Report Summary 1. Investment Ratings for Different Industries - Sugar: Weak and volatile [1] - Red Dates: Weak and volatile [2] - Rubber: Volatile [3] 2. Core Views - Sugar: The external market of sugar is weak due to improved supply prospects, and the domestic market is dragged down by the external market. Although there is no obvious positive driver, it is not recommended to chase short after the price drops to a low level [1]. - Red Dates: The spot price of red dates is weak and stable. The upstream growth is good, but the downstream demand is weak. The inventory pressure is strong, and the futures price may run at a low level [2]. - Rubber: The natural rubber supply is expected to increase, and the downstream demand has not improved significantly. The synthetic rubber supply may decrease, but the downstream sales are slow. Both have limited upward space [3]. 3. Summary by Related Catalogs Sugar - **Market Conditions**: SR509 contract closed at 5730 yuan/ton yesterday, down 0.31%, and the night - session closed at 5721 yuan. SR601 contract closed at 5599 yuan/ton, down 0.44%, and the night - session closed at 5584 yuan/ton [1]. - **Important Information**: ICE raw sugar 7 - month contract closed at 16.62 cents/pound, down 0.78%. The main contract of London white sugar closed at 464.4 dollars/ton, down 0.79%. In 2024/25 season, Guangxi's cumulative sugar production increased while the amount of crushed sugarcane decreased. The Indian Sugar Mills Association expects India's sugar production to reach 35 million tons in the 2025/26 season [1]. - **Market Logic**: The external market is weak due to improved supply prospects. The domestic market is dragged down by the external market, and the trading atmosphere is conservative [1]. - **Trading Strategy**: Pay attention to the support around 5700 yuan/ton for SR509 contract, and consider light - position long for non - participants. High - throw and low - suck for the 9 - 1 positive spread [1]. Red Dates - **Market Conditions**: CJ509 contract closed at 8795 yuan/ton yesterday, down 0.17%. CJ601 contract closed at 9585 yuan/ton, down 0.36% [2]. - **Important Information**: The inventory of 36 sample physical warehouses last week was 10,753 tons, up 0.80% month - on - month and 74% year - on - year. The number of red date trucks arriving at Guangdong Ruyifang market yesterday increased by 1. The prices of red dates in Hebei remained stable [2]. - **Market Logic**: The futures price fluctuated narrowly, and the spot price was weak and stable. The upstream growth was good, but the downstream demand was weak, and the inventory pressure was strong [2]. - **Trading Strategy**: Partially stop profit for previous short positions. Pay attention to the support around 8600 yuan/ton. Continuously pay attention to the reverse spread opportunity of the 9 - 1 spread [2]. Rubber - **Market Conditions**: RU2509 contract closed at 13,545 yuan/ton, down 0.81%, and the night - session closed at 13,760 yuan/ton. NR2507 contract closed at 11,965 yuan/ton, down 0.46%, and the night - session closed at 12,145 yuan/ton. BR2507 contract closed at 10,960 yuan/ton, down 1.22%, and the night - session closed at 11,305 yuan/ton [3]. - **Important Information**: The weekly average price of Shanghai full - latex decreased by 5.15%. The weekly average price of 20 - grade Thai standard rubber in Qingdao decreased by 5.19%. The capacity utilization rate of Chinese semi - steel tire and full - steel tire sample enterprises decreased. The inventory in Qingdao decreased by 0.80% [3]. - **Market Logic**: The supply of natural rubber is expected to increase, and the downstream demand has not improved significantly. The supply of synthetic rubber may decrease, but the downstream sales are slow [3]. - **Trading Strategy**: Pay attention to the support levels of RU at 13,300 yuan/ton in the short - term and 13,000 yuan/ton in the medium - term, NR at 11,500 yuan/ton, and BR at 10,500 - 10,700 yuan/ton. Consider short - term long positions [3].

