行业 白糖日报 日期 2025 年 11 月 19 日 研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 ＃summary＃ 每日报告 一、行情回顾与操作建议 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 | 表1：期货行情 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | | 收盘价（元/吨 美分/磅） | 涨跌 | 涨跌幅 | 持仓量（张） | 增减 | | SR601 | | 5407 | -58 | -1.06% | 363213 | 4030 | | SR605 | | 5357 | -46 | -0.85% | 137483 | 8731 | | 美糖 | 03 | 14.75 | -0.21 | -1.40% | 480441 | -5459 ...

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report - Internationally, the production increase in major global sugar - producing areas is still being realized. Datagro has significantly lowered the global sugar surplus forecast, mainly due to the reduced sugar production expectations in Brazil and India. The international sugar price shows signs of bottom - grinding and is expected to fluctuate in the short term. - Domestically, in the short term, sugar mills are gradually starting production, increasing supply and sales pressure, with a weak fundamental situation. However, considering the tightened imports of syrup and premixed powder and relatively high previous pricing costs, domestic sugar production costs are high, providing some support for the futures price. Therefore, the Zhengzhou sugar price is expected to fluctuate within a range in the short term. In the long - term, due to the currently low foreign sugar prices, the cost of future priced sugar will be low, which is expected to have a certain negative impact on the sugar price, but the impact space is relatively limited [11]. 3. Summary by Relevant Catalogs First Part: Data Analysis - **Futures Disk**: SR09 closed at 5,421, up 16 (0.30%); SR01 closed at 5,512, up 34 (0.62%); SR05 closed at 5,433, up 22 (0.41%). The trading volume and open interest of each contract also showed different changes [6]. - **Spot Price**: The spot prices of sugar in different regions such as Liuzhou, Kunming, Wuhan, etc. are provided. The prices in Liuzhou, Wuhan, Nanning, Bayuquan, Rizhao, and Xi'an remained unchanged, while the price in Kunming decreased by 5 yuan/ton. The basis in different regions ranges from 118 to 608 yuan/ton [6]. - **Monthly Spread**: The spread of SR05 - SR01 is - 79, down 12; the spread of SR09 - SR05 is - 12, down 6; the spread of SR09 - SR01 is - 91, down 18 [6]. - **Import Profit**: For Brazilian imports, the quota - in price is 3994 yuan/ton, and the quota - out price is 5073 yuan/ton. For Thai imports, the quota - in price is 4050 yuan/ton, and the quota - out price is 5145 yuan/ton [6]. Second Part: Market Judgment - **Important Information** - As of November 13, 2025, in the 2025/26 sugar - crushing season, the number of sugar mills in Yunnan that have started production has reached 4, an increase of 1 compared to the same period last year, with a planned daily production capacity of 13,200 tons, an increase of 9,700 tons compared to the same period last year. Another sugar mill is expected to start production next week. - The French Ministry of Agriculture has lowered the forecast of sugar beet production in the 2025/26 sugar - crushing season to 33.7 million tons, a decrease of 500,000 tons from the previous forecast, but still 3.5% higher than the 2024/25 season and 8.7% higher than the average of the past five years. - On November 13, 2025, the Indonesian Minister of Agriculture stated that the country plans to achieve self - sufficiency in white sugar by 2026, supported by an investment of 22.2 billion US dollars in downstream plantations, animal husbandry, and horticulture [8][9][10]. - **Logic Analysis** - International: Global major sugar - producing areas are still experiencing increased production. Datagro has significantly lowered the global sugar surplus forecast, mainly due to reduced sugar production expectations in Brazil and India. The international sugar price shows signs of bottom - grinding and is expected to fluctuate in the short term. The Indian Sugar Mills Association (ISMA) estimates that the total sugar production in the 2025/26 sugar - crushing season will be 34.35 million tons, and the net sugar production will be 30.95 million tons after deducting the 3.4 million tons used for ethanol production. The Indian central government has allowed the export of 1.5 million tons of sugar in the 2025/26 sugar - crushing season. - Domestic: In the short term, sugar mills are gradually starting production, increasing supply and sales pressure, with a weak fundamental situation. However, considering the tightened imports of syrup and premixed powder and relatively high previous pricing costs, domestic sugar production costs are