Sugar Market - Raw sugar prices continue to fluctuate within a range, with Thailand's sugarcane crushing volume for the 25/26 season at 29.26 million tons, down 16.09% from last year [2][15] - The sugar content in sugarcane is 11.95%, slightly up from 11.87% last year, while the sugar production rate is 9.79%, down from 9.81% [2][15] - Domestic sugar prices are quoted at 5260-5360 CNY/ton in Guangxi and 5110-5160 CNY/ton in Yunnan, with import estimates for quota within 4020-4030 CNY/ton and outside quota at 5090-5100 CNY/ton [2][15] Cotton Market - The USDA's January report has reduced global cotton production expectations, with U.S. and Indian production down, while China's production is expected to increase [5][17] - The global cotton production forecast for 2025/26 is 26.003 million tons, a decrease of 78,000 tons from the previous month [5][18] - As of January 15, China's cotton processing volume is 7.128 million tons, an increase of 1.15 million tons year-on-year [5][21] Demand and Retail - Retail sales growth in December slowed, particularly in clothing and textiles, with a year-on-year increase of only 0.6% in clothing and related goods [5][23] - The overall yarn production load was 48.98%, down 0.4 percentage points week-on-week, while cotton yarn factory load was 45.9%, down 0.2 percentage points [5][23] Import and Export - The cotton price difference between domestic and international markets remains high, with cotton and yarn imports reaching recent highs, while clothing exports remain weak [5][24] - In December, China imported 180,000 tons of cotton, an increase of 60,000 tons month-on-month and 40,000 tons year-on-year [5][25] - Clothing and accessory exports in December amounted to $13.412 billion, down 10.19% year-on-year [5][25] Inventory Levels - Commercial cotton inventory in China as of mid-January is 5.8623 million tons, up 77,600 tons month-on-month and 83,300 tons year-on-year [5][26] - The overall inventory of yarn is approximately 32 days, with a slight decrease week-on-week [5][26] International Market Dynamics - The macroeconomic environment is experiencing disturbances, with limited fundamental drivers, leading to a predominantly fluctuating market [5][10] - The USDA's January report indicates a slight improvement in the supply-demand balance for U.S. cotton, but the overall market remains oversupplied [5][27] Domestic Market Focus - The focus is shifting back to fundamentals as the market anticipates the impact of upcoming policies, with cotton production expected to reach a ten-year high [5][28] - The cotton commercial inventory is at a peak for the 2025/26 season, expected to decline after February [5][28]

偏弱震荡， 维持观望 白糖周报 2026/01/24 13352843071 yangzeyuan@wkqh.cn 从业资格号：F03116327 交易咨询号：Z0019233 杨泽元（农产品组） CONTENTS 目录 01 周度评估及策略推荐 03 国内市场情况 02 价差走势回顾 基本面评估 | 白糖基本面评估 | | 价差 | | | | 成本 | | --- | --- | --- | --- | --- | --- | --- | | | 基差 | 月差 | 产销区价差 | 原白价差 | 糖醇价差 | 成本 | | 数值 | 110元/吨 | 郑糖5-9：-15元/ 吨 | -110元/吨 | 94美元/吨 | -2.29美分/磅 | （3月合约）配额内： 4097元/吨 | | | | 原糖3-5：0.41 美分/磅 | | | | （3月合约）配额外： 5089元/吨 | | 多空评分 | +0 | +0 | +0 | +0 | +0.5 | +0 | | 简评 | 震荡 | 震荡 | 产区价格走强 | 变化不大 | 原糖价格继续倒挂乙 醇价格 | 变化不大 | | 小结 | 短线观望。 | ...