Group 1 - The research emphasizes leveraging resource endowments to strengthen characteristic industries in Chongzuo, aiming for high-quality economic and social development [1] - The Shuxiang Mendi China Wood Industry Ecological City project in Chongzuo is the first mass production line for solid wood composites in the region, exporting products to Southeast Asia [2] - COFCO Chongzuo Sugar Industry Co., Ltd. is recognized as a national high-tech enterprise, leading in sugar quality and focusing on high-end sugar product development [3] Group 2 - The Shuikou Port in Longzhou County is highlighted as a key international trade port, facilitating cross-border industrial cooperation and enhancing customs efficiency [4] - The local government is encouraged to attract more enterprises for import processing, transitioning from "tunnel economy" to "industrial economy" to boost border trade [4] - The importance of completing economic and social development goals for the first half of the year is stressed, alongside enhancing investment attraction and supporting enterprises [5]

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views Overall The report analyzes various commodities in the breeding, livestock, soft commodities, and energy - chemical sectors, providing supply - demand analysis, price trend predictions, and investment strategies for each commodity. [1][6] Livestock and Soft Commodities - **Pig**: The supply of pigs is sufficient, and the speculative demand may support the pig price at the bottom. It is not recommended for farmers to short at present. Speculative clients can go long, and farmers are advised to sell at high prices. [1][2] - **Sugar**: Zheng sugar follows the weak oscillation of raw sugar. In the medium - long term, the main producing countries have an expected increase in production, presenting a near - strong and far - weak pattern. It is recommended to sell out - of - the - money call options. [4][5] Energy - Chemical - **Crude Oil**: With OPEC+ increasing production and geopolitical uncertainties, the short - term oil price is supported, but it is under pressure in the medium - term. It is recommended to sell out - of - the money put options for SC2507. [6][7] - **PVC**: The supply of PVC is increasing, while the demand is weak, and the inventory is decreasing. The price is expected to stop falling in the short - term, but the driving force for a significant increase is limited. It is recommended to close out short positions. [10][11] Summary by Commodity Pig - **Supply**: As of April 2025, the national sow inventory was 40.38 million, with a year - on - year increase of 1.3%. It is expected to remain stable or increase in May, and the supply of pigs is sufficient. [1] - **Demand**: The frozen product storage rate is at a historical low, and the demand is weak. The speculative demand may increase if the price drops, which will support the pig price. [2] - **Strategy**: Do not short for farmers; speculators can go long; farmers can sell at high prices. [2] Sugar - **International**: In the 2025/26 season, Brazil's production is affected by rainfall, while India and Thailand are expected to increase production, and the global sugar production is expected to increase by 8.6 million tons to 189.3 million tons. [4] - **Domestic**: The sales progress is accelerating, and the import is expected to increase. The short - term sugar price will be range - bound, and the long - term is in a near - strong and far - weak pattern. [5] - **Strategy**: Sell out - of - the money call options. [5] Crude Oil - **Supply**: OPEC+ will increase production by 411,000 barrels per day in July. The US shale oil production is limited, and the heavy - oil resources are tight. [6] - **Demand**: The demand from refineries is increasing, but the diesel market is not optimistic. The SPR demand of major oil - consuming countries is increasing. [8] - **Inventory**: The US commercial crude oil inventory has decreased, and the global oil inventory is expected to remain low in the second quarter. [8] - **Strategy**: Sell out - of - the money put options for SC2507. [7] PVC - **Cost**: The calcium carbide price in Inner Mongolia is stable, and the inventory is accumulating. [10] - **Supply**: The operating rate is increasing, and there will be new device production in June - July. [10] - **Demand**: The downstream stocking sentiment is weak, and the export has uncertainties. [11] - **Inventory**: The industry is in a state of destocking. [11] - **Strategy**: Close out short positions. [10]

