1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Sugar**: The short - term external market is strong, but the continuous upward space of sugar price is limited. It is expected to maintain range - bound. In China, the inventory pressure is low in July, but the concentrated arrival of third - quarter shipments and increased imports in the second half of the year will bring pressure to domestic sugar sales. The price is expected to stop falling and stabilize after a sharp correction [3]. - **Pulp**: The fundamentals of pulp and its downstream have changed little. The import volume in July was high, and the demand is in the off - season. The price is difficult to rebound. The price increase is difficult to be transmitted, but the price is less likely to return to the June low [5]. - **Cotton**: The external market may continue to bottom - hunting, and the domestic market is a game between tight spot supply and weak downstream consumption. The price may continue to fluctuate and sort out in the short term [7]. - **Apples**: The current focus is on the end of the old season and the realization of the new season. The initial production estimate cannot provide a trend guide. The price of early - maturing apples has risen, but the sustainability needs to be tracked. The overall price of the apple 10 contract is expected to fluctuate within a range [8]. - **Jujubes**: The inventory is being depleted, and the spot price is running strongly. The 2601 contract is recommended for long - holding, and attention should be paid to the impact of weather on production [10]. 3. Summary According to Relevant Catalogs 3.1 First Part: Plate Strategy Recommendation - **Apples**: Temporarily wait and see. The support range is 7400 - 7500, and the pressure range is 8300 - 8400 [18]. - **Jujubes**: Hold long positions. The support range is 11000 - 11200, and the pressure range is 11500 - 12000 [18]. - **Sugar**: Try to go long when it回调 to the lower edge of the range. The support range is 5500 - 5530, and the pressure range is 5670 - 5700 [18]. - **Pulp**: Short on rallies. The support range is 5100 - 5200, and the pressure range is 5300 - 5400 [18]. - **Cotton**: Temporarily wait and see. The support range is 13500 - 13600, and the pressure range is 14200 - 14300 [18]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamentals**: In June 2025, the export volume decreased. The inventory in cold storage decreased. There are different estimates of production, with a slight increase or decrease [19]. - **Spot Market**: The mainstream transaction price in Shandong is stable. The shipment volume is general. The price of early - maturing apples varies greatly. The arrival at the wholesale market is small, and the price is stable [20][21]. 3.2.2 Jujube Market As of August 8, the inventory decreased. The arrival at the sales area increased, and the spot price was strong. Attention should be paid to terminal consumption and shipment sustainability [22]. 3.2.3 Sugar Market The domestic spot price is stable, and the price of the ICE raw sugar main contract is 16.54 cents/pound. The estimated profit of Brazilian sugar processing is high [24]. 3.2.4 Pulp Market The transaction of imported bleached softwood pulp is light. The price increase is not accepted by buyers. The price of bleached hardwood pulp has increased, and two companies plan to reduce production [27]. 3.2.5 Cotton Market - Vietnam's cotton textile and clothing production data from January to July 2025 shows an increase in textile production and a decrease in clothing production. - Brazil's cotton picking progress is advancing, but lags behind last year. - Australia's cotton export volume increased significantly in June. - Pakistan's cotton imports increased significantly from July 2024 to June 2025. - Thailand's cotton imports increased in June. - Egypt's cotton net signing and shipment volume increased in the week ending August 9 [28][29]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2510 | 8178 | 51 | 0.63% | | Jujube 2509 | 10385 | - 145 | - 1.38% | | Sugar 2509 | 5706 | 28 | 0.49% | | Pulp 2509 | 5216 | 14 | 0.27% | | Cotton 2601 | 13980 | 100 | 0.72% | [30] 3.3.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 3.90 | 0.00 | 0.15 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5960 | 0 | - 540 | | Pulp (Shandong Yinxing) | 5850 | 0 | - 250 | | Cotton (yuan/ton) | 15177 | 16 | 407 | [33] 3.4 Fourth Part: Basis Situation No specific numerical analysis provided, only references to relevant figures [44][45][49]. 3.5 Fifth Part: Inter - Month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 10 - 1 | 193 | - 5 | 84 | Fluctuate repeatedly | Wait and see | | Jujube | 9 - 1 | - 1165 | - 1155 | - 580 | Range - bound | Wait and see | | Sugar | 9 - 1 | 98 | - 7 | - 235 | Range - bound | Wait and see | | Cotton | 1 - 5 | 70 | 20 | 105 | Range - bound | Temporarily wait and see | [51] 3.6 Sixth Part: Futures Positioning Situation No specific numerical analysis provided, only references to relevant figures [58][60][65]. 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 9214 | 0 | - 970 | | Sugar | 17853 | - 387 | 1901 | | Pulp | 253327 | 1872 | - 239490 | | Cotton | 8087 | - 85 | - 2309 | [78] 3.8 Eighth Part: Option - Related Data No specific numerical analysis provided, only references to relevant figures [80][82][83].

