瑞达期货研究院 「2026.02.13」 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 行情回顾：本周郑糖2605合约价格微跌，周度跌幅约0.33%。 白糖市场周报 研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 关 注 微信客 服 号 行情展望：巴西航运机构Williams发布的数据显示，截至2月11日当周巴西港口等 待装运食糖的船只数量为53艘，此前一周为49艘。港口等待装运的食糖数量为183 万吨，此前一周156.44万吨增加16.98%。当周等待装运出口的食糖船只数量小幅 增加。当前全球供应过剩预期继续发酵，原糖价格继续下行。虽然外盘糖价持续创 新低，但进口许可发放前，预计短期进口实际兑现有限，国内外关联度有所趋弱。 国内临近春节放假，市场情绪相对谨慎，现货价格持稳，放假在即，注意持仓风险。 未来关注因素： 1、国内进口 2、需求 3 「 期现市场情况」 本周美糖市场 图1、ICE美糖主力合约价格与CFTC原糖净持仓走势 图2、CFTC美糖非商业净持仓情况 来源：wind 瑞达期货研究院 本周美 ...

投资咨询业务资格:证监会许可【2012】31号 ITG国贸期货 白糖数据日报 国内白糖工业库存 巴西糖配额外进口利润 2000 ---- 19/20 ------- 20/21 ------ 21/22 ------- 22/23 - -- 23/24 24/25 800 1500 1000 500 600 0 -500 -1000 400 -1500 -2000 -2500 200 ·2019 · =2020 2016 2017 = =2018 · 0 2025 2022 2024 10月 11月 12月 9月 1月 2月 3月 4月 5月 6月 7月 8月 郑糖5-9月差 柳州-05基差 1200 350 1000 300 800 250 600 200 400 150 200 100 50 0 -400 -50 -100 -150 10月21日 11月21日 12月21日 1月21日 2月21日 3月21日 4月21日 9月21日 SR2105 == SR2205 == SR2305 =SR2105-SR2109 =SR2205-SR2209 =SR2305-SR2309 -SR2405-SR2409 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - For sugar, after the northern hemisphere finishes the sugar - cane harvest in February and the negative impact of increased production is fully realized, international sugar prices may rebound. In China, as the supply of imported sugar decreases and sugar prices reach a low level, the downward space in the short - term is limited, so it is advisable to wait and see [5]. - For cotton, in the short - term, Zhengzhou cotton futures fluctuate widely at a high level due to the significant fluctuations in the commodity market. In the long - term, with the reduction of the planting area in the new season and the positive macro - economic expectations, cotton prices still have room to rise. It is recommended to pay attention to the low - buying opportunities before the Spring Festival [9]. - For protein meal, the expectation of China's increased purchase of US soybeans drives up the price of US soybeans. For China, although the long - term supply pressure increases, the import cost rises as the price of US soybeans goes up. It is expected that the price of protein meal will continue to fluctuate in the short - term [13]. - For oils and fats, driven by biodiesel policies in various countries, the increase in consumption of oils and fats this year is greater than the production growth rate, so the medium - term outlook for oil prices is positive. In the short - term, due to the significant fluctuations in the commodity market, oil prices fluctuate at a high level. It is recommended to wait for a pullback and then go long [17]. - For eggs, during the inventory accumulation period around the Spring Festival, with weak demand and high inventory, the spot price is likely to fall. The near - month contract may still need to squeeze out the premium. For the far - end, the logic of capacity reduction will be re - traded after the spot price turns down, but the implementation path is still uncertain [19]. - For pigs, the large basic supply and the current accumulation of live - pig inventory make the spot and near - term expectations pessimistic. The near - term prices are still under pressure, and the strategy is to short on rebounds. For the long - term, although the reduction in production capacity has been revised down, there are still expectations of a high fat - to - standard price difference, seasonal support, and recovery in consumer demand. Pay attention to the support at lower levels after the price follows the decline [22]. 