银河期货生猪日报-20250410

Group 1: Report Overview - The report is a daily report on the hog market on April 10, 2025, focusing on the current situation of the hog spot and futures markets and providing trading strategies [2] Group 2: Investment Rating - No investment rating for the industry is provided in the report Group 3: Core Viewpoints - The spot market is stable with prices fluctuating narrowly, and there is a possibility of further weakening in the future, with a focus on enterprise sales completion and secondary fattening sales changes [4][5] - The futures market is expected to be weak with oscillations, and the downward movement space is relatively limited [5] Group 4: Spot Market Summary - Spot prices continue to fluctuate, with the average price rising from 14.59 yuan/kg yesterday to 14.63 yuan/kg today [4] - Scale enterprises' sales volume remains stable, but the sales weight remains high, increasing supply pressure [4] - Ordinary farmers are cautious, and the enthusiasm for secondary fattening replenishment is average due to the weakening price difference between fat and standard hogs [4] - The supply side may become looser this month, and the supply pressure is expected to continue [4] Group 5: Futures Market Summary - The near - term futures contracts have declined significantly today, mainly due to the large previous increase [5] - The overall futures market is driven downward, but the further downward space is limited, and it is expected to be weak with oscillations [5] Group 6: Price and Profit Summary - Futures contract prices show different trends, with LH01 rising by 30 yuan, LH05 falling by 195 yuan, etc. [4] - Piglet and sow prices remain unchanged this week compared to last week [4] - The self - breeding and self - raising profit is 47 yuan/head, down 4.83 yuan from yesterday, and the profit from purchasing piglets is - 31.97 yuan/head, down 4.84 yuan from yesterday [4] Group 7: Slaughter and Spread Summary - The slaughter volume decreased from 136,813 heads yesterday to 136,212 heads today [4] - The price differences between different - sized hogs show different changes, such as the standard - medium hog price difference increasing by 0.04 yuan/kg [4] Group 8: Trading Strategies - Unilateral trading: Hold off on trading - Arbitrage: Hold off on trading - Options: Sell a wide - straddle strategy [6]