Report Industry Investment Rating No relevant content provided. Core Viewpoints - The consumption peak season is coming to an end, and the significant increase in out-of-quota imported sugar in July has put short-term downward pressure on the 01 contract. It is advisable to adopt a short-term bearish and oscillatory trading strategy [5][8]. - The overall evaluation of the sugar market is neutral, with both positive and negative factors present. Positive factors include strong domestic consumption, reduced inventory, and increased syrup tariffs, while negative factors include increased global sugar production and supply surplus in the new season [4][7]. Summary by Directory 1. Previous Day Review No relevant content provided. 2. Daily Tips - **Fundamentals**: StoneX has revised down the global sugar market surplus for the 25/26 season by 700,000 tons to 3.04 million tons. As of the end of May 2025, the cumulative sugar production in China for the 24/25 season was 11.1621 million tons, and the cumulative sugar sales were 8.1138 million tons, with a sales ratio of 72.69% (compared to 66.17% in the same period last year). In June 2025, China imported 420,000 tons of sugar, a year-on-year increase of 390,000 tons, and the total import of syrup and premixed powder was 115,700 tons, a year-on-year decrease of 103,200 tons [4]. - **Basis**: The spot price in Liuzhou is 6,010 yuan, with a basis of 437 yuan for the 01 contract, indicating a premium over the futures price, which is a positive factor [6]. - **Inventory**: As of the end of May, the industrial inventory for the 24/25 sugar season was 3.0483 million tons, which is a positive factor [6]. - **Market**: The 20-day moving average is downward, and the K-line is below the 20-day moving average, indicating a bearish trend [6]. - **Main Position**: The position is bearish, with a net short position increasing. The main trend is unclear, leaning towards bearish [5]. 3. Today's Focus No relevant content provided. 4. Fundamental Data - **Supply and Demand Forecast**: Different institutions have varying forecasts for the global sugar market surplus in the 25/26 season. Green Pool predicts a surplus of 2.7 million tons, USDA predicts 11.397 million tons, Czarnikow predicts 7.8 million tons, and Datagro predicts 2.58 million tons [36]. - **Domestic Sugar Market Data**: From 2024/25 to 2025/26, the sugarcane planting area, sugar production, import volume, and consumption in China are expected to remain relatively stable. The international sugar price is expected to range from 16.5 to 21.5 cents per pound, and the domestic sugar price is expected to range from 5,800 to 6,500 yuan per ton [38]. - **Import Cost**: The refined after-tax cost of imported raw sugar (50% tariff) has been decreasing. In July 2025, the ICE raw sugar average price was 16.35 cents per pound, and the refined after-tax cost was between 5,600 and 5,650 yuan per ton [42]. 5. Position Data - The main position is bearish, with a net short position increasing, and the main trend is unclear, leaning towards bearish [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - This week, the price of the Zhengzhou Sugar 2601 contract decreased by about 0.84%. Globally, the production prospects of major sugar - producing countries in Asia are favorable, and Brazil shows strong production signs, leading to a loose supply expectation and pressuring the raw sugar price. In China, the profit outside the quota remains relatively high, releasing import pressure. Beet sugar will start production in September, increasing supply temporarily. On the demand side, due to the hot summer, the food and beverage industry has restocking needs, and seasonal consumption such as cold drinks is picking up. Currently, the inventory pressure is not large, but the increase in processed sugar has significantly slowed down the de - stocking process. The estimated sugar production for the 2025/26 season is 1120 million tons, a slight increase of 4 million tons year - on - year, remaining at a high level in the past four years. Overall, the expected increase in imports and weak spot prices are dragging the sugar futures price to fluctuate weakly. It is recommended to conduct short - side trading [7]. 3. Summary by Relevant Catalogs 3.1 Weekly Key Points Summary - Future factors to watch: consumption, and exports of Brazilian and Indian sugar. The import expectation increase and weak spot prices are dragging the sugar futures price to fluctuate weakly. It is advisable to conduct short - side trading [7]. 