农产品日报 | 2026-01-07 油厂开机上升，豆粕延续震荡 市场要闻与重要数据 期货方面，昨日收盘豆粕2605合约2776元/吨，较前日变动+22元/吨，幅度+0.80%；菜粕2605合约2390元/吨，较前 日变动+29元/吨，幅度+1.23%。现货方面，天津地区豆粕现货价格3110元/吨，较前日变动+20元/吨，现货基差 M05+334，较前日变动-2；江苏地区豆粕现货3070元/吨，较前日变动+20元/吨，现货基差M05+294，较前日变动-2； 广东地区豆粕现货价格3110元/吨，较前日变动跌+40元/吨，现货基差M05+334，较前日变动+18。福建地区菜粕现 货价格2600元/吨，较前日变动+20元/吨，现货基差RM05+210，较前日变动-9。 近期市场资讯，1月5日，美国农业部公布的周度出口检验报告显示，截至2026年1月1日当周，美国大豆出口检验 量为98万吨，此前市场预估为75-115万吨，前一周修正后为77.3万吨，初值为75万吨。12月25日止当周，美国当前 市场年度大豆出口销售净增117.77万吨，较之前一周增加19%，较前四周均值减少20%。市场预估为净增70-180万 吨。 ...

农产品日报 | 2026-01-06 国内供应充足，豆粕维持震荡 粕类观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2605合约2754元/吨，较前日变动+5元/吨，幅度+0.18%；菜粕2605合约2361元/吨，较前 日变动-4元/吨，幅度-0.17%。现货方面，天津地区豆粕现货价格3090元/吨，较前日变动+0元/吨，现货基差M05+336， 较前日变动-15；江苏地区豆粕现货3050元/吨，较前日变动+0元/吨，现货基差M05+296，较前日变动-15；广东地 区豆粕现货价格3070元/吨，较前日变动跌+0元/吨，现货基差M05+316，较前日变动-5。福建地区菜粕现货价格2580 元/吨，较前日变动+0元/吨，现货基差RM05+219，较前日变动+4。 近期市场资讯，外媒1月3日消息：布宜诺斯艾利斯谷物交易所称，截至12月30日，阿根廷2025/26年度大豆播种完 成82%，高于一周前的75.5%。1月2日，美国农业部发布的月度油籽压榨报告显示，美国2025年11月大豆压榨量为 662万短吨（2.21亿蒲式耳）。2025年10月为709万短吨（2.36亿蒲式耳），2024年11月为630万短吨（2 ...

1. Report Industry Investment Ratings - Cotton: Neutral to bullish [2] - Sugar: Neutral [5] - Pulp: Neutral [8] 2. Core Views of the Report - The report analyzes the market conditions of cotton, sugar, and pulp, providing investment strategies based on supply - demand dynamics, price trends, and market news [2][5][8] 3. Summary by Related Catalogs Cotton Market News and Key Data - Futures: Cotton 2605 contract closed at 14,560 yuan/ton yesterday, up 125 yuan/ton (+0.87%) from the previous day. Spot: Xinjiang arrival price of 3128B cotton was 15,384 yuan/ton, down 1 yuan/ton; national average price was 15,543 yuan/ton, up 2 yuan/ton [1] - In Pakistan, cotton area weather is mild and dry, with winter rainfall scarce. Daily arrival of seed cotton is below 1,550 tons, and total new cotton output is expected to be 1.085 - 1.124 million tons [1] Market Analysis - International: 12 - month USDA global cotton supply - demand adjustment is small. 25/26 global cotton production and demand both decrease, with a slight increase in ending stocks. US cotton production increases, with increased inventory pressure. Short - term ICE US cotton is under pressure, but long - term decline space is limited [2] - Domestic: 25/26 domestic cotton production increases significantly. As new cotton sales progress, hedging resistance weakens. Demand improves near holidays, but downstream orders decline, inventory rises, and demand weakens marginally [2] Strategy - Neutral to bullish. Domestic cotton consumption is expected to increase due to expanded spinning capacity. With high production and consumption and low imports, supply - demand is not expected to be loose. Considering the expected decline in Xinjiang's planting area, long - term cotton prices are bullish, but short - term high - level corrections should be watched [2] Sugar Market News and Key Data - Futures: Sugar 2605 contract closed at 5,258 yuan/ton yesterday, up 5 yuan/ton (+0.10%). Spot: Guangxi Nanning price was 5,360 yuan/ton, unchanged; Yunnan Kunming price was 5,220 yuan/ton, unchanged [3] - India's January 2026 sugar domestic sales quota is 2.2 million tons, down 50,000 tons from January 2025 [3] Market Analysis - International: 25/26 global sugar is in surplus. Short - term decline space is limited due to Brazil's harvest and India's slow exports, but rebound momentum is restricted [4] - Domestic: 25/26 domestic sugar production increases. Import pressure is high, but syrup control is tightening, and next year's syrup and premix imports may decrease [5] Strategy - Neutral. Domestic fundamentals are bearish. Although the valuation is low, the market may bottom out again, but the decline space is limited. Short - and medium - term sugar prices are expected to oscillate and bottom [5] Pulp Market News and Key Data - Futures: Pulp 2605 contract closed at 5,568 yuan/ton yesterday, up 58 yuan/ton (+1.05%). Spot: Shandong Chilean Silver Star softwood pulp price was 5,590 yuan/ton, unchanged; Russian softwood pulp price was 5,175 yuan/ton, unchanged [5] - Imported wood pulp spot market was stable. Futures fluctuated. Softwood pulp traders kept prices stable, and downstream procurement was cautious. Hardwood pulp supply was tight, and traders were reluctant to sell [6] Market Analysis - Supply: Overseas pulp mills have shutdown and maintenance news. Domtar closed Crofton paper mill, and Finns Group's Rauma pulp mill will be shut down temporarily [7] - Demand: European port pulp inventory decreased in October. Domestic terminal demand is insufficient, but port inventory has declined recently, and future paper capacity expansion may support pulp prices [7] Strategy - Neutral. Overseas supply disruptions and pre - Spring Festival restocking expectations may lead to a mild recovery in domestic demand. Short - term pulp prices are expected to oscillate strongly, but the increase depends on demand improvement and inventory digestion [8]

Group 1: Report Industry Investment Ratings - Corn: Downward [1] - Soybean Meal: Sideways [1] - Oils: Sideways [1] - Eggs: Sideways [1] - Pigs: Upward [2] Group 2: Core Views of the Report - Corn: On Wednesday, corn continued to fluctuate. The trading in the Northeast was lackluster, and there was no profit in shipping goods to the northern port. The price in North China remained stable. The overall inventory of deep - processing enterprises was increasing, and the terminal demand was weak. Technically, the March contract showed signs of stabilizing, and short - term long positions with light positions could be considered [1]. - Soybean Meal: On Wednesday, CBOT soybean prices rose as investors adjusted their positions before the long holiday. In China, the two - meal market fluctuated downward, with spot prices slightly falling. The spot inventory was high, and the trading volume of forward contracts was large. The market atmosphere was light, and the price range was limited. A double - selling strategy was recommended [1]. - Oils: On Wednesday, BMD palm oil was basically flat. International crude oil prices rose for the sixth consecutive day. The output of Malaysian palm oil from December 1 - 20 decreased by 7.44% month - on - month. In China, soybean oil and palm oil fluctuated, while rapeseed oil rose. The price direction was unclear, and a double - selling strategy was recommended [1]. - Eggs: On Wednesday, egg futures rebounded from a low level. The spot price was weak due to sufficient supply, despite the approaching New Year's Day. There was uncertainty in capacity reduction, so it was recommended to wait and see [1][2]. - Pigs: On Wednesday, the main 2603 contract of live pigs closed with a small阳线, and the spot price increased. The daily slaughter volume of key breeding enterprises increased, and the average weight decreased slightly. Technically, short - term attention should be paid to the bottom performance of the March contract, and long - term long positions with light positions could be considered for forward contracts [2]. Group 3: Summary According to Market Information - Malaysian palm oil production from December 1 - 20 decreased by 7.44%, with