Report Information - Report Name: Sugar Daily Report - Date: October 15, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The supply pressure from major sugar - producing countries in both the Northern and Southern Hemispheres, along with the recent sharp decline in crude oil prices and the rapid depreciation of the Brazilian real, have exerted significant pressure on sugar prices [7]. - The Zhengzhou sugar futures were dragged down by the raw sugar, resulting in a significant decline, and the spot price also dropped significantly, indicating weak market demand and sugar mills' eagerness to clear inventory [8]. 3. Summary by Directory 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Futures Market Conditions**: On Monday, the New York raw sugar futures tumbled. The主力 March contract closed 3.29% lower at 15.57 cents per pound. The London ICE white sugar futures' December contract closed 1.4% lower at $444.00 per ton. SR601 closed at 5397 yuan per ton, down 77 yuan or 1.41%, with an increase of 32133 contracts in open interest. SR605 closed at 5370 yuan per ton, down 74 yuan or 1.36%, with an increase of 8310 contracts in open interest. The US sugar 03 contract closed at 15.57 cents per pound, down 0.53 cents or 3.29%, with a decrease of 26 contracts in open interest. The US sugar 05 contract closed at 15.13 cents per pound, down 0.49 cents or 3.14%, with an increase of 722 contracts in open interest [7]. - **Spot Market Conditions**: The spot prices in domestic production areas were lowered. The price of Nanning sugar was 5820 yuan, and that of Kunming sugar was 5710 yuan [8]. 3.2行业要闻 (Industry News) - **Sugar Mill Start - up**: As of now, 11 sugar mills in Inner Mongolia have started operation in the 2025/2026 sugar - making season, and the last one is expected to start tomorrow. The price of white sugar of Inner Mongolia Lingyunhai in the 2025/2026 sugar - making season is 5850 yuan per ton, and the price of granulated sugar is 5950 yuan per ton [9]. - **Indian Sugar Exports**: India exported 775,000 tons of sugar in the 2024 - 25 market year (October 2024 to September 2025). The largest destination for Indian sugar exports was Djibouti with 146,000 tons, followed by Somalia with 135,000 tons, and Sri Lanka with 134,000 tons. The Indian government allowed a total export of 1 million tons of sugar in the 2024 - 25 market year on January 20, 2025 [9]. - **Brazilian Sugar Production**: A survey of 10 analysts showed that the sugar - cane crushing volume in the central - southern region of Brazil in the second half of September was expected to increase by 3.3% year - on - year to 40.12 million tons, and the sugar production was estimated to increase by 7.7% year - on - year to 3.05 million tons [9]. - **Weather Phenomenon**: The Australian Bureau of Meteorology and the Climate Prediction Center under the US National Oceanic and Atmospheric Administration indicated that La Niña might occur briefly before early December this year and last until February 2026, which often causes rainfall and floods in Asia, especially in India [10]. 3.3数据概览 (Data Overview) - The report presents multiple data charts, including spot price trends, 2601 contract basis, SR1 - 5 spread, Brazilian raw sugar import profit, Zhengzhou Commodity Exchange warehouse receipts, Brazilian real exchange rate, and the trading and position data of the top 20 seats of the Zhengzhou sugar futures' main contract [12][14][19][22].

Core Insights - The article highlights the transformation of traditional agriculture into modern agriculture through technological advancements in preservation, processing, and logistics, exemplified by the Waterfa Agricultural Group's initiatives. Preservation Technology - The company focuses on selecting storage-resistant varieties such as Jinxiang purple garlic and Qixian white garlic to enhance preservation from the planting stage [1] - A temperature-controlled cold chain system is established for storage and transportation, ensuring that garlic maintains its freshness from harvest to global markets, extending the preservation period from "ten miles" to "over a month" [1] Deep Processing Upgrade - Waterfa Agricultural's subsidiary, Inner Mongolia Baihui New Agricultural Technology Co., Ltd., has shifted from selling raw materials to enhancing product value through modern deep processing techniques, increasing the added value of sugar beet products by nearly ten times compared to raw materials [4] - The company employs a model of "enterprise + base + farmers" in order agriculture, integrating resources across planting, processing, research, and sales, which supports local employment and regional agricultural economic development [6] Smart Logistics - Waterfa Agricultural's subsidiary, Hulunbuir Waterfa Agricultural Development Co., Ltd., is transitioning agricultural resource distribution from traditional methods to intelligent scheduling, improving logistics efficiency [8] - The company provides quality agricultural inputs and professional technical support to farmers, optimizing fertilizer distribution based on scientific data, thus enhancing agricultural modernization [8]

Group 1 - The core engine of the agricultural sugar and livestock fertilizer circular economy project in Beinan City, Heilongjiang Province, is the sugar processing project by Saibei Sugar Industry, which is advancing rapidly with a total investment of 596 million yuan [2] - The project will have a processing capacity of 600,000 tons of sugar beets annually, producing 85,000 tons of high-quality white sugar and 25,000 tons of molasses, with an expected annual output value exceeding 626 million yuan [2] - The project is a benchmark for implementing new productive forces and plays a crucial role in the "2+1" leading industries of Beinan, promoting the coordinated development of primary, secondary, and tertiary industries [2] Group 2 - The steady progress of the Saibei Sugar Industry project will strengthen the processing transformation hub of the "agriculture-sugar-livestock-fertilizer" circular industry chain, injecting sustainable new momentum into the high-quality development of the local economy [3] - A modern agricultural industrial cluster based on resource endowment, innovation-driven, and green circular economy is rapidly emerging in Beinan [3]