| 第一章综合分析与交易策略 | 2 | | --- | --- | | 第二章核心逻辑分析 | 4 | | 第三章周度数据追踪 | 9 | GALAXYFUTURES 1 白糖周报：印度糖产增泰国减 国际糖底部震荡 研究员：刘倩楠 期货从业证号：F3013727 投资咨询证号：Z0014425 目录 综合分析与交易策略 【逻辑分析】 国际方面，巴西甘蔗预计将逐渐进入收榨阶段，巴西糖供应压力将逐渐缓解，市场近期关注点转移到北半球，目前北半球糖产大部分也处于增产周期。 目前印度双周产量较高，增产可能会超预期，给国际糖价以悲观影响。但是由于糖价已经跌至低位且目前大宗商品偏强，因此预计美糖价格短期底部 震荡走势。 国内市场，目前国内白糖正处于压榨高峰期，且本榨季国内白糖产量大概率将增加且增幅不小，因此供应端有一定压力。此外前两天海关公布的数据 显示，2025年我国累计进口食糖491.88万吨，同比增加56.22万吨，2025年食糖进口量超预期，大量进口糖也给国内市场以压力。供应端压力明显， 短期内预计郑糖仍将维持下跌趋势。但是考虑目前糖价已经偏低，且盘面价格已经跌破国内大部分榨糖企业的成本线，而国际糖下方的支撑作用 ...

研究员：王翠冰 期货从业资格号F03139616 期货投资咨询从业证Z0021556 瑞达期货研究院 「2026.01.23」 白糖市场周报 关 注 微信客 服 号 添加客服 业务咨询 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权及股市关联市场 「 周度要点小结」 行情回顾：本周郑糖2605合约价格下跌，周度跌幅约1.48%。 行情展望：据巴西蔗糖工业协会Unica称，2025年12月下半月巴西中南部地区压榨 甘蔗217.1万吨，同比增加26.6%；产糖5.6万吨，同比下降14.90%；25/26榨季(25 年4月-26年3月)截至1月1日巴西中南部累计压榨甘蔗6.004亿吨，同比下滑2.28%， 累计产糖4022.2万吨，同比增加0.86%，累计制糖比50.82%，高于去年同期 48.16%的2.66%。以上数据可以看出，12月下半月巴西产糖量同比下降，压榨尾 声，可压榨甘蔗趋于减少，预计后市供应减少，提供原糖价格一定支撑。国内基本 面表现相对平淡，春节备货接近尾声，且销区港口货物持续增加，旺季不旺背景下， 现货价格下调，期货市场缺乏现货支撑，价格继续下探可能。 未来关注因素： 1、国内进口 ...

转自：新华财经 | ¦ ├ ─ 舟 ─ ☆ ─ ─ ☆ ─ ─ ☆ ─ ─ ☆ ─ 『 『 『 』 『 『 』『 『 』『 『 』『 』『 『 』『 』『 』『 』『 『 』『 』『 』『 』『 『 』『 』『 』『 『 』『 』『 』『 』『 『 』『 』『 』『 』『 『 』『 』『 』『 『 能化、绿色化"要求,以"种好蔗、 糖"为核心,深化改革、积极创新, 提质降本增效和全链条升级,让甜§ 加"甜"。 源头:这样种甘蔗 五年累计投入无偿扶持资金· 广良种良法、农机农艺结合,推行 细化管理,有力促进甘蔗增产增》 根基。截至2024/2025榨季: 规模更大了 种植面积 152.56万亩 士 十年 G V 2 E 0 F F 1 2 F 0 F 儿 日乐 U49.J0/JFH 良种更多了 高糖品种覆盖率 95%以上 新技术应用更广了 糖度更高了 平均蔗糖分提升至 15.2% 机耕率 100% 机种率 25% 机械化管护率 68%以上 机收率提升到现在的 10% 这样榨榨好糖 智造: 6 ** # il u HI 对标一流、科技驱动,五年轻 亿元，推动制糖生产自动化、餐 化,生产效率和效益显著提升。 ) 调 ...