3.2 Futures and Spot Market - **Futures Market**: The price of the ICE US Sugar 10 - month contract decreased by about 1.05% this week. As of July 29, 2025, the non - commercial long positions of ICE No. 11 sugar were 199,477 contracts, a 0.36% increase from the previous period; the non - commercial short positions were 261,625 contracts, a 1.21% increase; the non - commercial net positions were - 62,148 contracts, a 4.05% decrease. The top 20 net positions of Zhengzhou sugar futures were - 30,938 lots, and the Zhengzhou sugar warehouse receipts were 18,545 contracts [11][20]. - **Spot Market**: As of August 8, the sugar price in Liuzhou, Guangxi was 6030 yuan/ton, and the spot price in Kunming, Yunnan was 5830 yuan/ton. As of August 5, the estimated import processing price of Brazilian sugar outside the quota (50% tariff) was 5584 yuan/ton, a 0.82% decrease; inside the quota, it was 4398 yuan/ton, a 0.79% decrease. The estimated import processing price of Thai sugar outside the quota (50% tariff) was 5683 yuan/ton, a 0.79% decrease; inside the quota, it was 4474 yuan/ton, a 0.75% decrease. As of August 5, the profit of imported Brazilian sugar inside the quota was 1457 yuan/ton, a 0.62% increase from last week; outside the quota, it was 271 yuan/ton, a 7.97% increase. The profit of imported Thai sugar inside the quota was 1381 yuan/ton, a 0.58% increase; outside the quota, it was 172 yuan/ton, a 12.42% increase [24][27][33]. 3.3 Industry Chain Situation - **Supply Side**: The 2024/25 sugar - making season ended in late May 2025. The national sugar production was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03%. As of May 30, 2025, the industrial inventory was 3.0483 million tons, a year - on - year decrease of 0.3221 million tons. In June 2025, China imported 420,000 tons of sugar, a significant year - on - year increase, but the cumulative import from January to June was only 1.04 million tons, a 19.7% year - on - year decrease [37][41][45]. - **Demand Side**: As of May 31, 2025, the cumulative national sugar sales were 8.1138 million tons, a 12.00% increase from the previous period, and the sales rate was 72.69%, a 11.45% increase. As of June 30, 2025, the monthly output of refined sugar was 337,000 tons, a 10.61% decrease from the previous period; the monthly output of soft drinks was 1.84285 million tons, a 14.24% increase [49][54]. 3.4 Option and Stock - related Markets - **Option Market**: Information about the implied volatility of the at - the - money options of sugar this week is presented, but specific data is not summarized here. - **Stock Market**: Information about Nanning Sugar Industry's price - to - earnings ratio is presented, but specific data is not summarized here.

1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - The consumption peak season is about to end, and there was a significant increase in out - of - quota imported sugar in July. The 01 contract is under short - term pressure and is expected to decline. Adopt a short - term bearish and oscillatory approach [5][9]. 3. Summary According to the Table of Contents 3.1 Previous Day's Review No information provided in the given content. 3.2 Daily Tips - **Fundamentals**: StoneX estimates that the global sugar market surplus for the 25/26 season has been reduced by 700,000 tons to 3.04 million tons. As of the end of May 2025, China's cumulative sugar production for the 24/25 season was 11.1621 million tons, cumulative sugar sales were 8.1138 million tons, and the sales rate was 72.69% (compared to 66.17% in the same period last year). In June 2025, China imported 420,000 tons of sugar, a year - on - year increase of 390,000 tons, and the total import of syrup and premixed powder was 115,700 tons, a year - on - year decrease of 103,200 tons. The situation is neutral [4]. - **Basis**: The spot price in Liuzhou is 6030 yuan, and the basis for the 01 contract is 445 yuan, with the spot price at a premium to the futures price, which is bullish [6]. - **Inventory**: As of the end of May, the industrial inventory for the 24/25 sugar - making season was 3.0483 million tons, which is bullish [6]. - **Market Chart**: The 20 - day moving average is downward, and the K - line is below the 20 - day moving average, which is bearish [6]. - **Main Position**: The position is bearish, the net short position has increased, the trend of the main force is unclear, and it