year - on - year increase of 6.06 million tons [9] Brazil - In the first half of July, in mid - southern Brazil, the sugarcane crushed was 4982.3 million tons, a year - on - year increase of 641.1 million tons (14.77%); the ATR of sugarcane was 133.66kg/ton, a year - on - year decrease of 9.79kg/ton; the sugar - making ratio was 53.68%, a year - on - year increase of 3.79%; the ethanol output was 2.194 billion liters, a year - on - year increase of 0.051 billion liters (2.36%); the sugar output was 340.6 million tons, a year - on - year increase of 44.6 million tons (15.07%) [9] Group 6: Data Overview - The report includes charts on spot trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position of the top 20 seats in the main Zhengzhou sugar contract, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][18]