Group 1: Report Overview - Report Title: Sugar Daily Report [2] - Date: January 22, 2026 [2] - Researcher: Liu Qiannan [4] Group 2: Data Analysis Futures Market - SR09: Closing price 5,178, up 17 (0.33%), volume 17,654 (down 7,911), open interest 98,101 (up 1,348) [3] - SR01: Closing price 5,276, up 10 (0.19%), volume 292 (down 46), open interest 650 (up 181) [3] - SR05: Closing price 5,158, up 14 (0.27%), volume 221,201 (down 2,149), open interest 477,452 (up 16,093) [3] Spot Market - Prices in different locations: Liuzhou 5,340 (down 10), Kunming 5,160 (down 35), Wuhan 5,630 (unchanged), Nanning 5,310 (down 10), Bayuquan 5,530 (unchanged), Rizhao 5,455 (down 15), Xi'an 5,750 (down 40) [3] - Basis: Liuzhou 182, Kunming 2, Wuhan 472, Nanning 152, Bayuquan 372, Rizhao 297, Xi'an 592 [3] Monthly Spread - SR05 - SR01: Spread -118 (up 4), SR09 - SR05: Spread 20 (up 3), SR09 - SR01: Spread -98 (up 7) [3] Import Profit - Brazil: ICE主力 14.77, premium 0.16, freight 32.00, in - quota price 3,992, out - of - quota price 5,070, spread with Liuzhou 270, spread with Rizhao 385, spread with futures 206 [3] - Thailand: ICE主力 14.77, premium 0.89, freight 18.00, in - quota price 4,018, out - of - quota price 5,104, spread with Liuzhou 236, spread with Rizhao 351, spread with futures 172 [3] Group 3: Market Research Important Information - Brazil (Dec second half): Sugarcane crush 2.171 million tons (up 457,000 tons, 26.60% year - on - year), ATR 127.49kg/ton (up 4.16kg/ton), sugar - making ratio 21.24% (down 11.44%), ethanol output 561 million liters (up 73 million liters, 14.91%), sugar output 0.56 million tons (down 0.1 million tons, 14.93%) [5] - Brazil (cumulative to Dec second half, 2025/26 season): Sugarcane crush 600.397 million tons (down 13.992 million tons, 2.28% year - on - year), ATR 138.35kg/ton (down 3.11kg/ton), cumulative sugar - making ratio 50.82% (up 2.66%), cumulative ethanol output 30.838 billion liters (down 1.642 billion liters, 5.06%), cumulative sugar output 40.222 million tons (up 341,000 tons, 0.86%) [6] - China (2025): Dairy product output 29.503 million tons (down 1.1% year - on - year), December output 2.667 million tons (down 1.8% year - on - year); beverage output 179.253 million tons (up 3% year - on - year), December output 13.421 million tons (up 1.1% year - on - year); refined sugar output 16.21 million tons (up 9% year - on - year), December output 3.59 million tons (up 11% year - on - year) [6][8] Logical Analysis - International: Brazilian sugarcane is approaching the end of the harvest season, supply pressure will ease. The market focus has shifted to the Northern Hemisphere, where most sugar production is in an increasing cycle. India's high bi - weekly output may lead to an unexpected increase, putting downward pressure on international sugar prices. However, due to low sugar prices and strong commodities, ICE sugar is expected to fluctuate at the bottom in the short term [9] - Domestic: China's sugar is in the peak crushing season, and this season's output is likely to increase significantly, adding supply pressure. In 2025, China imported 4.9188 million tons of sugar, an increase of 0.5622 million tons year - on - year, also pressuring the domestic market. In the short term, Zhengzhou sugar is expected to continue to decline, but the decline space is limited as prices are already low, below the cost line of most domestic sugar mills, and international sugar prices provide support. The May contract is expected to have strong support near the previous low [9] Trading Strategies - Single - side: International sugar prices are expected to fluctuate at the bottom in the short term. The May contract is expected to be weak in the short term but with limited downward space and strong support near the previous low [10] - Arbitrage: Hold off for now [11] - Options: Hold off for now [12] Group 4: Related Attachments - Figures include Guangxi and Yunnan's monthly sugar inventory, monthly sugar production, Liuzhou's sugar spot price, Liuzhou - Kunming sugar spot price spread, sugar futures' basis and spreads for different months [15][17][19][21][22][26]