Core Insights - In July, prices of grains, oils, and subsidiary food products in Zibo City remained stable, while meat prices experienced a slight decline, and vegetable prices showed more increases than decreases [1] Group 1: Grain and Oil Prices - In July, the average price of medium wheat was 1.19 yuan per 500 grams, up 0.85% month-on-month; medium corn also averaged 1.19 yuan per 500 grams, up 1.71%; special flour averaged 2.24 yuan per 500 grams, up 0.45%; peanut oil (5 liters) averaged 146.69 yuan, unchanged from the previous month; granulated sugar averaged 5.50 yuan per 500 grams, unchanged; and refined iodized salt averaged 2.07 yuan per 500 grams, unchanged [2] Group 2: Meat and Egg Prices - In July, the average price of lean pork was 15.51 yuan per 500 grams, down 1.02% month-on-month; five-spice pork averaged 14.36 yuan per 500 grams, down 2.18%; boneless hind leg meat averaged 13.96 yuan per 500 grams, down 1.55%; and rib average price was 19.01 yuan per 500 grams, down 0.99%; lamb averaged 34.57 yuan per 500 grams, down 1.37%; while the average price of white strip chicken was 8.94 yuan per 500 grams, down 1.43% [3] - The average price of eggs in the market was 3.43 yuan per 500 grams, up 0.29%, while supermarket eggs averaged 3.51 yuan per 500 grams, down 0.85% [3] Group 3: Vegetable Prices - In July, the vegetable prices in Zibo City showed more increases than decreases, with 14 out of 17 monitored vegetable prices rising; the main reasons for the price increases included adverse weather conditions affecting growth and increased costs for harvesting and storage [4] Group 4: Metal and Fertilizer Prices - In July, the average price of ammonium bicarbonate was 0.80 yuan per kilogram, down 1.24%; diammonium phosphate averaged 4.07 yuan per kilogram, unchanged; potassium chloride averaged 3.15 yuan per kilogram, down 2.17%; and urea averaged 2.02 yuan per kilogram, down 0.49%; meanwhile, copper averaged 79,581.67 yuan per ton, up 1.15% [5] Group 5: Fuel Prices - In July, the maximum retail prices for fuel were set at 7.22 yuan per liter for 92-octane gasoline, 7.75 yuan for 95-octane gasoline, 6.82 yuan for 0-octane diesel, and 7.22 yuan for -10-octane diesel [6]

Overall Situation - The Xi'an Huyi District Market Supervision Administration conducted a food safety supervision sampling of 51 batches, with 48 batches passing and 3 batches failing [2][3] - The sampling covered 14 categories of food, including nuts, sugar, convenience foods, vegetable products, frozen drinks, pastries, bean products, grain products, edible oils, alcoholic beverages, and fruit products, all of which passed [2][3] - The main reasons for the failures were pesticide residues and non-compliance with food safety national standards regarding food additives [2][3] Non-compliant Products - The non-compliant products included: 1. Disinfected bowls from a restaurant with a result of 0.019 mg/100 cm² for anionic synthetic detergent, which should not be detected [3] 2. Ginger purchased from a supermarket with a pesticide residue of 0.62 mg/kg for dichlorvos, exceeding the standard of ≤0.02 mg/kg [3] 3. Yam purchased from the same supermarket with a result of 0.462 mg/kg for carbendazim and its manganese salt, exceeding the standard of ≤0.3 mg/kg [3] Compliant Products - All tested batches of various food categories, including nuts, sugar, convenience foods, vegetable products, frozen drinks, pastries, bean products, grain products, edible oils, alcoholic beverages, and fruit products, were compliant [2][3] - Specific compliant products included: - Canola oil from Weinan Chang'an Flower Oil Co., 5L per barrel [5] - Small liquor peanuts from Heze Suiyuan Food Co., 360g per package [5]

Core Points - The article reports on the results of food safety inspections conducted on 209 samples across 18 categories of food products, revealing that 205 samples passed while 4 samples failed due to pesticide residue and food additive violations [3][4]. Food Safety Inspection Results - A total of 209 food samples were tested, with 205 passing and 4 failing the safety standards [3]. - The non-compliant samples included: - Pesticide residue exceeding limits in green peas sold by a local supermarket [3]. - Food additives exceeding limits in: - Yangmei sold by a local supermarket, where dehydroacetic acid and its sodium salt were found non-compliant [4]. - Yangmei sold by two fruit stores, where sweeteners were found non-compliant [4]. Regulatory Actions - Local market supervision departments have been instructed to take immediate actions such as removing the non-compliant products from shelves [4]. - The identified units are required to disclose their risk control measures within 7 days of the announcement and report their findings to the local market supervision bureau within 3 months [4].