（文章来源：新华社） 人民财讯2月21日电，据南非媒体20日报道，成立于1892年的南非本土糖业巨头通加特·休利特公司正面 临清算危机，恐对该国糖业供应链造成冲击并影响约30万个就业岗位。 按媒体说法，大量低价进口糖涌入南非，影响本土糖企业绩，也被视为导致通加特·休利特公司面临清 算的原因之一。 ...

自2025年至2026年甘蔗榨季启动以来，该站已保障38.1万余吨境外甘蔗快速通关，货值突破2800万元。 其中，德宏州章凤口岸保障约25万吨甘蔗入境，弄岛、雷允、拉勐通道分别保障2.3万、9.3万、1.5万 吨，累计查验货运车辆9000余辆次，有力保障瑞丽和陇川片区糖厂的原料供应。 瑞丽边检站在章凤口岸、弄岛、雷允、拉勐等通道设置"潮汐岗"和"零等待通道"，为春节期间入境中国 的甘蔗提供优质高效服务，为中缅双方跨境农业合作的深化与拓展提供坚实的通关保障。 甘蔗运输具有明显的季节性特征。每年12月初至次年3月末是甘蔗运输高峰期，也是边境口岸通道最为 繁忙的时期。瑞丽边检站通过推出弹性警力配备制度，实现节日期间"多车同检、随到随检"，大幅压缩 甘蔗入境时间，原料供应稳定性显著提升，为企业生产提供坚实保障。(完) 中新网云南德宏2月19日电 (何星余 高运畅治)今年春节期间，中缅边境云南省德宏州迎来甘蔗榨季"黄 金期"。2月14日至2月19日18时，瑞丽出入境边防检查站(下称"瑞丽边检站")在下辖德宏州瑞丽市、陇川 县各口岸通道累计查验入境货运车辆1500余辆次，境外甘蔗6.8万余吨。 甘蔗运输 车辆驶过拉勐通道 ...

Core Viewpoint - The article highlights the integration of technology in the sugar production industry in Guangxi Laibin, showcasing how traditional methods are being enhanced by modern innovations to boost production efficiency and quality. Group 1: Traditional Sugar Production - In Guangxi Laibin's Xincheng County, traditional sugar production methods are still prevalent, with local villagers producing red sugar using ancient techniques, resulting in a total annual output of approximately 400 tons from 28 sugar workshops [1][3] - The price of original red sugar is around 6 yuan per pound, while specialty flavors can sell for over 10 yuan per pound, indicating a strong market demand during the pre-Spring Festival period [1] Group 2: Modern Sugar Production - Laibin Dongtang Phoenix Company has implemented a fully automated production line, allowing for precise control over the sugar-making process, which includes cane pressing, juice clarification, and crystallization [3][5] - The company has upgraded its systems to enhance efficiency, achieving a 2.9% increase in syrup recovery rates through advanced cooking systems [3] Group 3: Industry Overview - Laibin is recognized as "China's Sugar Capital," contributing nearly 10% of the national sugar output, with a comprehensive industrial chain that includes sugar, molasses, and other by-products, leading to a total industry output value exceeding 16 billion yuan [5][7] - The sugarcane planting area in Laibin remains stable at over 2 million acres, with expectations of processing over 10 million tons of raw cane and producing 1.25 million tons of sugar in the 2025/2026 season [7] - As of February 10, 2025/2026 season, the city has processed 7.185 million tons of raw cane, a year-on-year increase of 454,400 tons, with sugar production reaching 889,200 tons and a commercial inventory of 310,600 tons, ensuring a smooth market supply [7]

