Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The Brazilian sugar has not been crushed, and the international market news is in a vacuum period. The raw sugar price lacks more upward drivers and is expected to remain volatile [2] - In the domestic market, the sugar beet crushing in the north has ended, and the production is basically in line with expectations. The cane sugar production exceeds expectations, and the domestic production is expected to be around 12 million tons. The current sugar market is in a situation of strong supply and weak demand, and there is certain pressure on the price [2] - The price of raw sugar in the external market has fallen, and the domestic sugar price mainly follows the decline [2] Summary by Directory Futures Market - The closing price of the main futures contract for sugar is 5,398 yuan/ton, down 43 yuan; the main contract position is 269,186 lots, down 34,897 lots [2] - The number of sugar warehouse receipts is 16,862, unchanged; the net long position of the top 20 futures positions is -120,878 lots, up 1,845 lots [2] - The effective warehouse receipt forecast for sugar is 0, unchanged [2] Spot Market - The estimated import processing price of Brazilian sugar within the quota is 4,364 yuan/ton, down 19 yuan; the estimated import processing price of Thai sugar within the quota is 4,310 yuan/ton, down 20 yuan [2] - The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,540 yuan/ton, down 25 yuan; the estimated import price of Thai sugar outside the quota (50% tariff) is 5,470 yuan/ton, down 25 yuan [2] - The spot price of white sugar in Kunming, Yunnan is 5,295 yuan/ton, down 30 yuan; the spot price of white sugar in Nanning, Guangxi is 5,420 yuan/ton, down 40 yuan [2] - The spot price of white sugar in Liuzhou, Guangxi is 5,440 yuan/ton, down 30 yuan [2] Upstream Situation - The national sugar crop sown area is 1,480 thousand hectares, up 60 thousand hectares; the sown area of sugar cane in Guangxi is 840.33 thousand hectares, up 5.24 thousand hectares [2] Industry Situation - The total sugar exports from Brazil are 2.2297 million tons, up 212,200 tons [2] - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1,055 yuan/ton, up 23 yuan; the price difference between imported Thai sugar and the current price of Liuzhou sugar within the quota is 1,109 yuan/ton, up 24 yuan [2] - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is -121 yuan/ton, up 29 yuan; the price difference between imported Thai sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is -51 yuan/ton, up 29 yuan [2] - The monthly import volume of sugar is 240,000 tons, down 40,000 tons; the cumulative import volume of sugar is 520,000 tons, up 240,000 tons [2] - The cumulative sales volume of cane sugar in Guangxi is 1.9923 million tons, up 441,700 tons; the cumulative sales volume of cane sugar in Yunnan is 697,500 tons, up 165,500 tons [2] - The cumulative production volume of cane sugar in Guangxi is 5.6513 million tons, up 1.6223 million tons; the cumulative production volume of cane sugar in Yunnan is 1.4934 million tons, up 509,300 tons [2] Downstream Situation - The monthly production volume of refined sugar is 3.5904 million tons, up 2.2874 million tons; the monthly production volume of soft drinks is 13.421 million tons, up 2.964 million tons [2] Option Market - The implied volatility of at-the-money call options for sugar is 13.42%, down 1.29 percentage points; the implied volatility of at-the-money put options for sugar is 13.41%, down 1.19 percentage points [2] - The 20-day historical volatility of sugar is 10.87%, up 0.12 percentage points; the 60-day historical volatility of sugar is 9.24%, down 0.81 percentage points [2] Industry News - As of March 24, 2026, the non-commercial net short position in raw sugar futures was 95,804 lots, a decrease of 111,951 lots from the previous week. The long position was 205,205 lots, an increase of 12,896 lots from the previous week, and the short position was 301,009 lots, a decrease of 99,055 lots from the previous week [2] - The most actively traded May raw sugar futures on the Intercontinental Exchange (ICE) closed down 0.21 cents or 1.33%, at 15.55 cents per pound [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The Brazilian sugar has not been crushed, and the international market news is in a vacuum period. The raw sugar price lacks more upward drivers and is expected to remain volatile. The number of ships waiting to load sugar at Brazilian ports and