白糖日报-20250808

Group 1: Report Basic Information - Report Name: Sugar Daily Report [1] - Date: August 8, 2025 [2] - Industry: Sugar [1] Group 2: Market Quotes and Operation Suggestions - Futures Quotes: SR509 closed at 5667 yuan/ton, down 22 yuan or 0.39%, with a position of 161,306 contracts, a decrease of 11,214 contracts; SR601 closed at 5585 yuan/ton, down 42 yuan or 0.75%, with a position of 278,027 contracts, an increase of 15,743 contracts; US Sugar 10 closed at 16.04 cents/pound, down 0.05 cents or 0.31%, with a position of 387,802 contracts, an increase of 409 contracts; US Sugar 03 closed at 16.70 cents/pound, down 0.05 cents or 0.30%, with a position of 231,986 contracts, an increase of 1,333 contracts [7] - Market Analysis: New York raw sugar futures weakened on Wednesday. The fundamentals of raw sugar have been relatively calm recently. The improvement in Brazilian weather has led to an increase in sugar production, which has pressured sugar prices, but the expectation of a decline in the total volume still exists. The market has digested the strong expectation of an increase in production in the Northern Hemisphere. The main contract of Zhengzhou sugar continued to decline yesterday. The spot prices in domestic producing areas also fell. Today, Zhengzhou Sugar 09 continued to decline but showed resistance. Industrial funds on the 09 contract have shifted from short to long, while speculative funds are shorting the 01 contract. Currently, the basis is large, which is unfavorable for short positions. Attention should be paid to whether speculative funds will short technically [7][8] Group 3: Industry News - Brazil's Sugar Exports: Brazil exported 3.5937 million tons of sugar in July, a year-on-year decrease of 4.6%. From April to July in the 2025/26 sugar season, Brazil exported a total of 10.76 million tons of sugar, a year-on-year decrease of 7.64% [9] - Impact of Fertilizer Prices: Citigroup analysts warned that the rising fertilizer prices may affect the profitability of producers in the 2025/26 season, although the harvests of corn and sugarcane improved in July due to favorable weather conditions [9] - Guangxi's Sugar Production: In the 2024/25 sugar season, Guangxi crushed 48.5954 million tons of sugarcane, a year-on-year decrease of 2.5847 million tons; produced 6.465 million tons of mixed sugar, a year-on-year increase of 0.2836 million tons; the sugar production rate was 13.30%, a year-on-year increase of 1.22 percentage points. As of the end of July, Guangxi had sold 5.4961 million tons of sugar, a year-on-year increase of 0.3966 million tons; the sales rate was 85.01%, a year-on-year increase of 2.51 percentage points. In July, the single-month sugar sales volume was 0.3555 million tons, a year-on-year decrease of 0.2178 million tons; the industrial inventory was 0.9689 million tons, a year-on-year decrease of 0.113 million tons [9] - Yunnan's Sugar Production: In the 2024/2025 sugar season, Yunnan crushed 18.063 million tons of sugarcane (compared with 15.4494 million tons in the previous season), produced 2.4188 million tons of sugar (compared with 2.032 million tons in the previous season), with a sugar production rate of 13.39% (compared with 13.15% in the previous season), and produced 28,200 tons of alcohol (compared with 28,000 tons in the previous season). As of July 31, 2025, Yunnan had sold 1.9514 million tons of sugar, a year-on-year increase of 0.3262 million tons; the sales rate was 80.68%, a year-on-year increase of 0.7%. The monthly sugar sales volume in July was 200,300 tons, a year-on-year increase of 8,000 tons; the industrial inventory was 467,300 tons, a year-on-year increase of 60,600 tons [9] Group 4: Data Overview - Figures Included: Spot price trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading positions of the top 20 seats in the main contract of Zhengzhou sugar [11][13][15][17] - Trading Positions of Top 20 Seats: Detailed data on the trading positions of the top 20 seats in the main contract of Zhengzhou sugar are provided, including the changes in long and short positions of various futures companies [20]