Core Viewpoint - The company is actively managing risks associated with the declining sugar futures prices and has measures in place to ensure stable operations and development [2]. Group 1: Company Response to Market Conditions - The current price of white sugar remains above 5,950 yuan per ton, indicating that there has not been a significant drop in the spot market [2]. - The company has a limited inventory of white sugar, which helps mitigate the impact of price fluctuations [2]. - To address the risks posed by sugar price volatility, the company has implemented several strategies, including stabilizing sugarcane planting areas and increasing both yield and sugar content [2]. Group 2: Operational Efficiency Measures - The company is optimizing its harvesting, transportation, and processing management processes to reduce production management costs [2]. - It is closely monitoring white sugar price trends and analyzing market dynamics to better time its sales [2]. - These multi-faceted initiatives are aimed at ensuring the company's stable operation and sustainable development [2].

Group 1 - Concerns are rising over potential supply tightness due to reduced sugarcane production in Brazil, the world's largest sugar producer, leading to a third consecutive day of rising New York raw sugar futures prices, marking the longest streak since February 21 [1] - The projected sugar production in Brazil for the 2025-26 season is expected to fall to a range of 39 to 40 million tons, down from the previously anticipated 41 million tons, primarily due to widespread drought affecting early crop growth [1] - Current market prices are also supported by physical procurement demand from Pakistan, while India's sugar export policy for the 2024-25 season is under scrutiny, with the export window closing on September 30 and new season exports not expected to start until February next year, indicating potential short-term trade tightness [1] Group 2 - As of August 31, Brazil's sugar inventory stood at 9.3 million tons, an 8% decrease from 10.1 million tons in the same period last year, indicating no surplus in the current sugar stock [1] - For sustained upward momentum in sugar prices, the market requires clear evidence that Brazil's actual production is significantly lower than the current data from the Brazilian Sugarcane Industry Association (Unica) [2] - Market participants are closely monitoring weather changes and crop growth progress in production areas, as any signals of lower-than-expected yields could exacerbate price volatility [2]

证券日报网讯广农糖业（000911）8月12日在互动平台回答投资者提问时表示，公司申请向特定对象发 行股票项目需深交所按规定报中国证监会履行相关注册程序，公司本次向特定对象发行股票事项在获得 中国证监会同意注册后方可实施。公司将根据该事项的进展情况，按照有关规定和要求及时履行信息披 露义务。 ...

