Report Information - Report Name: Sugar Daily Report - Date: September 22, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - On Thursday, New York raw sugar futures fluctuated weakly. The increase in production pressure led to the decline of raw sugar. Zhengzhou sugar was generally weaker than raw sugar, and the sharp decline at 5500 was mainly due to the efforts of speculative short - sellers. Whether they can continue to increase positions and drive down prices in the future is worthy of attention. India's sugar export in the new season may suppress global sugar prices [6][7][8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market Conditions**: The main contract of New York raw sugar futures, the October contract, closed down 0.84% to 15.41 cents per pound. The December contract of London ICE white sugar futures closed down 1% to $454.60 per ton. The SR601 contract of Zhengzhou sugar closed at 5461 yuan per ton, down 35 yuan or 0.64%, with an increase of 17,853 positions. Domestic spot prices in production areas declined, with the price in Nanning at 5930 yuan and that in Kunming at 5760 yuan [7][8]. 3.2 Industry News - **Brazilian Sugar Production**: In the second half of August, the central - southern region of Brazil crushed 50.061 million tons of sugarcane, a year - on - year increase of 10.68%. Sugar production was 3.872 million tons, a year - on - year increase of 18.21%. Ethanol production decreased by 1.85% year - on - year to 2.42 billion liters. As of August 31, in the 2025/26 season, the cumulative sugarcane crushing was 403.942 million tons, a year - on - year decrease of 4.78%; cumulative sugar production was 26.758 million tons, a year - on - year decrease of 1.92%; cumulative ethanol production was 18.482 billion liters, a year - on - year decrease of 10.05% [9]. - **Indian Sugar Export**: India, the world's second - largest sugar producer, is expected to have sufficient surplus sugar stocks to allow sugar exports in the new season starting on October 1. Indian exports may suppress global sugar prices [9]. 3.3 Data Overview - Multiple data charts are presented, including spot trends, contract basis, price spreads, import profits, exchange warehouse receipts, exchange rate, and the trading and holding positions of the top 20 seats of the main contract of Zhengzhou sugar [12][14][19][21].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Due to the high import volume in China in August and the significant year - on - year increase in sugar production in the central - southern region of Brazil in August, the Zhengzhou sugar futures price broke through the support level and declined. The general direction of the sugar price remains bearish. However, considering the abnormal surge in short - term positions and trading volume, there is a possibility of a short - term rebound, so cautious trading is recommended [9]. 3. Summary According to the Directory 3.1. Weekly Assessment and Strategy Recommendation - **Market Review**: - **External Market**: The price of raw sugar declined this week. As of Friday, the closing price of the ICE raw sugar March contract was 16.18 cents per pound, a decrease of 0.35 cents per pound or 2.12% from the previous week. The raw sugar 3 - 5 spread fluctuated at 0.41 cents per pound, up 0.01 cents per pound from the previous week. The London white sugar 3 - 5 spread weakened to 0.4 dollars per ton, down 0.4 dollars per ton from the previous week. The raw - white spread of the March contract fluctuated at 93 dollars per ton, up 2 dollars per ton from the previous week [9]. - **Domestic Market**: The price of Zhengzhou sugar declined this week. As of Friday, the closing price of the Zhengzhou sugar January contract was 5461 yuan per ton, a decrease of 79 yuan per ton or 1.43% from the previous week. The spot price in Guangxi was 5840 yuan per ton, down 60 yuan per ton from the previous week. The basis fluctuated at 379 yuan per ton, up 19 yuan per ton from the previous week. The 1 - 5 spread fluctuated at 15 yuan per ton, down 8 yuan per ton from the previous week. The profit from spot imports after quota increased to 426 yuan per ton, up 30 yuan per ton from the previous week [9]. - **Industry News**: - In the second half of August, the cane crushing volume in the central - southern region of Brazil was 50.06 million tons, a year - on - year increase of 10.68%. The sugar production in this region was 3.87 million tons, a year - on - year increase of 18.21% [9]. - In August 2025, China imported 830,000 tons of sugar, an increase of 62,700 tons year - on - year. From January to August 2025, China imported 2.612 million tons of sugar, an increase of 121,000 tons year - on - year [9]. - **View and Strategy**: The general direction of the sugar price remains bearish. But due to the abnormal surge in short - term positions and trading volume, there may be a short - term rebound. It is recommended to trade cautiously. The trading strategy is to short at high prices, with a profit - loss ratio of 2:1, a recommended cycle within 3 months, and the core driving logic being high import supply pressure and the expectation of increased production in the new crushing season. The recommendation level is 3, and it was first proposed on August 16, 2025 [9][11]. 