is bearish [5]. - **Likely Factors**: Bullish factors include good domestic consumption, reduced inventory, increased syrup tariffs, and short - term low out - of - quota imports. Coca - Cola in the US has changed its formula to use sucrose. Bearish factors include an increase in global sugar production, a surplus in the new season's global supply, the foreign sugar price below 17 cents per pound, and the opening of the import profit window, which increases import pressure [7]. - **Medium - term View**: There is a gap in China's sugar supply - demand balance sheet, but the gap is decreasing in the medium - to - long - term. The average domestic sugar spot sales price is around 6000 yuan. Since January 2025, the tariff on imported syrup has increased, approaching the out - of - quota import tariff for raw sugar [9]. - **Short - term View**: Trump's approval of the Coke formula modification is long - term bullish. Different institutions have different forecasts for the 25/26 season's global sugar market surplus, ranging from 153,000 tons to 1.1397 million tons [9]. 3.3 Today's Focus No information provided in the given content. 3.4 Fundamental Data - **Global Sugar Supply - Demand Balance (25/26)**: The global sugar production is expected to be 20.2 million tons, reaching the second - highest level in history, with Brazil, India, and Thailand leading the production increase. The global consumption is estimated at 19.8 million tons, with Asian demand growing by 1.3% and African demand having the fastest growth rate at 2.2%. There is an expected surplus of 270,000 tons, and institutional forecasts vary. The inventory - to - consumption ratio is between 52% - 54%, indicating a relief in inventory pressure but still below the long - term average. The global trade volume is expected to be 62 million tons, with Brazil's exports accounting for over 50% and Thailand's exports returning to a high level [37]. - **Institutional Forecasts in the Past 3 Months**: USDA predicts a surplus of 1.1397 million tons (doubling year - on - year), Datagro forecasts a surplus of 258,000 tons, ISO predicts a shift from a 488,000 - ton shortage in the 24/25 season to a possible surplus in the 25/26 season, and StoneX estimates a global production increase of 3.3 million tons and a surplus of 430,000 tons [40]. - **China's Sugar Supply - Demand Data**: From 2024/25 to 2025/26, China's sugarcane and beet planting and harvesting areas, yields, sugar production, imports, consumption, and price ranges are predicted. For example, in 2025/26, the sugar production is expected to be 11.2 million tons, imports are 5 million tons, and consumption is 15.9 million tons [42]. 3.5 Position Data - The main position is bearish, with an increase in the net short position, and the trend of the main force is unclear, showing a bearish tendency [5].

Report Summary 1. Industry Investment Rating - No information provided on the report industry investment rating 2. Core Viewpoint - The sugar market is in a period of oscillation, with a trend strength of 0, indicating a neutral outlook [1][4] 3. Summary by Relevant Content 3.1. Fundamental Data - The raw sugar price is 16.03 cents/pound, down 0.01 from the previous period; the mainstream spot price is 5950 yuan/ton, down 20; the futures main contract price is 5667 yuan/ton, down 16. The 91 spread is 82 yuan/ton, up 27; the 15 spread is 42 yuan/ton, down 18; the mainstream spot basis is 283 yuan/ton, down 4 [1] 3.2. Macro and Industry News - High - frequency information shows that the sugar - cane crushing progress in the central - southern region of Brazil has accelerated; the monsoon rainfall in India is higher than the Long - Period Average (LPA); Brazil exported 336 million tons of sugar in June, a 5% year - on - year increase. China imported 42 million tons of sugar in June [1] 3.3. Domestic Market - CAOC predicts that the domestic sugar production in the 24/25 sugar - making season will be 1.116 billion tons, consumption will be 1.58 billion tons, and imports will be 500 million tons; in the 25/26 sugar - making season, production will be 1.12 billion tons, consumption will be 1.59 billion tons, and imports will be 500 million tons. As of the end of May in the 24/25 sugar - making season, the national sugar production was 1.116 billion tons (+120 million tons), cumulative sales were 811 million tons (+152 million tons), and the cumulative sales rate was 72.7%. As of the end of June, the cumulative