预计11月能繁母猪存栏环比微减、但生猪存栏延续增势

Core Viewpoint - The inventory of breeding sows and pigs increased slightly in October, but is expected to decrease marginally in November due to losses in farming, lack of confidence in future markets, and policy guidance [1][3][4] Group 1: Breeding Sows Inventory - In October, the inventory of breeding sows showed a slight month-on-month increase and a year-on-year growth, driven by multiple factors including the response of farming groups to national capacity regulation policies and a halt in the decline of piglet prices [1][4] - The forecast for November indicates a likely slight decrease in the breeding sow inventory, as farmers may accelerate the culling of low-yield and older sows to mitigate losses and optimize herd structure [3][6] Group 2: Pig Inventory - The pig inventory also saw a slight increase at the end of October, attributed to the breeding cycle logic where the increase in breeding sows from 4-5 months prior should theoretically lead to a significant rise in pig inventory [4][6] - Despite a slight increase in pig inventory, the overall market conditions suggest limited upward movement in pig prices, which may restrict significant growth in inventory levels [3][6]