the quantity of sugar waiting to be shipped have been decreasing. In the domestic market, the beet sugar pressing in the north has ended, with the output basically in line with expectations, while the cane sugar output has exceeded expectations. The domestic sugar output is expected to be around 12 million tons. Currently, the sugar market is in a situation of strong supply and weak demand, with certain pressure on prices. However, the high energy prices drive the strong sentiment of commodities, providing support for sugar. It is expected that the domestic sugar price will fluctuate and move slightly upwards [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the futures main contract for sugar is 5441 yuan/ton, a decrease of 23 yuan; the main contract position is 304,083 lots, a decrease of 8802 lots; the warehouse receipt quantity is 16,862 sheets, an increase of 520 sheets; the net long position of the top 20 futures holders is -122,723 lots; the effective warehouse receipt forecast is 0 sheets, a decrease of 520 sheets [2]. 3.2 Spot Market - The import processing estimated price of Brazilian sugar within the quota is 4383 yuan/ton, an increase of 52 yuan; the import processing estimated price of Thai sugar within the quota is 4330 yuan/ton, an increase of 63 yuan; the estimated price of imported Brazilian sugar outside the quota (50% tariff) is 5565 yuan/ton; the estimated price of imported Thai sugar outside the quota (50% tariff) is 5495 yuan/ton; the spot price of white sugar in Kunming, Yunnan is 5325 yuan/ton; the spot price of white sugar in Nanning, Guangxi is 5460 yuan/ton; the spot price of white sugar in Liuzhou, Guangxi is 5470 yuan/ton, an increase of 10 yuan [2]. 3.3 Upstream Situation - The national sugar - crop sowing area is 1480 thousand hectares, an increase of 60 thousand hectares; the sowing area of sugar - cane in Guangxi is 840.33 thousand hectares, an increase of 5.24 thousand hectares [2]. 3.4 Industry Situation - The total export volume of Brazilian sugar is 222.97 tons, an increase of 21.22 tons; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1032 yuan/ton, a decrease of 42 yuan; the price difference between imported Thai sugar and the current price of Liuzhou sugar within the quota is 1085 yuan/ton, a decrease of 53 yuan; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is -150 yuan/ton, a decrease of 58 yuan; the price difference between imported Thai sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is -80 yuan/ton, a decrease of 71 yuan; the monthly import volume of sugar is 24 tons, a decrease of 4 tons; the cumulative import volume of sugar is 52 tons, an increase of 24 tons; the cumulative sales volume of cane sugar in Guangxi is 199.23 tons, an increase of 44.17 tons; the cumulative sales volume of cane sugar in Yunnan is 69.75 tons, an increase of 16.55 tons; the cumulative output of cane sugar in Guangxi is 565.13 tons, an increase of 162.23 tons; the cumulative output of cane sugar in Yunnan is 149.34 tons, an increase of 50.93 tons [2]. 3.5 Downstream Situation - The monthly output of refined sugar is 359.04 tons, an increase of 228.74 tons; the monthly output of soft drinks is 1342.1 tons, an increase of 296.4 tons [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 14.71%, an increase of 3.28%; the implied volatility of at - the - money put options for sugar is 14.6%, an increase of 3.17%; the 20 - day historical volatility of sugar is 10.75%, a decrease of 0.2%; the 60 - day historical volatility of sugar is 10.05%, a decrease of 0.04% [2]. 3.7 Industry News - According to the Brazilian Sugarcane Industry Association Unica, in the first half of March, the sugarcane crushed in the central - southern region of Brazil was 1.31 million tons, a year - on - year decrease of 29.7%; the sugar production was 0.6 million tons, a year - on - year decrease of 88.6%; sugar mills used 95.14% of the sugarcane to produce ethanol, compared with 69.87% in the same period last year [2].