周四纽约尾盘，彭博谷物分类指数涨0.18%，报30.5153点，北美时段呈现出W形反转，在一波跳水行情 中、于北京时间23:37刷新日低至30.2点下方。CBOT玉米期货涨0.40%，CBOT小麦期货涨0.75%。 CBOT大豆期货跌0.17%，豆粕期货跌0.16%，豆油期货涨1.71%。ICE原糖期货跌1.51%，ICE阿拉比卡 咖啡期货跌0.94%，咖啡"C"期货跌1.19%。罗布斯塔咖啡期货跌1.67%。纽约可可期货涨0.39%，伦敦可 可期货跌0.32%。 本文源自：金融界AI电报 ...

（文章来源：每日经济新闻） 每经AI快讯，周二（2月24日）纽约尾盘，ICE原糖期货涨0.48%，ICE白糖期货跌0.24%。ICE阿拉比卡 咖啡期货涨2.53%，咖啡"C"期货涨2.23%。罗布斯塔咖啡期货涨2.25%。纽约可可期货跌0.45%，报3089 美元/吨，北京时间21:02曾跌至2952美元。伦敦可可期货跌1.82%。 ...

Core Insights - The Bloomberg Commodity Index decreased by 0.68% to 30.0284 points on Friday, with a weekly increase of 1.37% [1] Grain Futures - CBOT corn futures remained flat at $4.4125 per bushel, with a weekly increase of 0.68% [1] - CBOT wheat futures fell by 1.75% to $5.4875 per bushel, but recorded a weekly increase of 1.81% [1] - CBOT soybean futures decreased by 0.22% to $11.4975 per bushel, with a weekly increase of 1.86% [1] - Soymeal futures rose by 0.19% with a weekly increase of 1.79%, while soybean oil futures dropped by 0.64% but had a weekly increase of 3.04% [1] Livestock Futures - CBOT lean hog futures experienced a cumulative decline of 6.76% this week [1] - Live cattle futures increased by 1.33% this week, while feeder cattle futures fell by 0.48% [1] Sugar and Coffee Futures - ICE raw sugar futures fell by 1.70%, and ICE white sugar futures decreased by 2.66% [1] - ICE Arabica coffee futures rose by 0.34%, while coffee "C" futures increased by 2.40% [1] - Robusta coffee futures saw a cumulative increase of 3.54% [1] Cocoa Futures - New York cocoa futures dropped by 14.07% to $3683 per ton, while London cocoa futures fell by 0.14% [1] Canola and Cotton Futures - Chicago WCE canola futures increased by 0.64% [1] - ICE cotton futures rose by 1.81% [1]

Group 1 - The Bloomberg Grain Index increased by 0.42%, reaching 29.7698 points [1] - CBOT corn futures decreased by 0.23%, while CBOT wheat futures rose by 1.66% [1] - CBOT soybean futures rose by 0.09%, priced at $11.2350 per bushel, with soybean meal futures up by 0.59% and soybean oil futures down by 0.43% [1] Group 2 - ICE raw sugar futures fell by 1.84% [1] - New York cocoa futures dropped by 0.75%, settling at $3862 per ton, with a previous low of $3842 and a historical high of $8906 on May 20, 2025 [1] - London cocoa futures decreased by 0.54% [1]

Report Industry Investment Rating - All three industries (cotton, sugar, and pulp) are rated as neutral [2][3] Core Viewpoints - For cotton, short - term pre - holiday stocking supports cotton prices, but the domestic market faces downstream transmission and internal - external price difference pressures, with prices expected to fluctuate widely. Medium - to - long - term trends depend on the implementation of target price and area - reduction policies [2] - For sugar, short - to - medium - term sugar prices are expected to oscillate and bottom out, with attention on macro - sentiment and capital disturbances [2] - For pulp, despite overseas supply disruptions and rising foreign quotes, the domestic fundamentals improve insufficiently, and pulp prices are expected to continue to oscillate at low levels in the short term [3] Summary by Industry Cotton Market News and Key Data - Futures: The closing price of the cotton 2605 contract was 14,940 yuan/ton, up 375 yuan/ton (+2.57%) from the previous day [1] - Spot: The Xinjiang arrival price of 3128B cotton was 15,618 yuan/ton, down 15 yuan/ton; the national average price was 15,933 yuan/ton, down 20 yuan/ton [1] - Brazilian planting: As of January 24, the 2025/26 cotton planting in Brazil was 60.6% complete, up 24.3 percentage points month - on - month and 14.3 percentage points year - on - year [1] Market Analysis - International: In January, USDA lowered global cotton production and ending stocks, but the global supply - demand pattern is still loose, and US cotton export signing progress is slow. In the long - term, US cotton is in a low - valuation range [1] - Domestic: In the 25/26 season, domestic cotton production increased significantly, and commercial inventories rose seasonally. Before the Spring Festival, there was active stocking, but downstream new orders decreased, and finished - product inventories were high. The annual supply - demand is expected to be balanced, with a possibility of tight inventory at the end of the year [1] Sugar Market News and Key Data - Futures: The closing price of the sugar 2605 contract was 5187 yuan/ton, up 19 yuan/ton (+0.37%) from the previous day [2] - Spot: The spot price in Nanning, Guangxi was 5270 yuan/ton, unchanged; in Kunming, Yunnan it was 5155 yuan/ton, unchanged [2] - Indian quota: India announced a February 2026 domestic sugar sales quota of 2.25 million tons, up 50,000 tons from January [2] Market Analysis - Raw sugar: Brazilian sugar inventory is decreasing, and the first - quarter trade flow is in tight balance, supporting raw sugar prices. In the second quarter, supply will increase. In the long - term, the market expects a decline in the Brazilian sugar - making ratio and a reduction in Thai planting area [2] - Zhengzhou sugar: Guangxi sugar mills are in the peak - pressing period, and the fourth - quarter import supply pressure remains. The annual syrup import volume has decreased. The domestic sugar market is in the inventory - accumulation phase, with limited downward space [2] Pulp Market News and Key Data - Futures: The closing price of the pulp 2605 contract was 5374 yuan/ton, up 32 yuan/ton (+0.60%) from the previous day [3] - Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5400 yuan/ton, unchanged; the price of Russian softwood pulp was 4965 yuan/ton, down 10 yuan/ton [3] - Market: The import wood pulp spot market price was mainly stable, with only individual price drops [3] Market Analysis - Supply: There were many overseas pulp mill shutdown and maintenance news at the end of 2025, and foreign quotes increased, driving pulp prices to rebound. However, the global wood pulp inventory is still accumulating [3] - Demand: In November, the European port wood pulp inventory decreased month - on - month, but in China, despite a large number of finished - paper production capacity put into operation, the terminal demand was insufficient, and port inventories were at a historical high [3]