投资咨询业务资格:证监会许可【2012】31号 . // 结 25/26榨季全球食糖市场已由短缺转为过剩，印度产量大幅增加与泰国、巴西产量下降形成对比，但整体供应端压力仍在。 国内现货价格坚挺与期货价格弱势形成矛盾。春节前备货需求对价格形成短期支撑,在生产成本支撑下,短期或有一定上 行空间,但上方空间有限。 国内白糖工业库存 巴西糖配额外进口利润 2000 ---- 19/20 ------- 20/21 ------ 21/22 ------- 22/23 - -- 23/24 24/25 800 1500 1000 500 600 0 -500 -1000 400 -1500 -2000 -2500 200 ·2019 · =2020 2016 2017 = =2018 = 0 2025 2022 2024 10月 11月 12月 9月 1月 2月 3月 4月 5月 6月 7月 8月 郑糖5-9月差 柳州-05基差 1200 350 1000 300 800 250 600 200 400 150 200 100 50 0 -400 -50 -100 -150 10月21日 11月21日 12月21日 1 ...

Morning session notice | 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【行情复盘】 | 昨日 | SR605 | 合约收盘价 | 5144 | 元/吨，日跌幅 | 0.75%，夜盘收 | 5138 | 元/吨；SR609 | 合约 | | | | | | | 收盘价 | 5161 | 元/吨，日跌幅 | 0.75%，夜盘收 | 5158 | 元/吨。 | 【重要资讯】 | | | | | | | | | | 1 | 昨日广西白糖现货成交价为 | 5238 | 元/吨，下跌 | 45 | 元/吨；广西制糖集团报价区间 | 为 | 5270~5360 | 元/吨，整体下调 | 10~20 | 元/吨；云南制糖集团报价 | 5120~ | 5160 | 元/吨， | | | 下调 | 20~30 | 元/吨；加工糖厂主流报价区间为 | 5700~5820 | ...

研究所 农产品研发报告 白糖日报 2026 年 1 月 21 日 白糖日报 期货从业证号： F3013727 第一部分 数据分析 | 期货从业证号： | | --- | | F3013727 | | 投资咨询证号： | | Z0014425 | | 联系方式： | | liuqiannan_qh@china | | stock.com.cn | 第二部分 行情研判 【重要资讯】 1. 印度旁遮普邦内阁于本周二批准，2025/26 榨季为蔗农提供 685 卢比/吨（折人民币 52.38 元/吨）的直接补贴。该笔补贴将由民营糖厂代付，直接发放至蔗农账户，且补贴为额 外发放，不影响该邦现行每 4160 卢比/吨（折人民币 318.07 元/吨）的甘蔗指导价格，该价 格目前仍为全国最高。 2.沐甜讯，主产区白糖现货报价基本持稳，总体成交一般。具体情况如广西:南宁中间商 站台基准价 5320 元/吨:仓库报价 5270 元/吨，报价不变，成交一般。南宁集团厂内车板报价 5270-5320 元/吨，报价不变，成交一般。柳州中间商站台基准价 5340-5360 元/吨;仓库报价 5320-5340 元/吨，报价不变，成交 ...

研究所 农产品研发报告 白糖日报 2026 年 1 月 20 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | | 2026/1/20 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,200 | -60 | -1.14% | 24,796 | 8863 | 92,194 | 3139 | | SR01 | | 5,290 | -50 | -0.94% | 209 | 75 | 259 | 142 | | SR05 | | 5,183 | -61 | -1.16% | 239,789 | 22609 | 438,833 | 11536 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | | 5370 | 5195 | 5660 | 5 ...