Core Viewpoint - International sugar prices have fallen for four consecutive weeks, reaching their lowest level in over five years, driven by a shift in consumer demand towards high-protein foods due to weight loss medications [1][3]. Group 1: Sugar Consumption Trends - Sugar consumption in the U.S. and other wealthy economies is declining more than expected, while demand growth in developing countries is also below previous forecasts [2]. - The introduction of GLP-1 weight loss injections has significantly reduced users' cravings for sweetness, becoming a key factor in suppressing sugar consumption [3]. - The USDA has revised its forecast for sugar usage in 2026 down by 23,000 tons to 12.3 million tons, attributing this to a decrease in consumer demand [3]. Group 2: Impact of GLP-1 Medications - The prevalence of GLP-1 medications in certain regions of the U.S. is suspected to be a contributing factor to the decline in sugar consumption [4]. - The top 20% of consumers account for approximately 65% of sales for products like cookies and ice cream, indicating that if these "super users" start using GLP-1 medications, sales could decline non-linearly [4]. - As the cost of these medications decreases and their usage expands, their impact on sugar consumption is expected to grow [4]. Group 3: Market Dynamics - Despite the decline in sugar prices, there are no immediate signs of reduced supply due to the long-term investment required for sugarcane cultivation and government subsidies protecting many farmers [6]. - The market sentiment is extremely bearish, with short positions on sugar prices nearing a five-year high [6]. - In contrast to the sugar market, high-protein products have seen significant price increases, driven by rising demand for protein-rich foods [6]. Group 4: Consumer Behavior and Industry Response - The demand for high-protein foods has surged, with cottage cheese sales in the UK increasing by 50% year-on-year [6]. - Food companies are adapting to this shift by reformulating products and enhancing nutritional density rather than solely focusing on sales growth [7]. - This trend is viewed as a long-term industry shift, emphasizing the importance of each bite as consumers eat less [7].

| | | | 泰国糖进口加工估算价 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 2026/2/5 | 2026/2/6 | 2026/2/9 | 2026/2/10 | 2026/2/11 | 2026/2/12 | 2026/2 | | ICE纽约原糖 | 14.27 | 14.11 | 14.35 | 14.12 | 13.84 | 13.75 | 13.78 | | 泰国原糖升贴水 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.79 | 0.79 | | 泰国糖运费 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | | 广东金岭现价 | 5770 | 5780 | 5790 | 5810 | 5810 | 5800 | 5800 | | 柳糖现货收市价 | 5265 | 5272 | 5299 | 5304 | 5306 | 5295 | 5270 | | 郑糖主力收市价 | 5224 | 5228 | 5261 | 5278 | 5266 | 5254 | ...

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 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For sugar, the overall surplus pattern remains unchanged. The current sugar production in the Northern Hemisphere is in an increasing cycle, which drags down sugar prices. However, considering the current low level of raw sugar prices, it is expected to maintain a volatile trend in the short - term. Domestically, during the peak crushing season of southern sugar mills, the seasonal increase in sugar supply under the background of increased production leads to gradually emerging supply pressure. On the import side, sugar imports exceed market expectations and suppress the market. On the spot side, prices are weak, and pre - holiday consumption shows no improvement. With the international sugar price breaking down, Zhengzhou sugar is expected to be weak in the short - term [4]. - For cotton, the main contract of Zhengzhou cotton opened higher overnight and then declined. As the Spring Festival approaches, the operating rate decreases, and the restocking of textile mills is coming to an end, but there is still some demand support. The spot cotton price is relatively firm, and the competitive procurement of large enterprises supports the cotton price. Considering the suppression of domestic cotton consumption by imported cotton and cotton yarn, Zhengzhou cotton is expected to maintain a range - bound trend in the near future. Currently, the futures price is at the upper limit of the range, and with the previous positive factors already apparent, there may be short - term upward pressure, mainly in a range - bound pattern [4]. 3. Summary According to Related Catalogs Futures Market - Sugar futures prices generally declined. For example, the price of SR2609 decreased by 16 points, with a decline rate of 0.30%; the price of 11 - sugar 2603 decreased by 0.06, with a decline rate of 0.43%. The trading volume and open interest of each contract also changed. For instance, the open interest of SR2609 increased by 21, while that of SR2605 decreased by 8525 [2]. - The comparison ratios and spreads of different sugar contracts also changed. For example, the current value of SR2605 - SR2509 is 3, compared with the previous value of 4 [2]. Spot Market - The current price of white sugar in Liuzhou is 5370, the same as the previous price, while the price of white sugar in Kunming is not available this time. The basis of Liuzhou and Kunming for SR2509 also changed. For example, the basis of Liuzhou SR2509 increased from 108 to 119 [2]. - The import prices of white sugar from Brazil and Thailand also changed. For example, the in - quota price of Brazilian sugar decreased from 3374 to 3331 [2]. Inventory and Position - The total number of white sugar warehouse receipts and effective forecasts remains unchanged at 14719. The non - commercial long and short positions of ICE 11 - sugar changed, and the long - to - short ratio decreased from 0.48 to 0.42 [2]. Industry Information - In the 25/26 sugar - crushing season in Yunnan, 51 sugar mills have started crushing, 1 less than the same period last year. The estimated sugar - cane crushing capacity is 18.66 tons per day, an increase of 0.37 tons per day compared with the same period last year. The start - up time of the last sugar mill is estimated to be in late February, about 2 weeks later than the same period last year [3]. - The US Department of Agriculture predicts that the sugar production in the 2025/26 year starting in October will reach a record high of 9.41 million short tons, mainly due to the increase in cane sugar production. The sugar inventory - to - use ratio is estimated to be 15.9%. The estimated sugar imports in the 2025/26 year are 2.24 million short tons, lower than the previous year's 3.39 million short tons. The estimated sugar consumption is 12.2 million short tons, the lowest level since the pandemic [3]. - According to the latest sugar - cane crushing report of the Maharashtra Sugar Industry Commission, as of February 8, 2026, sugar mills in the state have crushed 90.66 million tons of sugar cane in the 2025/26 sugar - crushing season, a significant increase compared with the same period last year. A total of 8.44 million tons of sugar have been produced, with an average sugar yield of 9.31% [4].