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The price of Zhengzhou Sugar 2605 contract rose this week with a weekly increase of about 0.46%. The Brazilian sugar has not been crushed, and the international market news is in a vacuum period. The raw sugar price lacks more upward drivers and is expected to remain volatile. The number of vessels waiting to load sugar at Brazilian ports and the quantity of sugar waiting to be shipped are decreasing. In the domestic market, the beet sugar production in the north has ended, and the cane sugar production has exceeded expectations. The domestic sugar production is expected to be around 12 million tons. The current sugar market is in a situation of strong supply and weak demand, and there is some pressure on the price. However, the high energy prices drive the strong sentiment of commodities, which provides support for sugar. It is expected that the domestic sugar price will fluctuate and strengthen [5]. Summary by Directory 1. Week - by - Week Summary - **Market Review**: The price of Zhengzhou Sugar 2605 contract rose this week, with a weekly increase of about 0.46% [5]. - **Market Outlook**: The Brazilian sugar has not been crushed, and the international raw sugar price is expected to remain volatile. The number of vessels waiting to load sugar at Brazilian ports decreased from 40 to 34, and the quantity of sugar waiting to be shipped decreased from 1282700 tons to 1063700 tons. In the domestic market, the beet sugar production in the north has ended, and the cane sugar production has exceeded expectations. The domestic sugar production is expected to be around 12 million tons. The current sugar market is in a situation of strong supply and weak demand, but high energy prices provide support. The domestic sugar price is expected to fluctuate and strengthen [5]. - **Future Focus**: Domestic imports and demand [6] 2. Futures and Spot Market - **US Sugar Market**: The price of the US Sugar May contract rose this week, with a weekly increase of about 1.41%. As of March 17, 2026, the non - commercial net short position of raw sugar futures was 207755 lots, a decrease of 1000 lots from the previous week. The long position was 192309 lots, a decrease of 6055 lots from the previous week, and the short position was 400064 lots, a decrease of 7055 lots from the previous week [10]. - **International Raw Sugar Spot Price**: This week, the international raw sugar spot price was 15 cents per pound, an increase of 0.39 cents per pound from last week [16]. - **Zhengzhou Sugar Futures**: The price of Zhengzhou Sugar 2605 contract rose this week, with a weekly increase of about 0.46%. The net position of the top 20 in Zhengzhou sugar futures was - 113790 lots, and the number of Zhengzhou sugar warehouse receipts was 16342 [20][28]. - **Zhengzhou Sugar Contract Spread**: The spread between the 5 - 9 contracts of Zhengzhou sugar futures was - 23 yuan per ton, and the basis of spot - Zhengzhou sugar was - 4 yuan per ton [32]. - **Spot Market Price**: As of March 27, the sugar price in Liuzhou, Guangxi was 5460 yuan per ton, and the sugar price in Nanning was 5460 yuan per ton [39]. - **Imported Sugar Cost and Profit**: This week, the estimated profit of Brazilian sugar within the quota was 1149 yuan per ton, a decrease of 29 yuan per ton from last week; the estimated profit of Brazilian sugar outside the quota was - 92 yuan per ton, a decrease of 142 yuan per ton from last week; the estimated profit of Thai sugar within the quota was 1138 yuan per ton, a decrease of 103 yuan per ton from last week; the estimated profit of Thai sugar outside the quota was - 9 yuan per ton, a decrease of 153 yuan per ton from last week [45]. 3. Industry Chain Situation - **Supply - side - Production Increase**: The domestic sugar production in the main producing areas is increasing [46]. - **Supply - side - Industrial Inventory**: Information about industrial inventory is presented in the report, but no specific data summary is provided [49]. - **Supply - side - Imported Sugar Quantity**: In February 2026, China's sugar imports were 240000 tons, a year - on - year increase of 314.29% and a month - on - month decrease of 40000 tons. From January to February 2026, the cumulative sugar imports were 520000 tons, a year - on - year increase of 293.33% [53]. - **Demand - side - Sugar Sales Rate**: The sugar sales rate is average [54]. - **Demand - side - Output of Refined Sugar and Soft Drinks**: Information about the monthly output of refined sugar and soft drinks is presented, but no specific data summary is provided [60]. 4. Options and Stock - Futures Related Market - **Options Market**: Information about the implied volatility of at - the - money options of sugar this week is presented, but no specific data summary is provided [63]. - **Stock Market - Nanning Sugar Industry**: Information about the price - earnings ratio of Nanning Sugar Industry is presented, but no specific data summary is provided [68].