Core Viewpoint - The event aimed to enhance communication between listed companies in Xinjiang and investors, focusing on financial reports, operational planning, risk management, investor protection, and sustainable development [1][8]. Group 1: Event Overview - The online collective reception day for investors was held on May 22-23, 2024, with participation from over 200 staff from 61 listed companies in Xinjiang [1]. - The event featured expert lectures and discussions under the theme "Compliance Foundation, Technology Empowerment" [1][11]. Group 2: Regulatory and Governance Insights - Zhao Peng, Deputy Director of the Xinjiang Securities Regulatory Bureau, emphasized the importance of investor relations management and the need for listed companies to enhance governance, information disclosure, and core competitiveness [3][10]. - The event served as a platform for listed companies to showcase their commitment to transparency and investor engagement [3][6]. Group 3: Performance Metrics - As of the end of 2024, Xinjiang's listed companies had a total share capital of 115.575 billion shares and a total market value of 777.81 billion yuan, with total assets of 34,310.92 billion yuan and net assets of 8,796.15 billion yuan [7]. - The companies collectively raised over 760 billion yuan through equity and debt financing, significantly contributing to the region's economic development [7]. Group 4: Investor Engagement - During the event, investors posed 1,518 questions, with companies responding to 1,341, resulting in an overall response rate of 88.34% [8]. - The high engagement level reflects the commitment of Xinjiang's listed companies to maintain open communication with investors [8]. Group 5: Awards and Recognition - The Xinjiang Listed Company Association announced that three companies were recognized in the "2024 Best Practices in Investor Relations Management" by the China Listed Company Association [12]. - Awards were also given to individuals and companies for excellence in governance and ESG disclosures, highlighting the region's focus on improving corporate governance standards [12].

Group 1: Investment Ratings - The investment ratings for the sectors are as follows: Sugar in the agricultural, forestry, and livestock sector is rated as "volatile"; Red dates in the same sector are rated as "volatile and slightly weak"; Rubber series in the energy and chemical sector are rated as "volatile", with natural rubber and synthetic rubber having different specific trends [1][3][4] Group 2: Core Views - Sugar market is affected by factors such as global production forecasts and domestic production and sales data. Currently, Zhengzhou sugar is at the lower edge of the volatile range, and short - term trading information is limited. Attention should be paid to Brazilian and domestic data [1] - After the Dragon Boat Festival stocking atmosphere fades, the red date market's trading enthusiasm declines. The downstream consumption will enter the off - season, and the inventory pressure will suppress the price. Focus on the growth of jujube trees in the main producing areas [3] - Natural rubber is affected by high inventory and increasing raw material supply, with limited upward drivers and likely to be in low - level volatility. Synthetic rubber lacks obvious positive factors and may run weakly due to falling raw material prices [4] Group 3: Summary by Variety Sugar - **Market Review**: SR509 closed at 5835 yuan/ton yesterday with a daily increase of 0.03%, and SR601 closed at 5699 yuan/ton with a daily increase of 0.11% [1] - **Important Information**: Global sugar production in the 2025/26 season is expected to increase by 8.6 million tons to 189.3 million tons. Domestic sugar prices in different regions have adjusted, and the port's waiting - to - ship sugar quantity has decreased [1] - **Market Logic**: External markets were closed yesterday. Zhengzhou sugar weakened at night after a small rebound. It is at the lower edge of the volatile range, and there may be new downward impetus [1] - **Trading Strategy**: For SR509, pay attention to the support at 5800 today. If the support is effective, short - term investors can try intraday long positions [1] Red Dates - **Market Review**: CJ509 closed at 9000 yuan/ton yesterday with a daily increase of 0.22%, and CJ601 closed at 9920 yuan/ton with a daily increase of 0.10% [3] - **Important Information**: The physical inventory of 36 sample points last week increased by 0.76% week - on - week and 67.60% year - on - year. Market prices in different regions were stable over the weekend [3] - **Market Logic**: The main red date contract traded sideways. After the stocking for the Dragon Boat Festival, the market's trading enthusiasm declined. The inventory pressure will suppress the price [3] - **Trading Strategy**: Pay attention to the support at 8950. If it is broken, look for support in the 8800 - 8850 range. It is recommended to short on rallies and consider 9 - 1 reverse arbitrage [3] Rubber Series - **Market Review**: RU2509 closed at 14400 yuan/ton yesterday with a daily decrease of 0.93%, NR2507 closed at 12645 yuan/ton with a daily increase of 0.16%, and BR2507 closed at 11545 yuan/ton with a daily decrease of 1.74% [4] - **Important Information**: Thai raw material prices, domestic rubber prices, tire enterprise capacity utilization rates, and Qingdao's rubber inventory data are provided [4] - **Market Logic**: Natural rubber continued to be volatile and weak with resistance to decline. Synthetic rubber fell again and then stabilized at the support level. Raw material prices fell, and the market atmosphere was weak [4] - **Trading Strategy**: For RU, pay attention to the 14300 - 14330 support area; for NR, focus on the 12500 - 12880 volatile range; for BR, consider stopping losses on short positions and pay attention to the 11500 - 11550 support [4]

Group 1: Overall Information - The report is from Green Grand Futures Research Institute on May 8, 2025 [1] - The researcher is Li Fanglei with qualification F03104461 and trading consultation qualification Z0021311, contact number 19339940612 [1] Group 2: Sugar Market Market Review - SR509 contract closed at 5868 yuan/ton yesterday with a daily decline of 0.37%, and 5825 yuan/ton at night. SR601 contract closed at 5730 yuan/ton with a daily decline of 0.21%, and 5695 yuan/ton at night [1] - ICE raw sugar July contract closed at 17.14 cents/pound yesterday with a daily decline of 1.55%. London white sugar August contract closed at 485.3 dollars/ton with a daily decline of 1.52% [1] Important Information - As of May 5, 2025, Russia sowed 1.00985 million hectares of sugar beets [1] - Brazil's central - southern region produced 731,000 tons of sugar in the first half of April, a 1.25% increase from last year. The cane crushing volume was 16.59 million tons, a 3% year - on - year increase [1] - As of April 30, 2025, in the 2024/25 sugar season in India, there were 19 sugar mills still in production, 4 less than last year. The crushed cane was 275.857 million tons, a decrease of 35.655 million tons (11.44%) from last year, and the sugar production was 25.695 million tons, a decrease of 5.77 million tons (18.33%) [1] - In Hainan, as of the end of April in the 2024/24 sugar season, the sugar sales rate was 27.59% with an inventory of 39,900 tons [1] - Yesterday, the spot price of Guangxi white sugar was 6079 yuan/ton, down 2 yuan/ton. Guangxi Sugar Group quoted 6130 - 6260 yuan/ton with a few down 10 yuan/ton. Yunnan Sugar Group quoted 5940 - 5980 yuan/ton, down 10 yuan/ton. The mainstream quotation of processing sugar factories was 6360 - 6920 yuan/ton, adjusted by 10 - 30 yuan/ton with mixed changes [1] - The previous trading day, the Zhengzhou Commodity Exchange's white sugar warehouse receipts were 30,301, a daily increase of 1672 [1] - The previous trading day, the SR9 - 1 spread was 138 yuan, a decrease of 10 yuan from the previous day [1] Market Logic - For the external market, ICE raw sugar futures fell