White sugar:
The price of raw sugar fell sharply yesterday.3cardpokeronlineThe main contract closed at 183cardpokeronline.62 cents per pound. According to the Ukrainian Ministry of Agricultural Policy and Food, as of May 9, 2024, the sown area of sugar beet in Ukraine reached 250100 hectares, an increase of 42700 hectares from 207400 hectares in the same period last year. Ukraine's sugar production during the 25th press season is expected to increase to 2 million tons, the highest level in nearly seven years. From January to April, the country exported a total of 313400 tons of sugar, according to the Ukrainian State Finance Bureau. It is reported that Ukraine produced 1.8 million tons of sugar during the 24th squeeze season in 2023, and its domestic consumption was 1 million tons. Spot quotation in Guangxi is 6570,6620 yuan / ton, while some enterprises have raised 20 yuan / ton. Raw sugar futures fell sharply to an one-and-a-half-year low on concerns about upcoming Brazilian production data for the second half of April. In the future, we will wait for the release of the data, while paying attention to the pace of Brazil's foreign shipments and India's export policy. Domestic production and sales data is the biggest support of the current spot price, sales volume is better to support the spot price, futures prices are also boosted by this, relatively strong. The core of the future is whether May sales can maintain the same pace. Short-term affected by the spot disk performance is also strong, medium-term is still facing import pressure, you can consider the layout of empty orders.
Cotton:
On Monday, ICE American cotton rose 0.41 percent to close at 77.63 cents per pound, while CF409 fell 0.33 percent to 15145 yuan per tonne. Xinjiang cotton factory price was 16014 yuan / ton, down 35 yuan / ton from the previous day. China's cotton price index 3128B was 16291 yuan / ton, down 52 yuan / ton from the previous day. In terms of the international market, the USDA May supply and demand report released for the first time predicted the global cotton supply and demand in 2024pm 25. It is expected that global cotton production and demand will increase in 2024max 25, but the output growth rate is greater than the demand growth rate, mainly from the United States and Brazil. The global cotton supply and demand pattern will become loose in the new year. In the domestic market, the current Zheng cotton is difficult to find upward drive, from the supply side, the weather during the new cotton planting period is very suitable, the demand side, entering the off-season of textile and clothing consumption, the recovery of terminal demand is less than expected, and the inventory end, the total value of domestic cotton industrial and commercial inventory is at a historical high in the same period, the fundamental support is weak, and it is expected that Zhengzhou cotton will be under pressure in the short term.
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