国内现货报价还是阴跌不止，因为整个利空题材还是慢慢地走来，并没有到利空出尽的时候，以国内北 方先开机的整体产销如何，南方在蔗糖份累积及目前长势如何，都在评估当中。所以市场正在以变以变 来保持动态平衡。柳州市场26013订货合同昨天以高开低走的光头阴线收出，5425压制有效，成交量及 订货合同量在增加，说明参与下跌力度大。而今天将重点关注5405的阻挡情况，如果走势在该阻挡强压 制之下，可能会测试5375支撑，以此来尝试短线止跌效果。 期糖2601合约在小时级别超卖之下没能组织起像样的反抽，说明空头抛售意志坚强。而随着小时级别向 下一笔在延长，超卖之下已经有了跌背离表现，这个时候再从分钟级别上看，反抽线段已经比回落线段 长，说明短线有可能在这个走势区域形成转换，也就是说在5390压制有效之下，分钟级别可能在5355形 成短线止跌转换。 （来源：沐甜科技） 来源：沐甜科技 原糖持续着调整姿态，三月合约继流星线之后，昨晚收出十字星形态，日内交投区间较上一交易日小， 说明多空参与度低，收盘价位于日内区间低点，可见压力较大，整体维持着下跌走势。 ...

Core Points - The article discusses the operations and production processes of sugar manufacturing companies in China, highlighting the activities at various sugar factories and the agricultural practices involved in sugarcane harvesting [2][4][5][7][9]. Group 1: Sugar Manufacturing Operations - The article features images of sugar factories, including the process of unloading sugarcane into processing areas, indicating the scale of operations [2][5]. - Workers are shown operating computers to monitor production conditions, emphasizing the integration of technology in the manufacturing process [4]. - The article illustrates the various products produced by sugar companies, showcasing the diversity of their output [7]. Group 2: Agricultural Practices - The article includes visuals of sugarcane farmers harvesting sugarcane, highlighting the agricultural aspect of the sugar industry [7]. - Aerial photographs depict large areas of sugarcane fields, indicating the extensive cultivation practices in regions like Liucheng County [9].

国内现货报价持续着小十元的回落，这是因为北方产区提糖率高，且南方厂家庆祝开榨的鞭炮声此起彼 伏，新糖供应的心理压力在增加，这样一来，5500整数关口很快就受到威胁。柳州市场26013订货合同 昨天在5480阻挡有效之下日内呈逐级下滑之势，也就是5455和5435支撑被逐个击破，与此同时订货合同 量减少，说明买方止损被触发。而在这种下跌走势形成之下，今天重点关注5440是否形成强有力的抛售 阻挡层，如果阻挡有效的话，周线破位下跌的恐慌情绪还在蔓延。 期糖2601合约昨天放量下跌，日线收出光脚阴线。但从分钟级别上看，跌势在5400整数支撑附近趋缓， 且持仓增加，说明有短线多头在参与。所以，在这种情况之下，就要注意止跌之时的冲高回落预期，也 就是5420-5430区间的多头止盈观察。 原糖持续着缩量盘整之势，三月合约昨晚日线收阴，日内交投区间收窄，14.80美分压制有效，小时级 别处于打横笔，而其次级别则是反抽背驰验证，故而短线盘整行情正在进行中。 （来源：沐甜科技） 来源：沐甜科技 ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the ongoing challenges in the pork market, with prices experiencing a downward trend, currently at 11.90 CNY/kg, a decrease of 1.18% week-on-week. The market is characterized by a supply-demand tug-of-war, with large-scale pig farms adopting strategies to control supply and increase prices [2][12] - The report emphasizes the importance of the seed industry revitalization action plan, aiming for high-quality development during the 14th Five-Year Plan period, focusing on technological self-reliance and independent