again and basically gave back recent gains. Overseas sugar supply is expected to be good and there is insufficient capital buying intention, so the external market may test the 17 - cent/pound support and trade in a low - level oscillation [1] - For the domestic market, Zhengzhou sugar fell slightly yesterday and opened and moved lower at night affected by the external market. There is limited domestic trading information, and the import ban on syrup and premixed powder makes the domestic and foreign sugar prices more closely linked. The key is whether the downward space of raw sugar can be opened, and the strengthening basis will also support the sugar price [1] Trading Strategy - Hold the previous long positions for now. If it breaks below 5800 yuan/ton, exit and wait for the market sentiment to subside, then look for support at 5750 yuan/ton. Hold the SR9 - 1 calendar spread long position [1] Group 3: Jujube Market Market Review - CJ509 contract closed at 9050 yuan/ton with a daily increase of 0.06% [3] Important Information - The physical inventory of 36 sample points was 10,505 tons, a 0.15% decrease from the previous period and a 52.96% increase year - on - year [3] - Yesterday, 8 trucks of jujubes arrived at Guangzhou Ruyifang, an increase of 3 from the previous day [3] - The previous trading day, the jujube warehouse receipts were 8513, an increase of 15 [3] - The previous trading day, the CJ9 - 1 spread was - 960 yuan/ton, an increase of 30 yuan from the previous day [3] Market Logic - Jujubes are in the traditional off - season, and market demand is still weak. There is limited trading information, and whether the supply side can provide upward momentum remains to be seen. In the short term, jujube futures prices lack upward drivers, and in the long - term, attention should be paid to the impact of upstream weather [3] Trading Strategy - For the CJ509 contract, consider a small - scale long position after the current negative factors are digested, waiting for the weather - related market to develop. In the short term, it is recommended to wait and see [3] Group 4: Rubber Market Market Review - As of May 7, RU2509 contract closed at 14,810 yuan/ton with a daily decline of 0.03%. NR2506 contract closed at 12,575 yuan/ton with a daily increase of 0.16%. BR2506 contract closed at 11,375 yuan/ton with a daily increase of 0.53% [4] Important Information - Thailand's raw material glue price was 59.5 Thai baht/kg, and cup rubber price was 53.55 Thai baht/kg. In Yunnan, the price of glue for producing whole milk was 13,800 yuan/ton, and for producing concentrated milk was 14,000 yuan/ton, with a price difference of 200 yuan/ton. Yunnan's rubber block price was 13,100 yuan/ton. In Hainan, the price of glue for producing whole milk was 13,100 yuan/ton, and for producing concentrated latex was 14,100 yuan/ton, with a price difference of 1000 yuan/ton [4] - As of May 4, 2025, the total inventory of natural rubber in Qingdao's bonded and general trade was 614,200 tons, a 0.9% increase from the previous period. The bonded area inventory was 85,000 tons, a 4.3% increase, and the general trade inventory was 529,200 tons, a 0.38% increase [4] - As of April 30, the capacity utilization rate of China's semi - steel tire sample enterprises was 66.69%, a decrease of 5.67 percentage points from the previous period and 12.29 percentage points lower year - on - year. The capacity utilization rate of China's full - steel tire sample enterprises was 59.54%, a decrease of 6.25 percentage points from the previous period and 11.74 percentage points higher year - on - year [4] - Yesterday, the price of whole milk was 14,700 yuan/ton, unchanged. The price of 20 - grade Thai standard rubber was 1760 dollars/ton, down 10 dollars (- 0.56%), equivalent to 12,673 yuan/ton in RMB. The price of 20 - grade Thai mixed rubber was 14,400 yuan/ton, down 50 yuan (- 0.35%) [4] - Yesterday, the basis of whole milk and the RU main contract was - 110 yuan/ton, narrowing by 5 yuan/ton. The price difference between mixed standard rubber and the RU main contract was - 410 yuan/ton, widening by 45 yuan/ton [4] - Yesterday, the price of Shandong market's Daqing cis - butadiene BR9000 was stable at 11,550 yuan/ton, and the price of Shandong market's Qilu styrene - butadiene 1502 was stable at 12,100 yuan/ton [4] - Yesterday, the domestic butadiene industry's capacity utilization rate was 69.25%, a slight decrease of 0.62 percentage points from the previous day [4] - Yesterday, the butadiene delivery price in Shandong's central region was 9300 - 9500 yuan/ton, and the ex - tank self - pick - up price in East China was about 9000 yuan/ton [4] Market Logic - Natural rubber: It strengthened slightly and then fell again yesterday, and continued to decline at night. The previous small positive news did not boost the market continuously, and the domestic macro - environment did not meet expectations, calming market sentiment. The phenological conditions of rubber plantations at home and abroad are good, and tire factory sales are still not optimistic. So the upward space of the market is limited, and the price may oscillate to find a direction [4] - Synthetic rubber: The supply of butadiene is still abundant, but demand - side support is limited and has little impact on BR rubber. The spot price of cis - butadiene rubber in Shandong remained stable, and terminal procurement is mainly for rigid demand. The weak fundamentals of BR remain unchanged, and it may continue to oscillate at a low level without new news [4] Trading Strategy - For RU, focus on the support range of 14,400 - 14,550 yuan/ton and the resistance range of 15,000 - 15,200 yuan/ton. For NR, focus on the support range of 12,000 - 12,100 yuan/ton and the resistance range of 12,800 - 13,000 yuan/ton. Given the limited drivers, high - selling and low - buying short - term operations are the main strategy. For the BR main contract, the lower support range is 10,900 - 11,000 yuan/ton, and the resistance range is 11,600 - 11,800 yuan/ton. Take a bearish attitude in the short term [4]

Report Summary 1. Investment Ratings - No specific industry - wide investment ratings are provided in the report. 2. Core Views - The current supply - demand situation of the main varieties in the market shows different characteristics. For the livestock and soft commodities sectors, the supply of pigs is strong and demand is weak in the short - term, while the sugar market is in a state of weak oscillation. In the energy - chemical sector, the oil price has a complex supply - demand relationship and is expected to be under pressure in the medium - term, and the PVC market has marginal improvement in fundamentals but lacks a strong upward drive [1][2][4][5]. 3. Summary by Variety Livestock and Soft Commodities Sector - **Pig**: The short - term supply pressure is large, and the demand is not significantly boosted. The supply - demand pattern of strong supply and weak demand remains unchanged. The pig price center is moving down, and the 07 and 09 contracts on the futures market are still bearish. It presents a volatile pattern with limited upside and a bottom for downside. It is recommended that the breeding side sell out - of - the - money put options or participate in the cumulative sales option products [1][2]. - **Sugar**: Both the short - term and medium - term trends are weakly oscillating. International factors such as Brazil's new - season sugar supply increase and India's production reduction co - exist. Domestically, the production increase expectation has been fulfilled, and there may be additional imports. It is recommended to wait and see [3][4]. Energy - Chemical Sector - **Crude Oil**: In the short - term, pay attention to the phased rebound, and in the medium - term, it will run under pressure. The supply side has certain supporting factors, and the demand side has some positive signals, but the inventory situation is complex. It is recommended to buy futures contracts and buy put options for protection [4][5]. - **PVC**: It shows a range - bound oscillation in the short - term, and lacks an upward drive in the medium - term. The cost has rebounded, supply has increased slightly, demand has some speculative factors, and inventory has decreased. It is recommended to sell out - of - the - money put options on PVC at an appropriate time [6][7].