3. Summary by Categories Sugar - **Market Information**: On Friday, the Zhengzhou sugar futures price fluctuated. The closing price of the May contract of Zhengzhou sugar was 5,228 yuan/ton, up 4 yuan/ton or 0.08% from the previous trading day. The quoted price of Guangxi sugar - making groups was 5,270 - 5,370 yuan/ton, unchanged from the previous trading day. As of the week of February 4, the number of vessels waiting to load sugar at Brazilian ports was 49, down from 54 in the previous week, and the quantity of sugar waiting to be loaded was 1.5644 million tons, down from 1.7826 million tons in the previous week. StoneX expects a global sugar surplus of 2.9 million tons in the 2025/26 season. As of January 31, 2026, India's sugar production reached 19.305 million tons, a year - on - year increase of 16.8%. In December 2025, China imported 580,000 tons of sugar, a year - on - year increase of 190,000 tons. In 2025, China's total sugar imports were 4.92 million tons, a year - on - year increase of 570,000 tons. As of the end of December in the 2025/26 season, China's cumulative sugar imports were 1.77 million tons, a year - on - year increase of 310,000 tons. In December, China produced 2.63 million tons of sugar, and the cumulative sugar production in the 2025/26 season was 3.68 million tons, a year - on - year decrease of 720,000 tons; the sugar sales in December were 1.22 million tons, and the cumulative sugar sales in the 2025/26 season were 1.57 million tons; the cumulative sales - to - production ratio was 31.2%, a year - on - year decrease of 25.56 percentage points; the industrial inventory was 2.11 million tons, a year - on - year increase of 210,000 tons [3][4]. - **Strategy**: Wait for the price to rebound after the negative factors are digested, and stay on the sidelines for now [5]. Cotton - **Market Information**: On Friday, the Zhengzhou cotton futures price fluctuated. The closing price of the May contract of Zhengzhou cotton was 14,580 yuan/ton, down 30 yuan/ton or 0.21% from the previous trading day. The China Cotton Price Index (CCIndex) 3128B was 16,025 yuan/ton, up 13 yuan/ton from the previous trading day. As of the week of January 30, the spinning mill's operating rate was 64.2%, down 0.4 percentage points from the previous week; the national commercial cotton inventory was 5.65 million tons, down 50,000 tons from the previous week. From January 15 to January 22, the US current - year cotton export sales were 51,800 tons, and the cumulative export sales were 1.7722 million tons, a year - on - year decrease of 194,900 tons; of which, the exports to China were 8,800 tons in that week, and the cumulative exports to China were 97,400 tons, a year - on - year decrease of 66,000 tons. In January, the USDA predicted that the global cotton production in the 2025/26 season would be 26 million tons, a decrease of 80,000 tons from the December forecast and an increase of 200,000 tons from the previous season; the inventory - to - consumption ratio was 62.63%, a decrease of 1.42 percentage points from the December forecast and an increase of 0.62 percentage points from the previous season. The predicted US production was 3.03 million tons, a decrease of 76,000 tons from the December forecast, with the export forecast unchanged, and the inventory - to - consumption ratio was 30.43%, a decrease of 2.17 percentage points. Brazil's production forecast remained unchanged at 4.08 million tons; India's production was revised down by 110,000 tons to 5.12 million tons; China's production was revised up by 220,000 tons to 7.51 million tons. In December 2025, China imported 180,000 tons of cotton, a year - on - year increase of 40,000 tons. In 2025, China's total cotton imports were 1.08 million tons, a year - on - year decrease of 1.56 million tons [7][8]. - **Strategy**: Focus on low - buying opportunities before the Spring Festival, as there is room for price increase in the long - term [9]. Protein Meal - **Market Information**: On Friday, the protein meal futures price fluctuated. The closing price of the May contract of soybean meal was 2,735 yuan/ton, up 4 yuan/ton or 0.15% from the previous trading day. The closing price of the May contract of rapeseed meal was 2,239 yuan/ton, up 1 yuan/ton or 0.04% from the previous trading day. The spot price of soybean meal in Dongguan was 3,080 yuan/ton, unchanged from the previous trading day; the spot price of rapeseed meal in Huangpu was 2,460 yuan/ton, unchanged from the previous trading day. Trump said that China agreed to increase the purchase of US soybeans this season from 12 million tons to 20 million