Group 1: Report Overview - The report is a daily report on the sugar industry dated August 12, 2025 [1] Group 2: Market Data Futures Market - The closing price of the main sugar futures contract is 5608 yuan/ton, up 35 yuan; the main contract's open interest is 306,587 lots, down 571 lots [2] - The number of sugar warehouse receipts is 17,853, down 387; the net long position of the top 20 futures holders is -37,611 lots, down 1,429 lots [2] - The estimated import processing price of Brazilian sugar within the quota is 4398 yuan/ton, down 35 yuan; the estimated import processing price of Thai sugar within the quota is 4474 yuan/ton, down 45 yuan [2] Spot Market - The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5584 yuan/ton, down 46 yuan; the estimated import price of Thai sugar outside the quota (50% tariff) is 5683 yuan/ton [2] - The spot price of white sugar in Kunming is 5815 yuan/ton, down 10 yuan; in Nanning is 5960 yuan/ton, up 10 yuan; in Liuzhou is 6010 yuan/ton, unchanged [2] Upstream Situation - The national sugar crop sown area is 1480 thousand hectares, up 60 thousand hectares; the sown area of sugar cane in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares [2] Industry Situation - The cumulative national sugar production is 11.1621 million tons, up 54,900 tons; the cumulative national sugar sales volume is 8.1138 million tons, up 869,200 tons [2] - The national industrial sugar inventory is 3.0483 million tons, down 814,300 tons; the national sugar sales rate is 72.69%, up 7.47 percentage points [2] - The monthly sugar import volume is 420,000 tons, up 70,000 tons; the monthly total sugar exports from Brazil are 3.5937 million tons, up 234,700 tons [2] - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1457 yuan/ton, up 9 yuan; the price difference between imported Thai sugar and Liuzhou sugar within the quota is 1381 yuan/ton, up 8 yuan [2] - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is 271 yuan/ton, up 20 yuan; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) is 172 yuan/ton, up 19 yuan [2] Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, up 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production is 2.9%, down 0.1 percentage point [2] - The implied volatility of at - the - money call options for sugar is 8.32%, down 4.3 percentage points; the implied volatility of at - the - money put options for sugar is 8.32%, down 4.3 percentage points [2] Option Market - The 20 - day historical volatility of sugar is 6.74%, down 0.11 percentage points; the 60 - day historical volatility of sugar is 5.86%, down 0.68 percentage points [2] Group 3: Industry News - Brazilian foreign trade secretariat export data shows that Brazil exported 1,094,070.33 tons of sugar in the first week of August, with a daily average export volume of 182,345.05 tons, a 2% increase compared to the daily average export volume of the entire August last year [2] - On Monday, the ICE raw sugar October contract closed up 1.66%. On Tuesday, the sugar 2601 contract closed up 0.61% [2] - Internationally, the production prospects of major Asian sugar - producing countries are good, and the global supply is expected to be loose, putting pressure on raw sugar prices. However, the market is worried about the sugar content of sugar cane in the 2025/26 season, and there are some buying orders from the CFTC report, leading to a short - term rebound in raw sugar prices [2] Group 4: Core View - Domestically, the profit outside the quota remains at a relatively high level, and the import expectation for the near - term is increasing. Beet sugar will start to be crushed in September, leading to a temporary increase in supply [2] - On the demand side, due to the hot summer weather, it is the peak season for cold drink demand, but due to weak prices, purchases are made on a need - to - buy basis, and demand is average [2] - In terms of inventory, the previous production and sales progress was good, and the current inventory pressure is not large, but the increase in the quantity of processed sugar has significantly slowed down the de - stocking process [2] - For new crops, according to the sugar supply and demand report released by the Chinese Ministry of Agriculture and Rural Affairs, the sugar production in the 2025/26 season is expected to be 11.2 million tons, a slight increase of 40,000 tons year - on - year, remaining at a high level in the past four years [2] - Overall, the foreign market price has rebounded, and the domestic sugar 2601 contract has followed suit, closing up 0.61%. However, the pressure of increasing import expectations remains, and the spot price is weak. The far - month contracts correspond to the new crushing season supply, and it is expected that the future prices will still be under pressure. It is recommended to wait for the price to rebound and then short, while paying attention to risk control [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - **Short - term Outlook**: Short - term outlook is bearish. In the first half of July, sugar production in the central - southern region of Brazil exceeded expectations, putting