Report Industry Investment Rating - The report does not provide an industry investment rating. Core Viewpoint - The price of sugar is expected to fluctuate upwards [1] Summary by Relevant Catalogs Fundamental Tracking - The price of raw sugar is 15.87 cents per pound, with a year - on - year increase of 0.32. The mainstream spot price is 5450 yuan per ton, with no year - on - year change. The futures main contract price is 5463 yuan per ton, with a year - on - year increase of 34. The 59 spread is - 22 yuan per ton, with a year - on - year increase of 10. The 91 spread is - 142 yuan per ton, with a year - on - year decrease of 2. The mainstream spot basis is - 13 yuan per ton, with a year - on - year decrease of 34 [1] Macro and Industry News - As of March 15, 2026, the sugar production in the 25/26 sugar - making season in India increased by 10% year - on - year. China imported a cumulative 520,000 tons of sugar from January to February 2026, an increase of 440,000 tons. As of the end of February 2026, the cumulative sugar production in Guangxi in the 25/26 sugar - making season was 5.65 million tons, a decrease of 520,000 tons, and the sugar production rate was 12.28%, a year - on - year decrease of 1.01 percentage points. Attention should be paid to changes in China's import policies for syrup and premixed powder and the sales progress in the production areas [1] Domestic and International Market Situation - CAOC expects the domestic sugar production in the 25/26 sugar - making season to be 11.7 million tons (previously 11.2 million tons), consumption to be 15.7 million tons (previously 15.9 million tons), and imports to be 5 million tons. As of the end of February 2026, China had imported a cumulative 2.28 million tons of sugar in the 25/26 sugar - making season, an increase of 740,000 tons. ISO expects a global sugar supply surplus of 122,000 tons in the 25/26 sugar - making season (previously a surplus of 163,000 tons), and a global sugar supply shortage of 346,000 tons in the 24/25 sugar - making season. As of February 1, 2026, the cumulative crushing volume of sugarcane in the central - southern region of Brazil in the 25/26 sugar - making season decreased by 2.16 percentage points year - on - year, with cumulative sugar production of 40.24 million tons, an increase of 340,000 tons, and the cumulative MIX was 50.74%, a year - on - year increase of 2.60 percentage points. As of March 15, 2026, the sugar production in India in the 25/26 sugar - making season was 26.18 million tons, an increase of 2.46 million tons. As of March 11, 2026, the cumulative sugar production in Thailand in the 25/26 sugar - making season was 9.79 million tons, an increase of 280,000 tons [2] Trend Intensity - The trend intensity of sugar is 1, indicating a relatively weak upward trend [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - International sugar prices are expected to show a strong trend due to high international oil prices and major sugar - producing countries' downward revisions of sugar production expectations. Domestic sugar prices are expected to follow slightly, considering the low current sugar prices and the narrowing gap between domestic and international sugar prices. The trading strategies include going long on Zhengzhou sugar at low prices and selling high, going long on ICE sugar and short on Zhengzhou sugar for arbitrage, and selling put options [8] 3. Summary by Sections 3.1 Data Analysis - **Futures Market**: SR09 closed at 5,485 with a rise of 24 (0.44%), trading volume of 105,506 (a decrease of 12572), and an open interest of 272,971 (an increase of 9119); SR01 closed at 5,627 with a rise of 26 (0.46%), trading volume of 7,322 (an increase of 1136), and an open interest of 29,566 (an increase of 2325); SR05 closed at 5,463 with a rise of 34 (0.63%), trading volume of 264,326 (an increase of 1405), and an open interest of 317,898 (a decrease of 774) [3] - **Spot Market**: The spot prices in different regions vary. For example, the price in Liuzhou is 5480, in Kunming is 5325, in Wuhan is 5790, etc. The price in Kunming increased by 5, while others remained unchanged. The basis in different regions also varies, such as 17 in Liuzhou, - 138 in Kunming [3] - **Inter - month Spread**: The spread between SR05 - SR01 is - 164 (an increase of 8), the spread between SR09 - SR05 is 22 (a decrease of 10), and the spread between SR09 - SR01 is - 142 (a decrease of 2) [3] - **Import Profit**: For Brazilian imports, the quota - within price is 4376, the out - of - quota price is 5571, with a spread of - 91 compared to Liuzhou and 79 compared to Rizhao. For Thai imports, the quota - within price is 4213, the out - of - quota price is 5358, with a spread of 122 compared to Liuzhou and 292 compared to Rizhao [3] 3.2 Market Judgment - **Important Information**: On March 25, 2026, India's Food Ministry announced that the domestic sugar sales quota for April 2026 is 2.3 million tons, 50,000 tons less than the same period last year but 50,000 tons more than the previous month. The sugar production in Inner Mongolia in the 25/26 sugar - making season ended on March 17, with a final output of 685,000 tons, 21,500 