需求平稳、二育热度下降 11月初猪价连续下滑

Core Viewpoint - The price of live pigs has been continuously declining in November, with a national average price of 11.68 yuan per kilogram as of November 6, reflecting a decrease of 0.41 yuan per kilogram over four working days [1] Supply Analysis - In November, the planned output from 229 sample breeding enterprises decreased by 4.95% month-on-month, which is expected to support pig prices. However, stable demand and a decline in secondary fattening enthusiasm have led to downward pressure on prices [3] - In October, some breeding enterprises accelerated their output due to a bearish outlook, resulting in a completion rate of 108.08% for their output plans, alleviating supply pressure in November [3] - Daily output from breeding enterprises increased at the beginning of November, with a recorded output of 201,800 pigs on November 6, an increase of 34,700 pigs over four working days, which negatively impacts pig prices [3] - The average trading weight of pigs has remained stable at 124.65 kg as of November 6, indicating that breeding enterprises are reducing weight and accelerating output, further increasing supply and exerting downward pressure on prices [3][4] Demand Analysis - The slaughter volume of pigs has shown a relatively stable trend from late October to early November, with a slight increase to 184,100 pigs on November 6, having minimal impact on prices [4] - The enthusiasm for secondary fattening increased after prices dropped to a relatively low level in mid-October, but this enthusiasm has waned since late October as the fattening replenishment process has been largely completed [6] Overall Summary - The combination of accelerated output from breeding enterprises, declining enthusiasm for secondary fattening, and stable demand has resulted in a continuous decline in pig prices at the beginning of November [7]