pressure on raw sugar. The profit margin for out - of - quota imports in China has been opened, and the arrival of imported sugar accelerated from July to August, pushing the reverse spread to the expected level. Attention should be paid to the positive spread strategy between domestic and foreign markets. The market is in a bottom - seeking process in the medium term [3]. - **Foreign Production**: The outlook for foreign production is bearish. The production of the 2025/2026 sugar season in Brazil is basically set at 41 million tons; the production in India in the 2024/2025 season was lower than expected, but there is an expected increase to 35 million tons in the 2025/2026 season; Thailand maintains a slight increase in production [3]. - **Domestic Production and Sales**: The domestic production and sales situation is bullish. As of the end of June, the cumulative sugar production in China was 11.16 million tons, a year - on - year increase of 1.2 million tons; the cumulative sugar sales were 8.9 million tons [3]. - **Import Profit**: The import profit situation is bearish. The profit margin for out - of - quota imports has been opened, and imports have increased since May. The imports are expected to peak in August and decline in September [3]. - **Overall Inventory**: The overall inventory situation is neutral - bullish. The national industrial inventory in June was 2.26 million tons, at a low level compared to the same period [3]. - **Ethanol - Gasoline Ratio**: The ethanol - gasoline ratio situation is neutral - bullish. The ethanol - gasoline ratio has slightly risen to 0.6768, with ethanol having a slight advantage and approaching the equilibrium point [3]. - **Raw - Refined Sugar Spread**: The raw - refined sugar spread is neutral. The raw - refined sugar spread is at $113 per ton, indicating normal demand for raw sugar [3]. 3. Summary by Related Catalogs Brazil Sugar Production Data - **July First - half Data**: In the first half of July, the sugarcane crushing volume in the central - southern region of Brazil was 49.823 million tons, a year - on - year increase of 6.411 million tons or 14.77%; the sugar production was 3.406 million tons, a year - on - year increase of 446,000 tons or 15.07%. The cumulative crushing volume was 256.14 million tons, a year - on - year decrease of 27.217 million tons or 9.61%; the cumulative sugar production was 15.655 million tons, a year - on - year decrease of 1.591 million tons or 9.22% [11]. - **Production Forecast**: IBGE forecasts that Brazil's sugarcane planting area in 2025 will be 9.1685 million hectares, a 0.6% decrease from the previous month's forecast and a 0.2% decrease from 2024; the production is estimated to be 693 million tons, a 0.1% decrease from the previous month's forecast and a 1.9% decrease from 2024. StoneX predicts that the sugar production in the central - southern region of Brazil in the 2025/2026 sugar season will be reduced to 40.16 million tons, a decrease of 1.64 million tons from the May prediction [16]. Brazil Ethanol Production - In the 2025/2026 sugar season as of the first half of July, the ethanol production was 2.194 billion liters, a year - on - year increase of 51 million liters or 2.36%. The cumulative ethanol production was 11.62 billion liters, a year - on - year decrease of 1.587 billion liters or 12.02%. The historically low ethanol production ratio and low inventory will continue to drive the convergence of the ethanol - to - sugar price and the sugar price, and the room for further reduction of the ethanol production ratio is very limited [19]. Brazil Sugar Export - As of the week ending July 30, the quantity of sugar waiting to be shipped at ports was 3.5178 million tons, a week - on - week increase of 177,800 tons or 5%. Brazil entered the high - export window, and the sugar export volume in July 2024 was 3.7823 million tons [30]. Domestic Sugar Market - **Price Trend**: Although the raw sugar price has dropped significantly, the domestic spot price has been supported by the inventory structure and has only fluctuated in a narrow range in the first half of the year, but it has loosened under the impact of imported sugar. The domestic spot price has slightly declined, but the basis remains strong [49][65]. - **Import Situation**: The out - of - quota import window has been opened since late April, and the arrival of imported sugar has increased since May. It is expected that the domestic imports will reach 750,000 - 800,000 tons in July and slow down in August. The large - scale import of sugar may drive the implementation of the positive spread strategy between domestic and foreign markets [57]. - **Market Spread**: The 9 - 1 spread has shifted to a reverse spread as expected with the increase in imported sugar, and the spread is expected to be near the end. In the future, attention should be paid to the positive spread between domestic and foreign markets. From a unilateral perspective, the valuation range of raw sugar is clearer. The current price reflects the global high - yield expectation, suppressing the raw sugar price in the short term [65].

