东亚期货：软商品日报-20250922

Report Overview - The report is a daily soft commodities report dated September 22, 2025, covering sugar, cotton, apples, and dates [1] Sugar Core View - Domestic sugar supply pressure is increasing due to higher imports and the start of the northern sugar mills' crushing season, and the 25/26 domestic sugar production is expected to increase slightly. Globally, the sugar supply surplus persists, suppressing international sugar prices. As a result, both domestic and international sugar prices continue to be weak [3] Price and Spread - Sugar futures prices mostly declined on September 22, 2025, with SR01 closing at 5452, down 0.16% daily and 1.75% weekly [4] - The price differences between different sugar futures contracts also showed certain changes, such as SR01 - 05 being 15, unchanged daily but down 8 weekly [4] Basis and Import Price - Sugar basis prices in Nanning and Kunming showed different daily and weekly changes, for example, Nanning - SR01 had a basis of 369, up 3 daily and 19 weekly [11] - Import prices of Brazilian and Thai sugar decreased both daily and weekly, and the price differences between domestic prices and import prices also changed [14] Cotton Market Situation - In the corn market, the supply of new - season corn in the Northeast is increasing, and the price of fresh corn in the producing areas is supported by the purchase price of deep - processing enterprises. In the North China region, the prices of old and new corn are diverging, and the supply in the sales areas is weak [16] Price and Spread - Cotton and cotton yarn futures prices generally declined on September 22, 2025, for example, cotton 01 closed at 13610, down 110 or 0.8% [17] - The spreads between different cotton futures contracts and the spreads between cotton and cotton yarn also showed certain characteristics, such as the cotton basis being 1563, unchanged [18] Apples Market Situation - Affected by seasonal fruits, the sales of apples are limited. In Shandong, the packaging volume is limited due to the busy farming season. In Shaanxi, the supply is concentrated in northern Shaanxi, and the secondary production areas are almost cleared. For new - season apples, the early Fuji is almost over, and the later quality is poor [22] Price and Spread - Apple futures prices showed mixed trends on September 22, 2025, with AP01 closing at 8291, up 0.22% daily but down 0.16% weekly [23] - The spreads between different apple futures contracts and the basis also changed, for example, AP01 - 05 was 47, unchanged daily but up 9.30% weekly [23] Dates Market Situation - After a high - yield year last year, the production of grey dates in the new season may decline significantly year - on - year, but the decline compared to normal years may be small. Although the Mid - Autumn Festival is approaching, the downstream trading volume is average. With the high inventory of old dates, dates may face downward pressure, but attention should be paid to precipitation in the production areas [31] Price Spread and Related Data - The spreads between different date futures contracts showed different trends over time, and the sum of date warehouse receipts and effective forecasts also changed [32][34]