Macroeconomics 1. [Tariff-Rate Quotas] Ministry of Commerce: Detailed implementation rules for 2027 import tariff-rate quotas (TRQs) for sugar, wool, and wool tops have been released. The

As of September 30, 2026, Yunnan Province had recorded cumulative sugar sales of 2.6243 million tonnes, with a production-to-sales ratio of 89.31%—down from 91.54% during

As of October 8, 11 beet sugar factories in Xinjiang had commenced production for the 2026/2027 season, with a total of 12 factories expected to

High domestic inventories and expectations of a bumper harvest in the new crushing season are weighing on the market. Although international raw sugar prices have

Current Market Situation The main Zhengzhou white sugar contract (SR2701) closed at 5,404 RMB/tonne. It has faced resistance at recent highs and retreated after an initial

Internationally, consultancy firms have lowered their sugar production forecast for Brazil's Center-South region for the 2026/27 season by 1.4 million tonnes to 38.5 million tonnes;

Core Logic Bearish Factors (Pressuring prices upward; current market realities) Industrial carryover inventories at historical highs Domestic production was abundant in the 2025/26 crushing season, leading to a

The latest statistics released by the General Administration of Customs on September 19 show that my country’s cumulative imports of five categories of syrups and

According to the latest data from the National Bureau of Statistics, the cumulative output of refined sugar by industrial enterprises above designated size nationwide reached

As of the end of August, the cumulative third-party inventory of white sugar in Guangxi and Yunnan stood at 2.2811 million tonnes—an increase of 1.1073

Macroeconomics 1. [Fed Rate Hike] The Federal Reserve announced a 25-basis-point hike to the target range for the federal funds rate, raising it to 3.75%–4.00%. This

On September 8th, sugar-related concept stocks in China's A-share market performed brilliantly, and domestic white sugar futures continued to rise, attracting market attention. A

Core Logic Domestic inventories of "old-crop" sugar remain at historically high levels. Coupled with the start of beet sugar processing and market entry in Inner Mongolia

Macroeconomics 1. [US CPI] US CPI rose 3.4% year-on-year in August (matching the estimate and the previous reading) and 0.4% month-on-month (matching the expectation). Core CPI

Corn: China's forecast for the corn supply and demand situation in the 2026/27 marketing year remains unchanged from the previous month this month. Since the

I. What is "Weak Reality"? (Current Domestic Fundamentals) High inventories and significant destocking pressure Domestic production increased in the previous crushing season, leaving industrial inventories at multi-year

As of September 8, sugar production in Thailand—the world's second-largest exporter—is projected to fall by at least 17% in the 2026–2027 crushing season (starting in

Driven by factors such as extreme weather caused by the "Super El Niño" phenomenon and shifts in planting patterns, Thailand—the world's second-largest sugar exporter—faces a

Expectations for the global sugar supply-demand balance have shifted; institutions have revised their forecasts from an earlier surplus to a tight balance or even a