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 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:白糖(日,元/吨) | 5370 | 17 主力合约持仓量:白糖(日,手) | 417739 | 1039 | | 期货市场 | 仓单数量:白糖(日,张) | 7693 | -278 期货前20名持仓:净买单量:白糖(日,手) | -64209 | 1158 | | | 有效仓单预报:白糖:小计(日,张) | 183 | 0 | | | | 吨) | 进口加工估算价(配额内):巴西糖(日,元/ | 4073 | 41 ...

10月下半月，巴西中南部地区甘蔗入榨量为3110.8万吨，同比增长14.34%；制糖比为46.02%，较去年同期的45.91%上升0.11个百分点；产糖量为206.8万吨， 同比增长16.4%。截至10月下半月，巴西中南部地区累计甘蔗入榨量为55602.9万吨，同比下降1.97%；制糖比为51.97%，较去年同期的48.59%上升3.38个百 分点；产糖量为3808.5万吨，同比增长1.63%。实际产量数据和市场预期基本一致，丰产仍在榨季末期延续。 需要注意的是，制糖比相比前期有所下滑，市场担忧制糖比快速下滑对整体产量的影响。目前市场普遍预期2025/2026榨季巴西中南部地区糖产量将在4050 万～4150万吨之间，维持丰产格局。展望2026/2027榨季，更多甘蔗或转向乙醇生产，预计巴西中南部地区糖产量回落至4000万吨附近。此外，圣保罗地区 持续干旱，可能影响2026/2027榨季甘蔗生物量积累，需持续跟踪。 [巴西丰产带来高出口] 受干旱天气和宿根蔗经历火灾的影响，巴西2025/2026榨季前期显示甘蔗质量不佳，但是被不断创纪录的超高制糖比所弥补。巴西国家商品供应公司 （Conab）发布的巴西2025 ...

Report Title - "Guangxi Delays Sugar Cane Crushing, Zhengzhou Sugar Futures Trade Strongly - Guoxin Futures Weekly Sugar Report" [2] Report Date - November 14, 2025 [2] 1. Sugar Market Analysis Futures Price Trends - Zhengzhou Commodity Exchange (ZCE) sugar futures prices had a slight weekly increase of 0.24%, while ICE sugar futures continued to stop falling and stabilize, with a weekly increase of 1.53% [11] Spot Price and Basis Trends - Not provided with specific summary content, only data sources mentioned [15][16] Sales in Guangxi and Yunnan - Not provided with specific summary content, only data sources mentioned [20][21] Sugar Imports - In September, sugar imports were 550,000 tons, a year - on - year increase of 150,000 tons. Based on the ICE March sugar contract price of 14.5 cents per pound, the in - quota import cost from Brazil was 4,019 yuan per ton, and the out - of - quota import cost was 5,090 yuan per ton; from Thailand, the in - quota import cost was 4,078 yuan per ton, and the out - of - quota import cost was 5,166 yuan per ton [25] Domestic Industrial Inventory - In the 2024/25 sugar - crushing season, the industrial inventory in September was about 682,000 tons, an increase of 324,800 tons compared to the same period last year [28] ZCE Warehouse Receipts and Valid Forecasts - This week, the total of ZCE sugar warehouse receipts and forecasts was 8,904, a decrease of 104 compared to the previous week. The number of warehouse receipts was 7,721, and the valid forecasts were 1,183 [36] Brazil's Production Progress - In the first half of October, the cumulative sugar - cane crushing volume was 525 million tons, a year - on - year decrease of 2.78%, and the sugar production was 36.016 million tons, a year - on - year increase of 0.89% [40] Brazil's Bi - weekly Sugar - making Ratio - The cumulative sugar - making ratio of sugar cane in the central - southern region of Brazil was 52.36%, compared to 48.74% in the same period last year [45] Brazil's Monthly Sugar Exports - In October, Brazil's sugar exports were 4.205 million tons, a year - on - year increase of 12.8% [49] International Main - producing Region Weather Conditions - In Brazil, the main producing areas had abundant rainfall, which was unfavorable for sugar - cane crushing. In India, there was little change in precipitation [55][56] 2. Market Outlook Domestic Market - In terms of the crushing schedule, no sugar mills in Guangxi have started crushing. Sugar - making enterprises in Guangxi agreed not to start production before November 30, 2025. Currently, the pre - sale quotes of enterprises have been lowered to the level of the 2601 contract, and the consumption situation is not optimistic. However, due to the further digestion of old sugar, most sugar groups in Guangxi have cleared their inventories, and the delay of new - sugar listing has increased the market's upward expectations. But from the futures price chart, the resistance around 5,500 yuan per ton for Zhengzhou sugar is effective. Although the futures price briefly broke through the 5,500 - yuan mark with increased trading volume and open interest in the later part of the week, it then reduced open interest and failed to stay above this level. With sufficient overall domestic supply, it is difficult for Zhengzhou sugar to break out of the recent trading range, and attention should be paid to import data [59] International Market - ICE sugar futures prices have stopped falling and stabilized around 14 cents per pound, with short - covering at low prices. In terms of consumption, the market is relatively optimistic about low - price purchases, and there are also signs of Chinese purchases. In terms of global supply and demand, recent institutions have slightly lowered their production forecasts for India and Brazil, reducing the estimated supply surplus for the 2025/26 season, which has provided some support for sugar prices. International sugar prices are bottom - fishing in the short term [59] Operation Suggestion - Mainly conduct short - term trading [60]