high, providing some support for the futures price. In the long - term, due to the currently low foreign sugar prices, the cost of future priced sugar will be low, which is expected to have a certain negative impact on the sugar price, but the impact space is relatively limited [11]. - **Trading Strategy** - **Single - side**: The international sugar price is in a fluctuating adjustment market. The domestic sugar price is expected to fluctuate, and it is recommended to operate within a range, selling high and buying low. - **Arbitrage**: Wait and see. - **Options**: Wait and see [12][15] Third Part: Relevant Attachments The report provides multiple charts, including the monthly inventory and cumulative sales - to - production ratio of sugar in Guangxi and Yunnan, the spot price of Liuzhou sugar, the spot price difference between Liuzhou and Kunming sugar, the basis of different contract months, and the price difference between different contract months [13][17][21][27][28][30]

Report Information - Report Name: Sugar Daily Report [1] - Date: September 18, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided in the report Core View - The raw sugar price continues to fluctuate, and the sugar price movement is mainly due to low - level technical fluctuations with the market lacking a clear direction. Attention should be paid to the upcoming production report of Brazil's central - southern region. The Zhengzhou sugar market is in an overall oscillating situation, with weak spot market, ample supply, and increasing supply pressure due to the listing of beet sugar. There are signs that industrial funds may shift from short to long [7][8] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On Monday, the New York raw sugar futures fluctuated weakly. The main October contract closed down 0.75% at 15.88 cents per pound. The main December contract of London ICE white sugar futures closed up 0.06% at $466.00 per ton. The SR601 contract of Zhengzhou sugar closed at 5,529 yuan per ton, down 26 yuan or 0.47%, with an increase of 2,571 positions; the SR605 contract closed at 5,510 yuan per ton, down 22 yuan or 0.40%, with an increase of 4,002 positions. The No.10 contract of US sugar closed at 15.88 cents per pound, down 0.12 cents or 0.75%, with a decrease of 18,381 positions; the No.03 contract closed at 16.55 cents per pound, down 0.18 cents or 1.08%, with an increase of 8,041 positions [7] - **Spot Market**: The spot price in domestic production areas remained unchanged. The price of sugar in Nanning was reported at 5,940 yuan per ton, and that in Kunming was 5,770 yuan per ton [8] 2. Industry News - **Brazil's Sugar Production**: According to the Brazilian Sugarcane Technology Center (CTC), in August, the sugarcane yield in Brazil's central - southern region was 77.5 tons per hectare, slightly lower than 78.8 tons per hectare in the same period of 2024. The sugar content index (ATR) decreased by 2.9% from 148.4 kg per ton of sugarcane to 144.2 kg. From the start of the 2025/26 season until August, the average sugarcane yield in the central - southern region decreased by 8.2% year - on - year to 79.2 tons per hectare, compared with 86.3 tons per hectare in the previous season. The cumulative ATR was 129.7 kg per ton of sugarcane, compared with 133.2 kg in the same period last year. A survey by S&P Global Commodity Insights showed that the sugar production in the important central - southern region of Brazil in the second half of August was expected to increase by 17.3% to 3.84 million tons, the sugarcane crushing volume was expected to increase by 9.5% to 49.5 million tons, the sugar content per kilogram of sugarcane was expected to decrease by 4.1% to 149.48 kg per ton of sugarcane, and the ethanol production, including corn ethanol, was expected to decrease by 2.5% to 2.4 billion liters [9] - **India's Sugar Situation**: An Indian government official said that India, the world's second - largest sugar producer, will have sufficient surplus sugar stocks to allow sugar exports in the new sugar - crushing season starting on October 1. India's exports may suppress global sugar prices but support local sugar prices. The Indian Sugar and Bioenergy Manufacturers Association (ISMA) reaffirmed its earlier forecast of 34.9 million tons of total sugar production in the 2025 - 26 season [9] 3. Data Overview - The report presents multiple data charts, including the spot price trend, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and holding positions of the top 20 seats of the Zhengzhou sugar main contract [12][14][16]