Core Viewpoint - Sugar prices have surged significantly this year, with a 24% increase in the price of white sugar as of July 28, reaching 7160 yuan per ton, raising concerns about supply and demand imbalances due to the onset of El Niño [1] Group 1: Sugar Market Dynamics - The El Niño phenomenon may exacerbate supply-demand imbalances in the sugar market, particularly affecting sugarcane production in Guangxi, which accounts for approximately 60% of China's sugar production [1] - The domestic sugar production has faced challenges, with a reported decrease of 897.28 million tons in sugarcane production during the 2022/2023 season compared to the previous year [3] - The average annual sugar production in China is around 10 million tons, while consumption is approximately 15 million tons, indicating a demand gap that needs to be filled by imports [7] Group 2: Agricultural Adaptations - Farmers in Guangxi are proactively drilling wells to secure water sources for irrigation, with one farmer reporting a well drilled to a depth of 160 meters, capable of supplying 30 to 45 cubic meters of water per hour [2][4] - The implementation of advanced irrigation systems, such as dual-use spray and drip irrigation, is becoming more common among sugarcane farmers to enhance water efficiency [3] - The company is encouraging farmers to adopt water-saving practices and is providing subsidies for new well drilling to mitigate the risks associated with potential droughts [8] Group 3: Impact of El Niño - The World Meteorological Organization has confirmed the formation of El Niño conditions, which could lead to extreme weather patterns affecting sugarcane growth [5] - Historical data indicates that El Niño has resulted in increased sugarcane production in 6 out of 11 instances since the 1980s, suggesting that its impact is not straightforward [6] - The company is preparing for various weather scenarios associated with El Niño, including drought and excessive rainfall, by developing comprehensive emergency response plans [8][9] Group 4: Future Outlook - The company anticipates improved sugar production in the 2023/2024 season due to better growing conditions and enhanced agricultural management practices [9] - The rising sugar prices are expected to positively impact the overall profitability of sugar companies, as they adapt to changing climatic conditions and market demands [9]

Core Viewpoint - The recent surge in domestic sugar prices has drawn market attention, with prices reaching historical highs due to supply-demand imbalances and other factors [1][2]. Price Trends - As of September 6, 2023, domestic sugar prices reached 7,390 CNY/ton, marking a 1.37% increase over two weeks and nearing the historical high of 7,830 CNY/ton set in August 2011 [1]. - The domestic sugar futures contract closed at 7,117 CNY/ton on September 6, with a 0.89% daily increase and a 4.37% rise over the past two weeks [2]. - International sugar prices also increased, with ICE raw sugar futures reaching 26.59 cents/pound, a 2.82% rise, and hitting a peak of 26.94 cents/pound, the highest since October 2011 [2]. Supply and Demand Factors - The increase in domestic sugar prices is primarily driven by a tightening supply due to a decrease in both production and imports. The total sugar production for the 2022-2023 season was 8.97 million tons, a 6.17% decrease year-on-year, largely due to reduced output in Guangxi, which accounts for 60% of the country's sugar production [2][3]. - Sugar imports fell to 2.98 million tons by the end of July 2023, a 23% decrease year-on-year, as rising international prices deterred import activity [3]. Market Outlook - Analysts expect domestic sugar prices to remain strong in the short term, supported by seasonal demand and low inventory levels. The upcoming new sugar season starting in October may initially maintain upward price pressure [4][5]. - The sugar industry is likely to continue benefiting from rising prices, with several listed companies reporting significant profit increases in the first half of 2023. Six out of eight companies related to sugar production and sales reported year-on-year profit growth [5]. Inventory and Production Insights - As of August 2023, the sugar production and sales rate in Guangxi was 90.15%, up 12.2 percentage points year-on-year, while industrial inventory dropped to 51.94 million tons, a decrease of 83 million tons [5]. - The current low inventory levels compared to historical averages suggest that sugar factories are under less pressure to sell, contributing to a strong price support mentality among producers [5].

Core Viewpoint - The company is actively managing risks associated with sugar price fluctuations by implementing various measures to stabilize operations and ensure sustainable development [1]. Group 1: Sugar Price and Inventory - The current price of white sugar is maintained above 5950 yuan per ton, and there has not been a significant drop in the spot price [1]. - The company has limited inventory, indicating a proactive approach to managing stock levels in response to market conditions [1]. Group 2: Risk Management Measures - The company is taking steps to stabilize sugarcane planting area and improve both sugarcane yield and sugar content [1]. - It is optimizing the management processes for harvesting, transportation, and sugar extraction to reduce production management costs [1]. - The company is closely monitoring sugar price trends and market dynamics to strategically time sales and ensure stable operations [1].