Core Viewpoint - Sugar futures market shows a strong performance with the main contract rising by 0.46% to 5475.00 CNY/ton as of November 10 [1] News Summary - On November 6, Indian officials indicated that the sugar export quota for the new fiscal year may be increased to 2 million tons due to a decrease in sugar available for ethanol production, leading to a surplus of exportable sugar [2] - On November 7, the cost of imported sugar from Brazil under the quota was 3903 CNY/ton (with a 15% tariff), which is 1857 CNY/ton lower than the price in Guangxi; outside the quota, the cost was 4954 CNY/ton (with a 50% tariff), 806 CNY/ton lower than Guangxi prices [2] - On November 7, the price of first-grade white sugar in Liuzhou, Guangxi was 5760 CNY/ton, unchanged week-on-week; in Kunming, Yunnan, it was 5650 CNY/ton, down 60 CNY/ton week-on-week [2] Institutional Views - Zhongcai Futures suggests that short-term spot prices may stabilize and rise slightly due to the increase in futures prices, but overall trading activity remains average; medium to long-term factors such as increased global and domestic supply and adjustments in import policies may limit sugar price increases [3] - Shenyin Wanguo Futures notes that the global sugar market is entering a phase of inventory accumulation with increased sugar supply from Brazil; while the sugar production ratio has slightly decreased, it remains high; recent declines in Brazilian oil prices have led to lower ethanol prices, causing a downward shift in white sugar prices [3] - The domestic market is influenced by the increase in import profits, which may weigh on Zheng sugar prices; however, as the new crushing season approaches, cost support may help stabilize prices; market sentiment driven by rumors has already been reflected in the futures market, with expectations of a range-bound trading pattern for Zheng sugar in the short term [3]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Views of the Report - Internationally, the sugar production in major global producing areas is increasing. Brazil's sugar production is at a historically high level, and India may export more sugar than expected, leading to a weak fundamental situation for raw sugar with a downward long - term trend [3]. - In the domestic market, short - term sugar production is expected to increase, and international sugar prices have dropped significantly. Although the supply and sales pressure is increasing, the tightening of syrup and premix imports and high previous pricing costs support the domestic sugar price. So, the Zhengzhou sugar price is expected to fluctuate in the short term. In the long run, it will be affected by the international market and is expected to be weak, but the downward space is relatively limited due to policy support [4]. Group 3: Summary According to Relevant Catalogs Chapter 1: Comprehensive Analysis and Trading Strategies Core Logic - International sugar prices are weak due to high production in Brazil and potential high - volume exports from India. Domestic sugar prices are affected by both international factors and domestic policies, with short - term fluctuations and long - term weakness [3][4]. Trading Strategies - Unilateral: International sugar prices have ended the rebound and resumed the downward trend. Domestic sugar prices are expected to fluctuate, so it is recommended to operate within the range, selling high and covering low [5]. - Arbitrage: Short US raw sugar and long domestic Zhengzhou sugar [5]. - Options: Sell out - of - the - money call options [5]. Chapter 2: Core Logic Analysis International Supply - Demand Pattern Changes - In the 2025/26 sugar season, the global sugar supply - demand gap is significantly narrowing. ISO predicts a 23.1 - million - ton supply gap, while Czarnikow predicts a 740 - million - ton supply surplus [11]. Brazil - Sugar production is expected to remain high at 4502 million tons in the 2025/26 season, slightly higher than the previous estimate [12]. - In the first half of October 2025, the bi - weekly sugar - making ratio in the central - southern region decreased by 3 percentage points to 48.24%, and ethanol production showed a mixed trend [14]. - As of October 16, 2025, the cumulative sugar production in the central - southern region increased by 0.89% year - on - year, and the