8月以来，国内白糖市场承压。期货方面，郑糖2601合约一度跌至5424元／吨，逼近广西制糖成本线。 现货方面，制糖集团降价去库，广西糖企现货报价回调至5800元／吨。节前外盘原糖期价小幅反弹，对 郑糖价格有所提振，但市场情绪仍偏弱。 巴西产量恢复 全球糖市供应正从短缺转向过剩。咨询机构StoneX预计，得益于巴西、印度和泰国的食糖产量增加， 2025/2026榨季全球糖市供应过剩277万吨。全球最大产糖国巴西中南部主产区虽开榨不利，但8月以来 食糖生产恢复超预期。巴西蔗糖工业协会数据显示，9月上半月巴西中南部甘蔗压榨量为4597.3万吨， 同比增长6.94%，食糖产量为362.2万吨，同比增长15.72%。压榨高峰期天气干燥，叠加糖厂制糖比处于 历史高位，前期生产缺口逐渐回补。截至9月上半月，2025/2026榨季巴西中南部累计产糖3038.8万吨， 同比微降0.08%。 此外，新榨季印度和泰国食糖产量有望增长。印度制糖和生物能源制造商协会预计，2025/2026年度印 度食糖产量有望达到3490万吨，同比增长近18%。泰国甘蔗种植面积持续增长。 主产区有较强丰产预期，供应端压力增加，全球糖市或进入累库周期。 ...

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Affected by the rebound in external sugar prices and the typhoon weather in China, the price of Zhengzhou sugar is expected to rise after the holiday, but the increase will be limited by supply [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the sugar futures main contract is 5,528 yuan/ton, with a month-on-month increase of 35 yuan; the position of the main contract is 373,744 lots, a decrease of 14,293 lots [2] - The number of sugar warehouse receipts is 8,898, a decrease of 70; the net long position of the top 20 futures holders is -76,833 lots, a decrease of 1,049 lots [2] - The effective warehouse receipt forecast for sugar is 0 [2] - The estimated import processing price of Brazilian sugar within the quota is 4,482 yuan/ton, an increase of 28 yuan; that of Thai sugar is 4,426 yuan/ton, an increase of 29 yuan [2] 3.2 Spot Market - The estimated price of imported Brazilian sugar outside the quota (50% tariff) is 5,694 yuan/ton, an increase of 37 yuan; that of Thai sugar is 5,620 yuan/ton, an increase of 36 yuan [2] - The spot price of white granulated sugar in Kunming is 5,820 yuan/ton, an increase of 10 yuan; in Nanning it is 5,800 yuan/ton, an increase of 20 yuan; in Liuzhou it is 5,870 yuan/ton, a decrease of 20 yuan [2] 3.3 Upstream Situation - The national sugar crop sown area is 1,480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar cane in Guangxi is 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2] 3.4 Industry Situation - The cumulative national sugar production is 11.1621 million tons, an increase of 54,900 tons; the cumulative national sugar sales volume is 9.9989 million tons, an increase of 499,800 tons [2] - The national industrial sugar inventory is 3.0483 million tons, a decrease of 814,300 tons; the national sugar sales rate is 89.98%, an increase of 1 percentage point [2] - The monthly import volume of sugar is 830,000 tons, an increase of 90,000 tons; the monthly total sugar exports from Brazil are 3.2458 million tons, a decrease of 498,200 tons [2] - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,202 yuan/ton, a decrease of 24 yuan; that of Thai sugar is 1,258 yuan/ton, a decrease of 25 yuan [2] - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is -10 yuan/ton, a decrease of 33 yuan; that of Thai sugar is 64 yuan/ton, a decrease of 32 yuan [2] 3.5 Downstream Situation - The monthly output of refined sugar is 454,100 tons, an increase of 44,100 tons; the monthly output of soft drinks is 1.7758 million tons, a decrease of 20,800 tons [2] 3.6 Option Market - The implied volatility of at-the-money call options for sugar is 8.36%, a decrease of 0.15 percentage points; that of at-the-money put options is 8.37%, a decrease of 0.14 percentage points [2] - The 20-day historical volatility of sugar is 6.54%, an increase of 0.13 percentage points; the 60-day historical volatility is 6.5%, an increase of 0.02 percentage points [2] 3.7 Industry News - Brazilian sugar exports in September were 3.2458 million tons, a month-on-month decrease of 493,200 tons and a year-on-year decrease of 16.3%. From April 2025 to September 2025, Brazil's cumulative sugar exports were 17.75 million tons, a year-on-year decrease of 8.73% [2] - In the first half of September 2025, the sugar cane crushed in central and southern Brazil was 45.973 million tons, a year-on-year increase of 16.94%; sugar production was 3.622 million tons, a year-on-year increase of 15.72% [2] - Affected by the typhoon "Maidolum", some sugar cane in Guangxi has lodged, which may affect production. Sugar mills in northern beet-producing areas have gradually started production, and the supply of 460,000 tons of out-of-quota raw sugar is expected to arrive in September [2]

