Core Insights - COFCO Group signed procurement agreements exceeding 10 billion yuan at the 8th China International Import Expo, focusing on high-quality agricultural products and specialty foods [2] - The company continues its partnerships with international grain merchants like ADM, Bunge, Cargill, and Louis Dreyfus, maintaining strong relationships since the first expo [2] - COFCO's subsidiary, COFCO Sugar, is importing high-quality raw sugar from Brazil, while COFCO Textile signed a 100,000-ton cotton procurement agreement with long-term suppliers [2] Group 1 - COFCO Group's global procurement strategy includes importing wheat from seven countries, enhancing the variety of high-quality wheat available for domestic baking and flour industries [3] - The company is responding to increasing consumer demand for quality and healthy food by optimizing its global procurement layout under the theme of "New Food Trends" [3] - COFCO's subsidiary, COFCO Wine & Spirits, is expanding its portfolio by introducing INNOCOCO brand natural coconut water from Thailand and deepening collaborations with renowned wineries from around the world [3] Group 2 - The company is also adding high-quality cheddar cheese from New Zealand to its procurement list, aiming to provide better protein sources for residents' dietary upgrades [3] - COFCO Group's Vice General Manager emphasized that each signed order connects global producers' efforts with domestic consumers' expectations for quality living [3] - The company aims to explore innovative paths in grain trade and continuously optimize the global food supply chain through the high-level open platform of the import expo [3]

Core Viewpoint - The sugar futures market is experiencing fluctuations with a slight weekly decline, while domestic consumption remains robust despite seasonal trends [1][3]. Market Overview - As of May 23, 2025, the main sugar futures contract closed at 5833 yuan/ton, with a weekly change of -0.44% [1]. - The opening price for the week was 5850 yuan/ton, reaching a high of 5882 yuan/ton and a low of 5826 yuan/ton [1]. Import Costs - The cost of importing Brazilian raw sugar is approximately 4679 yuan/ton (within quota, 15% tariff) or 5987 yuan/ton (outside quota, 50% tariff) [2]. - The cost of importing Thai raw sugar is about 4700 yuan/ton (within quota, 15% tariff) or 6015 yuan/ton (outside quota, 50% tariff) [2]. Import Statistics - In April 2025, China's sugar import volume was 134,847.788 tons, showing a month-on-month increase of 94.89% and a year-on-year increase of 148.46% [2]. Supply and Demand Insights - The Brazilian sugarcane harvest is progressing well, putting downward pressure on raw sugar prices, while domestic consumption remains strong [3]. - Current domestic sugar production is expected to increase by approximately 1.3 million tons compared to the previous year, with good sales in April leading to a reduction in industrial inventory [3]. - The market is entering a pure sales phase with the onset of summer demand, which may support prices despite international raw sugar pressures [3].