ethanol price center of gravity is expected to decline due to the gasoline price cut [23]. - As of the first half of October, the sugar inventory in the central - southern region increased by 18.2% year - on - year, and the export volume in October increased by 12.8% year - on - year [28]. Thailand - The new sugar season is expected to see a slight increase in production, and the export volume is expected to increase by 100 million tons [32]. India - The ISMA estimates the 2025/26 sugar season's total production at 3435 million tons, and the net production (excluding ethanol use) at 3095 million tons. India is capable of exporting nearly 200 million tons of sugar [41]. - As of July 2025, the 24/25 cumulative net export volume was 75.08 million tons. The November 2025 domestic sales quota decreased by 20 million tons year - on - year [41]. Domestic Market - Sugar mills in Inner Mongolia and Xinjiang have mostly started production. Rainfall may increase beet yield but reduce sugar content. Yunnan's sugar mills may start production in mid - November [42]. - Import profits are relatively high. For example, the in - quota profit from Brazil is 1750 yuan/ton, and the out - of - quota profit is over 600 yuan/ton [47]. - In September 2025, China imported 55 million tons of sugar, a year - on - year increase of 14.63 million tons. The import of syrup and premix decreased significantly. The predicted out - of - quota raw sugar arrival in October is 11.9 million tons [53]. Chapter 3: Weekly Data Tracking - Data on Brazil's central - southern region includes cumulative cane crushing volume, sugar production, bi - weekly sugar - making ratio, etc. [23][55]. - Data on India includes double - week cumulative sugar production, domestic sales quota, and export volume [41]. - Domestic data includes sugar production progress, import volume of sugar, syrup, and premix [42][53].

Report Information - Report Title: Sugar Monthly Report [1] - Date: November 3, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Report Theme: Repairing the Basis, Zhengzhou Sugar Shows Strength [5] Core Viewpoints - The peak production season in central - southern Brazil has passed, and the later crushing volume may gradually decline. However, India and Thailand are entering a new sugar - making season, so the supply pressure remains [8][57]. - With the raw sugar price falling below 15 cents, major global sugar - producing regions are in a loss state. But whether it will lead to production cuts is an issue for the next season and cannot improve the current sugar price [8][57]. - Market research institutions estimate that the sugar production in Guangxi for the 25/26 season will be around 6.7 million tons, an increase of about 0.5 million tons year - on - year [8][57]. - Downstream enterprises report weak demand due to the overall macro - economic situation and low enthusiasm for sugar procurement [8][57]. - Recently, Zhengzhou sugar has been significantly stronger than raw sugar. This is mainly because the Zhengzhou sugar 601 contract is approaching the delivery month. The large basis in the early stage and the early withdrawal of speculative short - position funds without delivery intention have led to a rebound in the futures price. It is a short - term structural market, and there is a lack of bullish support in the medium - term fundamentals [8][57]. Section Summaries 1. Futures Market Review - In October, the raw sugar index showed a continuous four - week decline and a downward - breaking trend, breaking through the 15 - cent and 14 - cent marks and approaching the lower Bollinger Band of the monthly line [14]. - The Zhengzhou sugar index showed a weak oscillation in October, with the price once falling below the 5400 mark and then rebounding and stabilizing. The rebound was stopped at the 10 - week moving average and the 40 - day moving average [14]. 2. Spot Market Conditions - In October, the spot price of sugar continued to decline. The spot price of Nanning sugar of Guangxi Nanhua Group dropped from 5810 yuan/ton at the beginning of the month to 5700 yuan/ton at the end of the month; the price of Kunming sugar in Yunnan dropped from 5710 yuan/ton to 5620 yuan/ton; the price of processed sugar in Rizhao, Shandong dropped from 5900 yuan/ton to 5870 yuan/ton [18]. - In October, the number of Zhengzhou sugar warehouse receipts plus effective forecasts continued to decrease. At the beginning of the month, there were 9464, and at the end of the month, it decreased to 8116. The registered warehouse receipts decreased from 9464 to 7530, and the effective forecasts increased from 0 to 586 [18]. 