白糖日报-20260109

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Newly released data shows that the sugar production and sugar yield in Guangxi and Guangdong in December declined, which is beneficial for the rebound of sugar prices [8] - The A-share market is showing signs of high-level stagnation, increasing the likelihood of a correction. Commodities have followed suit and declined significantly, and Zhengzhou sugar has followed this trend [8] 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 - On Wednesday, New York raw sugar futures fluctuated and rebounded. The main March contract closed up 1.42% at 14.97 cents per pound. The main March contract of London ICE white sugar futures closed up 0.95% at $423.60 per ton. The raw sugar fundamentals have not changed much, and the recent continuous appreciation of the Brazilian real exchange rate has put some pressure on raw sugar, with the market in a sideways consolidation [7] - Yesterday, the main contract of Zhengzhou sugar rose first and then fell. The 05 contract closed at 5,279 yuan per ton, up 4 yuan or 0.08%, with a reduction of 10,268 contracts. The new domestic sugar quotes increased, with Nanning at 5,375 yuan per ton and Kunming at 5,220 yuan per ton [8] 3.2行业要闻 No relevant information provided. 3.3数据概览 - As of the end of December, Inner Mongolia had cumulatively produced 580,000 tons of sugar in the 2025/26 sugar - making season, with a beet sugar production rate of 11.68%. It is estimated that the final sugar production in Inner Mongolia in the 2025/26 sugar - making season will be around 710,000 tons, an increase of 50,000 tons year - on - year [10] - The Indian government will review the export performance of sugar mills after March 31, 2026, and may redistribute unused quotas to sugar mills with better export performance or willing sugar mills. A total of 1.5 million tons of sugar export quota was allocated for the 2025 - 26 sugar - crushing season [10] - Brazil exported about 2.913 million tons of sugar in December, a year - on - year increase of 2.9%. From April 2025 to December 2025, Brazil had cumulatively exported 28.1722 million tons of sugar in the 2025/26 sugar - crushing season, a year - on - year decrease of 4.16% [10] - As of January 1, Ukrainian sugar mills had cumulatively processed 10.43 million tons of beets and produced 1.574 million tons of sugar since the start of this sugar - crushing season [10]