Report Overview - Report Title: Sugar Daily Report - Date: September 17, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The New York raw sugar futures fluctuated strongly, while the Zhengzhou sugar futures rose first and then fell. The raw sugar price rebounded after finding support at the previous low of 15.5 cents. Currently, the market lacks bullish factors, and the sugar price fluctuates mainly through low - level technical oscillations without a clear direction. The rise and fall of Zhengzhou sugar were mainly affected by the anti - involution atmosphere. After the market closed, there were no major moves from both long and short sides, but large short - position funds slightly reduced their positions, possibly due to the pressure at the high [7][8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market Quotes**: SR601 closed at 5,547 yuan/ton, up 2 yuan or 0.04%, with an increase of 4,016 in open interest; SR605 closed at 5,524 yuan/ton, up 3 yuan or 0.05%, with an increase of 1,766 in open interest; US Sugar 10 closed at 15.96 cents/pound, up 0.17 cents or 1.08%, with a decrease of 21,630 in open interest; US Sugar 03 closed at 16.67 cents/pound, up 0.15 cents or 0.91%, with an increase of 20,865 in open interest [7]. - **Spot Market Quotes**: The spot prices in domestic production areas remained unchanged. The price of sugar in Nanning was 5,940 yuan/ton, and that in Kunming was 5,770 yuan/ton [8]. 3.2 Industry News - **Brazil**: In August, the sugarcane yield in the central - southern region was 77.5 tons/hectare, slightly lower than 78.8 tons/hectare in the same period in 2024. The sugar content index (ATR) decreased by 2.9% from 148.4 kg/ton of sugarcane to 144.2 kg/ton. From the beginning of the 2025/26 season to August, the average sugarcane yield in the central - southern region decreased by 8.2% year - on - year to 79.2 tons/hectare, and the cumulative ATR was 129.7 kg/ton of sugarcane, compared with 133.2 kg/ton in the same period last year. It is estimated that the sugar production in the central - southern region in the second half of August will increase by 17.3% to 3.84 million tons, the sugarcane crushing volume will increase by 9.5% to 49.5 million tons, the sugar content per kilogram of sugarcane will decrease by 4.1% to 149.48 kg/ton of sugarcane, and the ethanol production will decrease by 2.5% to 2.4 billion liters [9]. - **India**: A government official said that India will have sufficient surplus sugar inventory, allowing sugar exports in the new sugar - crushing season starting on October 1. Indian exports may suppress global sugar prices but support local sugar prices and ensure that farmers receive guaranteed payments for sugarcane from sugar mills. The Indian Sugar and Bioenergy Manufacturers Association (ISMA) reaffirmed its previous forecast of the total sugar production of 34.9 million tons in the 2025 - 26 season [9]. 3.3 Data Overview - **Transaction Data of Top 20 Seats in Zhengzhou Sugar Main Contract**: The total trading volume was 249,503 lots, with an increase of 56,227 lots; the total long - position holding volume was 242,600 lots, with an increase of 3,077 lots; the total short - position holding volume was 301,703 lots, with an increase of 6,981 lots [22].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View - This week (20250901 - 0905), the white sugar futures showed a weak trend, with continuous inflow of market funds and an increase in positions. The domestic white sugar price continued to be weak, and the weak operation of the external ICE raw sugar provided weak support for the white sugar futures price. The price of the main contract (SR601) of white sugar futures showed a unilateral downward trend along the 5 - day moving average [2]. 3. Summary by Directory 3.1 Futures Market - **Contract Market**: This week (20250901 - 0905), the main contract (SR601) of Zhengzhou Commodity Exchange's white sugar futures showed a unilateral downward trend. The opening price was 5600 yuan/ton, the highest price was 5624 yuan/ton, the lowest price was 5509 yuan/ton, and the closing price was 5523 yuan/ton, a decrease of 77 yuan/ton or 1.38% from last week. The trading volume was 928,164 lots, the position was 374,355 lots, and the weekly increase in positions was 16,584 lots [3]. - **Option Market**: This week, the total trading volume of the white sugar option variety was 316,073 lots, and the variety's position was 228,635 lots, a net increase of 35,289 lots compared to the previous period [5]. 