tons. StoneX's latest forecast shows that Brazil's soybean production in the 2025/26 season will reach a record high of 181 million tons, an increase of 4 million tons from the January forecast and a year - on - year increase of 13 million tons. As of January 31, Brazil's soybean sowing rate was 99.6%, 0.2 percentage points higher than the same period last year and 0.3 percentage points higher than the five - year average; the soybean harvesting rate was 11.4%, 3.4 percentage points higher than the same period last year and 0.4 percentage points lower than the five - year average. From January 23 to January 30, the arrival of domestic sample soybeans was 1.82 million tons, an increase of 350,000 tons from the previous week; the sample soybean port inventory was 6.71 million tons, a decrease of 500,000 tons from the previous week; the sample oil mill's soybean meal inventory was 860,000 tons, an increase of 50,000 tons from the previous week [11][12]. - **Strategy**: The price is expected to continue to fluctuate in the short - term [13]. Oils and Fats - **Market Information**: On Friday, the oils and fats futures price fell. The closing price of the May contract of soybean oil was 8,102 yuan/ton, down 2 yuan/ton or 0.02% from the previous trading day. The closing price of the May contract of palm oil was 9,026 yuan/ton, down 16 yuan/ton or 0.18% from the previous trading day. The closing price of the May contract of rapeseed oil was 9,144 yuan/ton, unchanged from the previous trading day. The spot price of first - grade soybean oil in Zhangjiagang was 8,650 yuan/ton, down 20 yuan/ton from the previous trading day; the spot price of 24 - degree palm oil in Guangdong was 9,080 yuan/ton, down 100 yuan/ton from the previous trading day. The spot price of rapeseed oil in Jiangsu was 9,940 yuan/ton, unchanged from the previous trading day. It is estimated that Malaysia's palm oil production in January 2026 was 1.62 million tons, a decrease of 210,000 tons from the previous month, exports were 1.42 million tons, an increase of 100,000 tons from the previous month, and the inventory was 2.89 million tons, a decrease of 160,000 tons from the previous month. The US Treasury Department issued the latest guidance on biofuel tax credits, which was well - received by the market. The shipping survey agencies ITS and AmSpec reported that Malaysia's palm oil exports in January increased by 14.9% and 17.9% respectively from the previous month. From January 23 to January 30, the inventory of the three major oils and fats in domestic samples decreased slightly by 60,000 tons to 1.89 million tons [15][16]. - **Strategy**: Go long after a pullback as the medium - term outlook is positive [17]. Eggs - **Market Information**: Over the weekend, domestic egg prices were mainly stable with slight weakness in some areas. Before the Spring Festival, the price of large - sized eggs in Heishan was not reported, the price in Xinji dropped 0.09 yuan to 2.8 yuan/jin, the price in Guantao dropped 0.07 yuan to 2.89 yuan/jin, the price in Xishui remained at 3.38 yuan/jin, and the price in Dongguan dropped 0.05 yuan to 3.23 yuan/jin. Market demand will gradually weaken, and egg prices will generally decline. Considering the limited decrease in supply and the inventory accumulation during the festival, egg prices may fall below the cost after the festival [18]. - **Strategy**: Short the near - month contract and be cautious about the far - end contract [19]. Pigs - **Market Information**: Over the weekend, domestic pig prices continued to decline. The average price in Henan dropped 0.14 yuan to 12.14 yuan/kg, and the average price in Sichuan dropped 0.4 yuan to 11.14 yuan/kg. The improvement in demand was limited, and the enthusiasm of farmers for selling pigs was high. The overall supply was abundant, and pig prices were under pressure. It is expected that pig prices in the north may be stronger and stable in the south today [21]. - **Strategy**: Short on rebounds in the near - term and pay attention to the support at lower levels in the long - term [22].