tons more than the previous year but 15,000 tons less than expected. In India's Bijnor region, some sugar mills are expected to finish crushing by the end of March due to a decline in sugarcane production [5][6] - **Logical Analysis**: Internationally, the sugar production increase in India this season is likely to be less than expected, and global sugar production expectations for the 2025/26 and 2026/27 seasons have been revised downwards, supporting international sugar prices. Domestically, the sugar supply is under pressure as the domestic sugar is in the peak crushing period and the production is likely to increase significantly this season. However, considering the low sugar prices and the narrowing gap between domestic and international sugar prices, domestic sugar prices are expected to follow slightly [8] - **Trading Strategies**: Unilateral trading: International sugar prices are expected to be slightly stronger in the short - term, and Zhengzhou sugar is expected to be trend - strong, so it is recommended to buy at low prices and sell at high prices. Arbitrage: Go long on ICE sugar and short on Zhengzhou sugar. Options: Sell put options [8][13] 3.3 Related Attachments - The report provides multiple figures, including monthly inventory and production in Guangxi and Yunnan, Liuzhou's spot sugar price, the price difference between Liuzhou and Kunming, and various basis and spread data of sugar futures contracts [10][15][18]

Report Industry Investment Rating - No relevant information provided Core View - In the domestic market, the cumulative year-on-year increase in sugar imports from January to February was significant, far exceeding market expectations. The 2026 January - February cumulative sugar imports were 520,000 tons, a year-on-year increase of 44,000 tons or 563.1%. As of now, in the 25/26 sugar - making season, 19 sugar mills in Guangxi have shut down, 49 fewer than the same period last year. The market generally expects a wave of concentrated shutdowns in late March. However, the sugar import data in January and February far exceeded expectations, putting some pressure on the market [2] Summary by Directory Futures Market - The closing price of the futures main contract for sugar was 5,463 yuan/ton, up 34 yuan; the main contract position was 317,898 lots, down 774 lots; the number of sugar warehouse receipts was 16,342, unchanged; the net long position of the top 20 futures holders was - 115,328 lots; the effective warehouse receipt forecast for sugar was 520, unchanged [2] Spot Market - The estimated import processing price of Brazilian sugar within the quota was 4,399 yuan/ton, up 73 yuan; the estimated import price of Brazilian sugar outside the quota (50% tariff) was 5,585 yuan/ton; the estimated import processing price of Thai sugar within the quota was 4,335 yuan/ton, up 73 yuan; the estimated import price of Thai sugar outside the quota (50% tariff) was 5,502 yuan/ton; the spot price of white sugar in Kunming, Yunnan was 5,325 yuan/ton; the spot price of white sugar in Nanning, Guangxi was 5,460 yuan/ton, unchanged; the spot price of white sugar in Liuzhou, Guangxi was 5,460 yuan/ton, unchanged [2] Upstream Situation - The national sugar - crop sowing area was 1.48 million hectares, an increase of 60,000 hectares; the sowing area of sugar - cane in Guangxi was 840,330 hectares, an increase of 5,240 hectares; the total sugar exports from Brazil were 2.2297 million tons, a decrease of 890,000 tons; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota was 1,014 yuan/ton, a decrease of 95 yuan; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) was - 95 yuan/ton; the price difference between imported Thai sugar and the current price of Liuzhou sugar within the quota was 1,078 yuan/ton; the price difference between imported Thai sugar and the current price of Liuzhou sugar outside the quota (50% tariff) was - 117 yuan/ton [2] Industry Situation - The monthly sugar import volume was 520,000 tons; the cumulative sugar import volume was 520,000 tons; the cumulative sales volume of cane sugar in Guangxi was 199,230 tons, an increase of 44,170 tons; the cumulative sales volume of cane sugar in Yunnan was 69,750 tons, an increase of 16,550 tons; the cumulative output of cane sugar in Guangxi was 565,130 tons, an increase of 162,230 tons; the cumulative output of cane sugar in Yunnan was 149,340 tons, an increase of 50,930 tons [2] Downstream Situation - The monthly output of refined sugar was 359,040 tons, an increase of 228,740 tons; the monthly output of soft drinks was 1.3421 million tons, an increase of 296,400 tons [2] Option Market - The implied volatility of at - the - money call options for sugar was 11.43%, a decrease of 0.26 percentage points; the implied volatility of at - the - money put options for sugar was 11.43%, a decrease of 0.25 percentage points; the 20 - day historical volatility of sugar was 10.99%, a decrease of 0.38 percentage points; the 60 - day historical volatility of sugar was 10.12%, a decrease of 0.1 percentage points [2] Industry News - In Inner Mongolia, the 2025/26 sugar - making season ended, with a final sugar output of 685,000 tons, a year - on - year increase of 21,500 tons, 15,000 tons lower than expected. The most actively traded May raw sugar futures on the Intercontinental Exchange (ICE) fell sharply from a more than five - month high on Wednesday, dragged down by the energy market, closing down 0.33 cents or 2.10% at 15.55 cents per pound [2]

