白糖日报-20260323

Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Sugar: Brazil's new sugar - cane crushing season has an increased cane input, but sugar mills tend to produce ethanol, leading to a downward - adjusted sugar production forecast. With the tense geopolitical situation in the Middle East and cautious market sentiment, and an increase in domestic syrup imports and normal spot trading, the sugar market has a stable supply - demand pattern. Short - term sugar prices are affected by geopolitics and foreign production forecasts, showing a volatile trend [3]. - Cotton: Geopolitical conflicts cause oil price fluctuations and increase macro risks. The release of domestic import quotas boosts short - term supply, leading to a short - term decline in Zhengzhou cotton prices. However, the downstream spinning mills' operating rates are rising, inventory is being depleted quickly, and there is a rigid procurement demand. The narrowing gap between domestic and foreign cotton prices indicates resilient downstream demand in the medium - to - long - term. The expected planting area in the new season will affect long - term trends, and there is strong support at the bottom [14]. - Apple: The Qingming Festival stocking is ongoing. The trading of high - quality apples in the production areas is active, showing a polarized market with strong prices for good - quality apples and weak prices for ordinary ones. The cold - storage inventory is being depleted faster, and the shortage of delivery products for the 05 contract is prominent. Supported by both fundamental and delivery logics, the apple market maintains a strong and volatile pattern [20]. - Jujube: The new planting season has not arrived yet, and the market focus is on the demand side. Currently, downstream sales are slow, and restocking is weak. With geopolitical conflicts, market funds are flowing, but the driving force for jujube prices is limited. Given the overall loose domestic supply - demand situation, jujube prices face upward pressure and may continue to fluctuate at a low level [28]. 3. Summary According to Relevant Catalogs Sugar - Futures Prices and Spreads: On March 23, 2026, SR01 closed at 5620, up 0.43% daily and down 0.11% weekly; SR03 closed at 5624, up 0.54% daily and down 0.04% weekly; SR05 closed at 5453, up 0.26% daily and down 0.35% weekly; SR07 closed at 5479, up 0.31% daily and down 0.3% weekly; SR09 closed at 5482, up 0.24% daily and down 0.35% weekly; SR11 closed at 5501, up 0.31% daily and down 0.29% weekly. SB closed at 15.63, up 1.36% daily and 10.23% weekly; W closed at 450.6, down 0.38% daily and up 9.10% weekly [4]. - Basis: On March 23, 2026, the basis of Nanning - SR01 was - 156, unchanged daily and up 10 weekly; the basis of Kunming - SR01 was - 281, unchanged daily and up 10 weekly, etc. [9]. - Import Price Changes: On March 23, 2026, the in - quota price of Brazilian sugar imports was 4292, up 116 daily and 209 weekly; the out - of - quota price was 5446, up 151 daily and 272 weekly. For Thai sugar, the in - quota price was 4228, up 124 daily and 217 weekly; the out - of - quota price was 5363, up 162 daily and 283 weekly [12]. Cotton - Futures Prices and Spreads: On March 23, 2026, cotton 01 closed at 15800, up 90 (0.57%); cotton 05 closed at 15280, up 65 (0.43%); cotton 09 closed at 15400, up 80 (0.52%);棉纱 05 closed at 21535, up 60 (0.28%);棉纱 09 closed at 21410, down 10 (- 0.05%). The cotton basis was 1434, unchanged; the cotton 01 - 05 spread was 495, unchanged; the cotton 05 - 09 spread was - 105, unchanged; the cotton 09 - 01 spread was - 390, unchanged; the flower - yarn spread was 6325, unchanged; the domestic - foreign cotton spread was 3531, up 96; the domestic - foreign yarn spread was 85, up 50 [15]. Apple - Futures and Spot Prices: On March 23, 2026, AP01 closed at 8532, down 1.33% daily and 0.76% weekly; AP03 closed at 8460, down 1.55% daily and 1.0% weekly; AP04 closed at 8898, down 5.48% daily and 3.50% weekly; AP05 closed at 10144, down 5.38% daily and up 0.79% weekly; AP10 closed at 8639, down 2.16% daily and 1.08% weekly; AP11 closed at 8477, down 1.83% daily and 0.95% weekly; AP12 closed at 8496, down 1.75% daily and 0.97% weekly. The price of Qixia first - and second - grade 80 apples was 4, unchanged; the price of Luochuan semi - commercial 70 apples was 4.35, up 2% weekly [21]. - Spreads and Other Indicators: The AP01 - 05 spread was - 2074, up 41.38% weekly; the AP05 - 10 spread was 1891, up 42.07% weekly; the AP10 - 01 spread was 183, up 34.56% weekly. The main contract basis was - 586, down 31.22% daily and up 198.98% weekly [21][22]. Jujube - Futures Spreads: The report shows the historical trends of jujube futures spreads such as 01 - 05, 05 - 09, and 09 - 01 from 2022 - 2026 [29][31]. - Warehouse Receipts: The report presents the total number of jujube warehouse receipts and effective forecasts from 2023 - 2026 [31]. - Price Trends: It shows the price trends of Xinjiang jujube main production areas (Aksu, Alar, Kashgar) and main sales areas (Hebei, Henan) from 2022 - 2025 [32].