出栏压力继续增加，价格逐步回落

Group 1: Report Title and Date - Report: "Commodity Research Institute Agricultural Product Research Report - Pig Daily Report" [1] - Date: April 28, 2025 [1] Group 2: Investment Ratings - No investment ratings provided in the report Group 3: Core Views - The current supply pressure of live pigs is still obvious, with an increase in the出栏量 of large - weight pigs. The entry of secondary fattening has slowed down, and the supply has improved compared to before, but there may still be pressure in subsequent 出栏 [3][6]. - Spot prices are expected to run weakly, and futures prices are expected to fluctuate, with greater pressure on far - month prices [6]. Group 4: Spot Price Summary - Today's spot prices continued to decline. For example, the average price dropped from 14.59 to 14.48, a decrease of 0.11 [3]. - The price decline was observed in most regions, such as Sichuan, which decreased by 0.27 from 14.62 to 14.35 [3]. Group 5: Futures Price Summary - Today's futures price fluctuations narrowed, and trading changes were limited. All futures contracts showed price declines, such as LH05, which dropped by 140 from 14115 to 13975 [3][6]. Group 6: Sow/Piglet Price Summary - This week, the piglet price dropped from 542 to 537, a decrease of 5, while the sow price remained unchanged at 1636 [3]. Group 7: Breeding Profit Summary - The spot breeding profit of self - breeding and self - raising increased from 79.46 to 100.16, an increase of 20.71; the profit of purchasing piglets increased from 21.88 to 53.62, an increase of 31.74 [3]. Group 8: Slaughter End Summary - The slaughter volume increased from 146348 to 147162, an increase of 814 [3]. Group 9: Size Pig Price Difference Summary - The price difference between standard pigs and medium - sized pigs decreased from 0.41 to 0.38, a decrease of 0.03; the price difference between large pigs and standard pigs increased from - 0.1 to - 0.07, an increase of 0.03 [3]. Group 10: Trading Strategy - Unilateral: Wait and see [7] - Arbitrage: Wait and see [7] - Options: Sell the wide - straddle strategy [7]