Core Insights - The Bloomberg Grain Index increased by 0.58%, reaching 28.8058 points [1] - CBOT corn futures rose by 0.53%, priced at $4.24 per bushel [1] - CBOT wheat futures saw a significant increase of 1.58%, now at $5.1575 per bushel [1] - CBOT soybean futures experienced a slight decline of 0.05%, priced at $10.64 per bushel [1] - CBOT lean hog futures increased by 0.71%, while live cattle futures decreased by 0.13% [1] - ICE raw sugar futures rose by 1.49%, and ICE white sugar futures increased by 1.14% [1] - ICE Arabica coffee futures saw a minor increase of 0.09%, while Robusta coffee futures fell by 1.18% [1] - New York cocoa futures increased by 0.04%, reaching $4,450 per ton, after previously dropping to $4,387 [1] - ICE cotton futures declined by 0.61% [1]

Group 1 - ICE raw sugar futures increased by 0.13% [1] - ICE white sugar futures rose by 0.78% [1] - ICE Arabica coffee futures gained 1.26% [1] - Coffee "C" futures also rose by 1.26% [1] - Robusta coffee futures increased by 1.17% [1] - New York cocoa futures fell by 4.23%, settling at $5,213 per ton [1]

Core Viewpoint - The Bloomberg Grain Index experienced a decline of 0.30%, closing at 29.1181 points, before rising to a daily high of 29.3542 points and then quickly retreating [1] Grain Futures - CBOT corn futures fell by 0.17% [1] - CBOT wheat futures decreased by 0.39% [1] - CBOT soybean futures dropped by 0.52%, settling at $10.5650 per bushel [1] - Soymeal futures declined by 0.27% [1] - Soy oil futures fell by 1.10% [1] Livestock Futures - CBOT lean hog futures decreased by 0.46% [1] - Live cattle futures increased by 0.34% [1] - Feeder cattle futures rose by 0.98% [1] Sugar and Coffee Futures - ICE raw sugar futures increased by 0.20% [1] - ICE white sugar futures rose by 0.52% [1] - ICE Arabica coffee futures surged by 3.55% [1] - Coffee "C" futures also rose by 3.55% [1] - Robusta coffee futures increased by 2.42% [1] Cocoa Futures - New York cocoa futures fell by 1.45%, settling at $5989 per ton [1] - London cocoa futures also decreased by 1.45% [1] Canola Futures - Chicago WCE canola futures rose by 0.33% [1] Cotton Futures - ICE cotton futures increased by 0.76% [1]

Core Insights - The Bloomberg Grain Index decreased by 0.36%, closing at 29.1107 points [1] - CBOT corn futures fell by 0.40%, while CBOT wheat futures dropped by 0.54% [1] - CBOT soybean futures declined by 0.28%, settling at $10.6075 per bushel, with soybean meal futures down by 0.33% and soybean oil futures up by 0.14% [1] Commodity Performance - CBOT lean hog futures increased by 1.27%, live cattle futures rose by 0.60%, and feeder cattle futures gained 0.91% [1] - ICE raw sugar futures fell by 2.62%, and ICE white sugar futures decreased by 2.00% [1] - ICE Arabica coffee futures dropped by 0.41%, while Robusta coffee futures increased by 1.52% [1] - New York cocoa futures declined by 2.45%, closing at $6089 per ton, and London cocoa futures fell by 2.58% [1] - Chicago WCE canola futures rose by 0.85%, while ICE cotton futures decreased by 0.08% [1]

Group 1 - ICE raw sugar futures fell by 0.67% [1] - ICE white sugar futures decreased by 0.61% [1] - ICE Arabica coffee futures dropped by 1.33% [1] - Coffee "C" futures declined by 2.16% [1] - Robusta coffee futures fell by 2.52% [1] - New York cocoa futures increased by 2.08% [1] - London cocoa futures rose by 2.88% [1] - Chicago WCE canola futures decreased by 0.70% [1] - ICE cotton futures dropped by 1.30% [1]