现货小幅下滑，生猪期价偏弱震荡

Group 1: Report Industry Investment Ratings - Investment rating for the pig industry: Cautiously bearish [3] - Investment rating for the egg industry: Neutral [5] Group 2: Core Views of the Report - The current pig market is in a situation of weak supply and demand. In the short - term, there is no obvious supply - demand contradiction in pig prices, but in the medium - to - long - term, pressure on栏 and second - round fattening may be released in a concentrated manner later [2] - In the egg market, although the short - term sales are smooth and the trading atmosphere is good, there is a risk of a decline in overall demand [4] Group 3: Summary by Relevant Catalogs Pig Market Market News and Important Data - Futures: The closing price of the pig 2509 contract yesterday was 14,135 yuan/ton, a change of - 230 yuan/ton from the previous trading day, a decrease of 1.60% [1] - Spot: In Henan, the price of external ternary pigs was 15.06 yuan/kg, a decrease of 0.06 yuan/kg; in Jiangsu, it was 15.23 yuan/kg, a decrease of 0.04 yuan/kg; in Sichuan, it was 14.64 yuan/kg, a decrease of 0.14 yuan/kg [1] - Agricultural product wholesale prices on April 24: The average price of pork was 20.88 yuan/kg, a decrease of 0.5%; beef was 62.54 yuan/kg, an increase of 0.1%; mutton was 59.49 yuan/kg, unchanged; eggs were 8.39 yuan/kg, an increase of 0.6%; white - striped chickens were 17.19 yuan/kg, an increase of 0.1% [1] Market Analysis - Last week, slaughter data continued to show weak growth, and frozen product inventories declined slightly. Currently, there is great resistance in the sales of white - striped pigs, and consumption is weak. It is still the off - season for consumption, and it is expected that the consumer side will not improve significantly in the short term [2] - The pig market is currently in a situation of weak supply and demand. Under the influence of second - round fattening, spot prices remain firm, but as the temperature rises, it is difficult to sell white - striped pigs on the consumer side [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2506 contract yesterday was 2,984 yuan/500 kilograms, a change of - 42 yuan from the previous trading day, a decrease of 1.39% [3] - Spot: In Liaoning, the egg spot price was 3.44 yuan/jin, a decrease of 0.07 yuan; in Shandong, it was 3.40 yuan/jin, a decrease of 0.10 yuan; in Hebei, it was 3.11 yuan/jin, a decrease of 0.02 yuan [3] - On April 24, the national production - link inventory was 1.13 days, an increase of 0.07 days from the previous day, an increase of 6.60%; the circulation - link inventory was 1.65 days, an increase of 0.18 days, an increase of 12.24% [3] Market Analysis - As the May Day holiday approaches, supermarkets and e - commerce have restocking needs. Due to extreme weather, consumers have increased their purchases, and production and circulation links have cleared their inventories. However, after the sharp rise in spot prices, consumption is suppressed. As the temperature rises, traders are more cautious about egg storage [4]