软商品日报-20250926

Introduction - The report is a soft commodity daily report dated September 26, 2025, covering sugar, cotton, apple, and jujube markets [1] Sugar Market Market Overview - Spot sugar prices are stable, with Guangxi at 5750 - 5860 yuan/ton, Yunnan at 5680 - 5730 yuan/ton, and processed sugar at 5860 - 6050 yuan/ton [3] - The amount of sugar awaiting shipment at Brazilian ports has dropped to 3.1 million tons, and raw sugar is weakly fluctuating around 16 cents [3] Fundamental Analysis - Domestic processed sugar inventory has increased, and supply pressure is significant at the end of the crushing season. The impact of a typhoon in Guangxi on sugarcane lodging is yet to be estimated [3] - Record - high imports in August and the start of beet sugar production have strengthened the supply - side situation. Cost support coexists with supply pressure, and the fundamentals remain weak [3] Price and Spread Analysis - Sugar futures prices show various daily and weekly changes. For example, SR01 closed at 5478 yuan/ton, with a daily decline of 0.13% and a weekly increase of 0.31% [4] - Sugar basis shows different values and changes. For instance, the basis of Nanning - SR01 on September 25 was 295 yuan/ton, with a daily increase of 12 yuan/ton and a weekly decrease of 71 yuan/ton [12] - Sugar import prices and related spreads also have specific changes. Brazilian import prices have quota - in and quota - out prices with corresponding daily and weekly fluctuations [15] Cotton Market Market Overview - Current old - cotton inventory is low, supporting cotton prices. However, downstream spinning profits are poor, and the acceptance of high - priced cotton is limited [17] - New - season Xinjiang cotton is expected to have a good harvest. Local seed - cotton purchase prices have weakened with the futures market, and there is significant hedging pressure before new - cotton listing [17] Price and Spread Analysis - Cotton and cotton yarn futures prices have declined. For example, cotton 01 closed at 13405 yuan/ton, with a daily decline of 0.92% [18] - Cotton spreads show various values and changes. The cotton basis was 1638 yuan/ton, with a daily increase of 85 yuan/ton [19] Apple Market Market Overview - Western early Fuji apples are mostly harvested. The price of early - picked Fuji is higher than last year, and the remaining inventory of stored Fuji has poor quality and limited sales speed [22] - New - season western late Fuji's bag - removing time is delayed by about 10 days due to rainy weather, expected to start after September 25 [22] - The number of trucks arriving at sales areas has slightly increased, with general sales. Good - quality apples sell better, and there is a slight backlog in transit warehouses [22] Inventory and Price Analysis - As of September 24, 2025, the national main - producing area apple cold - storage inventory was 121,800 tons, a decrease of 41,400 tons from last week [22] - Apple futures prices have different daily and weekly changes. For example, AP01 closed at 8401 yuan/ton, with a daily decline of 0.53% and a weekly increase of 1.55% [23] Jujube Market Market Overview - On the basis of last year's bumper harvest, the new - season grey jujube production may decline significantly year - on - year, but the decline compared to normal years is relatively small [29] - Although the Mid - Autumn Festival peak season is approaching, downstream trading is general. With good weather in the producing areas and high old - jujube inventory, jujubes may face downward pressure [29] Price and Spread Analysis - Jujube futures spreads show different trends over time, such as the 01 - 05 spread with specific historical data [30]