Ruida Futures(SZ:002961) Rui Da Qi Huo·2026-01-07 09:45Report Industry Investment Rating - No relevant content provided Core View of the Report - As of the current incomplete statistics, all 73 sugar mills in Guangxi have started crushing in the 2025/26 season, with significant differences in the current sugar extraction rates; 38 sugar mills in Yunnan have started crushing, an increase of 7 compared to the same period. In December, the sugar production in Guangxi decreased year-on-year, and the white sugar price fluctuated slightly stronger [2] Summary by Relevant Catalogs Futures Market - The closing price of the futures main contract for white sugar was 5281 yuan/ton, with a month-on-month increase of 22; the main contract position was 439,946 lots, with a month-on-month increase of 12,538 and a decrease of 9,316; the number of warehouse receipts was 6,005, with no change; the net long position of the top 20 futures positions was -81,404 lots; the estimated import processing price of Brazilian sugar within the quota was 4,029 yuan/ton, with an increase of 7; the estimated import processing price of Thai sugar within the quota was 4,074 yuan/ton, with an increase of 9 [2] Spot Market - The estimated price of imported Brazilian sugar outside the quota (50% tariff) was 5,103 yuan/ton, with an increase of 9; the estimated price of imported Thai sugar outside the quota (50% tariff) was 5,162 yuan/ton; the spot price of white sugar in Kunming, Yunnan was 5,220 yuan/ton, with an increase of 20; the spot price of white sugar in Nanning, Guangxi was 5,350 yuan/ton, with an increase of 10; the spot price of white sugar in Liuzhou, Guangxi was 5,370 yuan/ton, with an increase of 10 [2] Upstream Situation - The national sugarcane planting area was 1,480 thousand hectares, with an increase of 60; the planting area of sugarcane in Guangxi was 840.33 thousand hectares, with an increase of 5.24 [2] Industry Situation - The cumulative national sugar production was 1,116.21 million tons, with a decrease of 5.49; the cumulative sales volume of cane sugar in Guangxi was 1,228 million tons, with a decrease of 4; the cumulative production of cane sugar in Yunnan was 4.48 million tons, with a decrease of 237.4; the total sugar exports from Brazil were 291.3 million tons, with a decrease of 38.9; the monthly import volume of sugar was 44 million tons, with a decrease of 31; the cumulative import volume of sugar was 434 million tons, with an increase of 44 [2] Downstream Situation - The monthly production of refined sugar was 130.3 million tons, with an increase of 42; the monthly production of soft drinks was 1,045.7 million tons, with a decrease of 50.5 [2] Option Market - The implied volatility of at-the-money call options for white sugar was 8.61%, with a decrease of 0.53; the implied volatility of at-the-money put options for white sugar was 8.62%, with a decrease of 0.49; the 20-day historical volatility of white sugar was 10.93%, with a decrease of 0.2; the 60-day historical volatility of white sugar was 7.95%, with a decrease of 0.03 [2] Industry News - According to the data of the Indian Sugar and Bioenergy Manufacturers Association, as of December 31, 2025, the total sugar production in India was approximately 12 million tons, a nearly 25% increase compared to 9.5 million tons in the same period last year. Sugarcane in major producing countries is being crushed one after another, with a significant year-on-year increase in sugar production in India. As of December 24, 2025/26, Thailand had produced 1.0005 million tons of sugar, a decrease of 166,700 tons year-on-year. As of December 15, Indian sugarcane had produced 7.79 million tons of sugar, a 28% increase year-on-year [2]