Sugar Industry - As of February 10, Thailand's cumulative sugarcane crushing volume reached 57.5996 million tons, a decrease of 4.7877 million tons or 7.67% compared to the same period last year [2][7] - The sugar content of sugarcane is 12.45%, an increase of 0.15% from 12.30% last year, while the sugar production rate is 10.66%, up by 0.171% from 10.489% last year [2][7] - Sugar production amounted to 6.1404 million tons, down by 403,500 tons or 6.17% year-on-year [2][7] - Current spot prices for sugar in Guangxi range from 5,290 to 5,400 yuan per ton, with a slight decrease of 10 yuan per ton; in Yunnan, prices are between 5,120 and 5,180 yuan per ton, also down by 10 yuan per ton [2][7] - The raw sugar market is under pressure from oversupply, leading to a continued decline in futures prices, reaching a five-year low [2][7] - Domestic market sentiment is cautious ahead of the holiday, with trading primarily in a range-bound manner [2][7] - The correlation between domestic prices and raw sugar is currently weak, but significant fluctuations in the external market during the holiday could impact domestic sentiment [2][7] Cotton Industry - On Thursday, ICE cotton rose by 0.39% to 64.29 cents per pound, while the main contract for Zheng cotton increased by 0.58% to 14,790 yuan per ton, with a decrease in open interest by 2,417 contracts to 694,000 contracts [3][8] - The domestic market is approaching the Spring Festival holiday, necessitating close attention to external market trends and potential macroeconomic disturbances [3][8] - The supply situation for this year is already established, with a recent report indicating a 1.7% year-on-year decrease in intended cotton planting area for 2026 and a projected 5.8% decline in national cotton production [3][8] - As the holiday approaches, textile enterprises are beginning to close, leading to a record high in cotton inventory days for textile companies, limiting the time and space for replenishment needs [4][8] - Overall, the market for Zheng cotton is expected to remain in a range-bound pattern before the holiday, with potential for upward movement in the medium to long term [4][8]

研究所 农产品研发报告 白糖日报 2026 年 2 月 12 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | 2026/2/12 | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 5,259 | -16 | -0.30% | 14,498 | 1704 | 123,337 | 21 | | SR01 | 5,367 | -13 | -0.24% | 423 | 164 | 4,416 | 175 | | SR05 | 5,254 | -12 | -0.23% | 146,436 | -10732 | 443,331 | -8525 | | 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 | 5 ...

Core Viewpoint - South Korea's antitrust regulator has imposed a total fine of 408.3 billion KRW (approximately 283.9 million USD) on three major sugar producers for price manipulation [1][3]. Group 1: Companies Involved - The companies fined include CJ CheilJedang, Samyang Foods, and Daehan Flour Mills, which were found to have manipulated sugar prices eight times between February 2021 and April 2025 [1][3]. - These companies collectively generated sales of 3.29 trillion KRW during the aforementioned period through collusion [4]. Group 2: Regulatory Actions and Implications - This fine is the second-highest ever imposed for a single price manipulation case in South Korea and the highest fine against an individual company [5]. - The chairman of the Korea Fair Trade Commission, Ju Biung-ghi, stated that the high entry barriers in the sugar industry allow refining companies to collude for profit stability [5]. - As of 2024, these three companies hold approximately 89% of the market share in the sugar industry [5]. - The regulator noted that these companies coordinated on the timing and extent of price increases to quickly reflect rising raw material costs when international sugar prices increased [5]. - They also pressured food and beverage companies that resisted price hikes and agreed to delay price reductions or reduce them less than the decline in raw material costs when global raw sugar prices fell [5]. - This is not the first time these sugar refining companies have been fined for colluding to manipulate prices, as they had a similar incident in 2007 [5].