sugar imports in the 24/25 sugar - making season were 251 million tons (-65 million tons) [2] 3.4. International Market - ISO predicts a global sugar supply shortage of 547 million tons in the 24/25 sugar - making season (previously 488 million tons). As of July 16 in the 25/26 sugar - making season, the cumulative sugar - cane crushing volume in the central - southern region of Brazil decreased by 9.6 percentage points year - on - year, with cumulative sugar production of 1.566 billion tons (-159 million tons), and the cumulative MIX was 51.02%, up 2.69 percentage points year - on - year. ISMA/NFCSF predicts that the total sugar production in India in the 25/26 sugar - making season will be 3.49 billion tons, up from 2.95 billion tons in the 24/25 sugar - making season (+540 million tons). The cumulative sugar production in Thailand in the 24/25 sugar - making season was 1.008 billion tons (+127 million tons) [3]

Group 1: Report Basic Information - Report Name: Sugar Daily Report [1] - Date: August 8, 2025 [2] - Industry: Sugar [1] Group 2: Market Quotes and Operation Suggestions - Futures Quotes: SR509 closed at 5667 yuan/ton, down 22 yuan or 0.39%, with a position of 161,306 contracts, a decrease of 11,214 contracts; SR601 closed at 5585 yuan/ton, down 42 yuan or 0.75%, with a position of 278,027 contracts, an increase of 15,743 contracts; US Sugar 10 closed at 16.04 cents/pound, down 0.05 cents or 0.31%, with a position of 387,802 contracts, an increase of 409 contracts; US Sugar 03 closed at 16.70 cents/pound, down 0.05 cents or 0.30%, with a position of 231,986 contracts, an increase of 1,333 contracts [7] - Market Analysis: New York raw sugar futures weakened on Wednesday. The fundamentals of raw sugar have been relatively calm recently. The improvement in Brazilian weather has led to an increase in sugar production, which has pressured sugar prices, but the expectation of a decline in the total volume still exists. The market has digested the strong expectation of an increase in production in the Northern Hemisphere. The main contract of Zhengzhou sugar continued to decline yesterday. The spot prices in domestic producing areas also fell. Today, Zhengzhou Sugar 09 continued to decline but showed resistance. Industrial funds on the 09 contract have shifted from short to long, while speculative funds are shorting the 01 contract. Currently, the basis is large, which is unfavorable for short positions. Attention should be paid to whether speculative funds will short technically [7][8] Group 3: Industry News - Brazil's Sugar Exports: Brazil exported 3.5937 million tons of sugar in July, a year-on-year decrease of 4.6%. From April to July in the 2025/26 sugar season, Brazil exported a total of 10.76 million tons of sugar, a year-on-year decrease of 7.64% [9] - Impact of Fertilizer Prices: Citigroup analysts warned that the rising fertilizer prices may affect the profitability of producers in the 2025/26 season, although the harvests of corn and sugarcane improved in July due to favorable weather conditions [9] - Guangxi's Sugar Production: In the 2024/25 sugar season, Guangxi crushed 48.5954 million tons of sugarcane, a year-on-year decrease of 2.5847 million tons; produced 6.465 million tons of mixed sugar, a year-on-year increase of 0.2836 million tons; the sugar production rate was 13.30%, a year-on-year increase of 1.22 percentage points. As of the end of July, Guangxi had sold 5.4961 million tons of sugar, a year-on-year increase of 0.3966 million tons; the sales rate was 85.01%, a year-on-year increase of 2.51 percentage points. In July, the single-month sugar sales volume was 0.3555 million tons, a year-on-year decrease of 0.2178 million tons; the industrial inventory was 0.9689 million tons, a year-on-year decrease of 0.113 million tons [9] - Yunnan's Sugar Production: In the 2024/2025 sugar season, Yunnan crushed 18.063 million tons of sugarcane (compared with 15.4494 million tons in the previous season), produced 2.4188 million tons of sugar (compared with 2.032 million tons in the previous season), with a sugar production rate of 13.39% (compared with 13.15% in the previous season), and produced 28,200 tons of alcohol (compared with 28,000 tons in the previous season). As of July 31, 2025, Yunnan had sold 1.9514 million tons of sugar, a year-on-year increase of 0.3262 million tons; the sales rate was 80.68%, a year-on-year increase of 0.7%. The monthly sugar sales volume in July was 200,300 tons, a year-on-year increase of 8,000 tons; the industrial inventory was 467,300 tons, a year-on-year increase of 60,600 tons [9] Group 4: Data Overview - Figures Included: Spot price trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading positions of the top 20 seats in the main contract of Zhengzhou sugar [11][13][15][17] - Trading Positions of Top 20 Seats: Detailed data on the trading positions of the top 20 seats in the main contract of Zhengzhou sugar are provided, including the changes in long and short positions of various futures companies [20]