1. Report's Industry Investment Rating - No information provided in the report 2. Core View of the Report - International sugar prices are expected to show a strong trend due to higher international oil prices and major sugar - producing countries lowering their sugar production expectations. Domestic sugar prices are likely to follow slightly, considering the current low domestic sugar prices and the narrowing of the domestic - international price difference. Zhengzhou sugar futures are expected to have a generally strong trend [9] 3. Summary by Relevant Catalogs 3.1 Data Analysis - **Futures Market**: On March 25, 2026, the closing price of SR09 was 5,461, up 1 (0.02%); SR01 was 5,601, up 12 (0.21%); SR05 was 5,429, unchanged. The trading volume of SR09 was 118,078, a decrease of 1536; SR01 was 6,186, an increase of 193; SR05 was 262,921, a decrease of 7402. The open interest of SR09 was 263,852, an increase of 14,875; SR01 was 27,241, an increase of 2386; SR05 was 318,672, a decrease of 10,177 [3] - **Spot Market**: The spot prices in different regions on March 25, 2026, were as follows: 5480 in Liuzhou, 5320 in Kunming, 5790 in Wuhan, 5470 in Nanning, 0 in Bayuquan, 5650 in Rizhao, and 5920 in Xi'an. All prices remained unchanged. The corresponding basis values were 51, - 109, 361, 41, 0, 221, and 491 respectively [3] - **Monthly Spread**: The SR05 - SR01 spread was - 172, down 12; the SR09 - SR05 spread was 32, up 1; the SR09 - SR01 spread was - 140, down 11 [3] - **Import Profit**: The quota - free import price from Brazil was 5539, with a spread of - 59 compared to Liuzhou and 111 compared to Rizhao, and - 110 compared to the futures price. The quota - free import price from Thailand was 5456, with a spread of 24 compared to Liuzhou and 194 compared to Rizhao, and - 27 compared to the futures price [3] 3.2 Market Judgment 3.2.1 Important Information - In Guangdong, from March 20 - 24, 2026, 2 more sugar mills in Zhanjiang completed the sugar - pressing season. As of March 24, 12 sugar mills had finished, and 5 were still operating. The last sugar mill is expected to stop production in early April. The total sugar production in the 2025/26 season is expected to be slightly less than the 650,000 tons in the previous season [5] - In Guangxi, on March 24, 1 more sugar mill in Chongzuo completed the sugar - pressing season. As of that day, 27 sugar mills had finished, and 46 were still operating, 45 more than the same period last year. Among the operating mills, nearly 1/3 are large - scale mills with a daily cane - pressing capacity of over 10,000 tons. The total daily cane - pressing capacity of the finished mills is 256,500 tons, 332,500 tons less than last year. Chongzuo has a relatively fast progress, while Liuzhou and Guigang have not had any mills finish yet, with the earliest expected finish time at the end of March [5] - In India, the sugar - making industry in Maharashtra has called on the state and central governments to intervene due to increasing financial pressure. Their main requests include raising the minimum support price of sugar from 31 rupees per kilogram (about 2275 yuan/ton) to 41 rupees (about 3009 yuan/ton), increasing the ethanol production limit from 30% to 50%, and providing a subsidy of 500 rupees per quintal (about 367 yuan/ton). Due to bad weather, the sugarcane yield in this state has decreased by about 15% this year, and the pressing period has been shortened to less than 100 days from the usual 160 days [8] 3.2.2 Logical Analysis - Internationally, the sugar production increase in India in this sugar - pressing season is likely to be lower than market expectations, and global sugar - industry institutions have lowered their sugar production forecasts for the 2025/26 and 2026/27 seasons, which strongly supports international sugar prices [9] - Domestically, China is currently in the peak sugar - pressing season, and sugar production in the 2025/26 season is likely to increase significantly, putting pressure on the supply side. The large sugar imports from January to February have a negative impact on the market, causing short - term price drops. However, considering the current low sugar prices and the narrowing domestic - international price difference, domestic sugar prices are expected to follow slightly [9] 3.2.3 Trading Strategies - **Single - side Trading**: International sugar prices are expected to fluctuate slightly upwards in the short term. Zhengzhou sugar futures are expected to have a generally strong trend, and it is recommended to buy at low prices and sell at high prices [10] - **Arbitrage**: Go long on ICE sugar futures and short on Zhengzhou sugar futures [15] - **Options Trading**: Sell put options [15] 3.3 Related Attachments - The report provides multiple graphs, including monthly inventory and production in Guangxi and Yunnan, Liuzhou's spot sugar prices, price spreads between Liuzhou and Kunming, and various basis and price differences of sugar futures contracts [12][17][21]