3. Futures Market Structure Analysis - In October, both futures and spot markets were weak. The spot market continued to weaken while the futures market oscillated horizontally, and the basis continued to shrink. The basis of the 2601 contract against the Nanning spot price decreased from 325 yuan/ton at the beginning of the month to 206 yuan/ton at the end of the month, and the basis of the 2605 contract decreased from 356 yuan/ton to 270 yuan/ton [22]. - In October, the spread between the main January contract and the secondary main May contract of Zhengzhou sugar widened significantly, mainly because the departure of short - position speculators in the near - month contract made the 01 contract stronger. The spread increased from 35 yuan/ton at the beginning of the month to 65 yuan/ton at the end of the month [22]. - In October, the spread between the London white sugar futures and the New York raw sugar futures main contracts widened, reaching 101 US dollars/ton at the end of the month. The current spread is at a slight profit level for raw sugar processing enterprises [25]. - As of September 23, the net short position of hedge funds and large speculators in raw sugar reached 125,628 contracts, a significant increase from the beginning of the month. Meanwhile, the total open interest in raw sugar futures decreased significantly to 898,935 contracts [25]. 4. Production and Sales Situation - As of the end of May 2025, the 2024/25 sugar - making season ended. The national sugar production was 11.1621 million tons, a year - on - year increase of 1.1989 million tons, or 12.03% [29]. - As of the end of May 2025, the cumulative sugar sales in the country were 8.1138 million tons, a year - on - year increase of 1.521 million tons, or 23.07%. The cumulative sugar sales rate was 72.69%, a year - on - year increase of 6.52 percentage points. In May, the single - month sugar sales were 869,200 tons, a year - on - year increase of 22,900 tons. The sales volume in May was relatively low compared to the same period in the past five years [31]. - At the end of May 2025, the national sugar industrial inventory was 3.0483 million tons, a year - on - year decrease of 322,100 tons, and it was at a relatively low level in the past five years [35]. 5. Import and Export Situation - In September 2025, the sugar import volume was 550,000 tons, a year - on - year increase of 150,000 tons. As of the end of September, the cumulative sugar import volume in the country for this sugar - making season was 4.63 million tons, a year - on - year decrease of 12 tons [39]. - In September, the total import volume of syrup and premixed powder was 151,400 tons, a year - on - year decrease of 135,100 tons. As of the end of September in the 24/25 season, the total import volume of syrup and premixed powder was 1.5283 million tons, a year - on - year decrease of 625,600 tons. In October, China suspended the import of all syrup and premixed sugar from Thailand, and policy optimization may suppress short - term imports [39][40]. - In October, the price of overseas raw sugar continued to decline, and the trend of Zhengzhou sugar was weakly oscillating, with the internal - external price spread widening. The processing profit of Brazilian raw sugar within the quota increased from around 1420 yuan/ton at the beginning of October to 1785 yuan/ton at the end of the month, and the processing profit outside the quota increased from around 193 yuan/ton to 678 yuan/ton [40]. 6. Production in Overseas Major Producing Countries - In the first half of October 2025, in central - southern Brazil, there were 255 production units in operation (3 less than the same period in the previous season). The sugar cane crushing volume was 34.037 million tons, a year - on - year slight increase of 0.30%. The sugar production was 2.484 million tons, a year - on - year increase of 1.25%. The proportion of sugar - cane used for sugar production decreased by 3 percentage points to 48.2%. The total ethanol production was 2.013 billion liters, a year - on - year decrease of 1.17% [45][47]. - As of October 16, 2025, in the 2025/2026 season in central - southern Brazil, the cumulative sugar - cane crushing volume was 524.957 million tons, a year - on - year decrease of 2.78%. The cumulative sugar production was 36.016 million tons, a year - on - year increase of 0.89%. The cumulative total ethanol production was 25.036 billion liters, a year - on - year decrease of 8.23% [48]. - Recently, the port logistics in Brazil has become increasingly tense. As of the week of October 15, the number of ships waiting to load sugar at Brazilian ports increased from 83 to 90, and the quantity of sugar waiting to be shipped increased to 3.7272 million tons, a 3.3% increase from the previous week [52]. 