农产品早报 2026-02-05 五矿期货农产品早报 五矿期货农产品团队 组长、生鲜品研究员 从业资格号：F0273729 交易咨询号：Z0002942 邮箱：wangja@wkqh.cn 从业资格号：F03116327 交易咨询号：Z0019233 邮箱:yangzeyuan@wkqh.cn 王俊 周三郑州白糖期货价格小幅反弹，郑糖 5 月合约收盘价报 5210 元/吨，较上个交易日上涨 43 元/吨，或 0.83%。现货方面，广西制糖集团报价 5260-5340 元/吨，较上个交易日持平。 杨泽元 软商品、油脂油料研究员 StoneX 预计 2025/26 榨季全球食糖市场将维持供应过剩，预估过剩量为 290 万吨。印度全国糖业合作联 盟联合会(NFCSF)发布数据显示，2025/26 榨季截至 2026 年 1 月 31 日，印度食糖产量已达 1930.5 万吨， 同比增加 16.8%。据海关总署公布的数据显示，2025 年 12 月份我国进口食糖 58 万吨，同比增加 19 万 吨。2025 年我国累计进口食糖 492 万吨，同比增加 57 万吨。2025/26 榨季截至 12 月底我国累计进口食 糖 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - International aspect: NFCSF estimates that India's total new - sugar production will be 35 million tons in the new season, with 3.5 million tons used for ethanol production. Brazil is approaching the end of the harvest, and the supply is in a loose pattern. The previous negative factors have been fully priced in, and the raw sugar price is expected to fluctuate around 14 cents per pound for some time [4]. - Domestic aspect: With the listing of new sugar in Guangxi, the market price is mainly based on the previously pre - sold basis sugar sources, with prices significantly lower than old sugar, leading to a weakening of futures prices. The futures price remains weak, and the basis sugar price drops, creating a weak market sentiment. Traders are more likely to wait and see, and procurement is mainly based on demand. The market is expected to remain in a weak and fluctuating pattern next week [4]. 3. Summary According to the Table of Contents 3.1 Market Review - ICE raw sugar futures: The weakening of the Brazilian real put pressure on raw sugar prices. As the Brazilian harvest season is ending and the northern hemisphere's pressing progress is accelerating, the supply outlook of major producing countries in the 25/26 season is good, and the expectation of a bumper harvest has put pressure on sugar prices. The expected increase in the supply surplus and the weakening of energy prices, along with good weather in major producing areas, also affected the price [11]. - Zhengzhou sugar futures: The strong trend of raw sugar and lower - than - expected sugar production in Guangxi initially supported the price. Later, the loose overseas supply outlook in the 25/26 season led to a decline in raw sugar prices, increasing the expectation of domestic imports. After that, raw sugar stopped falling and stabilized, domestic negative factors were digested, and the overall bulk commodity atmosphere was strong. Finally, the weak trend of raw sugar and the suppression of beet warrants led to a price decline. The price approaching the sugar - making cost, lower - than - expected domestic sugar production increase, and faster clearance of old sugar stocks also influenced the price [14]. 3.2 Fundamental Data Analysis - **Brazil**: - In the first half of October, the sugarcane crushing volume in the central - southern region was 34.037 million tons, a year - on - year increase of 100,000 tons (0.3%). The ATR of sugarcane was 158.78 kg/ton, a year - on - year decrease of 1.54 kg/ton. Ethanol production was 2.013 billion liters, a year - on - year decrease of 240 million liters (1.17%). Sugar production was 2.484 million tons, a year - on - year increase of 30,000 tons (1.25%). The cumulative sugar production was 36.016 million tons, a year - on - year increase of 318,000 tons (0.89%) [22]. - The sugar - making ratio in the first half of October was 48.24%, a year - on - year increase of 0.91%. The cumulative sugar - making ratio was 52.68%, a year - on - year increase of 3.84%. The current price of hydrous ethanol in the central - southern region of Brazil converted to sugar is 16.5 cents per pound, and the spot price of raw sugar is 14.8 cents per pound, with the price difference between sugar and ethanol narrowing [27]. - As of the week of November 12, the number of ships waiting to load sugar at Brazilian ports was 69, down from 81 the previous week. The quantity of sugar waiting to be loaded was 2.6571 million tons, a week - on - week decrease of 402,700 tons (13.16%), including 2.3995 million tons of high - grade raw sugar (VHP). Brazil exported 1.5582 million tons of sugar in the first two weeks of November, with a daily average export volume of 155,800 tons, a 13% decrease compared to the daily average export volume of 178,400 tons in November last year [33]. - **India**: The Indian Sugar Mills Association (ISMA) estimates that the net sugar production in the 2025 - 26 season will be 30.95 million tons. The total sugar production (before deducting the amount used for ethanol production) is expected to be 34.35 million tons, and after deducting the estimated 3.4 million tons used for ethanol production, the net sugar production is expected to reach 30.95 million tons [40]. - **Thailand**: In 2024, the price of sugarcane remained high, while the price of cassava was at a multi - year low, which may lead more cassava growers to switch to sugarcane cultivation. In the 2025/26 season, the sugarcane planting area in Thailand is expected to expand by about 3%. Institutions estimate that the sugarcane harvest in Thailand in the 2025/26 season will be about 105 - 110 million tons, a 14% - 19% increase compared to last year's 92.2 million tons. The remaining increase in production comes from the improvement of yield. With better rainfall in 2025 compared to 2024, Thailand's sugar production is expected to reach about 11.4 million tons, a year - on - year increase of about 10% [48]. - **Domestic situation**: - As of the end of September 2025, the total sugar production in the current sugar - making season in China was 11.162 million tons, a year - on - year increase of 1.2 million tons (12%), including 9.597 million tons of cane sugar and 1.565 million tons of beet sugar. The cumulative sugar sales were 10.48 million tons, a year - on - year increase of 870,000 tons (9.1%), and the cumulative sugar sales rate was 93.9%. Among them, 8.94 million tons of cane sugar were sold, with a sales rate of 93.1%, and 1.54 million tons of beet sugar were sold, with a sales rate of 98.4% [53]. - In October 2025, China imported 750,000 tons of sugar, a year - on - year increase of 213,200 tons. From January to October 2025, China imported 3.9054 million tons of sugar, a year - on - year increase of 473,700 tons (13.8%) [86]. - In the period from November 13 to November 20, the price in the Guangxi production area was maintained in the range of 5,430 - 5,500 yuan/ton, the price in the Yunnan production area was maintained in the range of 5,400 - 5,590 yuan/ton, the port price was about 5,800 - 5,850 yuan/ton, and the mainstream price of processed sugar was about 5,800 - 5,850 yuan/ton [5].