3.2 Spot Market - **Spot Quotation**: As of this Friday, the spot quotation of white sugar in Nanning warehouses was 5,880 yuan/ton. The white sugar spot price showed a volatile and weak trend throughout the week, breaking through the previous low [9]. - **Registered Warehouse Receipts**: As of this Friday, the total number of registered warehouse receipts for white sugar futures was 12,476, compared with 13,916 last Friday, a decrease of 1,440 this week [10]. 3.3 Influencing Factors - **Industry News**: According to Wind data, this week, the opening price of the main contract of ICE raw sugar futures was 16.34 cents/pound, the highest price was 16.52 cents/pound, the lowest price was 15.51 cents/pound, and the closing price was 15.58 cents/pound, a decrease of 0.79 cents/pound or 4.83% from last week. The position was 324,300 lots, and the position decreased by 24,880 lots this week. The price of the main contract of ICE raw sugar futures is approaching the previous low, and the future price of ICE raw sugar may face a certain directional choice, which may bring some disturbing effects on the domestic white sugar futures price [13]. - **Basis Data**: As of this Friday, the white sugar basis was 453 yuan/ton, compared with 406 yuan/ton last Friday. The basis increased by 47 yuan/ton this week, showing a strengthening trend overall [15]. 3.4 Market Outlook - Currently, the spot price of white sugar in Nanning warehouses in China continues to operate in a volatile and weak manner, and the price of ICE white sugar futures is weak, approaching the previous low. On the futures market, the price of the main contract (SR601) of white sugar futures showed a weak operation this week. Technically, the 5 - day and 20 - day moving averages formed a death cross. In the short term, in the context of the weak trend of domestic and foreign white sugar prices, the price of the main contract (SR601) of white sugar futures may continue to show a volatile and weak trend [18].

Report Information - Report Title: Sugar Daily Report [1] - Date: September 8, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided Core Viewpoints - On Thursday, New York raw sugar futures weakened significantly, with the主力 October contract down 2.06% to 15.70 cents per pound. The ICE white sugar futures主力 December contract in London fell 1.2% to $462.30 per ton. Favorable weather in Brazil for sugarcane harvesting and increased sugar production in Brazil, along with the weakening of oil prices, have negatively impacted sugar prices [7]. - The主力 contract of Zhengzhou sugar oscillated at a low level yesterday. The 01 contract closed at 5,523 yuan per ton, down 17 yuan or 0.31%, with an increase of 5,022 contracts in positions. Domestic spot sugar prices in production areas declined. Today, Zhengzhou sugar 01 continued to decline but showed low - level oscillation. The price is close to the cost lower limit of sugar mills in Guangxi and the previous low in June, providing some support. After the market, speculative funds continued to increase short positions, contributing to the decline [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market Conditions**: SR601 closed at 5,523 yuan per ton, down 17 yuan or 0.31%, with an increase of 5,022 contracts in positions; SR605 closed at 5,509 yuan per ton, down 9 yuan or 0.16%, with an increase of 1,351 contracts in positions. For US sugar, the 10 - month contract closed at 15.70 cents per pound, down 0.33 cents or 2.06%, with a decrease of 8,899 contracts in positions, and the 03 - month contract closed at 16.34 cents per pound, down 0.31 cents or 1.86%, with an increase of 10,478 contracts in positions [7]. 2. Industry News - In the 25/26 sugar - making season, the estimated sugar production in Inner Mongolia may be adjusted downward due to continuous heavy rainfall in August but is still expected to be over 700,000 tons, higher than the 663,500 tons in the 24/25 season. The start - up time of the first sugar mill in Inner Mongolia is expected to be around September 12. The start - up time of the first sugar mill in Xinjiang in the 25/26 season may be postponed to around National Day, and the estimated sugar production in Xinjiang remains around the record - high level of 800,000 tons [11]. - Brazil exported 3.744 million tons of sugar in August, a year - on - year decrease of 4.47%. From April to August in the 2025/26 crushing season, Brazil's cumulative sugar exports were 14.506 million tons, a year - on - year decrease of 6.84% [11]. - The chairman of the National Federation of Cooperative Sugar Factories in India (NFCSF) stated that the export parity price of white sugar should be $500 per ton, and that of raw sugar should be over $19 per ton [11]. - According to data from Brazilian shipping agency Williams, as of the week ending September 3, the number of ships waiting to load sugar at Brazilian ports was 87, up from 72 the previous week. The quantity of sugar waiting to be loaded at ports was 3.207 million tons, up from 2.7221 million tons the previous week [11]. 3. Data Overview - Multiple data charts are provided, 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 of the top 20 seats of the主力 contract of Zhengzhou sugar, with data sources from Wind and the research and development department of Jianxin Futures [12][14][16][19]