7. Exchange Rate Factors - In October, the US dollar index showed a strong oscillation. The Brazilian real depreciated slightly against the US dollar, and the Thai baht appreciated slightly against the US dollar [54]. - On October 29, local time, the Federal Reserve cut the federal funds rate target range by 25 basis points to 3.75% - 4.00% and decided to end the balance - sheet reduction from December 1 [55]. 8. Market Outlook - The supply pressure in the raw sugar market remains. Although the production in central - southern Brazil may decline, India and Thailand are starting a new season. The current low price may not lead to production cuts in the short term [57]. - For the domestic sugar market, the supply may increase, but the demand is weak. The recent strength of Zhengzhou sugar is a short - term structural phenomenon, and there is a lack of medium - term bullish factors [57].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - International sugar prices face significant upside pressure, but the downside space below 15 cents per pound is expected to be limited unless new negative factors emerge. The domestic sugar market is expected to remain weak in the short term with limited fluctuation space, as it lacks pricing power and mainly follows the trend of the international market [2][20]. - The operation suggestion is to focus on short - term trading of Zhengzhou sugar futures [3][21]. Summary by Relevant Catalogs 1. Market Review - In October, Zhengzhou sugar prices first declined and then rebounded. After falling below the support level of around 5,400 yuan per ton under the drag of the international market, they recovered and returned above 5,400 yuan per ton. International sugar prices continued to decline in October, reaching a minimum of 15.03 cents per pound, due to the optimistic output prospects of major sugar - producing countries [5]. 2. International Market Analysis 2.1 Brazil - Brazil's recent bi - weekly production data is strong. As of October 1, 2025/26, the cumulative sugar production in the central - southern region was 33.524 million tons, a slight year - on - year increase of 0.08%. The bi - weekly sugar - making ratio has significantly decreased. The sugar - making ratio in the second half of September was 51.17%, compared with 53.49% in the first half of September. The average sugarcane yield per hectare in the central - southern region this season decreased by 6.5% compared with the previous season, but the recent yield data has improved. As long as Brazil's annual estimated sugar production does not exceed 42 million tons, it is difficult to trigger a new round of price decline [7]. 2.2 India - There are significant differences in India's new - year sugar production estimates. The Indian government is optimistic about sugar production due to sufficient early rainfall, and reservoir storage has increased significantly. However, heavy rain at the end of the monsoon in Maharashtra damaged nearly 2.83 million hectares of crops, and the sugarcane yield per hectare in this state has been revised down. The Indian government has estimated the new - year sugar production to be 34 million tons, and the industry generally expects 1 - 2 million tons of exports in the new season. Before the production data is clear, India is unlikely to export, so the short - term supply pressure from India is not large [11][12]. 3. Domestic Market Analysis 3.1 Production - Domestic beet sugar production has fully started, with the estimated output slightly lower than before. The sugar content in Inner Mongolia is higher than the same period last year, and 13 out of 14 sugar mills in Xinjiang have started production. The sugarcane - producing areas in Guangdong, Guangxi, and Yunnan have been affected by typhoons, which may lead to a decline in sugarcane yield and sugar content [14]. 3.2 Supply and Demand - The supply of refined sugar remains abundant, and the prices of refined sugar mills have been continuously lowered. In September, China imported 550,000 tons of sugar, a year - on - year increase of 150,000 tons. From January to September 2025, the cumulative sugar imports were 3.17 million tons, a year - on - year increase of 280,000 tons. The extrusion effect of refined sugar on domestic sugar sales is obvious, and the commercial inventories in Guangxi and Yunnan in September increased year - on - year, resulting in significant pressure on spot prices [16].