control of seed sources [1][11] - The report suggests that the commercialization of genetically modified crops will accelerate, significantly impacting yield improvements and self-sufficiency rates for key varieties [1][11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs held a meeting to promote the revitalization of the seed industry, emphasizing the need for high-quality development and technological independence. Key actions include improving seed quality, protecting intellectual property, and enhancing biosecurity measures [1][11] - Recommended companies in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on leading seed companies like Dabeinong and Longping High-Tech [1][11] Swine Farming - The average price of live pigs is reported at 11.90 CNY/kg, with a notable decrease in losses for self-bred pigs to 114.81 CNY per head and 205.64 CNY for purchased piglets. The industry is still in a loss-making state but is seeing a reduction in losses compared to previous weeks [2][12] - The report anticipates a long-term upward adjustment in domestic pig prices, driven by policy guidance aimed at improving quality and efficiency in the industry [2][12] - Recommended stocks in the swine sector include companies like Muyuan Foods, Wens Foodstuff Group, and DeKang Agriculture [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2256.27 CNY/ton, up 0.92% week-on-week [25] - Wheat: The average price is 2485.11 CNY/ton, down 0.15% week-on-week [28] - Soybeans: The average price is 4011.58 CNY/ton, up 0.10% week-on-week [40] - Cotton: The average price is 14640.00 CNY/ton, up 0.10% week-on-week [45]

尽管提高出口配额有助于缓解国内供应过剩压力，但全球市场供应量的增加可能进一步冲击基准价格。 受产量上升及印尼、中国等主要进口国需求疲软影响，纽约期货市场糖价今年已累计下跌27%。 印度糖业协会近期敦促政府，允许当地糖厂出口200万吨糖以避免国内过剩，并在2026年4月全球最大产 糖国巴西新糖上市前完成出口。 新德里官员曾在今年9月表示，根据行业预测，印度在2025-2026财年存在扩大出口的空间。回顾历史， 该国曾在2022-2023财年因晚雨导致产量下降、国内供应紧张而出台了出口配额管制。 据知情人士透露，印度食品部或于近期就该提案作出决定，因讨论内容涉及内部事务，相关人士要求匿 名。此次拟议的出口配额将较2024-25年度的100万吨有所提升。 印度食品部未立即回应置评请求。 因担忧糖季丰收导致供应过剩，印度正考虑一项提案——允许糖厂在2025-26年度出口150万吨糖。 ...

（来源：沐甜科技） 来源：沐甜科技 产业动态 1、巴西：巴西10月出口糖和糖蜜420.49万吨，较2024年10月的372.94万吨增加47.55万吨，增幅 12.75%。日均出口量为19.11万吨，较2024年10月的16.95万吨增加2.16万吨。 2、巴基斯坦：11月6日，巴基斯坦联邦政府宣布全国所有糖厂将于2025年11月15日正式开榨。 市场分析： ICE原糖03合约下跌9个点，收于14.13美分/磅；伦敦白糖03合约下跌1.9美元，收于405.9美元/吨。北半 球即将开榨，增产将由预期转变为现实计价。ISMA公布新榨季估产，预计总产量3435万吨，乙醇分流 340万吨，净产量3095万吨，增产明显。巴西10月出口糖420.49万吨，同比增幅12.75%，创下2012年以 来的出口新高，巴西出口价跌至贴水0.46美分，现实压力压制原糖价格。原糖在北半球新榨季开榨下， 弱势延续，14美分附近弱势调整。 郑糖01合约夜盘上涨10元/吨，收于5467元/吨。10月底云南首家甘蔗糖厂开榨，标志着市场进入新榨季 供应期，广西糖厂预计将于11月中旬开榨，供应转宽。现货方面，广西集团报价为5690至5740元/吨 ...