Core Viewpoint - The global sugar market is expected to experience a surplus of 7.4 million tons in the 2025/26 season, the highest since the 2017/18 season, indicating potential downward pressure on sugar prices [2]. Group 1: Market Data - As of September 30, the main white sugar futures contract closed at 5,493 yuan/ton, with a slight increase of 0.07%, while the open interest decreased by 29,008 contracts to 388,037 contracts [1]. - The weekly K-line for white sugar futures showed a cumulative increase of 0.27% over the last two weeks [1]. - As of October 1, the amount of sugar waiting to be shipped at Brazilian ports was 3.2106 million tons, up from 3.1039 million tons the previous week [2]. Group 2: Production Insights - In the first half of September, sugar production in Brazil's central-southern region increased by 15.72% year-on-year, reaching 3.62 million tons [2]. - The northern sugar beet production areas have begun processing, with expectations of stable or slightly increased domestic sugar production for the 2025/26 season [3]. - The new sugar production season is expected to see an increase in imports, contributing to a continued supply pressure in the domestic market [3]. Group 3: Price Outlook - Hualian Futures predicts that sugar prices will remain low and fluctuate due to increased supply and the need to manage old sugar stocks before the new cane sugar season begins [3]. - Ruida Futures notes that the current supply is ample, which is putting downward pressure on sugar prices, despite some short-term support from weather-related issues in sugarcane-producing regions [4]. - The market sentiment is influenced by the slow sales progress of sugar from Guangxi, while the relaxation of import controls on Thai sugar syrup may lead to a slight increase in sugar syrup availability [4].

Core Insights - The article discusses the growth of China's sugar industry, highlighting a significant increase in sugar production in 2025, with a total output of 1,028.4 million tons from January to August, marking an 8.1% year-on-year growth [1] - In August 2025 alone, the production of finished sugar reached 454,000 tons, representing a remarkable 49.3% increase compared to the same month in the previous year [1] Company Insights - Listed companies in the sugar industry include Huazi Industrial (600191), Yuegui Co., Ltd. (000833), Guannong Co., Ltd. (600251), COFCO Sugar Industry (600737), Jinhui Industrial (002597), Guangnong Sugar Industry (000911), and Hainan Yedao (600238) [1] - These companies are positioned to benefit from the overall growth trend in the sugar market as indicated by the production statistics [1] Industry Insights - The report by Zhiyan Consulting provides an analysis of the competitive landscape and development trends in the Chinese sugar industry from 2026 to 2032 [1] - The data from the National Bureau of Statistics indicates a robust growth trajectory for the sugar sector, suggesting potential investment opportunities [1]

25Q4：有望出现熊市周期中的弱反弹行情 东证衍生品研究院农产品组 方慧玲 2025年9月 方慧玲 首席农产品分析师 从业资格号： F3039861 投资咨询号： Z0010565 Tel: 021-63325888-2737 Email:huiling.fang@orientfutures.com 行情回顾：25Q3，内盘延续震荡下滑，外盘偏弱震荡为主 内外盘主力合约走势 15.0 16.0 17.0 18.0 19.0 20.0 21.0 22.0 23.0 24.0 5,300 5,400 5,500 5,600 5,700 5,800 5,900 6,000 6,100 6,200 6,300 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 元/吨 美分/磅 郑糖主力合约 ICE原糖主力（右轴） 外盘偏弱震荡为主，主力合约运行于15-17美分/磅。 • 三季度，巴西进入压榨高峰期，且糖厂将甘蔗制糖比维持在创纪 录高位水平，巴西糖生产供应强劲，而国际需求平淡，导致国际 贸易流处于供应过剩的格局中，再加上东南亚 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The sugar market is in an oversupply cycle in 2025, and the bearish situation is difficult to break. The market focus in the second half of 2025 will be on Brazil's 25/26 crushing season output, India and Thailand's 25/26 output estimates and actual production, India's export expectations, domestic sugar consumption and inventory, 25/26 domestic sugar production estimates, and import policies [1]. - In the third quarter, the market may first trade on Brazil's potential production cut, which could drive up sugar prices. The domestic sugar price has support around 5300 yuan/ton, and the overseas market has support at 15.2 cents/pound. However, when the market supply returns to Asia, the market will face pressure again [1]. - In the fourth quarter, the SR2601 price is expected to fluctuate between 5200 - 5600 yuan/ton, showing an overall downward - trending oscillation [2]. 