Report Information - Report Title: Sugar Daily Report - Date: August 28, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - New York raw sugar futures remained volatile, with the main October contract up 0.12% to 16.42 cents per pound, and the London ICE white sugar futures' main October contract up 0.3% to $488.10 per ton. The relatively calm fundamentals of raw sugar and improved weather in Brazil leading to increased sugar production pressured sugar prices [7]. - Zhengzhou sugar's main contract weakened. The 01 contract closed at 5,620 yuan per ton, down 38 yuan or 0.67%, with a reduction of 2,979 positions. Domestic spot prices in production areas declined. The pressure from imported sugar is increasing, suppressing domestic sugar prices. After - market, a large number of speculative long - positions were cut, which may lead to further decline [8]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Futures Market Conditions**: SR509 closed at 5,631 yuan per ton, down 65 yuan or 1.14%, with a position of 9,042 contracts, a decrease of 2,316 contracts; SR601 closed at 5,620 yuan per ton, down 38 yuan or 0.67%, with a position of 363,151 contracts, a decrease of 2,979 contracts; US sugar 10 closed at 16.42 cents per pound, up 0.02 cents or 0.12%, with a position of 360,587 contracts, a decrease of 5,802 contracts; US sugar 03 closed at 17.14 cents per pound, up 0.05 cents or 0.29%, with a position of 261,997 contracts, an increase of 1,326 contracts [7]. - **Domestic Market**: Zhengzhou sugar's main contract weakened. Domestic spot prices in production areas declined, with Nanning sugar quoted at 5,980 yuan and Kunming sugar at 5,800 yuan. The pressure from imported sugar is increasing, and the large - scale cutting of speculative long - positions may lead to further decline [8]. 3.2行业要闻 (Industry News) - **Brazilian Sugar Production Forecast**: Conab lowered Brazil's 2025/26 sugar production forecast to 44.5 million tons, a 3.1% reduction from the April forecast. The central - southern region's sugar production is now estimated at 40.6 million tons, a 2.8% decrease from the April forecast. However, Brazil's sugar production is still expected to increase by 0.8% compared to the previous season [9]. - **ICE Futures + Options Positions**: As of the week ending August 19, the total position of ICE raw sugar futures + options was 1,038,222 contracts, a decrease of 2,291 contracts from the previous week. Speculative long - positions were 179,365 contracts, a decrease of 11,403 contracts; speculative short - positions were 310,352 contracts, an increase of 4,227 contracts; speculative net short - positions were 130,987 contracts, an increase of 15,630 contracts [9]. - **Guangxi Sugar Inventory**: As of August 20, the inventory of Guangxi's third - party sugar warehouses was about 770,000 tons, an increase of about 310,000 tons compared to the same period last year, slightly lower than the five - year average. In August, the inventory decreased by about 140,000 tons compared to July, and the destocking speed slowed down significantly [9]. - **Brazilian Port Shipping**: As of the week ending August 20, the number of ships waiting to load sugar at Brazilian ports was 70, down from 76 the previous week. The quantity of sugar waiting to be shipped was 2.9169 million tons, a decrease of 401,000 tons or 12.08% from the previous week. Among them, the quantity of high - grade raw sugar (VHP) was 2.7282 million tons [9]. - **Chinese Syrup and Premixed Powder Imports**: In July, China imported 45,400 tons of syrup and white sugar premixed powder under tariff number 1702.90, a decrease of 182,800 tons or 80.12% year - on - year. The average landed price was 3,373.30 yuan per ton, a decrease of 292.96 yuan per ton month - on - month and 294.70 yuan per ton year - on - year, at a relatively low level in the past six years [9]. 