3.2. Spread Trend Review - The report presents multiple spread trend charts, including spot price and basis, spot - to - spot spreads, domestic - foreign spreads, raw - white spreads, raw sugar spot premiums and discounts, and sugar - alcohol price ratio fluctuations. These charts cover various time periods from 2021 to 2026, showing the trends of different spreads such as the basis between Guangxi Nanning spot and Zhengzhou sugar futures, the spreads between different contract months of Zhengzhou sugar, and the spreads between raw sugar and white sugar [17][20][25]. 3.3. Domestic Market Situation - **Production**: The report shows the monthly and cumulative sugar production in China from 20/21 to 24/25 [41]. - **Imports**: It presents the monthly and annual cumulative import volumes of sugar, syrup, and premixed powder in China from 2021 to 2025 [44]. - **Sales**: The monthly and cumulative sugar sales volumes and sales progress in China from 20/21 to 24/25 are shown [49]. - **Industrial Inventory**: The monthly industrial inventory in China from 2021 to 2025 and the inventory in Guangxi's three - party warehouses are presented [52]. 3.4. International Market Situation - **Brazil Central - Southern Production**: The report shows the bi - weekly and cumulative sugar production, the cumulative cane - to - sugar ratio, and the cumulative cane crushing volume in the central - southern region of Brazil from 21/22 to 25/26 [57]. - **India Production**: The bi - weekly and cumulative sugar production in India from 20/21 to 24/25 are presented [62]. - **Thailand Production**: The bi - weekly and cumulative sugar production in Thailand from 20/21 to 24/25 are shown [65]. - **Brazil Shipment**: The sugar inventory in the central - southern region of Brazil and the quantity of sugar waiting to be shipped at Brazilian ports from 21/22 to 25/26 are presented [68].

Group 1 - The core viewpoint of the article highlights the significant growth in China's sugar production, with a projected output of 37.7 million tons in May 2025, representing a year-on-year increase of 59.1% [1] - From January to May 2025, the cumulative sugar production in China reached 906.6 million tons, showing a cumulative growth of 4.9% [1] Group 2 - The article references several listed companies in the sugar industry, including 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] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, which is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and consulting services [1]

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - This week, the price of the Zhengzhou Sugar 2601 contract decreased with a weekly decline of about 1.43%. Internationally, in the second half of August 2025, sugar production data in southern Brazil generally met expectations, and the sugar production progress accelerated. Domestically, in August 2025, China's sugar imports increased both month - on - month and year - on - year. With the Mid - Autumn Festival stocking mostly completed, northern sugar mills about to start production, and a slight expected increase in sugar production in the new season, the spot price is weakening steadily. There is no obvious positive driving force in the short term, so it is expected to fluctuate weakly. It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. 3. Summary According to the Directory 3.1 Week - on - Week Key Points Summary - **Market Review**: The price of the Zhengzhou Sugar 2601 contract decreased this week, with a weekly decline of about 1.43% [5]. - **Market Outlook**: In Brazil, in the second half of August 2025, 50.06 million tons of sugarcane were crushed, a year - on - year increase of 10.686%, and 3.87 million tons of sugar were produced, a year - on - year increase of 18.21%. In China, in August 2025, sugar imports were 830,000 tons, a month - on - month increase of 90,000 tons or 12.16%, and a year - on - year increase of 7.5%. With the end of Mid - Autumn Festival stocking, northern sugar mills about to start production, and a slight expected increase in new - season sugar production, the market is expected to fluctuate weakly [5]. - **Trading Strategy**: It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5]. - **Future Focus**: Domestic production and sales, and new - season output [6]. 