Group 1: Report Overview - Report Title: Sugar Daily Report [1] - Report Date: September 26, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Market Quotes and Operation Suggestions - Futures Market Quotes: SR601 closed at 5485 yuan/ton, up 2 yuan or 0.04%, with a position of 431,349 contracts, a decrease of 7,657 contracts; SR605 closed at 5454 yuan/ton, up 8 yuan or 0.15%, with a position of 64,361 contracts, an increase of 388 contracts; ICE US Sugar 11 Oct closed at 15.60 cents/pound, down 0.06 cents or 0.38%, with a position of 78,572 contracts, a decrease of 19,602 contracts; ICE US Sugar 11 Mar closed at 16.12 cents/pound, down 0.03 cents or 0.19%, with a position of 465,280 contracts, an increase of 3,310 contracts [7] - Market Trends: On Wednesday, the New York raw sugar futures fluctuated weakly. The London ICE white sugar futures' December contract closed down 0.9% to $458.70 per ton. The fundamentals of the sugar market have not changed much in the short term. The recent rebound in crude oil prices has slightly supported sugar prices. The raw sugar price is at a low level, and it is difficult to continue to decline, but there is also a lack of clear upward drivers. Yesterday, the main contract of Zhengzhou sugar futures rose first and then fell. The 01 contract closed at 5485 yuan/ton, up 2 yuan or 0.04%, with a reduction of 7,657 contracts. The spot prices in domestic producing areas remained unchanged. The price of Nanning sugar was 5860 yuan, and the price of Kunming sugar was 5720 yuan. Today, the night session of Zhengzhou sugar futures rose sharply, and the day session fell sharply. The main reason is that the market confirmed that Typhoon "Hagupit" had little impact on the main sugarcane areas in Guangxi and did not cause natural disasters, so the bullish sentiment dissipated. After the market, it is worth noting that the speculative short positions remained unchanged and the positions were large [7][8] Group 3: Industry News - Global Sugar Supply and Demand: Broker and analysis firm StoneX said in a report on Tuesday that the global sugar market is expected to have a surplus of 2.77 million tons in the 2025/26 season starting in October. Global sugar production is estimated at 197.5 million tons, while consumption is expected to be 194.7 million tons. StoneX said that improved crop harvests in Brazil, India, and Thailand will be sufficient to offset the expected decline in production in Europe. Earlier on Tuesday, the broker released a detailed forecast for Brazil's new crushing season, expecting an increase in sugar production in Brazil due to the expected return to normal weather conditions and an increase in newly planted sugarcane [11] - Brazilian Sugar Export: Brazilian shipping agency Williams released data showing that as of the week ending September 24, the number of vessels waiting to load sugar at Brazilian ports was 76, down from 85 in the previous week. The quantity of sugar waiting to be loaded at ports was 3.1039 million tons, down from 3.2827 million tons in the previous week. Among the total sugar waiting to be exported in the week, the quantity of high-grade raw sugar (VHP) was 2.8642 million tons. According to Williams' data, the quantity of sugar waiting to be exported at Santos Port was 2.1394 million tons, and the quantity at Paranagua Port was 0.5647 million tons [11] - China's Dairy and Beverage Production: Data released by the National Bureau of Statistics showed that China's dairy product output in August 2025 was 2.555 million tons, a year-on-year decrease of 1.3%. From January to August 2025, China's cumulative dairy product output was 19.134 million tons, a year-on-year decrease of 1%. In addition, China's beverage output in August 2025 was 17.758 million tons, a year-on-year increase of 0.5%. From January to August 2025, China's cumulative beverage output was 128.761 million tons, a year-on-year increase of 2.5% [11] Group 4: Data Overview - Trading Volume and Position of Top 20 Seats in Zhengzhou Sugar Futures: The report provides the trading volume, long position, and short position data of the top 20 seats in the main contract of Zhengzhou sugar futures, including the changes in these data [22] - Other Data Charts: The report also includes charts of spot price trends, basis, spreads, Brazilian raw sugar import profits, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, etc. [13][15][19]

