Group 1 - The core viewpoint of the article indicates that raw sugar prices have rebounded due to short sellers covering their positions, with the March contract closing at 14.50 cents, maintaining support despite previous downward pressure [1] - The focus is now on the resistance level at 15.30 cents, where a successful breach could indicate a depletion of buying momentum [1] - Domestic spot markets remain weak, with overall trading activity being low, suggesting that some inventory is being used to fill supply gaps, influenced by the realization of profits from futures-spot arbitrage [1] Group 2 - In the Liuzhou market, the contract for 26013 experienced increased volatility and trading volume, with the closing price around 5340, indicating that sellers are reducing positions while referencing strong resistance [1] - The market is currently in a range-bound phase, with expectations of a potential pullback after any upward movement [1] - The 2601 sugar futures contract saw a rebound amid reduced positions, with the hourly level approaching a significant resistance at 5380, and attention is now on the strength of the rebound at the minute level [1]

Market Conditions - The latest USDA drought report indicates that approximately 9% of the U.S. corn planting area was affected by drought as of the week ending September 2, up from 5% the previous week and down from 13% the same time last year [1] - According to external forecasts, U.S. corn export net sales for the 2024/25 marketing year are expected to range between -400,000 to 1,000,000 tons, while for the 2025/26 marketing year, net sales are projected to be between 900,000 to 2,200,000 tons [1] Brazil's Export Outlook - The Brazilian National Association of Grain Exporters (Anec) projects that corn exports from Brazil in September will reach 1.94 million tons, compared to 1.62 million tons in the same month last year [2] Domestic Market Analysis - Donghai Futures reports that in Northeast China, the new season corn is being released in small quantities, with a generally strong wait-and-see attitude in the market. Farmers show limited willingness to sell at low prices, leading to a sluggish purchasing and sales environment [3] - In North China, corn prices remain stable, with tight channel inventory and limited circulation, resulting in frequent narrow fluctuations in prices. This year, there is no concentrated port pressure as seen last year, and port inventory is low, while downstream feed and deep processing enterprises also have low corn stocks [3] - According to Ruida Futures, as the new season corn approaches in Northeast China, the continuous release of reserve corn is supplementing market supply. Traders' confidence in maintaining prices is weakening, leading to accelerated sales of remaining stocks. Large enterprises have sufficient safety stocks to last until early October, while many processing companies are controlling their purchasing volumes [4]