different decreases in different regions [3]. - On December 23, the CNF quotes of 24 - degree palm oil imports for January and February shipments increased week - on - week, and the corresponding arrival and tax - paid costs in South China also rose [3]. - The trading volume of soybean meal in major domestic oil mills fluctuated. On December 24, the total trading volume was 18.45 tons, an increase of 10.99 tons from the previous day [3]. Group 4: Summary According to Variety Spreads - The report presents various contract spreads and contract basis charts, including those of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [5][13]

Group 1: Report Industry Investment Rating - The investment rating for both the粕类 and corn sectors is neutral [3][6] Group 2: Core Views of the Report - For the粕类 market, the domestic supply - demand pattern remains unchanged, with a slight increase in soybean inventory and high - level bean粕 inventory. The 05 contract price moves weakly in line with the US soybean price, but the relatively high import cost of US soybeans provides some support. Attention should be paid to soybean imports and the growth of new - season South American soybeans [2] - For the corn market, farmers are still reluctant to sell, resulting in a slow grain - selling rhythm. Traders are cautious in inventory building, while deep - processing enterprises'开机 rate is stable with a slight increase in inventory and improved purchasing willingness. Feed enterprises mainly make rigid - demand purchases. All - link inventories are gradually rising but still below historical levels. The future focus is on alternative grain auctions, and the corn spot price is expected to adjust [4][5] Group 3: Market News and Important Data 粕类 - **Futures**: The closing price of the bean粕 2605 contract was 2728 yuan/ton, down 17 yuan/ton (-0.62%) from the previous day; the rapeseed粕 2605 contract was 2344 yuan/ton, down 5 yuan/ton (-0.21%) [1] - **Spot**: In Tianjin, the bean粕 spot price was 3080 yuan/ton, unchanged from the previous day, with a spot basis of M05 + 352, up 17 from the previous day; in Jiangsu, it was 3010 yuan/ton, down 10 yuan/ton, with a spot basis of M05 + 282, up 7; in Guangdong, it was 3020 yuan/ton, down 10 yuan/ton, with a spot basis of M05 + 292, up 7. In Fujian, the rapeseed粕 spot price was 2570 yuan/ton, unchanged from the previous day, with a spot basis of RM05 + 226, up 5 [1] - **Market Information**: The US Department of Agriculture reported that for the week ending December 11, US soybean export sales increased by 239.62 million tons, up 54% from the previous week and 69% from the four - week average. The market expected an increase of 180 - 290 million tons, and exports to the Chinese mainland increased by 138.3 million tons. Argentina's November soybean crushing volume was 349.3 million tons, with 58.7 million tons of soybean oil and 25.9 million tons of bean粕 produced [1] Corn - **Futures**: The closing price of the corn 2601 contract was 2196 yuan/ton, up 7 yuan/ton (+0.32%) from the previous day; the corn starch 2601 contract was 2494 yuan/ton, up 7 yuan/ton (+0.28%) [3] - **Spot**: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day, with a spot basis of C01 + 99, down 7 from the previous day; in Jilin, the corn starch spot price was 2620 yuan/ton, unchanged from the previous day, with a spot basis of CS01 + 126, down 7 [3] - **Market Information**: The US Department of Agriculture reported that for the week ending December 11, US corn export sales increased by 174.41 million tons, up 18% from the previous week but down 7% from the four - week average. The market expected an increase of 90 - 180 million tons. Corn export shipments were 144.56 million tons, down 18% from the previous week and 25% from the four - week average. New sales of US corn in the current market year were 184.84 million tons, and new sales in the next market year were 0 tons [3]