Report Overview - The report is the Sugar Industry Daily Report on August 11, 2025, covering various aspects of the sugar industry including futures, spot, upstream, downstream, and market news [1][2] Report Industry Investment Rating - The report does not provide an industry investment rating Report's Core View - Import expectations are increasing, spot prices are weak, and the far - month contracts corresponding to the new crushing season are mainly weak in the short term. It is recommended to conduct rebound short - selling transactions [2] Summary by Directory Futures Market - The closing price of the sugar futures main contract is 5,573 yuan/ton with no change; the main contract's open interest is 307,158 lots, an increase of 6,182 lots; the number of warehouse receipts is 18,240 sheets, a decrease of 305 sheets; the net long position of the top 20 futures holders is - 36,182 lots; the effective warehouse receipt forecast is 0 [2] Spot Market - The import - processed estimated price of Brazilian sugar within the quota is 4,398 yuan/ton, a decrease of 35 yuan/ton; that of Thai sugar is 4,474 yuan/ton, a decrease of 34 yuan/ton. The import - processed estimated price of Brazilian sugar outside the quota (50% tariff) is 5,584 yuan/ton; that of Thai sugar is 5,683 yuan/ton. The spot prices of white sugar in Kunming, Nanning, and Liuzhou are 5,825 yuan/ton, 5,950 yuan/ton (a decrease of 20 yuan/ton), and 6,010 yuan/ton (a decrease of 20 yuan/ton) respectively [2] 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] Industry Situation - The national cumulative sugar production is 1,116.21 million tons, an increase of 5.49 million tons; the cumulative sugar sales volume is 811.38 million tons, an increase of 86.92 million tons. The national industrial sugar inventory is 304.83 million tons, a decrease of 81.43 million tons; the national sugar sales rate is 72.69%, an increase of 7.47 percentage points. The monthly sugar import volume is 420,000 tons, an increase of 70,000 tons; the monthly total sugar exports from Brazil are 3.5937 billion tons, an increase of 0.2347 billion tons [2] Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, an increase of 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production is 2.9%, a decrease of 0.1 percentage point [2] Option Market - The implied volatility of at - the - money call options for sugar is 12.62%, an increase of 6.07 percentage points; that of at - the - money put options is 12.62%, an increase of 6.06 percentage points. The 20 - day historical volatility of sugar is 6.86%, an increase of 0.08 percentage points; the 60 - day historical volatility is 6.54% with no change [2] Industry News - According to Brazilian shipping agency Williams, as of the week of August 6, the number of ships waiting to load sugar at Brazilian ports was 80 (previously 79), and the quantity of sugar waiting to be loaded was 3.5777 billion tons (previously 3.5531 billion tons). Last Friday, the ICE raw sugar October contract closed up 1.5%, and on Monday, the sugar 2601 contract closed down 0.05%. Globally, the production prospects of major Asian sugar - producing countries are good, and the global supply is expected to be loose, putting pressure on raw sugar prices. However, the market is worried about the sugar content of sugar cane in the 2025/26 season, leading to a short - term rebound in raw sugar prices [2] Viewpoint Summary - Conab Analytics reports that the decline in the per - unit yield of sugar cane in Brazil may reduce Brazil's 2025/26 sugar cane output to less than 600 million tons, far lower than Conab's forecast of 663.4 million tons. Domestically, the profit outside the quota remains relatively high, and the import pressure is released. Beet sugar will start crushing in September, leading to a temporary increase in supply. On the demand side, due to the hot summer, the food and beverage industry has inventory - building needs, and the seasonal consumption of cold drinks is picking up. In terms of inventory, the previous production and sales progress was good, and the current inventory pressure is not large, but the increase in the quantity of processed sugar has significantly slowed down the de - stocking process. According to the China Ministry of Agriculture and Rural Affairs' sugar supply - demand report, the 2025/26 sugar production is expected to be 1,120 million tons, a slight increase of 4 million tons year - on - year, remaining at a high level in the past four years [2]