3.2 Futures and Spot Market - **ICE US Sugar**: The price of the US Sugar March contract decreased this week, with a weekly decline of about 2.42%. As of September 9, 2025, the non - commercial net short position of raw sugar futures was 139,610 lots, an increase of 53,805 lots from the previous week. Long positions decreased by 14,220 lots to 170,080 lots, and short positions increased by 39,585 lots to 309,690 lots [12]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 16.15 cents per pound, a decrease of 0.19 cents per pound from last week [16]. - **Zhengzhou Sugar Futures**: The price of the Zhengzhou Sugar 2601 contract decreased this week, with a weekly decline of about 1.43%. The net position of the top 20 futures holders was - 73,276 lots, and the number of Zhengzhou Sugar warehouse receipts was 10,364 [17][24]. - **Zhengzhou Sugar Futures Spread and Basis**: The spread between the 1 - 5 contracts of Zhengzhou Sugar futures was + 15 yuan per ton, and the spot - Zhengzhou Sugar basis was + 479 yuan per ton [29]. - **Spot Market Price**: As of September 19, the price of sugar in Liuzhou, Guangxi was 5,940 yuan per ton, and the spot price of sugar in Kunming, Yunnan was 5,850 yuan per ton [36]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1,527 yuan per ton, a decrease of 45 yuan per ton from last week; the estimated profit outside the quota was 143 yuan per ton, a decrease of 61 yuan per ton from last week. The estimated profit of Thai sugar within the quota was 1,381 yuan per ton, an increase of 1 yuan per ton from last week; the estimated profit outside the quota was 197 yuan per ton, a decrease of 1 yuan per ton from last week [42]. 3.3 Industry Chain Situation - **Supply - Production**: As of the end of August 2025, the total sugar production in the 2024/25 sugar - making season in China was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03% [45]. - **Supply - Industrial Inventory**: As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a month - on - month decrease of 450,000 tons or 27.91%, and a year - on - year increase of 60,100 tons or 5.45% [48]. - **Supply - Import Volume**: In August 2025, China's sugar imports were 830,000 tons, a year - on - year increase of 15% and a month - on - month increase of 90,000 tons. From January to August 2025, the cumulative sugar imports were 2.61 million tons, a year - on - year increase of 4.15% [52]. - **Demand - Sales Rate**: As of the end of August 2025, all sugar mills in the 2024/25 sugar - pressing season had stopped production. The total sugar production in this sugar - making season was 11.1621 million tons, a year - on - year increase of 1.1989 million tons or 12.03%. The cumulative sugar sales were 9.9998 million tons, a year - on - year increase of 1.1388 million tons, and the cumulative sugar sales rate was 89.59%, 0.65 percentage points faster than the same period last year [56]. - **Demand - Production of Finished Sugar and Soft Drinks**: In August 2025, China's monthly production of finished sugar was 454,100 tons, a year - on - year increase of 49.3%. The monthly production of soft drinks was 17.7578 million tons, a year - on - year increase of 0.5% [60]. 3.4 Option and Stock - Related Markets - **Option Market**: Information about the implied volatility of at - the - money options for sugar this week is presented, but no specific data is given in the summary part [61]. - **Stock Market - Nanning Sugar Industry**: A chart of the price - earnings ratio of Nanning Sugar Industry is provided, but no specific data is summarized [66].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - International market: Brazil is in the supply peak, and the global inventory is entering the accumulation phase. Although the recent increase in Brazilian sugar production has a bearish impact on the price, considering the current low international sugar price and the fact that the bearish factors have basically materialized, and the Brazilian ethanol - to - sugar price has reached 16.14 cents per pound, there is strong support for low - price sugar, and it is expected to fluctuate at a low level in the short term [4]. - Domestic market: In August, China's sugar imports remained high, domestic sugar inventory was low, and the sales - to - production ratio was high. The domestic market is greatly affected by the trend of foreign sugar. Both foreign and Zhengzhou sugar are at low levels, and domestic sugar inventory is low with a firm basis. It is expected that Zhengzhou sugar will likely fluctuate within a range and rebound in the short term [4]. 