Group 1: Report Overview - The report focuses on the relationship between Brazil's commodity export cycle and the fluctuations of the Brazilian Real, aiming to reveal the transmission logic and influencing mechanisms between the two [9]. - By analyzing Brazil's economic structure, commodity export cycle, and the historical trends of the Real, the report provides insights for commodity research and investment strategies [2][50]. Group 2: Understanding the Brazilian Economy Economic Aggregate - Brazil is an emerging market country with a GDP of over $2 trillion and ranks 10th among the world's largest economies, accounting for about 2.0% of the global GDP in 2024 [11][13]. - Historically, Brazil's GDP growth has experienced rapid development, debt crises, and periods of slowdown, with the current growth rate gradually declining [15]. Economic Structure - In terms of industrial structure, Brazil's economy is dominated by the service sector, followed by industry, and agriculture serves as the foundation. In 2024, the service, industry, and agriculture sectors accounted for 59.31%, 21.33%, and 5.58% of GDP, respectively [17]. - From a demand - side perspective, Brazil's economic structure is characterized by stable consumption growth, significant fluctuations in investment and trade. In 2024, final consumption expenditure accounted for about 82.6% of GDP, capital formation accounted for about 16.9%, and the net export of goods and services accounted for about 0.5% [22][24]. - Commodity exports play a crucial role in Brazil's economy, with a strong correlation between net exports and commodity net exports. In 2024, the net export of goods was about $742 billion, while the net import of services was about $546 billion [27]. Group 3: Brazil's Commodity Export Cycle Commodity Export Structure - Brazil's commodity exports are highly dependent on commodities, with iron ore, soybeans, crude oil, and sugar being the top four export products. In 2024, these major commodities contributed over $1800 billion in foreign exchange earnings [34][36]. - The underlying reason for Brazil's high - commodity export dependence is its abundant natural resources, including significant agricultural and mineral resources [38][39]. Commodity Export Quantity and Price - The sources of quantity and price contributions vary among different commodities. For sugar, crude oil, and beef, changes in export volume contribute more to export revenue growth, while for iron ore, soybeans, coffee, and others, changes in export prices contribute more [42]. - Historically, the price fluctuations of commodities have had a more significant impact on Brazil's export revenue than changes in export volume, and the RJ/CRB commodity index is positively correlated with Brazil's commodity export revenue [42][48]. Group 4: Real's Rise and Fall and Commodity Export Cycle Review 2001 - 2011: Rising Export Revenue and Appreciating Real - Due to the rapid growth of Chinese and global demand, Brazil's commodity export revenue increased by $1954 billion from 2001 to 2011, with exports to China increasing by $424 billion, accounting for 22% of the total increase [50]. - The Real strengthened due to the commodity super - cycle and the Lula government's macro - economic policies. The demand - pull effect was stronger than the negative impact of currency appreciation on export competitiveness [50][52]. 2011 - 2016: Declining Export Revenue and Depreciating Real - Affected by the slowdown of global and Chinese economic growth, oversupply of major commodities, and the expected shift in the Fed's monetary policy, Brazil's commodity export revenue decreased by about 29% from 2011 to 2016 [62]. - The Real depreciated significantly due to the deterioration of Brazil's domestic economic fundamentals and the shift in the Fed's monetary policy. The depreciation of the exchange rate did not significantly promote commodity exports [62]. 2016 - Present: Rising Export Revenue and Depreciating Real - Since 2016, with the global economic recovery, the stable growth of the Chinese economy, and the J - curve effect of the Real's depreciation, Brazil's trade balance has improved, and commodity export revenue has increased rapidly [76]. - From 2016 to 2024, Brazil's total commodity export revenue increased by $1575 billion, with an increase of $592 billion in the Chinese market, accounting for about 38%. The export revenue of crude oil has increased significantly [76]. Group 5: Insights for Commodity Research - The global commodity demand cycle is the decisive factor for commodity prices and Brazil's export performance, with a far greater impact than exchange - rate fluctuations [4][5]. - The boosting effect of exchange - rate depreciation on Brazil's exports has limitations and lag, and the magnification effect on local - currency earnings can support the expansion of commodity production capacity and provide hedging opportunities [5]. - When the US dollar price of a specific commodity strengthens and the local currency depreciates simultaneously, one can focus on short - selling opportunities for commodities with clear downward drivers in fundamentals and a high proportion of Brazilian production capacity in global supply. Conversely, when the local currency appreciates and commodity prices remain low, one can focus on long - buying opportunities for commodities with clear upward drivers in fundamentals and a high proportion of Brazilian production capacity [6]. Group 6: Appendix: Real's Historical Review and Influencing Factors Historical Review of the Real's Trends - Since the 1970s - 1980s, Brazil has experienced periods of hyperinflation, currency reforms, and exchange - rate regime changes. The Real has gone through cycles of appreciation and depreciation, affected by factors such as the global economic environment, commodity prices, and domestic policies [96]. Influencing Factors of the Real - International financial environment and external monetary policies: Cross - border capital risk preferences, Fed's monetary policy, and commodity prices all affect the exchange rate of the Real. For example, during the 2008 financial crisis and the 2020 pandemic, the Real depreciated rapidly due to the decrease in cross - border capital risk preferences [99][100][102]. - Brazil's economic fundamentals: Economic growth prospects, debt risks, and monetary policies also influence the Real. Brazil's current economic prospects are not very optimistic, with high debt risks and an inflation - targeting monetary policy framework [106][113][120].

