研究所 农产品研发报告 白糖日报 2026 年 3 月 3 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | | 2026/3/3 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,332 | -21 | -0.39% | 44,224 | -6768 | 150,412 | 3627 | | SR01 | | 5,448 | -32 | -0.58% | 1,117 | -447 | 8,371 | 70 | | SR05 | | 5,321 | -24 | -0.45% | 289,757 | -64119 | 453,444 | -16529 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | | 5390 | 0 | 5630 ...

行业 白糖月报 日期 2026 年 3 月 2 日 021-60635728 wanghaifeng@ccb.ccbfutures.co m 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：王海峰 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 研究员：刘悠然 多空双方都无力感 请阅读正文后的声明 ＃summary＃ 月度报告 近期研究报告 《底漫漫其修远兮》 2025-12-2 《修补基差，郑糖反弹》 2025-11-2 2025-10-8 2025-9-18 《加工糖放量压制国内糖价》 2025-8-2 《巴西数据利多难 ...

研究所 农产品研发报告 白糖日报 2026 年 2 月 26 日 白糖日报 研究员：刘倩楠 期货从业证号： F3013727 第一部分 数据分析 | 白糖数据日报 | | | | | | | 2026/2/26 | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | 5,301 | 34 | 0.65% | 51,265 | 25547 | 137,901 | 9758 | | SR01 | 5,423 | 28 | 0.52% | 1,484 | -15 | 6,647 | 376 | | SR05 | 5,285 | 37 | 0.71% | 341,075 | 166563 | 462,071 | 15849 | | 现货价格 | | | | | | | | | 白糖 | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | 5380 | 5190 | 5630 ...

研究所 农产品研发报告 期货从业证号： 白糖日报 2026 年 2 月 10 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | 2026/2/10 | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | 期货 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | 5,288 | 14 | 0.27% | 26,559 | -748 | 123,081 | 2021 | | SR01 | 5,395 | 16 | 0.30% | 726 | -340 | 4,146 | 519 | | SR05 | 5,278 | 17 | 0.32% | 257,845 | 4421 | 458,435 | 4522 | | 现货价格 | | | | | | | | | 白糖 | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | 5370 | 5175 | 5620 | 5360 | 5435 | 5430 | ...

研究所 农产品研发报告 白糖日报 2026 年 1 月 29 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | | 2026/1/29 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,269 | 71 | 1.37% | 39,061 | 24745 | 110,211 | 5068 | | SR01 | | 5,358 | 50 | 0.94% | 902 | 614 | 1,279 | 414 | | SR05 | | 5,257 | 70 | 1.35% | 342,769 | 170264 | 463,208 | -10663 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | | 5370 | 5190 | 5630 | ...

研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 白糖产业日报 2026-01-27 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5168 | -4 主力合约持仓量:白糖(日,手) | 472603 | 4628 | | | 仓单数量:白糖(日,张) | 13715 | 0 期货前20名持仓:净买单量:白糖(日,手) | -76951 | -1387 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ | 132 | 0 进口加工估算价(配额内):泰国糖(日,元/ | | | | 现货市场 | | 4049 | 8 | 4100 | 8 10 | | 吨) | 进口巴糖估算价(配额外,50%关税)(日,元 | | 吨) 11 进口泰糖估算价(配额外,50%关税)(日,元 | | | | | | 5129 | | 5196 | | | /吨) | 云南昆明白 ...

研究所 农产品研发报告 白糖日报 2026 年 1 月 26 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | | 2026/1/26 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,189 | -6 | -0.12% | 17,528 | -5048 | 101,679 | 3058 | | SR01 | | 5,303 | 3 | 0.06% | 230 | 51 | 810 | 98 | | SR05 | | 5,172 | -8 | -0.15% | 200,135 | -848 | 467,975 | 1330 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | | 5340 | 5165 | 5630 | 5310 | ...