3. Summary According to the Directory Chapter 1: Comprehensive Analysis and Trading Strategies - **Trading Strategies** - **Single - side trading**: The foreign sugar price has fallen to a low level and is expected to fluctuate at a low level in the short term. The Zhengzhou sugar price has also fallen to a low level, with limited downward space. However, if Zhengzhou sugar increases in positions and breaks through the previous low, it is recommended to wait and see [4]. - **Arbitrage**: Wait and see [4]. - **Options**: Wait and see [4]. Chapter 2: Core Logic Analysis - **International Supply - Demand Pattern Change** - In the 2025/26 sugar - crushing season, the global sugar supply gap will be significantly reduced to 231,000 tons compared with 4.879 million tons in the 2024/25 season. Global sugar production is expected to reach 180.593 million tons, an increase of 5.419 million tons from the previous season, mainly due to the production growth in India, Thailand, and Pakistan. Global consumption is expected to reach 180.824 million tons, an increase of 771,000 tons. The global sugar trade volume is expected to remain stable, with an export volume of 63.89 million tons and an import demand of 63.768 million tons. The ending inventory/consumption ratio is expected to drop to 50.95%, about 10% lower than six seasons ago [6]. - **Brazilian Sugar Production Situation** - **Double - week situation in the second half of August**: In the second half of August, the sugar - making ratio in the central - southern region of Brazil increased. The cane crushing volume was 50.061 million tons, a year - on - year increase of 10.68%; the sugar - making ratio was 54.2%, a year - on - year increase of 5.42%; the sugar production was 3.872 million tons, a year - on - year increase of 18.21% [10]. - **Accumulated situation by the second half of August**: The accumulated cane crushing volume was 403.942 million tons, a year - on - year decrease of 4.78%; the accumulated sugar - making ratio was 52.76%, a year - on - year increase of 3.67%; the accumulated sugar production was 26.759 million tons, a year - on - year decrease of 1.92%, and the year - on - year decline continued to narrow. The Brazilian ethanol - to - sugar price has reached 16.14 cents per pound, providing strong support for the raw sugar price [17]. - **Situation in Other Countries** - **Thailand**: In the 2024/25 sugar - crushing season, the sugar production was 10.05 million tons (a year - on - year increase of 1.28 million tons), and exports from January to June 2025 were 3.36 million tons, a year - on - year increase of 820,000 tons. The 2025/26 season is expected to see a slight increase in production [20]. - **India**: In the 2024/25 sugar - crushing season, the sugar production was about 26.1 million tons, a year - on - year decrease of 17.6%. The 2025/26 season is expected to have a restorative increase in production, with an estimated total production of 34.9 million tons. After meeting domestic consumption of 28.4 million tons, there will be a surplus of about 12 million tons (including 5.5 million tons of carry - over inventory). Even if 5 million tons of sugar are used for ethanol production, the net sugar production will still reach 29.9 million tons, and about 7 million tons will be carried over as ending inventory. This season may export about 2 million tons of sugar [23]. - **Domestic Sugar Market Situation** - **Domestic sugar production in the 2025/26 season**: The domestic sugar is in an increasing production cycle, with an expected production of about 11 million tons. The first sugar factory in Inner Mongolia started production on September 8, 4 days earlier than the previous year. The estimated sugar production in Inner Mongolia in the 2025/26 season is 700,000 - 750,000 tons. In Yunnan, about 51 - 52 sugar factories are expected to start production in the 2025/26 season, with the first factory likely to start in mid - to - late October if there are no special circumstances [27]. - **Import situation**: The import profit is rising, driving a strong import expectation. In August 2025, China imported 830,000 tons of sugar, a year - on - year increase of 62,700 tons. From January to August 2025, the cumulative import was 2.6121 million tons, a year - on - year increase of 121,000 tons, or 4.86%. As of August in the 2024/25 sugar - crushing season, the cumulative import was 4.0739 million tons, a year - on - year decrease of 277,200 tons, or 6.37% [38]. Chapter 3: Weekly Data Tracking - Not provided in the given content, only some data charts are presented, and no specific analysis or summary content is available.

