Report Summary Report Industry Investment Rating No information provided. Core Viewpoints - The production data of Brazil's central - southern region in the second half of November was neutral. The current sugar - cane crushing and sugar production are seasonally declining, and the market's attention has shifted to the next season's output forecast. Due to less rainfall after the rainy season and a significant correction in the sugar - alcohol price ratio, Brazil's sugar production may decrease next year [1]. - As of the end of November in the 2025/26 sugar - cane season, the cumulative sugar production in Brazil's central - southern region increased slightly year - on - year, but the ethanol market competitiveness declined, and the negative impact of the sharp decline in the sugar - alcohol price ratio was digested [2]. Detailed Summaries Production Data in the Second Half of November - Sugar - cane crushing volume in Brazil's central - southern region was 15.993 million tons, a year - on - year decrease of 21.08% [1]. - Sugar - cane ATR was 133.78 kg/ton, a year - on - year increase of 6.8% [1]. - Sugar - making ratio was 35.52%, a year - on - year decrease of 9.12 percentage points [1]. - Ethanol production was 1.185 billion liters, a year - on - year decrease of 1.32% [1]. - Sugar production was 724,000 tons, a year - on - year decrease of 32.94% [1]. Cumulative Data as of the End of November in the 2025/26 Season - Cumulative sugar - cane crushing volume in Brazil's central - southern region was 592.266 million tons, a year - on - year decrease of 1.92% [2]. - Cumulative sugar - cane ATR was 138.33 kg/ton, a year - on - year decrease of 2.5% [2]. - Cumulative sugar - making ratio was 51.12%, a year - on - year increase of 2.78 percentage points [2]. - Cumulative ethanol production was 29.534 billion liters, a year - on - year decrease of 5.43% [2]. - Cumulative sugar production was 39.904 million tons, a year - on - year increase of 1.13% [2]. November Ethanol Sales Data - Ethanol sales volume in Brazil's central - southern region in November was 2.7 billion liters. Among them, anhydrous ethanol sales volume was 1.07 billion liters, a year - on - year increase of 2.42%, and hydrous ethanol sales volume was 1.63 billion liters, a year - on - year decrease of 13.78% [2]. - The ethanol - gasoline price ratio increased year - on - year and month - on - month, and the market competitiveness of ethanol declined. The sugar - alcohol price ratio dropped significantly, and the negative impact was digested [2].