Market Overview - As of the week ending November 14, the profit from self-breeding and self-raising of pigs is a loss of 114.81 yuan per head, compared to a loss of 89.21 yuan per head the previous week. The profit from purchasing piglets is a loss of 205.64 yuan per head, up from a loss of 175.54 yuan per head the previous week [1] - The planned pig output for November in key provinces is 13.90 million heads, a decrease of 2.54% compared to the actual output in October. Jiangsu shows the most significant increase, exceeding 7%, while Fujian shows the largest decrease, exceeding 11% [1] - The national pig price as of November 12 is 12.44 yuan per kilogram, down 0.80% from November 5. The corn price is 2.26 yuan per kilogram, down 0.89%, and the pig-to-grain ratio is 5.50, down 1.79% [1] Feed Industry Insights - According to the China Feed Industry Association, the national industrial feed output in October 2025 is 29.07 million tons, a decrease of 4.2% month-on-month but an increase of 3.6% year-on-year. The output prices of major feed products have decreased year-on-year, with compound feed and concentrated feed prices mainly declining month-on-month [2] - The corn usage ratio in compound feed is 38.0%, down 2.7 percentage points year-on-year, while the soybean meal usage ratio is 13.9%, down 0.4 percentage points month-on-month [2] Pig Price Trends - The current pig prices are weak due to the lack of demand as the cured meat season has not yet started. Many enterprises are still at a break-even point, and the market has not formed expectations for rapid capacity reduction and price stabilization [5] - The cost of soybean meal has seen a slight pullback but remains generally strong, raising questions about whether this cost support will lead to a quicker formation of a price bottom [5]
Mhy20251117生猪晚评：猪价阴跌不止