3. Summary by Relevant Catalogs 3.1 Chapter 1: Viewpoint Summary - In the first half of 2025, the sugar market fluctuated widely. Zhengzhou sugar (Zheng sugar) fluctuated between 5600 - 6100 yuan/ton, and raw sugar fluctuated between 16.2 - 19.76 cents/pound. The market was mainly influenced by India's sugar supply and exports in the 24/25 season, China's import restrictions on syrup and premixed powder, China's sugar supply, and production estimates for Brazil, India, and Thailand in the 25/26 season [1]. - In the second half of 2025, the market will focus on Brazil's 25/26 crushing season output, India and Thailand's 25/26 output estimates and actual production, India's export expectations, domestic sugar consumption and inventory, 25/26 domestic sugar production estimates, and import policies [1]. 3.2 Chapter 2: Market Review - In the third quarter of 2025, the sugar market declined in an oscillatory manner. Zheng sugar fluctuated between 5400 - 5700 yuan/ton, and raw sugar fluctuated between 16 - 17.6 cents/pound [3]. - The price fluctuations in July were due to lower - than - expected Chinese import data in June, potential low actual arrivals of imported sugar in July, delayed concentrated production of refined sugar until August - September, the rebound of Brazilian ethanol prices which restricted the continuous increase of the sugar - making ratio, and the impact of rainfall in Brazil's central - southern region on the sugarcane harvest progress [3][4]. - The price fluctuations in August were influenced by factors such as the arrival of imported sugar, the shift of the main contract from 09 to 01, concerns about the quality of Brazilian sugarcane, a high sugar - making ratio in Brazil, a large volume of sugar waiting for shipment at Brazilian ports, and expectations of increased production in India and Thailand [7]. - The price decline in September was mainly due to the good prospects of sugarcane harvest in India and Thailand, which continuously suppressed domestic and international sugar prices [5]. 3.3 Chapter 3: Core Focus Points 3.3.1 China Market - **Inventory and Supply Pressure**: The 24/25 crushing season in China produced 1116.21 million tons of sugar, putting significant supply pressure. As of the end of August, the national inventory was 116.23 million tons, and the final carry - over inventory was estimated to be 56.23 million tons [7][10]. - **Import Volume**: From January to August 2025, China cumulatively imported 262 million tons of sugar. The 9 - 12 month import volume in 2025 is expected to be at least 250 million tons, with importers likely to import more in September - October. The estimated import volumes for September - December 2025 are 70 million tons, 65 million tons, 60 million tons, and 55 million tons respectively [12][13]. - **Syrup and Premixed Powder**: In 2025, the import volume of syrup and premixed powder is expected to be over 100 million tons. The tax policies for imports have changed, with some countries having different tax rates and regulations [19][21]. - **25/26 Crushing Season Production**: The estimated national sugar production in the 25/26 crushing season is 1155 million tons, an increase of 38 million tons compared to the previous season. Production in different regions such as Guangxi, Yunnan, Inner Mongolia, and Xinjiang is expected to change to varying degrees [23]. 3.3.2 Brazil - **Production**: As of the end of August in the 25/26 crushing season, Brazil's central - southern region had cumulatively processed 403.9 million tons of sugarcane, a 4.78% decrease year - on - year. The estimated total sugar production in the 25/26 crushing season is about 44.56 million tons [25][26]. - **Export**: As of the end of August, Brazil had exported 14.5119 million tons of sugar in the 25/26 crushing season. The estimated export volume from September 2025 to March 2026 is about 17.3 million tons, and the carry - over inventory at the end of the 25/26 crushing season is estimated to be 4.3 million tons [28]. 3.3.3 India - **Production**: Based on current crop growth and rainfall, India's 25/26 crushing season sugarcane production may reach about 487 million tons, an 8% increase compared to the 24/25 season. Different institutions estimate India's sugar production in the 25/26 crushing season to be between 3230 - 3490 million tons [30][31]. - **Export**: If India produces 34.9 million tons of sugar in the 25/26 crushing season, after subtracting 4.5 million tons for ethanol use, the net sugar production will be 30.4 million tons. Assuming domestic consumption of 28.4 million tons, there will be a surplus of 7.284 million tons. If 2 million tons are exported, the ending inventory will remain at 5.284 million tons [33][34]. 