3.3数据概览 (Data Overview) - **Data Charts**: The report provides multiple data charts, including spot price trends, contract basis, spreads, import profits, warehouse receipts, exchange rates, and the trading and position data of the top 20 seats of Zhengzhou sugar's main contract, with data sources from Wind and Zhengshang, and analyzed by the research and development department of Jianxin Futures [12][14][19][25]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On Tuesday, New York raw sugar futures rose, with the main July contract up 2.71% to 18.18 cents per pound. The main August contract of London ICE white sugar futures rose 3% to $509.80 per ton. The sugar production in the central - southern region of Brazil in the second half of April was lower than expected, with a year - on - year decrease of over 50% due to excessive rainfall affecting production. Also, the continuous rebound of crude oil prices under the stimulus of a warming macro - environment led to the strengthening of raw sugar prices [7]. - Yesterday, the main contract of Zhengzhou sugar rebounded. The 09 contract closed at 5,906 yuan per ton, up 38 yuan or 0.65%, with a reduction of 10,042 positions. The spot prices in domestic producing areas increased slightly. Today's rise of Zhengzhou sugar mainly followed the overseas market, with a relatively small increase. Sugar mills also raised their quotes slightly, but overall, market participants' enthusiasm was not high [8]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Futures Market Quotes**: SR509 closed at 5,906 yuan per ton, up 38 yuan or 0.65%, with a position reduction of 10,042 lots; SR601 closed at 5,759 yuan per ton, up 29 yuan or 0.51%, with an increase of 305 lots; US sugar 07 closed at 18.18 cents per pound, up 0.48 cents or 2.71%, with a position reduction of 3,453 lots; US sugar 10 closed at 18.36 cents per pound, up 0.49 cents or 2.74%, with an increase of 1,567 lots [7]. - **Domestic Spot Market**: The spot price in the domestic sugar - producing area increased. The price of Kunming sugar was 5,975 yuan, and that of Nanning sugar was 6,170 yuan [8]. 3.2 Industry News - **Global Sugar Demand**: According to StoneX's research data, global sugar demand has been growing at a rate of 1.1% per sugar - making season in the past 15 years. It is expected that in the 2024/25 season (from October to September of the following year), global sugar demand will reach 178 million tons (in white sugar equivalent) or 193.6 million tons (in raw sugar equivalent) [9]. - **Yunnan Sugar Mill Shutdown**: As of the latest date, 43 sugar mills in Yunnan have shut down, 4 fewer than the same period last year, with a shutdown production capacity of 153,400 tons per day, a decrease of 16,800 tons per day compared to the same period last year. There are still 9 sugar mills operating [9]. - **Brazilian Sugar Exports**: In April, Brazil exported 1,555,777.09 tons of sugar, with an average daily export volume of 77,788.85 tons, a 9% decrease compared to the average daily export volume in April last year [9]. - **Guangxi Sugar Sales**: As of the end of April, the cumulative sugar sales in Guangxi reached 4.1353 million tons, an increase of 554,300 tons compared to the same period last year; the sales - to - production ratio was 63.96%, a 6.03 - percentage - point increase compared to the same period last year. In April, the monthly sugar production was 4,200 tons, a decrease of 72,300 tons compared to the same period last year; the monthly sugar sales were 657,300 tons, a decrease of 8,800 tons compared to the same period last year; the industrial inventory was 2.3297 million tons, a decrease of 270,700 tons compared to the same period last year [9]. - **Yunnan Sugar Sales**: As of April 30, 2025, the cumulative sugar sales in Yunnan reached 1.3168 million tons (compared to 941,100 tons in the same period last year). The monthly sugar sales in April were 280,400 tons (compared to 189,500 tons in the same period last year), the sales - to - production ratio was 55.71% (compared to 46.53% in the same period last year), the industrial inventory was 1.047 million tons (compared to 1.0816 million tons in the same period last year), and the alcohol sales were 28,200 tons (compared to 26,400 tons in the same period last year) [9]. 3.3 Data Overview - **Futures Market Transaction Data**: On May 14, 2025, the total trading volume of the top 20 futures companies was 282,713 lots, an increase of 69,642 lots; the total long - position volume was 225,730 lots, a decrease of 2,477 lots; the total short - position volume was 216,826 lots, a decrease of 9,029 lots. Among them, CITIC Futures had the highest trading volume, long - position volume, and Cofco Futures had the highest short - position volume [20].