Report Summary 1. Overnight Night Market Trends - International precious metal futures generally closed lower, with COMEX gold futures down 1.81% at $3,941.30 per ounce and COMEX silver futures down 2.40% at $46.90 per ounce [4]. - U.S. crude oil and Brent crude oil futures declined, with the U.S. oil main contract down 1.02% at $60.43 per barrel and the Brent crude main contract down 0.85% at $64.34 per barrel [5]. - London base metals fell across the board, with LME copper down 1.90% at $10,649.00 per ton, LME aluminum down 1.26% at $2,865.50 per ton, etc. [5]. - Most domestic futures main contracts fell, with caustic soda down over 2%, while glass rose over 1% [6]. - As of 2:30, the Shanghai gold main contract was down 1.14%, the Shanghai silver main contract was down 1.17%, and the SC crude oil main contract was down 0.19% [8]. 2. Important Information Macro Information - The People's Bank of China conducted 700 billion yuan of outright reverse repurchase operations on November 5, 2025, with a term of 3 months. In October 2025, the net investment in the open - market Treasury bond trading was 20 billion yuan, the first time this year [10]. - China Securities Regulatory Commission (CSRC) Vice - Chairman Li Ming said that the CSRC would plan and introduce more powerful opening - up measures, including improving cross - border investment and financing facilitation, deepening cooperation between the Chinese mainland and Hong Kong capital markets, and strengthening supervision and risk prevention capabilities [10]. - The China Federation of Logistics and Purchasing released the China Logistics Prosperity Index for October, which remained in the expansion range at 50.7%, down 0.5 percentage points month - on - month [10]. Energy and Chemical Futures - In October, the estimated wholesale sales of new energy passenger vehicles by manufacturers reached 1.61 million, a year - on - year increase of 16% and a month - on - month increase of 7%. From January to October, the cumulative wholesale sales were 12.054 million, a year - on - year increase of 30% [12]. - Iraq's Prime Minister Sudani ordered a halt to the import of gasoline, diesel, and kerosene [14]. - Libya's oil minister considered increasing oil production to 1.6 million barrels per day next year and 1.8 million barrels per day in 2027, with a goal of reaching 2 million barrels per day in five years. Current production is about 1.4 million barrels per day [14]. Metal Futures - In November, the expected domestic polysilicon production was 120,100 tons, a month - on - month decrease of about 10.4%, and the global production was about 125,800 tons [16]. - As of the end of September, 1,176 overseas institutions had entered the domestic bond market, holding bonds worth 3.8 trillion yuan. In June, the Shanghai Gold Exchange's international board designated warehouse of Bank of China (Hong Kong) was put into use [16]. - The Shanghai Futures Exchange adjusted the trading margin ratio and daily price limit of alumina futures contracts starting from November 7 [16]. - TBEA denied the rumor that its polysilicon production capacity would be acquired [16]. - The Shanghai Futures Exchange adjusted the trading fees of cast aluminum alloy futures, offset printing paper futures, and their options starting from November 10 [17][18]. - The CEO of Codelco was optimistic about copper prices. The expected copper production in 2025 was 1.31 - 1.34 million tons, lower than the previous estimate. It would take three years to restore normal operation at the Teniente mine [18]. Black - Series Futures - Some steel mills in Tangshan and Xingtai planned to raise the prices of wet - quenched coke by 50 yuan per ton and dry - quenched coke by 55 yuan per ton starting from November 5 [20]. - From October 27 to November 2, the total iron ore inventory at seven major ports in Australia and Brazil was 1.2168 million tons, a month - on - month increase of 58,500 tons, showing a slight inventory build - up [20]. - The Dalian Commodity Exchange planned to modify the coking coal futures contract and related business rules and was seeking public opinions on adjusting the coking coal delivery quality standards [20]. Agricultural Product Futures - Palm oil inventory was expected to surge 3.5% in October to 2.44 million tons, the highest since October 2023. The estimated production of crude palm oil in October was 1.94 million tons, a month - on - month increase of 5.6%, and exports were expected to grow 3.8% to 1.48 million tons [22]. - As of October 31, the inventory of imported soybeans at major domestic oil mills was 7.65 million tons, a week - on - week decrease of 430,000 tons, and the soybean meal inventory was 1.14 million tons, a week - on - week increase of 90,000 tons [24]. - The average national price of piglets was 24.78 yuan per kilogram, down 1.4% from the previous week and 29.7% year - on - year. The average national price of live pigs was 12.76 yuan per kilogram, up 3.6% from the previous week and down 29.0% year - on - year [24]. - As of the end of the 44th week of 2025, the domestic palm oil inventory was 555,000 tons, a decrease of 10,000 tons from the previous week, and the contract volume was 45,000 tons, an increase of 8,000 tons [24]. - The Brazilian National Supply Company (CONAB) estimated that the sugar production in the 2025/26 season would be 45.02 million tons, and the sugarcane production would be 666.45 million tons [25]. 