研究所 波动降低 郑糖转为震荡 ——国信期货白糖周报 2026年1月9日 研究所 目 录 CONTENTS 1 白糖市场分析 2 后市展望 一、白糖市场分析 研究所 郑商所白糖期货价格走势 ICE期糖价格走势 郑糖小幅震荡，周度涨幅0.7%。 ICE期糖低位震荡，周度涨幅2.47%。 数据来源：博易云 国信期货 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 3 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 4 1、现货价格及基差走势 研究所 数据来源：WIND 国信期货 免责声明：本报告以投资者教育为目的，不构成任何投资建议。 5 数据来源：广西糖协 云南糖协 国信期货 0 20 40 60 80 100 120 140 160 11月 12月 1月 2月 3月 4 月 5月 6月 7月 8月 9月 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 0 5 10 15 20 25 30 35 11月 12月 1月 2月 3月 4 月 5月 6月 7月 8月 9月 2020/21 2021/22 2022/23 2023/24 2024/25 ...

短线延续弱势 ，建议观望 白糖周报 2025/12/13 13352843071 yangzeyuan@wkqh.cn 从业资格号：F03116327 交易咨询号：Z0019233 杨泽元（农产品组） CONTENTS 目录 01 周度评估及策略推荐 03 国内市场情况 02 价差走势回顾 04 国际市场情况 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 市场回顾：外盘方面，本周原糖价格反弹，截至周五ICE原糖3月合约收盘价报15.1美分/磅，较之前一周上涨0.28美分/磅，涨幅1.89%；价 差方面，原糖3-5月差报0.41美分/磅，较之前一周持平；伦敦白糖3-5月差报3.2美元/吨，较之前一周上涨0.5美元/吨；3月合约原白价差报 96美元/吨，较之前一周下跌3美元/吨。国内方面，本周郑糖价格震荡，截至周五郑糖5月合约收盘价报5214元/吨，较之前一周下跌19元/吨， 跌幅0.36%。广西现货报5340元/吨，较之前一周下跌20元/吨；基差报51元/吨，较之前一周上涨1元/吨；1-5价差报106元/吨，较之前一周 上涨36元/吨；配额外现货进口利润报518元/吨，较之前一周下跌69元/吨。 ◆ 行业消 ...

投资咨询业务资格:证监会许可【2012】31号 | 国内白糖工业库存 | 巴西糖配额外进口利润 | | --- | --- | | ---------------------- 21/22 ------- 21/22 --------- 22/23 -------- 24/25 800 | 2000 1500 1000 - 100 300 NPK 489 | 500 600 0 -500 -1000 400 -1500 -2000 -2500 200 =2017 == 2018 == 2020 2016 · 0 2021 · =2023 = =2024 = =2022 == -2025 10月 11月 12月 1月 2月 4月 5月 6月 7月 9月 3月 8月 柳州-01基差 郑糖1-5月差 500 1000 800 400 600 300 400 200 200 100 0 0 -200 -400 -100 -200 6月21日 7月21日 8月21日 9月21日 10月21日 11月21日 12月21日 5月21日 =SR1801-SR1805 =SR1901-SR1905 =SR2001-SR2005 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - Domestically, Zhengzhou sugar hit a new low this week, testing the support around 5,300 yuan/ton. Spot prices are dropping rapidly, and the overall supply pressure is high. With the increase in new sugar on the market, spot pressure rises. The market supply is abundant, and sugar prices are unlikely to rise. Internationally, ICE sugar futures are digesting supply pressure, with prices fluctuating around 15 cents/pound and finding support around 14 cents/pound. Although current supply pressure is hard to resolve, there are some hidden long - term positives, and international sugar prices may maintain low - level oscillations. The operation suggestion is to focus on short - term trading [57][58] Group 3: Summary by Directory 1. Sugar Market Analysis 1.1 Futures Price Trends - Zhengzhou sugar futures showed weak performance, with a weekly decline of 1.8%. ICE sugar futures oscillated at a low level, with a weekly decline of 1.97% [11] 1.2 Spot Price and Basis Trends - No summary information provided 1.3 Sales in Guangxi and Yunnan - No summary information provided 1.4 Sugar Import Situation - In October, imports were 750,000 tons, a year - on - year increase of 210,000 tons. Based on the ICE sugar futures March contract price of 14.5 cents/pound, the in - quota import cost from Brazil is 4,019 yuan/ton, and the out - of - quota import cost is 5,090 yuan/ton; the in - quota import cost from Thailand is 4,078 yuan/ton, and the out - of - quota import cost is 5,166 yuan/ton [23] 1.5 Domestic Industrial Inventory - In the 2025/26 sugar - making season, the industrial inventory in October was about 321,800 tons, an increase of 45,900 tons compared to the same period last year [29] 1.6 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total of Zhengzhou sugar warehouse receipts and forecasts was 183, a decrease of 75 compared to the previous week. The number of warehouse receipts was 0, and the valid forecasts were 183 [34] 1.7 Brazil's Production Progress - In the first half of November, the cumulative crushing volume was 576 million tons, a year - on - year decrease of 1.26%, and the sugar production was 39.179 million tons, a year - on - year increase of 2.09% [38] 1.8 Brazil's Bi - weekly Sugar - Making Ratio - The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 51.54%, compared to 48.45% in the same period last year [43] 1.9 Brazil's Monthly Sugar Exports - In October, Brazil's sugar exports were 4.205 million tons, a year - on - year increase of 12.8% [47] 1.10 International Main - producing Region Weather Conditions - Brazil's main producing areas have abundant rainfall, which is beneficial to sugarcane growth. India has little precipitation, which is beneficial to sugarcane crushing [53] 2. Market Outlook - Domestically, Zhengzhou sugar hit a new low, spot prices are falling, and supply pressure is high. With new sugar on the market, pressure increases, and sugar prices are unlikely to rise. Internationally, ICE sugar futures are digesting supply pressure, and although current pressure is high, there are long - term positives, and prices may maintain low - level oscillations. The operation suggestion is short - term trading [57][58]

5万吨，重新回到年内高位水平，进口供应压力明显，短期糖价暂无止跌迹象，预计弱势延续。 白糖产业日报 2025-11-26 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5379 | -8 主力合约持仓量:白糖(日,手) | 394080 | -12249 1135 | | | 仓单数量:白糖(日,张) | 7693 | 0 期货前20名持仓:净买单量:白糖(日,手) | -62644 | | | | 有效仓单预报:白糖:小计(日 ...

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - Near the new crops in the Northern Hemisphere and the listing of domestic cane sugar, Zhengzhou sugar is expected to be mainly volatile and weak. The large current import volume of raw sugar and the gradually released pressure of imported sugar arriving at ports, with an import cost of 5300 - 5400, suppress the futures market. In the domestic supply side, Yunnan sugar mills started the first pressing two days ago, and Guangxi sugar mills are expected to start mass - production in mid - to - late November, which may create new selling pressure. However, as the current futures market is close to the domestic sugar - making cost, it is expected to show a resistant decline before the listing of domestic new sugar [4] 3. Summary According to Relevant Catalogs 3.1 Domestic Spot Price and Futures Price - In the domestic spot market, on November 7, 2025, the price per ton of sugar in Nanning Warehouse, Guangxi was 5760 yuan, up 40 yuan; in Kunming, Yunnan, it was 5650 yuan, down 10 yuan; in Dali, Yunnan, it was 5500 yuan, down 10 yuan; in Rizhao, Shandong, it was 5820 yuan, unchanged. The price of SR01 was 5457 yuan, up 9 yuan; the price of SR05 was 5397 yuan, up 9 yuan; the spread between SR01 and SR05 was 60 yuan, unchanged [4] 3.2 International Exchange Rate and Commodity Price - The exchange rate of RMB against the US dollar was 7.1393, down 0.0015; the exchange rate of the Brazilian real against the RMB was 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB was 0.084, down 0.0004. The price of the ICE raw sugar main contract was 14.13, down 0.09; the price of the London white sugar main contract was 573, up 3; the price of the Brent crude oil main contract was 63.7, up 0.13 [4]

Group 1: Report Summary - The price of Zhengzhou Sugar 2601 contract rose slightly this week, with a weekly increase of about 0.68% [5][17] - In the first half of October 2025, the sugar cane crushing and sugar production progress in the central - southern region of Brazil slowed down significantly. As of October 16, the cumulative sugar production in the 25/26 sugar season increased by 0.89% year - on - year [5] - In the domestic market, the forecasted arrival of out - of - quota raw sugar in October is expected to decrease month - on - month. Due to news about syrups and premixes, there is support at the lower level, but the loose supply - demand situation still pressures the sugar market. In the short term, sugar prices will mainly operate at a low level [5] - It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5] - Future factors to watch include domestic production and sales, and new - season production forecasts [6] Group 2: Futures and Spot Market International Market - The international raw sugar spot price this week was 14.1 cents per pound, down 0.62 cents per pound from last week [15] Domestic Futures Market - The price of Zhengzhou Sugar 2601 contract rose slightly this week, with a weekly increase of about 0.68% [5][17] - The net position of the top 20 in the Zhengzhou sugar futures this week was - 57,848 lots, and the Zhengzhou sugar warehouse receipts were 7,530 [23] - The price