Core Viewpoint - The Ministry of Agriculture and Rural Affairs indicates that domestic sugar prices are expected to remain stable but weak, while international sugar prices are anticipated to fluctuate weakly [1] Domestic Market Summary - The 2025/26 sugar production season has commenced, with new domestic sugar gradually entering the market - A significant amount of imported sugar is also arriving in the domestic market, leading to supply pressure - Overall, domestic sugar prices are projected to trend weakly due to these supply dynamics [1] International Market Summary - Brazil is currently experiencing a peak in sugar supply, with other major producers like India and Thailand expected to increase production - Multiple institutions forecast a loosening supply-demand balance in the global sugar market for the 2025/26 season - Although macroeconomic factors may cause short-term price fluctuations, the fundamental supply abundance is expected to dominate the market, leading to weak fluctuations in international sugar prices [1]

Core Viewpoint - The sugar market is experiencing a shift with increased production forecasts from both Brazil and Thailand, leading to a potential oversupply in the global sugar market for the 2025/26 season [1][2]. Group 1: Market Data - As of October 22, the number of white sugar futures warehouse receipts in Zhengzhou Commodity Exchange is 8,313, a decrease of 63 from the previous trading day [1]. - The profit from producing white sugar using imported Brazilian raw sugar is approximately 1,865 CNY/ton (within tariff quota, 15% tariff) or 755 CNY/ton (outside tariff quota, 50% tariff) [1]. - The profit from producing white sugar using imported Thai raw sugar is about 1,780 CNY/ton (within tariff quota, 15% tariff) or 643 CNY/ton (outside tariff quota, 50% tariff) [1]. - Datagro forecasts Brazil's sugar production for the next season (April 2026 to March 2027) to be 43.2 million tons, up from the current season's estimate of 41.42 million tons [1]. - The global sugar market is expected to have a surplus of 1.98 million tons in the 2025/26 season, contrasting with a shortage of 5 million tons in the previous year [1]. Group 2: Institutional Perspectives - According to Everbright Futures, there are no rebound drivers for raw sugar in the near term, with production in the southern hemisphere largely determined and strong expectations for increased production in the northern hemisphere [2]. - The domestic spot market continues to clear inventory, with favorable rainfall in Guangxi leading to good cane growth, although autumn rainfall has resulted in lower sugar content in cane [2]. - The price of sugar is expected to remain weak, testing the support level of 5,400 CNY [2]. - Huawen Futures notes that the increase in domestic new sugar production, combined with external pressures, is likely to keep sugar prices on a weak trend, with attention on potential damage to new season cane in Guangxi and Yunnan [3].

Group 1 - The current spot price of white sugar in Guangxi is 5679 CNY/ton, with a slight increase of 7 CNY/ton [1] - The price range for Guangxi Sugar Group is adjusted to 5780-5860 CNY/ton, with mixed changes of 10-20 CNY/ton [1] - In Yunnan, the price range is 5690-5740 CNY/ton, while the main processing sugar factories maintain a price range of 5860-6050 CNY/ton [1] Group 2 - The national white sugar price list shows various prices, with food-grade sugar in Hubei priced at 6500 CNY/ton and industrial-grade sugar in Jiangsu and Anhui at 3000 CNY/ton [2] - The main futures contract for white sugar closed at 5489 CNY/ton, with a decrease of 0.51% and a trading volume of 56,988 contracts [2] Group 3 - In Inner Mongolia, 8 sugar factories have started production for the 2025/26 crushing season, with a delay of over ten days due to recent heavy rainfall affecting sugar beet quality [3] - The estimated sugar production in Inner Mongolia for the 2025/26 season is around 650,000 to 680,000 tons, remaining stable compared to the previous season [3] Group 4 - In Brazil's central-south region, sugar production in the first half of September increased significantly by 15.72% year-on-year to 3.622 million tons, with the sugar-to-ethanol ratio rising by 5.75% to 53.49% [4] Group 5 - The impact of recent typhoons on Guangxi's sugarcane production is significant, with areas like Chongzuo assessing damage and recovery [5] - Typhoon "Maidam" has severely affected the sugarcane in Zhanjiang, with overall damage reported to be worse than last year's Typhoon "Mojia" [5] - Despite the damage from typhoons, the increase in sugarcane planting area and overseas supply pressure may limit short-term price increases for sugar [5]