Focus: Smooth 2018/19 crushing season, probably big fluctuations in new season

（1）In August, the industrial inventory fell 18.18% from a year earlier. By August, China had sold 9.6026 million tons of sugar, with a year-on-year growth of 7.95%. The industrial inventory was 1.1578 million tons, down 18.18% from the same period last year, which was the lowest point in the past five crushing seasons.
 
（2）Sugar prices rose 2.16% month-on-month. This month, the sugar price still maintains the upward trend, the increase is slower than last month, and the sugar price is expected to keep rising next month.
 
（3）In August, sugar imports rose 217.56% year-on-year. In August, sugar imports was 469,900 tons, up 8.01% month-on-month and 217.56% year-on-year. By the end of August, China had imported 1.979 million tons of sugar, up 11.62% year on year. In September, the processing profit within quota expanded to 2,473 yuan/ton, and domestic industrial inventory decreased. It is expected that the sugar imports in October will achieve a small increase or maintain a high level.
 
（4）The market was stable in 2018/19 crushing season, but there are many uncertainties in the new season. During the 2018/19 crushing season, the number of sugar producing enterprises decreased. Sugar cane output decreased and sugar beet output increased. Both production and marketing thrived. Sugar price continued to decline, and sugar industry suffered losses. Sugar imports remained under control. Sugar consumption was steady. In the new crushing season, the market will face many affecting factors, such as the expiration of trade protective policies, whether the industry self-discipline implementation or not, the sugar direct subsidy policy and whether the state reserves are discharged or not, so the sugar market is likely to fluctuate greatly.