白糖产业日报 2025-08-07 作上建议偏空交易为主。 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) | 5667 | -16 主力合约持仓量:白糖(日,手) | 161306 | -11214 | | 期货市场 | 仓单数量:白糖(日,张) | 18615 | -187 期货前20名持仓:净买单量:白糖(日,手) | -18069 | -7033 | | | 有效仓单预报:白糖:小计(日,张) | 0 | 0 | | | | | 进口加 ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2025年8月7日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 1、基本面：StoneX：25/26年度全球糖市供应过剩下调70万吨，至304万吨。2025年5月底，24/25 年度本期制糖全国累计产糖1116.21万吨；全国累计销糖811.38万吨；销糖率72.69%（去年同期 66.17%）。2025年6月中国进口食糖42万吨，同比增加39万吨；进口糖浆及预混粉等三项合计 11.57万吨，同比减少10.32万吨。中性。 白糖： 2、基差：柳州现货6050，基差422（01合约），升水期货；偏多。 3、库存：截至5月底24/25榨季工业库存304.83万吨；偏多。 4、盘面：20日均线走平，k线在20日均线下方，偏空。 5、主力持仓：持仓偏空，净持仓空增，主力 ...

Group 1: Report Information - Report Name: Sugar Daily Report [1] - Date: August 7, 2025 [2] - Researcher Team: Agricultural Products Research Team [4] - Researchers: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - New York raw sugar futures weakened, with the main October contract down 0.98% to 16.09 cents/pound, due to bearish production data from mid - southern Brazil in the first half of July, but concerns about Brazil's output decline and potential beet sugar production cuts in the EU remain [7] - Zhengzhou sugar's main contract continued to fall, but the 09 contract showed resistance and the 01 contract had a bottom - building pattern. With a large basis and the bearish impact of imported sugar fully released, the possibility of further decline is low [8] Group 4: Market Review and Operation Suggestions Futures Market Quotes | Contract | Closing Price | Change | Change Rate | Open Interest | Increase/Decrease | | --- | --- | --- | --- | --- | --- | | SR509 | 5683 yuan/ton | -24 | -0.42% | 172519 | -12540 | | SR601 | 5628 yuan/ton | -9 | -0.16% | 262284 | 11742 | | US Sugar 10 | 16.09 cents/pound | -0.16 | -0.98% | 387393 | -2227 | | US Sugar 03 | 16.75 cents/pound | -0.13 | -0.77% | 230653 | 4038 | [7] Domestic Market - Zhengzhou sugar's main contract continued to decline. The 09 contract closed at 5683 yuan/ton, down 24 yuan or 0.42%, with a reduction of 12540 positions. Domestic spot prices in production areas also fell, with Nanning sugar at 5090 yuan and Kunming sugar at 5800 yuan [8] Group 5: Industry News Guangxi - In the 2024/25 sugar - crushing season, the cumulative sugarcane crushed was 4859.54 million tons, a year - on - year decrease of 258.47 million tons; the output of mixed sugar was 646.50 million tons, a year - on - year increase of 28.36 million tons; the sugar - making rate was 13.30%, a year - on - year increase of 1.22 percentage points. As of the end of July, the cumulative sugar sales were 549.61 million tons, a year - on - year increase of 39.66 million tons; the sales rate was 85.01%, a year - on - year increase of 2.51 percentage points. In July, the monthly sugar sales were 35.55 million tons, a year - on - year decrease of 21.78 million tons; the industrial inventory was 96.89 million tons, a year - on - year decrease of 11.3 million tons [9] Yunnan - The 2024/2025 sugar - crushing season in Yunnan lasted 206 days, ending 5 days earlier than last year. The total sugarcane crushed was 1806.30 million tons (compared to 1544.94 million tons in the previous season), the sugar output was 241.88 million tons (203.20 million tons in the previous season), the sugar - making rate was 13.39% (13.15% in the previous season), and the alcohol output was 2.82 million tons (2.80 million tons in the previous season). As of July 31, 2025, the cumulative sugar sales were 195.14 million tons, a year - on - year increase of 32.62 million tons; the sugar sales rate was 80.68%, a year - on - year increase of 0.7%. The monthly sugar sales in July were 20.03 million tons, a year - on - year increase of 0.8 million tons; the industrial inventory was 46.73 million tons, a year - on - year increase of 6.06 million tons [9] Brazil - In the first half of July, in mid - southern Brazil, the sugarcane crushed was 4982.3 million tons, a year - on - year increase of 641.1 million tons (14.77%); the ATR of sugarcane was 133.66kg/ton, a year - on - year decrease of 9.79kg/ton; the sugar - making ratio was 53.68%, a year - on - year increase of 3.79%; the ethanol output was 2.194 billion liters, a year - on - year increase of 0.051 billion liters (2.36%); the sugar output was 340.6 million tons, a year - on - year increase of 44.6 million tons (15.07%) [9] Group 6: Data Overview - The report includes charts on spot trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position of the top 20 seats in the main Zhengzhou sugar contract, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][18]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The decline of Zhengzhou sugar may be nearing its end as the long - position funds are actively shifting to the 01 contract, causing the 9 - 1 spread to weaken. Currently, the basis is large, and there is certain support at the 5700 mark [8]. 3. Summary by Related Catalogs 3.1 Market Review and Operation Suggestions - **Futures Market Conditions**: SR509 closed at 5697 yuan/ton, down 24 yuan or 0.42%, with a position reduction of 20364 lots; SR601 closed at 5638 yuan/ton, up 12 yuan or 0.21%, with a position increase of 24152 lots; US Sugar 10 closed at 16.25 cents/pound, up 0.07 cents or 0.43%, with a position increase of 2539 lots; US Sugar 03 closed at 16.88 cents/pound, up 0.10 cents or 0.60%, with a position increase of 2476 lots [7]. - **Market Analysis**: New York raw sugar futures strengthened on Monday. The bearish production data of Brazil's central - southern region in the first half of July suppressed the raw sugar price, but concerns about the decline in Brazil's production still exist, and there is a high possibility of a reduction in beet sugar production in the EU. Zhengzhou sugar's decline was mainly due to the long - position funds' shift to the 01 contract [7][8]. 3.2 Industry News - **China - Guangxi**: In the 2024/25 sugar - crushing season, the cumulative cane crushing in Guangxi was 4859.54 million tons, a year - on - year decrease of 258.47 million tons; the output of blended sugar was 646.50 million tons, a year - on - year increase of 28.36 million tons; the sugar - making rate was 13.30%, a year - on - year increase of 1.22 percentage points. As of the end of July, the cumulative sugar sales were 549.61 million tons, a year - on - year increase of 39.66 million tons; the sales - to - production ratio was 85.01%, a year - on - year increase of 2.51 percentage points. In July, the single - month sugar sales were 35.55 million tons, a year - on - year decrease of 21.78 million tons; the industrial inventory was 96.89 million tons, a year - on - year decrease of 11.3 million tons [9]. - **China - Yunnan**: The 2024/2025 sugar - crushing season in Yunnan ended 5 days earlier than last year. The total cane crushing was 1806.30 million tons (compared with 1544.94 million tons in the previous season), the sugar output was 241.88 million tons (compared with 203.20 million tons in the previous season), the sugar - making rate was 13.39% (compared with 13.15% in the previous season), and the alcohol output was 2.82 million tons (compared with 2.80 million tons in the previous season). As of July 31, 2025, the cumulative sugar sales were 195.14 million tons, a year - on - year increase of 32.62 million tons; the sales - to - production ratio was 80.68%, a year - on - year increase of 0.7%; the monthly sugar sales were 20.03 million tons, a year - on - year increase of 0.8 million tons; the industrial inventory was 46.73 million tons, a year - on - year increase of 6.06 million tons [9]. - **Brazil**: In the first half of July, the cane crushing volume in the central - southern region of Brazil was 4982.3 million tons, a year - on - year increase of 641.1 million tons or 14.77%; the ATR of cane was 133.66 kg/ton, a year - on - year decrease of 9.79 kg/ton; the sugar - making ratio was 53.68%, a year - on - year increase of 3.79%; the ethanol output was 2.194 billion liters, a year - on - year increase of 0.051 billion liters or 2.36%; the sugar output was 3.406 million tons, a year - on - year increase of 0.446 million tons or 15.07% [9]. 3.3 Data Overview - The report presents multiple data charts, including spot price trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the Zhengzhou sugar main contract [11][15][17].