difference between the 1 - 5 contracts of Zhengzhou sugar futures this week was + 70 yuan/ton, and the basis of spot - Zhengzhou sugar was + 257 yuan/ton [28] Domestic Spot Market - As of October 31, the sugar price in Liuzhou, Guangxi was 5,760 yuan/ton, in Nanning, Guangxi was 5,740 yuan/ton, and in Kunming, Yunnan was 5,710 yuan/ton [34] - This week, the estimated profit of Brazilian sugar within the quota was 1,790 yuan/ton, up 176 yuan/ton from last week; the estimated profit outside the quota was 509 yuan/ton, up 270 yuan/ton from last week. The estimated profit of Thai sugar within the quota was 1,512 yuan/ton, up 206 yuan/ton from last week; the estimated profit outside the quota was 432 yuan/ton, up 267 yuan/ton from last week [40] Group 3: Industry Chain Supply Side - As of the end of September 2025, the national sugar production in the 2024/25 sugar - making season was 11.1621 million tons, an increase of 1.1989 million tons or 12.03% year - on - year [44][56] - As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a month - on - month decrease of 450,000 tons or 27.91%, and a year - on - year increase of 60,100 tons or 5.45% [47] - In September 2025, China's sugar imports were 550,000 tons, a year - on - year increase of 27.78% and a month - on - month decrease of 280,000 tons. From January to September 2025, the cumulative sugar imports were 3.16 million tons, a year - on - year increase of 7.89% [51] Demand Side - As of the end of September 2025, sugar mills in the 2024/25 sugar - making season had all stopped crushing [56] - In September 2025, China's monthly production of refined sugar was 539,100 tons, a year - on - year increase of 35.4%. The monthly production of soft drinks was 15.9167 million tons, a year - on - year decrease of 1.9% [60] Group 4: Option and Stock - Futures Correlation Market Option Market - This week's implied volatility of at - the - money options in the sugar option market is presented in the relevant chart [62] Stock Market - The price - earnings ratio of Nanning Sugar Industry is presented in the relevant chart [67]

Report Information - Report Title: Zheng Sugar Weakens Again, Supply Pressure is High - Guoxin Futures Sugar Weekly Report - Report Date: October 17, 2025 [2] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - Domestic market: Zheng sugar followed the external market down significantly, breaking below the support around 5,400 yuan/ton. Although it showed signs of stabilization later in the week, domestic sugar sales are behind year-on-year, and downstream purchasing willingness is low. New season beet sugar production may be slightly lower, and cane area output may also decline due to typhoons. Import data is expected to remain high but may be lower than expected. Zheng sugar has support at 5,400 yuan/ton, but the rebound space is limited under fundamental pressure [57]. - International market: Higher-than-expected supply from Brazil and a bumper harvest in India have led to early digestion of supply pressure, causing ICE sugar prices to break below the support around 15.5 cents/pound. However, prices rebounded quickly and returned above 15.5 cents/pound. Despite strong Brazilian production data, the market did not continue to fall, mainly due to the decline in the sugar - making ratio. New negative factors are needed to break below 15 cents/pound [57]. 3. Summary by Directory 3.1 Sugar Market Analysis 3.1.1 Futures Price Trends - Zhengzhou Commodity Exchange (ZCE) sugar futures prices: Zheng sugar broke through support and then fluctuated, with a weekly decline of 1.53%. ICE sugar futures weakened, with a weekly decline of 1.55% [8]. 3.1.2 Spot Price and Basis Trends - No specific analysis text is provided, only data sources are mentioned [11][12]. 3.1.3 Sales in Guangxi and Yunnan - No specific analysis text is provided, only data sources are mentioned [17][18]. 3.1.4 Sugar Import Situation - In August, sugar imports were 830,000 tons, a year - on - year increase of 60,000 tons. Based on the ICE sugar March contract price of 16 cents/pound, the in - quota import cost from Brazil is 4,477 yuan/ton, and the out - of - quota cost is 5,688 yuan/ton; from Thailand, the in - quota cost is 4,421 yuan/ton, and the out - of - quota cost is 5,615 yuan/ton [22]. 