国家发改委：终端需求跟进有限，供大于求拖累猪价回落

Core Insights - The national pig feed price ratio as of November 12 is 4.78, reflecting a week-on-week decline of 1.65% [1] - The projected average profit per pig in the current fattening model is estimated at -199.68 yuan based on current prices and costs [1] - The average price of live pigs has decreased week-on-week, indicating a surplus in supply due to accelerated sales from farms, while terminal demand remains limited [1] Industry Summary - The decline in pig feed price ratio suggests a challenging environment for pig farmers, with profitability under pressure [1] - The increase in pig supply is attributed to faster selling rates from farms, leading to a situation where supply exceeds demand, contributing to falling pig prices [1] - Reduced secondary fattening and replenishment further exacerbate the supply-demand imbalance in the market [1]