3.3.4 Thailand - **Production**: Thailand's 25/26 crushing season sugarcane planting area may reach 1.68 million hectares, an increase of over 8%. The sugar production is expected to be between 10.3 - 11.4 million tons [36]. - **Export**: Thailand's domestic sugar consumption is relatively stable, and it is the world's second - largest sugar exporter. The estimated export volume in the 25/26 crushing season is 6.8 million tons, but it may face competition from India and Brazil [38]. 3.4 Chapter 4: Valuation Feedback and Supply - Demand Outlook 3.4.1 Sugar Valuation Feedback - **Zheng Sugar Valuation**: Calculated based on a 510 yuan/ton sugarcane purchase price, the production cost of sugar in Guangxi is about 5580 yuan/ton, with a cost range of 5300 - 5800 yuan/ton. The current futures price is below the cost line, and the Zheng sugar futures price is usually lower than the Guangxi spot price. The current low price of the SR01 contract still has room to fall [40][41][42]. - **Raw Sugar Valuation**: Based on cost considerations, the ICE raw sugar price has strong support around 15.2 cents/pound. However, historically, during periods of global sugar oversupply, the futures price may break through the cost line. Different countries may adopt different policies in response to low sugar prices [44][45]. 3.4.2 Supply - Demand Outlook - **China's 25/26 Crushing Season Supply - Demand Balance**: In the 25/26 crushing season, unless there are significant policy changes, the sugar price is likely to remain weak. The estimated production is 1155 million tons, the import volume is 500 million tons, and the syrup and premixed powder conversion is 80 million tons. The supply is expected to exceed demand [48][50]. - **Global 25/26 Crushing Season Supply - Demand Balance**: The global sugar supply - demand structure in the 25/26 crushing season has changed from a slight shortage in the 24/25 season to a significant oversupply. Most institutions predict an oversupply, and the global oversupply situation is expected to be significant [51].

Group 1: Sugar Production and Market Trends - Brazil's cumulative sugar output for the week of September 4, 2025, reached 2.9159 million tons, down from 3.8795 million tons in September of the previous year, with an average daily shipment of 145,800 tons, a decrease of 21.08% compared to last year's 184,700 tons [1] - The new sugar season in Inner Mongolia and Xinjiang has commenced, with expectations for new sugar to be available for sale next week, potentially putting pressure on the spot market [3] - The Brazilian sugar production ratio remains high for the 2025/26 season, significantly above historical levels, indicating a strong preference for sugar production among Brazilian mills [4] Group 2: Import and Pricing Dynamics - Pakistan has procured 80,000 tons of sugar through tender and is set to procure an additional 100,000 tons, indicating strong demand in the region [2] - The cost of Brazilian sugar imports is significantly lower than domestic prices in Guangxi, with quota-included sugar costing 4,482 RMB/ton (15% tariff) and quota-excluded sugar at 5,709 RMB/ton (50% tariff), showing a price difference of 1,408 RMB/ton and 181 RMB/ton respectively [2] - Domestic sugar market sentiment is cautious, with overall trading activity expected to remain weak as the holiday stocking period concludes [3][4]

Group 1: Report Information - Report Name: Sugar Daily Report [1] - Date: September 30, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - Futures Market: SR601 closed at 5479 yuan/ton, down 12 yuan or 0.22%, with a position reduction of 10,429 contracts; SR605 closed at 5437 yuan/ton, down 15 yuan or 0.28%, with a position increase of 995 contracts; US Sugar 03 closed at 16.35 cents/pound, up 0.07 cents or 0.43%, with a position increase of 7452 contracts; US Sugar 05 closed at 15.89 cents/pound, up 0.09 cents or 0.57%, with a position increase of 3069 contracts [7] - Market Analysis: New York raw sugar futures fluctuated strongly on Friday, while Zhengzhou sugar's main contract rose and then fell. Domestic spot prices in production areas slightly declined. Zhengzhou sugar has entered the pre-holiday adjustment period, with reduced volatility as