3.1.5 Industrial Inventory - In the 2024/25 sugar season, the industrial inventory in August was about 1.16 million tons, an increase of 58,000 tons compared to the same period last year [25]. 3.1.6 ZCE Warehouse Receipts and Valid Forecasts - This week, the total of Zheng sugar warehouse receipts and forecasts was 8,438, a decrease of 460 from the previous week. The number of warehouse receipts was 8,438, and the valid forecast was 0 [33]. 3.1.7 Brazil's Production Progress - In the second half of September, the cumulative crushing volume was 490 million tons, a year - on - year decrease of 2.99%, and the sugar production was 33.524 million tons, a year - on - year increase of 0.84% [37]. 3.1.8 Brazil's Bi - weekly Sugar - Making Ratio - The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 52.68%, compared to 48.84% in the same period last year [42]. 3.1.9 Brazil's Monthly Sugar Exports - Brazil's sugar exports in September were 3.2458 million tons, a year - on - year decrease of 16.3% [48]. 3.1.10 International Main Producing Region Weather - In Brazil, there was abundant rainfall in the main producing areas, which was not conducive to sugarcane crushing. In India, precipitation decreased significantly [54]. 3.2 Market Outlook - Domestic market: Zheng sugar may continue to be under pressure from fundamentals, with limited rebound space. Although there is support at 5,400 yuan/ton, the overall situation is not optimistic. - International market: ICE sugar prices have shown some resilience after breaking support, and new negative factors are needed to drive prices lower [57].

Group 1: Report Title and Date - The report is titled "Zhengzhou Sugar Declines, Weakens in the Short Term - Guoxin Futures Sugar Weekly Report" and dated September 19, 2025 [2] Group 2: Sugar Market Analysis Futures Price Trends - Zhengzhou sugar futures prices declined, with a weekly drop of 1.43%. ICE sugar futures oscillated weakly, with a weekly decline of 2.28% [9] Spot Price and Basis Trends - Spot prices followed the decline of Zhengzhou sugar futures prices, but the basis showed signs of strengthening and remained at a relatively high level [59] Sales in Guangxi and Yunnan - No specific sales data were provided in the text, but relevant charts were presented [16] Sugar Imports - In July, 740,000 tons of sugar were imported, a year - on - year increase of 320,000 tons. Based on the ICE sugar October contract price of 16.5 cents per pound, the in - quota import cost from Brazil was 4,539 yuan per ton, and the out - of - quota cost was 5,769 yuan per ton; for Thailand, the in - quota cost was 4,580 yuan per ton, and the out - of - quota cost was 5,822 yuan per ton [22] Industrial Inventory - In the 2024/25 sugar season, the industrial inventory in August was approximately 1.16 million tons, an increase of 58,000 tons compared to the same period last year [25] Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total number of Zhengzhou sugar warehouse receipts plus forecasts was 10,629, a decrease of 1,116 from the previous week. There were 10,629 warehouse receipts and 0 valid forecasts [33] Brazil's Production Progress - In the second half of August, the cumulative sugarcane crushing volume was 404 million tons, a year - on - year decrease of 4.78%, and the sugar production was 26.758 million tons, a year - on - year decrease of 1.92% [37] Brazil's Bi - weekly Sugar - Making Ratio - The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 52.76%, compared to 49.09% in the same period last year [42] Brazil's Monthly Sugar Exports - Brazil's sugar exports in August were 3.744 million tons, a year - on - year decrease of 4.47% [45] International Main Production Area Weather - There was little rainfall in Brazil's main production areas, which was beneficial for sugarcane crushing. India had abundant precipitation [55][56] Group 3: Market Outlook Domestic Market - Zhengzhou sugar prices declined. Spot prices followed suit. Although it was the peak season, trading volume did not improve