Group 1 - The celebration of the 100th anniversary of the All-China Federation of Trade Unions took place on April 28, highlighting the recognition of labor models and advanced workers across various sectors in Guangxi [1] - A total of 58 individuals from Guangxi were honored, including 39 national labor models and 19 advanced workers, showcasing a diverse representation from government, enterprises, and various professional fields [1] - The selection process for the awards emphasized transparency, fairness, and public participation, reflecting the importance of recognizing contributions to economic and social development in Guangxi over the past five years [1] Group 2 - The list of national labor models includes professionals from different industries, such as engineering, healthcare, and agriculture, indicating a broad spectrum of expertise and contributions [2][3][4] - Notable awardees include managers and engineers from prominent companies like Guangxi Nannan Aluminum Processing Co., Ltd. and SAIC-GM Wuling Automobile Co., Ltd., highlighting the role of industry leaders in driving innovation and productivity [2][3] - The recognition of advanced workers also features individuals from various sectors, including education, law enforcement, and healthcare, emphasizing the critical roles these professionals play in their communities [4][5]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA for Q4 reached $103 million, with a total of $444 million for 2024, marking an 8% year-over-year increase [4][9] - Gross sales totaled $368 million in Q4, with annual revenues reaching almost $1.5 billion, a 2% increase year-over-year [9] - Net cash from operations for 2024 was $161 million, allowing for a minimum distribution of $64 million in 2025 [7][25] Business Line Data and Key Metrics Changes - Record results were achieved in the Rice and Dairy segments, while the Sugar, Ethanol, and Energy business saw operational records despite challenges [4][10] - Total crushing volume in the Sugar, Ethanol, and Energy business reached 12.8 million tonnes in 2024, a new record, although down 12% year-over-year for the quarter [11][12] - Adjusted EBITDA for the Farming business totaled $4 million in Q4 and $103 million for the year, consistent with the previous year [21][24] Market Data and Key Metrics Changes - The average selling price for sugar was $0.226 per pound, down from $0.232 per pound in 2023, reflecting lower global sugar prices [13] - Ethanol prices have been recovering due to strong domestic consumption, although still below the previous year due to the depreciation of the Brazilian Real [14][56] - Carbon credits generated over 600,000 SEVAILOS at an average price of $14 per SEVAILO, totaling $9 million in net sales [15] Company Strategy and Development Direction - The company is focusing on maximizing sugar production due to its attractive premium over ethanol, with a strategy to gradually increase hedges if prices rise above $0.19 per pound [33] - Investments are being made in expanding sugarcane plantations and developing biomethane production in Brazil, alongside enhancing rice and dairy operations in Argentina and Uruguay [7][26] - The company is also committed to ESG initiatives, including training programs for women in agribusiness and leadership development for employees [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the sugar market is expected to see price increases due to disappointing crops in the Northern Hemisphere and a smaller Brazilian crop anticipated for the upcoming season [32][33] - The company expects a slight increase in annual crushing figures for 2025, assuming normal weather conditions, while acknowledging the challenges posed by dry weather in 2024 [18][19] - Management emphasized the importance of weather conditions for crop yields and the potential benefits from ongoing trade dynamics affecting South American agriculture [35] Other Important Information - The company distributed $102 million in 2024, exceeding its distribution policy by $32 million, with a 9.4% distribution yield [24] - The unsolicited proposal from TETA Investments to acquire a majority stake in the company is under evaluation, with discussions ongoing but no assurance of a definitive agreement [27][28] Q&A Session Summary Question: What are the main triggers for positive price action on sugar? - Management highlighted disappointing crops in the Northern Hemisphere and a smaller Brazilian crop as key factors influencing sugar prices [32][33] Question: How will import tariffs affect the company's operations? - Management noted potential benefits for South American soy and corn production due to tariffs, while also seeing opportunities in rice and dairy markets [35] Question: What is the outlook for sugarcane crushing and potential constraints? - Management indicated that weather conditions are a significant factor, with expectations for improved crushing in the second half of the year [45][46] Question: Can you elaborate on the dynamics of ethanol prices and expected parity? - Management expects ethanol prices to recover due to high demand and limited supply, with a potential increase in the blend ratio soon [56][60] Question: What are the expectations for production costs in 2025? - Management anticipates production costs to remain similar in real terms, with a slight decrease in dollar terms due to various cost components [64][66] Question: How are expansion costs impacting the company's outlook? - Management noted that strategic leasing of high-quality farms is expected to lower planting costs in the future [78]