funds seek risk aversion. Speculative short positions slightly decreased after the market [7][8] Group 3: Industry News - Brazil: Minas Gerais will end the 2025/26 sugarcane harvest earlier than previous years, with a decline in total output. As of the first half of September, the state had crushed 58.2 million tons of sugarcane, accounting for 75.4% of the expected output this season, a decrease of about 4.5% compared to the 2024/25 season. Analysts expect the sugar output in the central-southern region of Brazil in the first half of September to increase by 15% year-on-year to 3.6 million tons, with a 6.8% increase in sugarcane crushing volume to 45.92 million tons, but a 3.9% year-on-year decline in sugar content per ton of sugarcane to 153.84 kg. Ethanol output is expected to decline by 3.4% year-on-year to 2.37 billion liters [9] - Pakistan: The floods in 2025 have severely damaged Pakistan's agricultural sector, destroying 2.5 million acres of arable land, including 7% of the arable land in Punjab and Khyber Pakhtunkhwa. Major crops such as rice, sugarcane, and corn have been severely affected [9] - Global Sugar Market: StoneX expects a global sugar supply 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. Improved crop harvests in Brazil, India, and Thailand will offset the expected decline in Europe [9] Group 4: Data Overview - Figures: The report includes figures on spot trends, contract basis, price spreads, import profits, warehouse receipts, exchange rates, and the trading and position of the top 20 seats in the main contract of Zhengzhou sugar [12][14][19][22]

Report Overview - Report Title: Sugar Daily Report (September 29, 2025) [2] - Report Type: Agricultural Product R & D Report - Researcher: Liu Qiannan [4] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Globally, the production increase in major sugar - producing regions is being realized. Brazil is at its supply peak, with a large increase in sugar production recently. However, the ethanol - to - sugar price in Brazil has reached around 16 cents per pound, and the bi - weekly sugar - making ratio is expected to decline, alleviating the pressure of a large increase in sugar production. India's sugar production is also expected to increase significantly this year, and its policies on sugar - to - ethanol and exports are crucial. Thailand and China are also likely to see an increase in sugar production [9]. - In the domestic market, China's sugar imports remained high in August. Domestic sugar inventories are low, and the sales - to - production ratio is high. The domestic market is greatly affected by the trend of foreign sugar. Considering that both foreign and domestic Zhengzhou sugar prices are at a low level and domestic sugar inventories are low, the downward resistance of Zhengzhou sugar is expected to increase [9]. - For trading strategies, it is recommended to short at high prices both for international and domestic sugar, but the downward space is expected to be limited. For arbitrage and options, it is recommended to wait and see [10][11][12] 3. Summary by Directory 3.1 Data Analysis - **Futures Market**: SR09 closed at 5,437, down 15 (- 0.28%), with a trading volume of 1,023 (down 1,554) and an open interest of 4,218 (up 461); SR01 closed at 5,479, up 1 (0.02%), with a trading volume of 143,897 (down 9,408) and an open interest of 417,045 (down 10,429); SR05 closed at 5,437, down 5 (- 0.09%), with a trading volume of 11,392 (down 2,596) and an open interest of 67,055 (up 995) [5]. - **Spot Market**: The spot prices in Liuzhou, Kunming, Wuhan, Nanning, Bayuquan, Rizhao, and Xi'an were 5,890, 5,905, 6,080, 5,780, 6,015, 5,900, and 6,270 respectively, with no change. The corresponding basis were 411, 426, 601, 301, 536, 421, and 791 [5]. - **Monthly Spread**: SR5 - SR01 spread was - 42 (down 6), SR09 - SR5 spread was 0 (down 10), and SR09 - SR01 spread was - 42 (down 16) [5]. - **Import Profit**: For Brazilian imports, with an ICE主力 of 16.35, a premium of 0.06, and a freight of 43.00, the in - quota price was 4,495, the out - of - quota price was 5,726, the spread with Liuzhou was 164, the spread with Rizhao was 174, and the spread with the futures market was - 247. For Thai imports, with an ICE主力 of 16.35, a premium of 0.89, and a freight of 18.00, the in - quota price was 4,453, the out - of - quota price was 5,671, the spread with Liuzhou was 219, the spread with Rizhao was 229, and the spread with the futures market was - 192 [5]. 