significantly. The weak stock market dragged down the commodity market, and short - sellers increased their positions. Technically, the support level at 5,500 yuan per ton was broken, but there was cost support below this level. The market is expected to remain weak in the short term, but the downward space is limited [59] International Market - On the supply side, Brazil's production data showed that although the sugar - making ratio was slightly adjusted down, it remained above 51%. The dry weather in Brazil boosted the crushing progress, and the short - term supply pressure suppressed the market. The Asian market's high - yield expectations were still being digested, and India had high export expectations, but there was a lack of motivation at current prices. The price close to 15 cents per pound was close to the production cost of major international producers. Overall, the market was bearish, but the probability of a sharp decline was low [59] Group 4: Operation Suggestion - The operation suggestion is to focus on short - term trading [60]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - International market: It is in a low-level consolidation phase, and there is an opportunity to re - evaluate Brazil's sugar production. The 24/25 sugar - making season has a significant global supply shortage, while the 25/26 season is expected to see a restorative increase in production and inventory in both the Northern and Southern Hemispheres. New York raw sugar is likely to oscillate at a low level. Attention should be paid to Brazil's production and export rhythm and India's relevant industrial policies [3][33] - Domestic market: It is in a range - bound consolidation, and there is an opportunity at the lower end of the range. In the 24/25 sugar - making season, the domestic market is expected to have continuous production increases and cost decreases. The import policy for syrup and premixed powder has tightened. Zhengzhou sugar follows the trend of raw sugar, and trading is centered around the import rhythm. The pattern of stronger domestic and weaker international markets continues. In the 25/26 season, the market expects a decline in the sugar yield rate in Guangxi and an increase in production costs [3][33] 3. Summary According to Relevant Catalogs 3.1 This Week's Market Review 3.1.1 International Market - Exchange rates: The US dollar index is 97.85 (previous value: 97.72), and the US dollar to Brazilian real exchange rate is 5.43 (previous value: 5.44) [1][5] - Commodity prices: WTI crude oil price is $64.01 per barrel (+0.38%), and the price of the active contract for New York raw sugar is 16.34 cents per pound (-0.61%) [1] - CFTC positions: As of August 26, long positions of funds decreased by 1,247 lots, short positions increased by 1,426 lots, and net long positions decreased by 2,673 lots to - 98,204 lots [1][15] - Production data: As of August 16, the cumulative sugar production in the central - southern region of Brazil in the 25/26 sugar - making season was 22.89 million tons, a year - on - year decrease of 1.12 million tons. ISMA/NFCSF predicts that the total sugar production in India in the 25/26 sugar - making season will be 34.9 million tons, compared with 29.5 million tons in the 24/25 season. OCSB data shows that Thailand's sugar production in the 24/25 season was 10.08 million tons, a year - on - year increase of 1.27 million tons [1] 3.1.2 Domestic Market - Price data: The spot quotation of Guangxi Group is 5,940 yuan per ton, a week - on - week decrease of 40 yuan per ton; Zhengzhou sugar's main contract is reported at 5,604 yuan per ton, a week - on - week decrease of 66 yuan per ton; the basis of the main contract increased slightly [2][14] - Production and consumption data: As of May, China's sugar production in the 24/25 sugar - making season was 11.16 million tons, a year - on - year increase of 1.2 million tons. CAOC predicts that the domestic sugar production in the 24/25 season will be 11.16 million tons, consumption will be 15.8 million tons, and imports will be 5 million tons. For the 25/26 season, production is expected to be 11.2 million tons, consumption 