As of May 31, 2025, 44 sugar mills in Yunnan Province had concluded their crushing operations for the 2025/26 season. The province processed a cumulative total of 22.2965 million tons of sugarcane—an increase of 4.2335 million tons (or 23.44%) year-on-year. Cumulative sugar production reached 2.9284 million tons, up 0.5096 million tons (or 21.07%) from the same period last year, with an average sugar recovery rate of 13.13%.

Regarding the spot market, Yunnan is a key domestic sugar-producing region. With cumulative production reaching 2.9284 million tons by the end of May—a 21.07% year-on-year increase—the significant rise in domestic sugar supply has exerted downward pressure on spot prices. In the futures market, the closing price for the dominant white sugar contract (2609) on the Zhengzhou Commodity Exchange was 5,341 RMB/ton on June 5, 2026, down 55 RMB/ton from the previous trading day; open interest rose by 13,306 lots. Expectations of increased supply drove short-selling activity, keeping futures prices under pressure and exerting a generally bearish influence on overall white sugar prices.

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