Group 1: Report Information - Report Name: Sugar Data Daily [2] - Report Date: March 25, 2026 [3] - Analyst: Xie Wei, with Futures Practitioner Qualification Certificate No. F03087820 and Investment Consulting Certificate No. Z0019508 [3] Group 2: Sugar Price Data - **Domestic Spot Prices**: - In Nanning Warehouse, Guangxi, the sugar price is 5480 yuan, with a decrease of 20 yuan, and the basis to SR2605 is 51 yuan [3]. - In Rizhao, Shandong, the price is 5650 yuan, unchanged, with a basis to SR2605 of 121 yuan [3]. - In Langfang, Hebei, the price is 5735 yuan, and the basis to SR2605 is 206 yuan [3]. - In Fuzhou, Fujian, the price is 5650 yuan, unchanged, with a basis to SR2605 of -19 yuan [3]. - In Beijing, Beijing, the price is 5745 yuan, unchanged, with a basis to SR2605 of 236 yuan [3]. - In Zhongliang Liaoning, Liaoning, the price is 5745 yuan, unchanged, with a basis to SR2605 of 266 yuan [3]. - In Shanghai, Shanghai, the price is 5870 yuan, with a change of 5870 yuan, and the basis to SR2605 is 301 yuan [3]. - In Wuhan, Hubei, the price is 5790 yuan, unchanged, with a basis to SR2605 of 261 yuan [3]. - **Futures Prices**: - SR05 is 5429 yuan, down 24 yuan [3]. - SR09 is 5460 yuan, down 22 yuan [3]. - The spread between SR05 - SR09 is -31 yuan, down 2 yuan [3] Group 3: Exchange Rate and International Commodity Data - The exchange rate of RMB to USD is 6.905, down 0.0230 [3][4]. - The price of ICE raw sugar主力 is 15.52, unchanged [3]. - The price of London white sugar主力 is 573 [4]. - The exchange rate of Brazilian Real to RMB is 1.2818, up 0.0212 [4]. - The exchange rate of Indian Rupee to RMB is 0.084 [4]. - The price of Brent crude oil主力 is 96.07, down 0.0004 [4] Group 4: Core Views and Market Analysis - **International Market**: In the 2025/26 sugar - crushing season, the global sugar market has a clear pattern of structural surplus. India has a significant increase in production, Brazil maintains a high - level output, and Thailand's slight production cut has limited impact. The overall supply from major producers is abundant. With the expected start of Brazil's new crushing season, the supply pressure in the global sugar market continues to increase [4]. - **Domestic Market**: In the 2025/26 sugar - crushing season, the domestic sugar supply has a clear pattern of abundance. Sugar cane has entered the peak of centralized crushing, domestic sugar production has increased year - on - year, imported sugar arrivals are stable, and industrial inventory is high. The domestic total supply is abundant, and the market has shifted from a tight balance to a slight surplus [4]. - **Overall Outlook**: It is expected that Zhengzhou sugar futures will have a limited range of movement, with an upper ceiling and a lower floor. The pattern of "strong domestic, weak international" will continue [4]

Summary of Key Points Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The overall view on sugar is neutral to bullish. The international raw sugar is strong due to energy price transmission, and the domestic sugar price is rising despite the off - season, influenced by the bio - energy concept [3]. - The 25/26 sugar - making season saw a global sugar surplus. However, the 26/27 season is full of uncertainties, with factors such as the bio - energy concept affecting Brazil's sugar - making ratio and weather conditions being important [57]. - For Zhengzhou sugar, although the current driving force is limited, with policy support, the downside of the spot price is small, and international positive factors can be smoothly transmitted, which is beneficial to long - term contracts [95]. Section - by - Section Summaries Market Review - The 25/26 sugar - making season had a global sugar surplus. High production expectations pushed sugar prices to a relatively low historical range. Recently, due to the geopolitical conflict between the US, Israel, and Iran, the price of sugar, as a raw material for sugar - to - ethanol, has been rising [6]. - Domestically, since the start of the sugar - making season, production data has been good, with an expected final output of 1.15 billion tons. The support of processing costs is strong due to import quota controls. After the Spring Festival, the sugar price broke through the oscillation range [9]. Geopolitical Impact on Sugar Fundamentals - The geopolitical conflict between the US, Israel, and Iran has led to a long - term change in the sugar market's fundamentals. The energy panic caused by this conflict will lead to long - term energy layout adjustments, which will affect the sugar market [14]. Global Sugar Balance Sheets - Different institutions have different forecasts for the 26/27 sugar - making season. Green Pool expects a surplus of 156,000 tons; Datagro predicts a deficit of 268,000 tons; Covrig Analytics expects the surplus to narrow from 4.7 million tons in 25/26 to 1.4 million tons [19]. International Sugar Market - **Brazil**: The 25/26 sugar - making season is coming to an end, with an expected final output of around 4.03 million