3. Financial Market Finance - CSRC Vice - Chairman Li Ming said that more powerful opening - up measures would be introduced, including improving the quality and efficiency of overseas listing filings, expanding the scope of the Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect programs, etc. [27] - The lists of the first - class and second - class libraries of performance comparison benchmark elements for public funds were released, mainly including stock indices [28][29]. - The A - share market adjusted with shrinking trading volume, with more than 3,600 stocks falling. The Shanghai Composite Index closed down 0.41% at 3,960.19 points, the Shenzhen Component Index was down 1.71%, and the ChiNext Index was down 1.96%. The total trading volume was 1.94 trillion yuan [29]. - The Hong Kong Hang Seng Index closed down 0.79% at 25,952.4 points, and the Hang Seng Tech Index was down 1.76%. Southbound funds had a net purchase of HK$9.832 billion [29]. - In October, the number of new A - share accounts was 2.31 million, a year - on - year decrease of 66% and a month - on - month decrease of 21%. From January to October 2025, the cumulative number of new A - share accounts was 22.46 million, a year - on - year increase of 11% [30]. - Southbound funds had been continuously increasing their positions in the Hong Kong stock market, with a cumulative net inflow of more than HK$1.27 trillion this year, setting a new annual record [30]. - Well - known foreign institutions such as Goldman Sachs and UBS had surveyed 309 A - share listed companies since October, mainly in high - growth industries. As of the end of the third quarter, QFII institutions appeared in the top ten tradable shareholders of 856 A - share listed companies, and their total holdings were worth 150.4 billion yuan, an increase of more than 33 billion yuan compared to the end of 2024 [30]. - Brokerage firms' outlooks for the Hong Kong stock market in 2026 suggested that fundamental improvement might drive the market, and AI industry catalysts could boost the ROE of relevant sectors. Foreign and southbound funds were expected to continue flowing in, and sectors such as technology, innovative drugs, and brokers were worth attention [31]. - The number of Science and Technology Innovation Board (STAR Market) listed companies had exceeded 590, with IPO fundraising exceeding 900 billion yuan. The STAR Market's growth - oriented layer had 35 companies, with their revenue growing 35.1% year - on - year and net loss narrowing 45.4% in the first three quarters of this year [33]. - Leapmotor denied the rumor that it would be acquired by FAW [33]. Industry - The 2025 drug catalog negotiation ended, with 127 off - catalog drugs participating in the basic medical insurance negotiation and 24 drugs in the commercial insurance innovative drug price negotiation. Some CAR - T drugs had successful negotiations [34]. - Five departments issued a document to promote the standardized application of "AI + healthcare" [34]. - The estimated wholesale sales of new energy passenger vehicles in October were 1.61 million, a year - on - year increase of 16%. Tesla China's shipments were 61,497, a year - on - year decrease of 9.9% and a month - on - month decrease of 32.3% [34]. - The China Logistics Prosperity Index in October was 50.7%, down 0.5 percentage points month - on - month [34]. - Guizhou Province planned to promote the transformation from "selling alcohol" to "selling a lifestyle" and implement "alcohol +" industrial integration actions [36]. - Several storage backend packaging and testing factories received additional orders and planned price increases [36]. Overseas - The U.S. federal government's shutdown entered the 35th day as the Senate failed to pass a temporary appropriation bill [37]. - The U.S. Supreme Court would hear a case on the legality of Trump's tariff policy, and the U.S. Treasury Secretary would attend [37]. - Japan's "Japan Growth Strategy Headquarters" decided to focus investment on 17 strategic sectors [37]. - The expectation of a December interest rate hike by the Bank of Japan was under