南华浩淞白糖期货气象分析报告：近期巴西有一定降水缓解干旱

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - The report analyzes the impact of recent weather conditions on sugarcane production in major sugar - producing regions around the world, indicating that current weather in most areas is conducive to sugarcane growth, sugar accumulation, harvesting, and pressing [1][2][3][5] 3. Summary by Relevant Catalogs 3.1 China - In December, southern China enters the concentrated sugar - cane crushing period. Sunny weather is beneficial for sugar accumulation and cane cutting and transportation. As of November 27, 21 sugar mills in Guangxi have started crushing, 36 less than the same period last year, with a daily crushing capacity of 150,000 tons, a decrease of 316,000 tons year - on - year. The current dry weather in Guangxi and Yunnan is favorable for sugar accumulation [1] - In Guangxi and Yunnan, recent low precipitation and suitable temperatures are conducive to sugar accumulation in sugarcane [15][19] 3.2 Brazil - The central - southern region of Brazil is in the late stage of sugar - cane crushing. It requires sunny and less - rainy weather, large diurnal temperature differences for sugar conversion and accumulation. Affected by La Nina, overall precipitation is low, but there has been some precipitation recently, and soil moisture has recovered to some extent. However, the current low soil moisture is not conducive to the jointing of new - season sugarcane [2] - The central - southern sugar - cane producing area in Brazil has had some precipitation recently, and soil moisture has recovered [34] 3.3 India - Indian sugarcane is in the technological maturity stage, the final stage of sugar accumulation, and is about to enter the prime sugar - pressing window. The monsoon rains have basically subsided, and the overall sunny weather is conducive to sugar accumulation, cutting, and pressing [3] - After the monsoon, the recent sunny weather in India is favorable for sugar - cane pressing [42] 3.4 Thailand - Thai sugarcane is in the technological maturity stage, the final stage of sugar accumulation, and is about to enter the prime sugar - pressing window. The rainy season has passed, and the dry and sunny weather is conducive to sugar accumulation [5] - The current sunny weather in Thailand is beneficial for sugar - cane sugar accumulation [53] 3.5 Global Sugar - Cane Production and Distribution - China's southern sugar - cane planting area is relatively stable, while northern beet planting area is determined by farmers based on planting income. Guangxi is China's largest sugar - producing area, accounting for over 60%, and Chongzuo is the sugar capital, accounting for 9% of the national sugar - cane area [65] - Brazil has the largest sugar - cane planting area globally. About 50% - 60% of its sugar - cane is used for ethanol production, and its sugar output depends on the profit ratio of sugar and ethanol. It is also the world's largest sugar exporter, with exports accounting for 75% - 80% of its output [67] - India is the world's second - largest sugar producer, and its output is highly variable due to natural factors. It is also the world's largest sugar consumer, and its output determines whether it exports sugar [67] - Thailand is usually the world's second - largest sugar exporter after Brazil. Although its output is around 10 million tons, its exports account for 70% - 85% of its output [67] 3.6 Sugar - Cane Growth Cycle and Conditions - The growth cycle of sugar - cane includes germination, seedling, tillering - elongation, maturity, and harvest stages, each with specific temperature, precipitation, and light requirements [60]