软商品日报-20260320

Report Overview - The report is a soft commodity daily report dated March 20, 2026, covering sugar, cotton, apple, and jujube markets [1] Sugar Market Market Conditions - Middle - East geopolitical tensions make the capital market cautious, and short - term oil prices are in a volatile pattern. India has exported 315,000 tons of sugar in the 2025 - 26 market year, with the UAE as the largest destination, and the government has approved an export volume of 2 million tons [3] - The sugar - pressing progress in Guangxi is slow. As of March 17, 14 sugar mills have completed pressing, 53 fewer than the same period last year, and the pressing capacity has decreased year - on - year. Most sugar mills are expected to finish pressing at the end of March or early April [3] Price Data - Sugar futures prices: SR01 closed at 5596 yuan/ton with a daily increase of 0.47% and a weekly decrease of 0.12%; SR03 closed at 5594 yuan/ton with a daily increase of 0.59% and a weekly increase of 4.19%; etc. [4] - Sugar basis: For example, the basis of Nanning - SR01 on March 19, 2026 was - 150 yuan/ton, with a daily decrease of 61 yuan/ton and a weekly decrease of 32 yuan/ton [10] - Sugar import prices: The quota - within price of Brazilian sugar on March 20, 2026 was 4176 yuan/ton, with a daily increase of 73 yuan/ton and a weekly increase of 108 yuan/ton; the out - of - quota price was 5295 yuan/ton, with a daily increase of 95 yuan/ton and a weekly increase of 141 yuan/ton [13] Cotton Market Market Conditions - The expectation of tight supply and demand in the current and next years supports cotton prices. The implementation of the domestic import quota policy helps narrow the price gap between domestic and foreign cotton. Due to the ongoing conflict in the Middle East and long - position profit - taking, Zhengzhou cotton may have a slight correction, but strong domestic downstream consumption limits the downside space. Attention should be paid to the support at 15,000 yuan/ton [15] Price Data - Cotton and cotton yarn futures prices: Cotton 01 closed at 15710 yuan/ton with an increase of 105 yuan/ton and a rise of 0.67%; Cotton 05 closed at 15215 yuan/ton with an increase of 65 yuan/ton and a rise of 0.43%; etc. [16] - Cotton and cotton yarn price spreads: For example, the cotton basis was 1434 yuan/ton with a daily decrease of 138 yuan/ton; the spread between Cotton 01 and 05 was 495 yuan/ton with a daily increase of 40 yuan/ton [16] Apple Market Market Conditions - The apple futures market is running strongly, driven by both fundamental and delivery logic. The shortage of delivery products for the 05 contract is prominent, providing strong short - term support for the market, and there is no obvious negative pressure, maintaining a strong and volatile pattern [21] Price Data - Apple futures prices: AP01 closed at 8647 yuan/ton with a daily decrease of 0.29% and a weekly increase of 1.31%; AP03 closed at 8593 yuan/ton with a daily increase of 0.02% and a weekly decrease of 6.5%; etc. [22] - Apple price spreads and basis: For example, the spread between AP01 and 05 was - 1939 yuan/ton, with a daily increase of 30.05% and a weekly increase of 33.36%; the main contract basis was - 617 yuan/ton, with a daily increase of 87.54% and a weekly increase of 165.95% [22] Jujube Market Market Conditions - The new planting season has not arrived, and the market focus is on the demand side. Currently, downstream sales are mediocre, and restocking is light. Under geopolitical conflicts, market funds are flowing, but the driving force for jujube prices is limited. With overall loose supply and demand in the domestic market, jujube prices are under pressure and may continue to fluctuate at a low level [29] Price Data - Jujube futures price spreads: For example, the spread between jujube futures 01 and 05, 05 and 09, 09 and 01 are presented in the report with their respective historical trends [30][32]