3.2 Market Judgment - **Important Information**: In August 2025, Russia's beet molasses production reached 170,600 tons, a year - on - year increase of 20.85%. Brazil's Minas Gerais state will end the 2025/26 sugarcane harvest earlier than previous years, and the total output will decline. As of mid - September, 58.2 million tons of sugarcane had been crushed, accounting for 75.4% of the expected output, a decrease of about 4.5% compared with the 2024/25 season. Sugar production was 4.2 million tons, and ethanol production was 1.96 million cubic meters. It is expected that 70% of the processing capacity will stop operating before mid - November. In 2025, floods in Pakistan severely damaged the agricultural sector, destroying 2.5 million mu of arable land, including 7% of the arable land in Punjab and Khyber - Pakhtunkhwa [7][8]. - **Logical Analysis**: Internationally, the production increase in major sugar - producing regions is being realized. Domestically, the market is affected by foreign sugar trends, and the downward resistance of Zhengzhou sugar is expected to increase [9]. - **Trading Strategies**: For unilateral trading, short at high prices with limited downward space; for arbitrage and options, wait and see [10][11][12] 3.3 Related Attachments - The report includes 10 figures, showing information such as monthly inventories in Guangxi and Yunnan, production - sales ratios in Guangxi and Yunnan, spot prices in Liuzhou, spot price spreads between Liuzhou and Kunming, basis for different contract months, and spreads between different contract months [12][16][19][21][24][26]

1. Report Information - Report Title: Sugar Daily Report [1] - Date: September 29, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 2. Market Review and Operation Suggestions Futures Market - SR601 closed at 5478 yuan/ton, down 19 yuan or 0.35%, with a position of 427,474 contracts, a decrease of 3,875 contracts [7] - SR605 closed at 5442 yuan/ton, down 21 yuan or 0.38%, with a position of 66,060 contracts, an increase of 1,699 contracts [7] - US Sugar 03 closed at 16.29 cents/pound, up 0.16 cents or 0.99%, with a position of 466,347 contracts, an increase of 1,067 contracts [7] - US Sugar 05 closed at 15.82 cents/pound, up 0.10 cents or 0.64%, with a position of 134,435 contracts, a decrease of 535 contracts [7] Market Analysis - New York raw sugar futures fluctuated strongly, with the main March contract up 0.99% to 16.29 cents/pound [7] - London ICE white sugar futures' main December contract rose 0.9% to $462.90/ton [7] - Zhengzhou sugar's main contract rose and then fell. The 01 contract closed at 5478 yuan/ton, down 19 yuan or 0.35%, with a reduction of 3,875 contracts [8] - The spot price in domestic producing areas remained flat, with Nanning sugar at 5860 yuan and Kunming sugar at 5720 yuan [8] - Typhoon "Hagasa" had little impact on the main sugarcane areas in Guangxi, and the bullish sentiment dissipated [8] - After the market, speculative short positions were slightly reduced, possibly to reduce position risks before the long holiday [8] 3. Industry News - S&P Global Commodity Insights' survey showed that the sugar production in the central-southern region of Brazil in the first half of September was expected to increase by 15% year-on-year to 3.6 million tons [9] - The cane crushing volume was expected to increase by 6.8% to 45.92 million tons, while the sugar content (ATR) in cane was expected to decline by 3.9% to 153.84 kg per ton of cane [9] - Ethanol production was expected to decrease by 3.4% to 2.37 billion liters [9] - StoneX reported that the global sugar market in the 2025/26 season starting in October was expected to have a supply surplus of 2.77 million tons [9] - Global sugar production was estimated at 197.5 million tons, while consumption was expected to be 194.7 million tons [9] - Brazil's shipping agency Williams data showed that as of the week of September 24, the number of ships waiting to load sugar at Brazilian ports was 76, down from 85 the previous week [9] - The quantity of sugar waiting to be shipped was 3.1039 million tons, down from 3.2827 million tons the previous week [9] 4. Data Overview - The report presented various figures including spot trends, contract basis, price spreads, import profits, warehouse receipts, exchange rates, and trading positions [11][14][19]