交易咨询业务资格：证监许可【2012】1091号 白糖早报——2026年1月8日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 白糖： 1、基本面：ISO:预计25/26年度全球食糖供应过剩163万吨。DATAGRO:25/26年度全球食糖过剩预 计从之前的280万吨下调至100万吨。Czarnikow:上调25/26年度全球食糖过剩预期至740万吨，比8 月份预估高出120万吨。StoneX:预计25/26年度全球糖市供应过剩370万吨。2025年10月底，25/26 年度本期制糖全国累计产糖88.3万吨；全国累计销糖9.16万吨；销糖率10.37%。2025年11月中国 进口食糖44万吨，同比减少9万吨；进口糖浆及预混粉等三项合计11.44万 ...

Report Overview - Report Title: Sugar Daily Report - Date: July 30, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On Monday, New York raw sugar futures rebounded, with the main October contract rising 0.86% to 16.43 cents per pound. The rise in overnight crude oil prices boosted sugar prices. The market expects a significant increase in the production data of central - southern Brazil in the first half of July [7]. - Yesterday, the main contract of Zhengzhou sugar strengthened. The 09 contract closed at 5,867 yuan per ton, up 10 yuan or 0.17%, with a reduction of 14,181 positions. Today, Zhengzhou sugar weakened following the foreign market. The far - month 01 contract was significantly stronger, and speculative funds showed a clear intention to go long. The 9 - 1 spread may further shrink [7][8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market Quotes**: SR509 closed at 5,867 yuan per ton, up 0.17%, with a position reduction of 14,181 lots; SR601 closed at 5,731 yuan per ton, up 0.67%, with an increase of 24,979 lots; US sugar 10 closed at 16.43 cents per pound, up 0.86%, with a position reduction of 720 lots; US sugar 03 closed at 17.05 cents per pound, up 0.71%, with an increase of 168 lots [7]. - **Spot Market**: Domestic spot prices in production areas remained stable, with Nanning sugar quoted at 6,060 yuan and Kunming sugar at 5,850 yuan [8]. 3.2 Industry News - **Farmland Moisture in Guangxi**: In mid - July, the farmland moisture in Guangxi was over 90% suitable to excessive, with 16 points having excessive moisture, 22 points having suitable moisture, and 4 points having insufficient moisture [9]. - **Sugar Production in Central - Southern Brazil**: A survey of 23 analysts showed that sugar production in central - southern Brazil in the first half of July is expected to increase by 12.5% to 3.329 million tons, cane crushing volume is expected to increase by 11.3% to 48.31 million tons, and the sugar - cane ratio is expected to be 53.11%. Drought in July accelerated the harvest and increased the sugar - cane ratio, and this trend is expected to continue in the second half of the month [9]. - **Sugar Mill Clearance in Guangxi**: Tiandong Ertang Factory's "Dongxing" brand cleared its inventory, becoming the 7th sugar mill of Guangxi Nanhua to clear its inventory in the 24/25 crushing season, 2 more than the same period last year. Currently, only Longtian and Mianhuahua brands are still being quoted [9]. - **Customs Mutual Recognition Arrangement**: The "Mutual Recognition Arrangement" between the General Administration of Customs of the People's Republic of China and the Customs Department of the Kingdom of Thailand will be officially implemented on August 1, 2025 [9]. - **Coca - Cola's New Product**: Coca - Cola will launch a signature cola product using sucrose in the US market this fall [9]. 3.3 Data Overview - The report provides multiple data charts, including spot trends, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading positions of the top 20 seats in the main contract of Zhengzhou sugar [15][18][21]