Shennong Group(SH:605296) Jin Tou Wang·2025-11-26 05:43News Summary Core Viewpoint - The national pig price has decreased, while corn prices have increased, leading to a decline in the pig-to-feed price ratio, indicating potential challenges for the pig farming industry in the near future [1][2][3]. Group 1: Market Data - As of November 19, the national pig price is 12.24 yuan/kg, down 1.61% from November 12 [1]. - The wholesale corn price is 2.28 yuan/kg, up 0.88% from November 12 [1]. - The pig-to-feed price ratio is 5.37, down 2.36% from November 12 [1]. - The average loss per pig in the current breeding model is estimated at 232.66 yuan [1]. Group 2: Company Insights - Shennong Group aims to achieve a pig output target of approximately 3 million heads, with a complete cost of 12.2 yuan/kg in October [1]. Group 3: Institutional Perspectives - Zhengxin Futures predicts that pig prices may continue to face pressure over the next three months, recommending a short position on March contracts while suggesting a wait-and-see approach for short-term trading [2]. - Yide Futures notes that while demand for pigs is stable or increasing, the supply is also rising significantly, leading to continued pressure on pig prices in the short term [3]. - The acceleration in the elimination of breeding sows may provide some downward space, but the market bottom may take time to develop, with near-term futures expected to remain under pressure [3].