Group 1 - The current spot price of white sugar in Guangxi is 5764 CNY/ton, down by 13 CNY/ton, with processing sugar factory prices stable between 5950 to 6090 CNY/ton [1] - The futures market shows the main white sugar contract closing at 5474.00 CNY/ton, with a decline of 1.16%, and a trading volume of 315,458 lots on September 18 [1] - The price range for industrial-grade sugar varies, with domestic prices reported as low as 1780 CNY/ton in Henan province [1] Group 2 - In August, China's sugar imports reached 830,000 tons, a year-on-year increase of 7.5%, with total imports from January to August at 2.61 million tons, up by 5.1% [2] - Brazil's sugar production in the second half of August was 3.872 million tons, an increase of 18.21% compared to the same period last year, with cane crushing volume at 50.061 million tons, up by 10.68% [2] Group 3 - The analysis indicates that Brazil's sugar production is accelerating, with expectations of high yields from Thailand and India in the upcoming season [3] - Domestic sugar inventory is currently low, but significant imports are expected before October, while new sugar supply will gradually enter the market as northern regions begin harvesting [3]

Report Information - Report Name: Sugar Daily Report [1] - Date: September 18, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided in the report Core View - The raw sugar price continues to fluctuate, and the sugar price movement is mainly due to low - level technical fluctuations with the market lacking a clear direction. Attention should be paid to the upcoming production report of Brazil's central - southern region. The Zhengzhou sugar market is in an overall oscillating situation, with weak spot market, ample supply, and increasing supply pressure due to the listing of beet sugar. There are signs that industrial funds may shift from short to long [7][8] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On Monday, the New York raw sugar futures fluctuated weakly. The main October contract closed down 0.75% at 15.88 cents per pound. The main December contract of London ICE white sugar futures closed up 0.06% at $466.00 per ton. The SR601 contract of Zhengzhou sugar closed at 5,529 yuan per ton, down 26 yuan or 0.47%, with an increase of 2,571 positions; the SR605 contract closed at 5,510 yuan per ton, down 22 yuan or 0.40%, with an increase of 4,002 positions. The No.10 contract of US sugar closed at 15.88 cents per pound, down 0.12 cents or 0.75%, with a decrease of 18,381 positions; the No.03 contract closed at 16.55 cents per pound, down 0.18 cents or 1.08%, with an increase of 8,041 positions [7] - **Spot Market**: The spot price in domestic production areas remained unchanged. The price of sugar in Nanning was reported at 5,940 yuan per ton, and that in Kunming was 5,770 yuan per ton [8] 2. Industry News - **Brazil's Sugar Production**: According to the Brazilian Sugarcane Technology Center (CTC), in August, the sugarcane yield in Brazil's central - southern region was 77.5 tons per hectare, slightly lower than 78.8 tons per hectare in the same period of 2024. The sugar content index (ATR) decreased by 2.9% from 148.4 kg per ton of sugarcane to 144.2 kg. From the start of the 2025/26 season until August, the average sugarcane yield in the central - southern region decreased by 8.2% year - on - year to 79.2 tons per hectare, compared with 86.3 tons per hectare in the previous season. The cumulative ATR was 129.7 kg per ton of sugarcane, compared with 133.2 kg in the same period last year. A survey by S&P Global Commodity Insights showed that the sugar production in the important central - southern region of Brazil in the second half of August was expected to increase by 17.3% to 3.84 million tons, the sugarcane crushing volume was expected to increase by 9.5% to 49.5 million tons, the sugar content per kilogram of sugarcane was expected to decrease by 4.1% to 149.48 kg per ton of sugarcane, and the ethanol production, including corn ethanol, was expected to decrease by 2.5% to 2.4 billion liters [9] - **India's Sugar Situation**: An Indian government official said that India, the world's second - largest sugar producer, will have sufficient surplus sugar stocks to allow sugar exports in the new sugar - crushing season starting on October 1. India's exports may suppress global sugar prices but support local sugar prices. The Indian Sugar and Bioenergy Manufacturers Association (ISMA) reaffirmed its earlier forecast of 34.9 million tons of total sugar production in the 2025 - 26 season [9] 3. Data Overview - The report presents multiple data charts, including the spot price trend, 2509 contract basis, SR9 - 1 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and holding positions of the top 20 seats of the Zhengzhou sugar main contract [12][14][16]

