生猪2509合约：17日收涨，供需宽松格局未改

Core Viewpoint - The recent pork futures market shows a slight increase in prices due to government reserve policies, although the long-term supply-demand situation remains loose [1] Supply Side - The planned slaughter volume for June is 23.629 million heads, a 1.02% increase from May's actual slaughter [1] - The number of breeding sows in sample farms is 1.147 million heads, a 0.92% increase month-on-month and an 8.57% increase year-on-year [1] - The average weight of pigs slaughtered in the week ending June 13 is 128.82 kg, a decrease of 0.35 kg from the previous week [1] Demand Side - The average price of external three-yuan pigs is 14.23 yuan/kg, a slight increase of 0.02 yuan/kg from the previous day [1] - The utilization rate of fattening pens is 38.5%, an increase of 0.8 percentage points week-on-week [1] - The demand from slaughter enterprises remains weak, with a general order volume and low operating rates [1] Policy Impact - On June 11, the central government conducted a reserve auction for 10,000 tons of frozen pork, with transaction prices ranging from 20.3 to 20.8 yuan/kg [1] - The reserve policy is expected to stabilize pork prices and boost market confidence in the short term [1] - The futures contracts are currently trading at a discount to the spot market, indicating a short-term rebound due to the reserve policy, but long-term demand remains weak [1]