Report Industry Investment Rating - The investment rating for both the bean meal and corn sectors is neutral [3] Core Viewpoints - The domestic supply - demand pattern of bean meal remains unchanged, with soybean and bean meal inventories high and strong South American harvest expectations. The 05 contract price of bean meal follows the weak trend of US soybean prices, but the high import cost of US soybeans provides some support. Future focus should be on soybean imports and South American soybean growth [2] - For corn, the supply side has farmers reluctant to sell, and the demand side has cautious traders and mainly rigid - demand purchases from feed enterprises. Current inventories are rising but still below historical levels, and future focus should be on alternative grain auctions [4][5] Summary by Related Catalogs Bean Meal Market News and Important Data - Futures: The closing price of the bean meal 2605 contract was 2745 yuan/ton, up 4 yuan/ton or 0.15% from the previous day; the rapeseed meal 2605 contract was 2349 yuan/ton, up 12 yuan/ton or 0.51% [1] - Spot: Tianjin bean meal was 3080 yuan/ton, Jiangsu was 3020 yuan/ton, and Guangdong was 3030 yuan/ton, all unchanged from the previous day. Fujian rapeseed meal was 2570 yuan/ton, up 10 yuan/ton [1] - Market News: As of December 18, 2025, the US soybean export inspection volume was 870,000 tons. AgRural expects Brazil's 2025/26 soybean output to reach 180.4 million tons [1] Market Analysis - The domestic supply - demand situation remains stable, with soybean and bean meal inventories rising slightly. The 05 contract price is weak, but high US soybean import costs provide support. Future focus is on imports and South American soybean growth [2] Strategy - The strategy for bean meal is neutral [3] Corn Market News and Important Data - Futures: The closing price of the corn 2601 contract was 2189 yuan/ton, down 3 yuan/ton or 0.14% from the previous day; the corn starch 2601 contract was 2487 yuan/ton, down 10 yuan/ton or 0.40% [3] - Spot: Liaoning corn was 2150 yuan/ton, unchanged from the previous day; Jilin corn starch was 2620 yuan/ton, down 10 yuan/ton [3] - Market News: As of December 18, 2025, the US corn export inspection volume was 1.744 million tons. Brazil exported 4.426 million tons of corn in the first three weeks of December, with a daily average export volume 45% higher than the previous year [3] Market Analysis - On the supply side, farmers are reluctant to sell. On the demand side, traders are cautious, and feed enterprises make mainly rigid - demand purchases. Inventories are rising but still below historical levels, and future focus is on alternative grain auctions [4][5] Strategy - The strategy for corn is neutral [3]

农产品日报 | 2025-12-23 棉花观点 市场要闻与重要数据 期货方面，昨日收盘棉花2605合约14070元/吨，较前一日变动+55元/吨，幅度+0.39%。现货方面，3128B棉新疆到 厂价14986元/吨，较前一日变动+7元/吨，现货基差CF05+916，较前一日变动-48；3128B棉全国均价15154元/吨， 较前一日变动+9元/吨，现货基差CF05+1084，较前一日变动-46。 近期市场资讯，据美国农业部（USDA）报告，12月12日至12月18日，美国2025/26年度棉花分级检验19.93万吨， 83.7%的皮棉达到ICE期棉交割要求。其中陆地棉检验量为19.34万吨，皮马棉为0.59万吨。至同期，累计分级检验 242.43万吨，82.7%的皮棉达到ICE期棉交割要求。其中陆地棉检验量为236.65万吨，皮马棉为5.78万吨。 市场分析 市场情绪有所好转，板块整体震荡回升 昨日郑棉期价震荡上涨。国际方面，本月USDA对于全球棉花供需数据调整不大，25/26年度全球棉花产需双减， 期末库存微幅增加。美棉产量继续小幅调增，经过两个月的调整后美棉累库压力明显加大。当前北半球新棉集中 上市，阶段 ...