Group 1 - The core viewpoint of the articles indicates that the sugar prices in New York are declining due to an expected significant increase in supply from Brazil, the largest sugar producer, alongside concerns about demand from markets like China and Indonesia [1] - Covrig Analytics analyst Claudiu Covrig forecasts that Brazil's sugar production in the second half of August could reach 3.95 million tons, exceeding the previous estimates by the industry association Unica [1] - The New York raw sugar futures price fell by approximately 1% on Wednesday, marking the second consecutive day of decline [1][2] Group 2 - Covrig predicts that Brazil's sugar inventory may rise from 9.4 million tons at the end of August to 11.6 million tons by September 30, which will continue to exert pressure on the market [1] - Due to previously high imports and sufficient inventory, China's demand for sugar has significantly decreased [1] - India and Thailand have temporarily halted raw sugar imports to support local farmers, while both countries are expected to have a good harvest [1] - However, there are early signs of demand recovery in the Middle East and Africa, as sugar mills in these regions continue to procure raw materials from Brazil [1]

Core Viewpoint - India plans to resume sugar exports starting from the new crushing season in October 2025, which is expected to impact the international sugar market significantly [1][2]. Group 1: Production and Export Capacity - India, as the world's second-largest sugar producer, anticipates a sugar production of 34.9 million tons for the 2025/26 season, exceeding the domestic consumption demand of approximately 28.5 to 29 million tons [1]. - With an initial stock of 5 million tons, India will have sufficient capacity for sugar exports after meeting domestic needs and record ethanol production requirements [1][2]. Group 2: Market Impact - The resumption of sugar exports is expected to balance the domestic market in India and ensure minimum support prices for sugarcane farmers, while also increasing global sugar supply, potentially exerting downward pressure on current international sugar prices [1][2]. - Market participants are closely monitoring the specific export quota numbers that the Indian government will announce, with expectations that the return to the international sugar trade will create downward pressure on global sugar prices [2]. Group 3: Ethanol Production - India's ethanol production capacity is projected to exceed 4.8 billion liters, highlighting the country's strategic positioning in food security and energy sectors [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The report presents the latest data on the sugar market, including prices, spreads, and supply - demand situations both domestically and internationally, along with macro and industry news [1][2][3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price Data**: The raw sugar price is 16.55 cents per pound, down 0.12; the mainstream spot price is 5940 yuan per ton, unchanged; the futures main contract price is 5547 yuan per ton, down 2 [1] - **Spread Data**: The 15 - spread is 23 yuan per ton, unchanged; the 59 - spread is - 6 yuan per ton, up 1; the mainstream spot basis is 393 yuan per ton, up 2 [1] 3.2 Macro and Industry News - India's monsoon precipitation has strengthened again. Brazil's exports have declined, with 374 tons exported in August (down 5% year - on - year) and 359 tons in July (down 5% year - on - year). Conab has lowered Brazil's 25/26 sugar production forecast to 4450 tons from 4590 tons. China imported 74 tons of sugar in July, an increase of 32 tons [1] 3.3 Domestic Market - CAOC predicts that China's sugar production will be 1116 tons in the 24/25 season and 1120 tons in the 25/26 season, with consumption of 1580 tons and 1590 tons respectively, and imports of 500 tons in both seasons. As of May 31, 24/25 season production was 1116 tons (up 120 tons), sales were 811 tons (up 152 tons), and the sales rate was 72.7%. As of July 31, 24/25 season cumulative imports were 324 tons (down 34 tons). In the 25/26 season, the market expects a decline in Guangxi's sugar yield and an increase in production costs [2] 3.4 International Market - ISO forecasts a global sugar supply shortage of 23 tons in the 25/26 season and 488 tons in the 24/25 season. As of August 16, 25/26 season, Brazil's central - southern region had a 6.6 - percentage - point decline in cumulative sugarcane crushing, with 2289 tons of sugar produced (down 112 tons), and the MIX was 52.51% (up 3.37 percentage points). ISMA/NFCSF predicts India's 25/26 season sugar production to be 3490 tons (up 540 tons from 24/25). Thailand's 24/25 season production was 1008 tons (up 127 tons) [3] 3.5 Trend Intensity - The sugar trend intensity is 0, indicating a neutral outlook [4]