Report Information - Report Name: Sugar Daily Report - Date: August 5, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The downward drive in the sugar market is not strong currently, despite the bearish production data from the first half of July in the central - southern region of Brazil, as concerns about the decline in Brazilian sugar production still remain [7] - The recent decline of Zhengzhou sugar is mainly due to the pressure of concentrated supply of processed sugar. However, considering the rapid decline in futures prices and the large basis, this round of decline may be nearing its end [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: On Friday, New York raw sugar futures weakened. The main October contract closed 0.92% lower at 16.20 cents per pound. London ICE white sugar futures' main October contract closed 0.6% lower at $465.00 per ton. In the domestic market, the main contract of Zhengzhou sugar fell slightly. The SR509 contract closed at 5,718 yuan per ton, down 44 yuan or 0.76%, with a reduction of 25,642 positions. The SR601 contract closed at 5,636 yuan per ton, down 3 yuan or 0.05%, with an increase of 12,592 positions. The No. 10 contract of US sugar closed at 16.20 cents per pound, down 0.15 cents or 0.92%, with a reduction of 3,169 positions. The No. 03 contract of US sugar closed at 16.80 cents per pound, down 0.17 cents or 1.00%, with an increase of 1,384 positions [7] - **Spot Market**: Domestic spot sugar prices in production areas declined. The price of Nanning sugar was reported at 6,010 yuan, and that of Kunming sugar was 5,820 yuan [8] 3.2 Industry News - **Brazil**: In the first half of July 2025, the sugar - cane crushing volume in the central - southern region of Brazil was 49.823 million tons, a year - on - year increase of 14.77%. The sugar production ratio was 53.68%, an increase of 3.79 percentage points compared to the same period last year. The sugar production was 3.406 million tons, a year - on - year increase of 15.07%. From the start of the 2025/26 sugar - crushing season until the first half of July, the cumulative sugar - cane crushing volume was 256.14 million tons, a year - on - year decrease of 9.61%. The cumulative sugar production was 15.655 million tons, a year - on - year decrease of 9.22% [9] - **India**: The Indian Sugar Mills Association (ISMA) predicted that the total sugar production in the 2025/26 sugar - crushing season will increase by 18% to about 34.9 million metric tons, compared with 29.5 million metric tons in the 2024/25 season. The estimated total sugar - cane planting area in the 2025/26 season is about 5.724 million hectares, slightly higher than the 5.711 million hectares in the 2024/25 season [9] 3.3 Data Overview - Various data charts are presented, including the SR9 - 1 spread, Brazilian raw sugar import profit, spot price trends, 2509 contract basis, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the main contract of Zhengzhou sugar [13][15][20][23] - The total trading volume of the top 20 members in the main contract of Zhengzhou sugar was 216,510 lots, a decrease of 33,087 lots. The total long - position volume was 153,878 lots, a decrease of 13,283 lots, and the total short - position volume was 144,032 lots, a decrease of 15,158 lots [23]