Group 1: Report Overview - Report Title: Sugar Daily Report, September 24, 2025 [1][2] - Researcher: Liu Qiannan [4] Group 2: Data Analysis Futures Market - SR09: Closed at 5,478, up 45 (0.83%), with a trading volume of 666 (up 107) and an open interest of 2,422 (up 131) [5] - SR01: Closed at 5,497, up 53 (0.97%), with a trading volume of 287,568 (up 65,357) and an open interest of 439,006 (down 35,005) [5] - SR05: Closed at 5,464, up 53 (0.98%), with a trading volume of 21,828 (down 1,603) and an open interest of 63,973 (down 1,542) [5] Spot Market - Spot prices in different regions: Liuzhou at 5,890, Kunming at 5,905, Wuhan at 6,080, Nanning at 5,780, Bayuquan at 6,015, Rizhao at 5,900, and Xi'an at 6,270, with no change [5] - Basis: Liuzhou at 393, Kunming at 408, Wuhan at 583, Nanning at 283, Bayuquan at 518, Rizhao at 403, and Xi'an at 773 [5] Inter - month Spreads - SR5 - SR01 spread at - 33 (no change), SR09 - SR5 spread at 14 (down 8), SR09 - SR01 spread at - 19 (down 8) [5] Import Profits - Brazilian imports: ICE主力 at 16.16, premium at 0.06, freight at 41.50, in - quota price at 4,440, out - of - quota price at 5,655, spread with Liuzhou at 235, spread with Rizhao at 245, and spread with the futures market at - 158 [5] - Thai imports: ICE主力 at 16.16, premium at 0.89, freight at 18.00, in - quota price at 4,399, out - of - quota price at 5,600, spread with Liuzhou at 290, spread with Rizhao at 300, and spread with the futures market at - 103 [5] Group 3: Market Outlook Important Information - StoneX predicts Brazil's central - southern region's sugar production in 2026/27 to reach 42.1 million tons, a 5.7% year - on - year increase, and cane crushing volume to reach 620.5 million tons, a 3.6% increase [7] - The global sugar market in 2025/26 is expected to have a surplus of 2.77 million tons, with estimated production of 197.5 million tons and consumption of 194.7 million tons [7] - Thailand's sugar production in 2025/26 is expected to be 11.4 million tons, compared to 10 million tons in 2024/25; India's is expected to be 32.3 million tons, compared to 26.1 million tons in 2024/25 [7] - Inner Mongolia Hefeng Agriculture started sugar - beet processing, expecting to process 680,000 tons; Xinjiang Luxiang Sugar Industry's 2025/2026 production season officially began [8][10] - Super - typhoon Huajiacha brought wind and rain to eastern and coastal Guangxi, with different levels of precipitation and wind in different periods [9] Logical Analysis - Internationally, Brazil is at its supply peak, and global inventories are accumulating. The latest data shows a high sugar - making ratio and increased sugar production in Brazil, which has a negative impact on prices, but low - price sugar has strong support [11] - Domestically, China's sugar imports in August remained high, domestic sugar inventories are low, and the sales - to - production ratio is high. The domestic market is affected by international sugar prices. Low prices and low domestic inventories make it difficult for Zhengzhou sugar prices to fall further. The typhoon in Guangdong and Guangxi may support Zhengzhou sugar prices [11] Trading Strategies - Single - side: International sugar is expected to fluctuate at a low level, and Zhengzhou sugar is expected to be slightly stronger in the short term due to international sugar rebound and weather effects [12] - Arbitrage: Hold off on trading [13] - Options: Hold off on trading [14] Group 4: Related Attachments - Figures include Guangxi and Yunnan's monthly sugar inventories, production - sales ratios, Liuzhou's sugar spot price, price spreads between regions and contracts, and basis of different contract months [17][18][22][26][27][29]