1. Report Industry Investment Rating - The investment rating for both the bean meal and corn sectors is neutral [3][6] 2. Core Views - **Bean Meal**: High import costs have led to low procurement of US soybeans, and US soybean exports are below expectations. South American soybeans are growing well, with strong expectations of a bumper harvest, causing US soybean prices to be weak. In China, the supply - demand pattern remains unchanged, with soybean and bean meal inventories at high levels. The price of the 05 contract is weak, following US soybean prices, but high import costs provide some support. Future focus should be on soybean imports and South American soybean growth [2] - **Corn**: On the supply side, farmers are reluctant to sell, resulting in a slow grain - selling pace. On the demand side, traders' inventory increases slowly, and their purchasing is cautious. Deep - processing plants' operations are stable, with slightly increased inventory and improved purchasing willingness. Feed enterprises mainly make just - in - time purchases and adopt a wait - and - see attitude. Current inventories are rising but still below historical levels. The future focus is on alternative grain auctions, and corn spot prices are expected to adjust [5] 3. Summary by Relevant Catalogs 3.1 Bean Meal - **Market News and Important Data**: The closing price of the bean meal 2605 contract was 2741 yuan/ton, up 6 yuan/ton (+0.22%) from the previous day. Spot prices in Tianjin, Jiangsu, and Guangdong were 3080 yuan/ton, 3020 yuan/ton, and 3030 yuan/ton respectively. As of December 17, Argentina's 2025/26 soybean sowing was 67.3% complete. In November, Argentina exported 218.9 million tons of soybeans, 56.2 million tons of soybean oil, and 271.4 million tons of bean meal [1] - **Market Analysis**: High import costs lead to low US soybean procurement and weak US soybean prices due to South American competition. In China, the supply - demand pattern is stable, with high inventories, and the 05 contract price is weak but supported by import costs [2] - **Strategy**: Neutral [3] 3.2 Corn - **Market News and Important Data**: The closing price of the corn 2601 contract was 2192 yuan/ton, unchanged from the previous day. The corn starch 2511 contract was 2497 yuan/ton, down 5 yuan/ton (-0.20%). As of December 17, Argentina's 2025/26 corn planting area was 69.5% of the expected area. In November, Argentina exported 158.4 million tons of corn. As of December 18, Ukraine had harvested 94% of its planned grain area, with a total yield of 5657.6 million tons [3] - **Market Analysis**: Farmers' reluctance to sell slows the grain - selling pace. Traders are cautious in purchasing, while deep - processing plants' purchasing willingness has improved. Feed enterprises mainly make just - in - time purchases. Inventories are rising but below historical levels, and future focus is on alternative grain auctions [5] - **Strategy**: Neutral [6]

1. Report Industry Investment Ratings - Not provided in the content 2. Core Views of the Report - Palm oil may have a short - term rebound and is in the process of bottom - hunting through oscillations [2][4] - Soybean oil is struggling to stabilize due to the weak performance of US soybeans [2][4] - Soybean meal is in a low - level oscillation [2][11] - Soybean No.1 is oscillating [2][11] - For corn, attention should be paid to the spot market [2][13] - Sugar is running weakly [2][17] - Cotton is oscillating with a slightly upward trend, and downstream demand should be monitored [2][22] - Eggs will maintain an oscillating state [2][28] - The peak demand for pigs during the Winter Solstice has arrived [2][30] - For peanuts, attention should be paid to the purchases of oil mills [2][36] 3. Summaries by Related Catalogs Palm Oil and Soybean Oil - **Fundamental Data**: Palm oil's main contract had a daytime closing price of 8,368 yuan/ton with a 0.31% increase and a night - time closing price of 8,406 yuan/ton with a 0.45% increase. Soybean oil's main contract had a daytime closing price of 7,802 yuan/ton with a 0.26% decrease and a night - time closing price of 7,776 yuan/ton with a 0.33% decrease [5] - **Macro and Industry News**: Indonesia's palm oil inventory at the end of October decreased by 10% to 2.33 million tons, domestic consumption increased by 8.5% to 2.22 million tons, and production was 4.35 million tons, higher than September. The export volume in October was 2.8 million tons, about 3% lower than the same