As of May 12, 2026, 24 sugar mills in Yunnan Province had commenced operations for the 2025/26 crushing season, accounting for approximately 45% of the total mills in operation. Currently, 28 mills have yet to conclude their crushing operations; as mid-May passes, the region is gradually approaching the peak of the season's conclusion.

Regarding the spot market, Yunnan is a key domestic sugar-producing province. With the 2025/26 crushing season nearing its conclusion, the incremental supply of new sugar is expected to gradually diminish in the coming period, thereby providing support for spot prices of white sugar. In the futures market, the benchmark White Sugar 2609 contract on the Zhengzhou Commodity Exchange closed at 5,477 RMB per ton on May 11, 2026—an increase of 10 RMB per ton from the previous trading day. Open interest rose by 16,734 lots, indicating a bullish bias in capital positioning; consequently, futures prices are expected to maintain a relatively strong trajectory.

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