pressure as the Japanese Prime Minister hoped for appropriate monetary policy to achieve 2% inflation [37]. - South Korea's 2026 budget was expected to increase 8.1% to 728 trillion won, with 10.1 trillion won for AI development, more than twice the current level [37]. - South Korea's CPI in October increased 2.4% year - on - year, the fastest since July 2024, which might prompt the central bank to pause rate cuts [39]. - The Reserve Bank of Australia kept the key interest rate at 3.6% and warned of increasing inflation pressure [39]. International Stock Markets - U.S. stocks closed lower, with the Dow Jones Industrial Average down 0.53%, the S&P 500 down 1.,17%, and the Nasdaq down 2.04%. Tech stocks led the decline, and some well - known institutions warned of a possible market correction [40]. - The Japanese and South Korean stock markets corrected after hitting record highs, with the Nikkei 225 down 1.74% and the South Korean Composite Index down 2.37% [40]. - European stocks closed mixed, with the German DAX down 0.76%, the French CAC40 down 0.52%, and the UK FTSE 100 up 0.14% [41]. - Goldman Sachs and Morgan Stanley warned of a possible 10% - 20% correction in the global stock market in the next two years but were still optimistic about China, Japan, and India [41]. - Nokia planned to delist from the Euronext Paris while remaining listed on the Nasdaq Helsinki and the New York Stock Exchange [43]. - Nintendo raised its sales forecast for Switch2 by 4 million units to 19 million units and its annual operating profit forecast by 16% to 370 billion yen [43]. - Saudi Aramco's Q3 net profit was 104.92 billion riyals (about $28 billion), a slight year - on - year increase of 0.9%, and its total revenue exceeded market expectations [44]. - Pfizer's Q3 revenue decreased 6% year - on - year to $16.65 billion, but its adjusted EPS increased 18% to $0.87, and the company raised its full - year profit forecast [45]. - Uber's Q3 adjusted EBITDA increased 33% year - on - year to $2.26 billion, but its operating profit was lower than expected. The company expected slower growth in Q4 total bookings [45]. Commodity - The Shanghai Futures Exchange adjusted the trading margin ratio and daily price limit of alumina futures contracts and the trading fees of cast aluminum alloy and offset printing paper futures and their options [46][47]. - The Dalian Commodity Exchange planned to adjust the coking coal delivery quality standards [48]. - The Zhengzhou Commodity Exchange adjusted the centralized cancellation date of ferrosilicon and urea varieties in February 2026 [49]. - International precious metal futures, crude oil futures, and London base metals all closed lower [49]. Bond - The domestic bond market was weak, with most interest - rate bond yields rising slightly and most Treasury bond futures contracts falling. The yields of U.S. Treasury bonds fell across the board [50]. - The default rate of U.S. office building CMBS reached 11.8% in October, exceeding the 2008 peak, and the default rate of multi - family residential CMBS also increased sharply [52]. Foreign Exchange - The on - shore RMB against the U.S. dollar closed at 7.1233 on Tuesday, down 8 basis points from the previous trading day, and the RMB central parity rate was 7.0885, down 18 basis points [53]. - The Japanese yen against the U.S. dollar fell to its lowest level since February, and the Japanese finance minister issued a warning. The U.S. dollar index rose 0.34% [53]. 4. Upcoming Economic Data and Events - A series of economic data such as China's October PMI, Germany's September manufacturing orders, and the U.S. October ADP employment data are to be released [56]. - Events include the release of the Bank of Japan's September monetary policy meeting minutes, the expiration of 557.7 billion yuan of reverse repurchases by the People's Bank of China, and interest rate decisions by the Swedish and Brazilian central banks [58].

March NY world sugar #11 (SBH26) today is down -0.44 (-3.00%), and December London ICE white sugar #5 (SWZ25) is down -9.20 (-2.17%). Sugar prices are sharply lower today and are just above last week's significant lows.  Sugar prices retreated today after Conab, Brazil's crop forecasting agency, raised its Brazil 2025/26 sugar production estimate to 45 MMT from a previous forecast of 44.5 MMT. More News from Barchart Last Thursday, NY sugar posted a 5-year nearest-futures low and London sugar posted a 4 ...

Core Insights - Brazil's sugar production for the 2025/26 season is projected to be 45.02 million tons, an increase from the previous estimate of 44.50 million tons in August [1] - The sugarcane production for the same season is expected to be 666.45 million tons, slightly down from the August estimate of 668.80 million tons [1]