Group 1: Report Overview - Report Title: Sugar Daily Report [2] - Date: January 22, 2026 [2] - Researcher: Liu Qiannan [4] Group 2: Data Analysis Futures Market - SR09: Closing price 5,178, up 17 (0.33%), volume 17,654 (down 7,911), open interest 98,101 (up 1,348) [3] - SR01: Closing price 5,276, up 10 (0.19%), volume 292 (down 46), open interest 650 (up 181) [3] - SR05: Closing price 5,158, up 14 (0.27%), volume 221,201 (down 2,149), open interest 477,452 (up 16,093) [3] Spot Market - Prices in different locations: Liuzhou 5,340 (down 10), Kunming 5,160 (down 35), Wuhan 5,630 (unchanged), Nanning 5,310 (down 10), Bayuquan 5,530 (unchanged), Rizhao 5,455 (down 15), Xi'an 5,750 (down 40) [3] - Basis: Liuzhou 182, Kunming 2, Wuhan 472, Nanning 152, Bayuquan 372, Rizhao 297, Xi'an 592 [3] Monthly Spread - SR05 - SR01: Spread -118 (up 4), SR09 - SR05: Spread 20 (up 3), SR09 - SR01: Spread -98 (up 7) [3] Import Profit - Brazil: ICE主力 14.77, premium 0.16, freight 32.00, in - quota price 3,992, out - of - quota price 5,070, spread with Liuzhou 270, spread with Rizhao 385, spread with futures 206 [3] - Thailand: ICE主力 14.77, premium 0.89, freight 18.00, in - quota price 4,018, out - of - quota price 5,104, spread with Liuzhou 236, spread with Rizhao 351, spread with futures 172 [3] Group 3: Market Research Important Information - Brazil (Dec second half): Sugarcane crush 2.171 million tons (up 457,000 tons, 26.60% year - on - year), ATR 127.49kg/ton (up 4.16kg/ton), sugar - making ratio 21.24% (down 11.44%), ethanol output 561 million liters (up 73 million liters, 14.91%), sugar output 0.56 million tons (down 0.1 million tons, 14.93%) [5] - Brazil (cumulative to Dec second half, 2025/26 season): Sugarcane crush 600.397 million tons (down 13.992 million tons, 2.28% year - on - year), ATR 138.35kg/ton (down 3.11kg/ton), cumulative sugar - making ratio 50.82% (up 2.66%), cumulative ethanol output 30.838 billion liters (down 1.642 billion liters, 5.06%), cumulative sugar output 40.222 million tons (up 341,000 tons, 0.86%) [6] - China (2025): Dairy product output 29.503 million tons (down 1.1% year - on - year), December output 2.667 million tons (down 1.8% year - on - year); beverage output 179.253 million tons (up 3% year - on - year), December output 13.421 million tons (up 1.1% year - on - year); refined sugar output 16.21 million tons (up 9% year - on - year), December output 3.59 million tons (up 11% year - on - year) [6][8] Logical Analysis - International: Brazilian sugarcane is approaching the end of the harvest season, supply pressure will ease. The market focus has shifted to the Northern Hemisphere, where most sugar production is in an increasing cycle. India's high bi - weekly output may lead to an unexpected increase, putting downward pressure on international sugar prices. However, due to low sugar prices and strong commodities, ICE sugar is expected to fluctuate at the bottom in the short term [9] - Domestic: China's sugar is in the peak crushing season, and this season's output is likely to increase significantly, adding supply pressure. In 2025, China imported 4.9188 million tons of sugar, an increase of 0.5622 million tons year - on - year, also pressuring the domestic market. In the short term, Zhengzhou sugar is expected to continue to decline, but the decline space is limited as prices are already low, below the cost line of most domestic sugar mills, and international sugar prices provide support. The May contract is expected to have strong support near the previous low [9] Trading Strategies - Single - side: International sugar prices are expected to fluctuate at the bottom in the short term. The May contract is expected to be weak in the short term but with limited downward space and strong support near the previous low [10] - Arbitrage: Hold off for now [11] - Options: Hold off for now [12] Group 4: Related Attachments - Figures include Guangxi and Yunnan's monthly sugar inventory, monthly sugar production, Liuzhou's sugar spot price, Liuzhou - Kunming sugar spot price spread, sugar futures' basis and spreads for different months [15][17][19][21][22][26]

研究所 农产品研发报告 白糖日报 2026 年 1 月 20 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | | 2026/1/20 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,200 | -60 | -1.14% | 24,796 | 8863 | 92,194 | 3139 | | SR01 | | 5,290 | -50 | -0.94% | 209 | 75 | 259 | 142 | | SR05 | | 5,183 | -61 | -1.16% | 239,789 | 22609 | 438,833 | 11536 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | | 5370 | 5195 | 5660 | 5 ...

研究所 农产品研发报告 白糖日报 2026 年 1 月 19 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | | 2026/1/19 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,260 | -7 | -0.13% | 15,933 | -4763 | 89,055 | 58 | | SR01 | | 5,340 | 36 | 0.68% | 134 | -4707 | 117 | 117 | | SR05 | | 5,244 | -14 | -0.27% | 217,180 | 39411 | 427,297 | 580 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | | 5390 | 5215 | 5660 | 5360 ...