瑞达期货：生猪后市价格或进一步承压

Supply Side - The increase in supply is driven by the rise in the number of pigs being marketed, as farmers are increasing their slaughter rates due to lower prices for fattened pigs compared to benchmark pigs [1] - The second and third quarters are expected to see an increase in sow productivity, leading to greater supply pressure in the medium term [1] Demand Side - Terminal demand is declining, with slower sales of pork and a decrease in slaughterhouse operating rates; however, some regions are still experiencing passive inventory accumulation [1] - There may be a temporary increase in demand due to preparations for the upcoming Dragon Boat Festival [1] Price Movement - Overall, the increase in supply from farmers is causing prices to fluctuate and trend weakly, with the live pig futures contract (2509) down by 0.26% and trading below the moving average [1] - The market is advised to monitor the situation regarding the number of pigs being marketed, as prices may face further downward pressure [1]