白糖日报-20250923

Report Information - Report Title: Sugar Daily Report [1] - Date: September 23, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 2. Market Review and Operation Suggestions Futures Market Quotes | Contract | Closing Price | Change | Change Rate | Open Interest | Increase/Decrease | | --- | --- | --- | --- | --- | --- | | SR601 | 5452 yuan/ton | -8 yuan | -0.15% | 456830 lots | 6523 lots | | SR605 | 5432 yuan/ton | -11 yuan | -0.20% | 58239 lots | 1083 lots | | US Sugar 10 | 15.50 cents/lb | 0.12 cents | 0.78% | 112092 lots | -10332 lots | | US Sugar 03 | 16.18 cents/lb | 0.08 cents | 0.50% | 452014 lots | 3167 lots | [7] Market Performance - On Friday, the New York raw sugar futures fluctuated and rebounded. The主力 March contract closed up 0.5% at 16.18 cents/lb. The London ICE white sugar futures主力 December contract closed up 0.2% at $455.70/ton. The Brazilian sugar industry organization UNICA's report for the second half of August showed that sugarcane crushing volume and sugar production continued to rise, while the sugar production ratio decreased month-on-month but increased year-on-year. The raw sugar price is at a low level, and further decline is difficult [7]. - Yesterday, the main contract of Zhengzhou sugar weakened. The 01 contract closed at 5452 yuan/ton, down 8 yuan or 0.15%, with an increase of 6523 lots in positions. The spot prices in domestic producing areas dropped significantly. The price of Nanning sugar was 5870 yuan, and that of Kunming sugar was 5730 yuan. Today, the rhythm of Zhengzhou sugar was contrary to that of raw sugar, showing an obvious weakening trend, mainly due to the price cut of the remaining inventory of southern sugar mills to clear the stock, which led to a sharp drop in the spot price. After the market, speculative short sellers continued to increase their positions and push down the price, and the large open interest is worthy of attention [8]. 3. Industry News Dairy and Beverage Production - In August 2025, China's dairy product output was 2.555 million tons, a year-on-year decrease of 1.3%. From January to August 2025, the cumulative dairy product output was 19.134 million tons, a year-on-year decrease of 1%. In August 2025, China's beverage output was 17.758 million tons, a year-on-year increase of 0.5%. From January to August 2025, the cumulative beverage output was 128.761 million tons, a year-on-year increase of 2.5% [9]. Import of Syrup and Premixed Powder - In August 2025, China's total imports of syrup and premixed powder were 115,500 tons, a year-on-year decrease of 155,700 tons. From January to August 2025, the total imports were 737,800 tons, a year-on-year decrease of 713,300 tons. As of the end of August in the 24/25 sugar season, the total imports were 1.3769 million tons, a year-on-year decrease of 490,500 tons [9]. Brazilian Sugarcane Industry - According to data from the Brazilian Sugarcane Industry Association (Unica), in the second half of August, the sugarcane crushing volume in the central-southern region of Brazil was 50.061 million tons, a year-on-year increase of 10.68%. There were 257 factories in operation during this period, including 237 sugarcane processing plants, 10 corn ethanol plants, and 10 flexible plants, compared with 261 factories in the same period last year (241 sugarcane processing plants, 9 corn ethanol plants, and 11 flexible plants). The sugar production of sugar mills in the second half of August was 3.872 million tons, a year-on-year increase of 18.21%. The ethanol production decreased by 1.85% year-on-year to 2.42 billion liters. The sugar production ratio of sugar mills was 54.2%, compared with 48.78% in the same period of the previous sugar season. The sugar yield per ton of sugarcane (ATR) decreased by 3.87% year-on-year to 149.79 kg/ton. As of August 31 in the 25/26 sugar season (April 2025 - March 2026), the cumulative sugarcane crushing volume in the central-southern region was 403.942 million tons, a year-on-year decrease of 4.78%. The cumulative sugar production was 26.758 million tons, a year-on-year decrease of 1.92%. The cumulative ethanol production was 18.482 billion liters, a year-on-year decrease of 10.05%. The sugar production ratio of sugar mills was 52.76%, compared with 49.09% in the same period of the previous sugar season [9]. 4. Data Overview - The report includes various data charts, such as the spot price trend, basis of the 2509 contract, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the main contract of Zhengzhou sugar [11][15][18]