15.9 million tons, and imports 5 million tons. As of July, China's cumulative sugar imports in the 24/25 season were 3.25 million tons, a year - on - year decrease of 330,000 tons [2][14][27] 3.2 Next Week's Market Outlook 3.2.1 International Market - Market trend: Low - level consolidation, with an opportunity to re - evaluate Brazil's production. The market is in a pattern of strong reality and weak expectations. The 24/25 season has a significant supply shortage, while the 25/26 season is expected to see production increases and inventory accumulation. New York raw sugar is likely to oscillate at a low level [3][33] - Focus points: Brazil's production and export rhythm, and India's relevant industrial policies [3][33] 3.2.2 Domestic Market - Market trend: Range - bound consolidation, with an opportunity at the lower end of the range. The domestic market in the 24/25 season is expected to have continuous production increases and cost decreases. Zhengzhou sugar follows raw sugar, and trading is centered around the import rhythm. The 25/26 season is expected to have a decline in the sugar yield rate in Guangxi and an increase in production costs [3][33] - Focus points: The lower end of the price range [3][33] 3.3 Macro Data - Exchange rates: The US dollar index is 97.85 (previous value: 97.72), and the US dollar to Brazilian real exchange rate is 5.43 (previous value: 5.44) [5] - Crude oil: WTI crude oil price is $64.01 per barrel (+0.38%) [5] 3.4 Industry Data 3.4.1 Market Price and Trading Data - Price and basis: The price of the active contract for New York raw sugar is 16.34 cents per pound (-0.61%). The spot quotation of Guangxi Group is 5,940 yuan per ton, a week - on - week decrease of 40 yuan per ton; Zhengzhou sugar's main contract is reported at 5,604 yuan per ton, a week - on - week decrease of 66 yuan per ton; the basis of the main contract increased slightly [14] - Warehouse receipts: As of last weekend, the warehouse receipts for Zhengzhou white sugar were 13,916 lots [15] - CFTC positions: As of August 26, long positions of funds decreased by 1,247 lots, short positions increased by 1,426 lots, and net long positions decreased by 2,673 lots to - 98,204 lots [1][15] 3.4.2 Industry Supply and Demand Data - Global supply and demand: The International Sugar Organization (ISO) predicts a supply shortage of 5.47 million tons in the 24/25 sugar - making season (previous prediction: 4.88 million tons) [26] - Brazil: As of August 16, in the 25/26 sugar - making season, the cumulative crushed sugarcane in the central - southern region of Brazil was 354 million tons, a year - on - year decrease of 6.6%; sugar production was 22.89 million tons, a year - on - year decrease of 4.7%; alcohol production was 16.07 billion liters, a year - on - year decrease of 12%; the cumulative sugar - cane ratio for sugar production was 52.51%, compared with 49.14% in the same period of the previous year [26] - India: As of May 15, India's sugar production in the 24/25 sugar - making season was 25.74 million tons, a year - on - year decrease of 5.8 million tons. ISMA/NFCSF predicts that the total sugar production in India in the 25/26 season will be 34.9 million tons, compared with 29.5 million tons in the 24/25 season [26] - Thailand: Thailand's sugar production in the 24/25 season was 10.08 million tons, a year - on - year increase of 1.27 million tons [27] - China: CAOC predicts that the domestic sugar production in the 24/25 season will be 11.16 million tons, consumption will be 15.8 million tons (+100,000 tons), and imports will be 5 million tons; for the 25/26 season, production is expected to be 11.2 million tons, consumption 15.9 million tons (+100,000 tons), and imports 5 million tons. Customs data shows that sugar imports in July 2025 were 740,000 tons, and the cumulative imports in the 24/25 season were 3.25 million tons. As of May, the national sugar production in the 24/25 sugar - making season was 11.16 million tons, a year - on - year increase of 1.2 million tons, sales were 8.11 million tons, a year - on - year increase of 1.52 million tons, and the cumulative sales rate was 72.69% [27]