建信期货生猪日报-20250513

Report Information - Report Title: Pig Daily Report - Date: May 13, 2025 - Industry: Pig Industry [1][2] Core Viewpoint - The supply of pigs is increasing, demand is weakening, and the supply - demand situation is relatively loose, leading to a weak spot price. Futures contracts are trading at a discount to the spot, and are expected to trade weakly due to the off - season demand and the expected supply from secondary fattening [7] Summary by Section 1. Market Review and Operation Suggestions - Futures Market: On the 12th, the main 2509 contract of live pigs opened slightly lower and trended downwards, closing at 13,870 yuan/ton, down 0.22% from the previous day. The total open interest of the index increased by 506 lots to 151,384 lots [7] - Spot Market: On the 12th, the average price of ternary pigs across the country was 14.77 yuan/kg, down 0.02 yuan/kg from the previous day [7] - Demand Side: The current fattening cost is low and the breeding profit is good, but the pen utilization rate is relatively high. Secondary fattening replenishment is sporadic and continuous, not concentrated. After the festival, terminal demand weakened, and the slaughter rate and volume of slaughtering enterprises declined. On May 12, the slaughter volume of sample slaughtering enterprises was 147,200 heads, down 100 from the previous day and 4,500 from a week ago [7] - Supply Side: According to Yongyi sample data, the planned sales volume in May is 23.65 million heads, a 1.98% increase from the actual slaughter volume in April. The post - festival slaughter of the breeding side is normal, and with the continuous slaughter of previously second - fattened pigs, the slaughter weight increased slightly [7] 2. Industry News - From April 30th week's data, the weekly slaughter volume of the slaughter sample was 1.3223 million heads; the average daily slaughter volume of the daily slaughter sample was 147,408 heads, an increase of 7,798 heads from the previous week, with a daily average increase of 5.59% - The average market sales price of 15 - kg piglets in the week of April 30th was 649 yuan/head, the same as the previous week [10] 3. Data Overview - Breeding Profit: As of April 30th, the average profit per self - bred and self - raised pig was 191 yuan/head, a week - on - week decrease of 21.5 yuan/head; the average profit per pig from purchased piglets was 119 yuan/head, a week - on - week decrease of 5 yuan/head [19] - Average Slaughter Weight: In the week of April 30th, the national average slaughter weight was 129.22 kg, an increase of 0.28 kg from the previous week, a week - on - week increase of 0.22%, a month - on - month increase of 0.26%, and a year - on - year increase of 2.69% [19]