period last year [6] Soybean Meal and Soybean No.1 - **Fundamental Data**: DCE soybean No.1 2601 had a daytime closing price of 4041 yuan/ton with a 1.25% decrease and a night - time closing price of 4042 yuan/ton with a 0.17% decrease. DCE soybean meal 2605 had a daytime closing price of 2747 yuan/ton with a 0.69% decrease and a night - time closing price of 2742 yuan/ton with a 0.11% decrease [10] - **Macro and Industry News**: On December 18, CBOT soybean futures closed lower due to long - position liquidation, global sufficient supply, and unclear Chinese demand prospects. Exporters sold 114,000 tons of US soybeans to unknown destinations for delivery in the 2025/26 season [10][12] Corn - **Fundamental Data**: The closing price of C2601 was 2216 yuan/ton with a 0.23% decrease during the day and 2219 yuan/ton with a 0.14% increase at night. The closing price of C2603 was 2190 yuan/ton with a 0.73% decrease during the day and remained unchanged at night [14] - **Macro and Industry News**: The prices of northern corn for bulk shipping and containerized first - class grain at ports remained stable compared to the previous day. The prices of corn in Northeast China were slightly lower in some areas, while those in North China were oscillating strongly [15] Sugar - **Fundamental Data**: The raw sugar price was 14.48 cents/pound with a 0.28 - cent decrease. The mainstream spot price was 5300 yuan/ton with a 40 - yuan decrease, and the futures main contract price was 5102 yuan/ton with a 37 - yuan decrease [17] - **Macro and Industry News**: As of December 15, the sugar production in the 25/26 season in India increased by 28.3% year - on - year. Brazil exported 3.3 million tons in November, a decrease of 90,000 tons year - on - year. China imported 440,000 tons of sugar in November, a decrease of 90,000 tons [17] Cotton - **Fundamental Data**: The closing price of CF2605 was 13,960 yuan/ton with a 0.25% increase during the day and 13965 yuan/ton with a 0.04% increase at night. The closing price of CY2603 was 20,045 yuan/ton with a 0.20% decrease during the day and 20015 yuan/ton with a 0.15% decrease at night [22] - **Macro and Industry News**: The spot trading of cotton has weakened, and the prices of pure - cotton yarn have fluctuated. The ICE cotton futures rebounded slightly, but the overall trend is still weak [23] Eggs - **Fundamental Data**: The closing price of egg 2601 was 3067 yuan/500 kilograms with a 0.87% decrease, and the closing price of egg 2602 was 2916 yuan/500 kilograms with a 0.48% decrease [28] - **Macro and Industry News**: Not provided Pigs - **Fundamental Data**: The Henan spot price was 11,880 yuan/ton, the Sichuan spot price was 12,150 yuan/ton, and the Guangdong spot price was 12,360 yuan/ton. The prices of futures contracts such as pig 2601, 2603, and 2605 also had corresponding changes [32] - **Macro and Industry News**: Yunnan Shennong, Guizhou Fuyuan, Dekang, Yangxiang, and COFCO registered warehouse receipts from December 4 to 15. The Ministry of Commerce determined that there was dumping of imported related pork and by - products from the EU [33] Peanuts - **Fundamental Data**: The price of Liaoning 308 general peanuts was 9400 yuan/ton, the price of Henan Baisha general peanuts was 7300 yuan/ton. The closing price of PK601 was 8066 yuan/ton with no change, and the closing price of PK603 was 7996 yuan/ton with a 0.15% increase [36] - **Macro and Industry News**: In Henan, the prices of peanuts were generally stable or slightly lower; in Jilin, the prices were basically stable; in Liaoning, the trading was in a stalemate; in Shandong, the prices were basically stable [37]

Group 1: Cotton Report Industry Investment Rating - Neutral to bullish, suggesting to focus on opportunities to go long on the 05 contract on dips [3] Core View - The price of Zhengzhou cotton futures oscillated upwards yesterday, breaking through the 14,000 integer mark. Globally, the USDA made minor adjustments to the global cotton supply and demand data this month, with both production and demand decreasing in the 2025/26 season and a slight increase in ending stocks. In the short term, ICE U.S. cotton will remain under pressure, but in the medium to long term, it is in a low - valuation range with limited further downside. Domestically, cotton production continues to increase in the 2025/26 season. Short - term supply is abundant, but the resistance to hedging on the futures market has weakened. The downstream demand is