tons, slightly lower than expected. The 26/27 season will start in the second quarter, and the change in the sugar - making ratio is the focus. The estimated 2026 sugarcane planting area is 9.373731 million hectares, a 2.0% decrease from the previous year. As of the week of February 25, the port waiting - to - ship sugar volume decreased by 7.31% week - on - week, and the February export volume was 2.228 million tons, with expected slowdown in subsequent exports [22][31][43]. - **India**: As of March 15, 2025/26, there were 173 remaining operating sugar mills, 27 fewer than the same period last year, and the cumulative sugar production was 26.175 million tons, 2.46 million tons more than the same period last year. The sugar - making process is approaching the end, and the slowdown in growth rate supports the sugar price. Attention should be paid to the strength of sugar - to - ethanol conversion [53]. - **Thailand**: As of March 11, 2025/26, the cumulative sugarcane crushing volume was 88.3668 million tons, a 0.48% increase from the same period last year. The sugar production rate was 11.082%, and the sugar output was 9.7927 million tons, a 2.98% increase from the same period last year. It is likely to achieve the expected output of around 11 million tons [56]. Domestic Sugar Market - As of the end of February 2025/26, the national sugar production was 9.26 million tons. The Ministry of Agriculture and Rural Affairs predicts a total output of 11.7 million tons in 2025/26, with consumption of 15.7 million tons. Currently, the futures market is leading the spot market, and in the second quarter, attention should be paid to the implementation of expectations, with Brazil's sugar - making ratio as an important indicator [75]. - In January, Brazil exported only 10,000 tons of sugar to China, and in February, it exported 765,000 tons. The current domestic supply pressure mainly comes from the mismatch between the domestic sugar production peak and the downstream off - season. Attention should be paid to syrup data [87]. - The near - month basis is converging, and the futures market is driving the spot market to be stable and slightly strong. The monthly spread shows a slight reverse arbitrage trend, reflecting the game between expectations and reality [95].

Group 1: Report Overview - Report Title: Sugar Daily Report, March 23, 2026 [2] - Report Type: Agricultural Product R & D Report [1] Group 2: Data Analysis Futures Market - SR09: Closing price of 5,482, up 13 (0.24%), trading volume of 162,113, up 50,772, open interest of 243,165, up 8,798 [3] - SR01: Closing price of 5,620, up 24 (0.43%), trading volume of 9,454, up 4,626, open interest of 23,094, up 2,913 [3] - SR05: Closing price of 5,453, up 14 (0.26%), trading volume of 402,573, up 54,949, open interest of 340,678, down 13,362 [3] Spot Market - Prices in different regions: Liuzhou 5,500 (up 30), Kunming 5,330 (up 15), Wuhan 5,790 (up 20), Nanning 5,490 (up 30), Rizhao 5,650 (up 10), Xi'an 5,940 (up 20) [3] - Basis: Liuzhou 47, Kunming -123, Wuhan 337, Nanning 37, Rizhao 197, Xi'an 487 [3] Inter - Month Spreads - SR05 - SR01 spread: -167, down 10; SR09 - SR05 spread: 29, down 1; SR09 - SR01 spread: -138, down 11 [3] Import Profits - Brazilian imports: Quota - in price 5,474, with a spread of 26 compared to Liuzhou and -21 compared to the futures market [3] - Thai imports: Quota - in price 5,391, with a spread of 109 compared to Liuzhou and 62 compared to the futures market [3] Group 3: Market Analysis Important Information - As of March 22, 2026, 23 sugar mills in Guangxi have completed the crushing process in the 25/26 season, 48 less than the same period last year, with a daily crushing capacity of 225,000 tons, 310,000 tons less than last year [5] - Spot prices in major producing areas are generally stable, with average trading volume [6] - In 2025, Russia's sugar exports to Uzbekistan reached 417,000 tons, a year - on - year increase of 170,000 tons. Since the beginning of 2026, sugar exports have exceeded 80,000 tons, nearly three times that of the same period last year [8] Logical Analysis - Internationally, the sugar production increase in India this season is likely to be lower than expected, and global sugar production forecasts for the 2025/26 and 2026/27 seasons have been downgraded, supporting international sugar prices [9] - Domestically, the sugar production in the current season is likely to increase significantly, and the large import volume from January to February has a negative impact on the market. However, considering the low sugar price and the narrowing of the domestic - international price gap, domestic sugar prices are expected to rise slightly [9] Group 4: Trading Strategies - Unilateral: International sugar prices are expected to be slightly bullish in the short term. Zhengzhou sugar is expected to be bullish, and it is recommended to buy low and sell high [10] - Arbitrage: Hold off [16] - Options: Sell put options [16] Group 5: Related Attachments - Figures include Guangxi and Yunnan's monthly inventory, monthly production, Liuzhou sugar spot price, price spreads, and basis for different contract months [12][18][20][24][25][28]