weak, but the cotton price downside is also limited [2] Summary by Related Catalogs Market News and Important Data - Futures: The closing price of the cotton 2601 contract yesterday was 14,000 yuan/ton, up 165 yuan/ton or 1.19% from the previous day. Spot: The Xinjiang arrival price of 3128B cotton was 14,884 yuan/ton, down 12 yuan/ton; the national average price was 15,060 yuan/ton, down 2 yuan/ton. In India, the cotton listing volume on December 12, 2025/26 was about 42,000 tons of lint, and the CCI auctioned about 75,000 tons [1] Market Analysis - International: The USDA's adjustment to global cotton supply and demand data in the 25/26 season was small, with both production and demand decreasing and ending stocks slightly increasing. The U.S. cotton production increased slightly, and the inventory pressure increased. The short - term ICE U.S. cotton is under pressure, and the upward drive is unclear. Domestic: Cotton production continues to increase in the 25/26 season. Short - term supply is abundant, but the resistance to hedging on the futures market has weakened. The downstream demand is weak, but the cotton price downside is limited [2] Strategy - Neutral to bullish. Focus on opportunities to go long on the 05 contract on dips. Pay attention to the change of the cotton target price policy next year [3] Group 2: Sugar Report Industry Investment Rating - Neutral [7] Core View - The price of Zhengzhou sugar futures continued to be weak yesterday, hitting a new low in the night session. The global sugar supply surplus pattern in the 2025/26 season remains unchanged, and the short - to - medium - term international sugar price rebound space is limited. The fundamental driving force of Zhengzhou sugar is downward, but the short - term decline space is also limited [5] Summary by Related Catalogs Market News and Important Data - Futures: The closing price of the sugar 2605 contract yesterday was 5207 yuan/ton, down 113 yuan/ton or 2.12% from the previous day. Spot: The spot price of sugar in Nanning, Guangxi was 5360 yuan/ton, down 10 yuan/ton; in Kunming, Yunnan was 5295 yuan/ton, unchanged. As of December 15, 2025/26, 479 sugar mills in India were in operation, 6 more than the same period last year, and the sugar production was 7.79 million tons, an increase of 1.72 million tons or 28.34% [4] Market Analysis - The price of Zhengzhou sugar futures continued to be weak, hitting a new low. The short - term support for the raw sugar futures price to stop falling and rebound is limited by the unchanged global sugar supply surplus pattern. The fundamental driving force of Zhengzhou sugar is downward, but the short - term decline space is limited [5] Strategy - Neutral. Pay attention to the impact of the capital side on the futures market, and expect low - level consolidation [7] Group 3: Pulp Report Industry Investment Rating - Neutral [9] Core View - The price of pulp futures oscillated and closed higher yesterday. Overseas supply is disturbed, and the demand in Europe has improved to some extent. In China, the terminal demand is insufficient, and the port inventory is at a historical high, but the recent port inventory has declined significantly, and the future expansion of downstream paper production capacity may support the pulp price to stabilize [8] Summary by Related Catalogs Market News and Important Data - Futures: The closing price of the pulp 2605 contract yesterday was 5572 yuan/ton, up 38 yuan/ton or 0.69% from the previous day. Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5565 yuan/ton, down 25 yuan/ton; the price of Russian softwood pulp was 5090 yuan/ton, unchanged. The import wood pulp spot market price was mainly stable, with individual prices declining [7] Market Analysis - Overseas, there are continuous news of pulp mill shutdowns for maintenance, and the European demand has improved. In China, the terminal demand is insufficient, the paper industry is in a state of overcapacity, and the port inventory is at a historical high, but the recent port inventory has declined, and the future expansion of downstream paper production capacity may support the pulp price [8] Strategy - Neutral. The previous bearish factors have been digested, and the pulp futures price has risen strongly recently, but the lack of substantial improvement in the supply - demand situation will limit the upward space. Pay attention to the impact of the remaining Russian softwood pulp warehouse receipts on the futures market [9]