供应压力继续体现，猪价逐步回落

Group 1: Report Overview - Report Title: "Pig Daily Report - May 21, 2025" [2] - Report Type: Agricultural Product R & D Report by Commodity Research Institute [1][5][8] - Researcher: Chen Jiezheng [4] Group 2: Industry Investment Rating - Not provided in the report Group 3: Core Viewpoints - The overall live pig price across the country is showing a downward trend, with some areas experiencing slight increases. The market change is limited, and the overall supply pressure remains high. The market is expected to react in the short - term, but will mainly move in a volatile manner due to the low absolute price [3][6] - The live pig futures market is in a volatile and weak - running state. The spot market is weak, and the futures market has shown some over - decline. The subsequent supply pressure increase is limited, and the futures market is expected to continue to run weakly and volatilely [6] - The monthly spread of the futures market is mainly volatile, and is expected to run weakly as the spot price is likely to decline [6] Group 4: Summary by Directory Spot Information - Price: The average live pig price today is 14.27 yuan/kg, an increase of 0.03 yuan/kg compared to yesterday. Some regions have price drops, such as Henan (down 0.13 yuan/kg) and Hebei (down 0.13 yuan/kg), while some regions have price increases, like Guangdong (up 0.09 yuan/kg) and Yunnan (up 0.1 yuan/kg) [3] - Supply: Scale enterprises are accelerating the slaughter rhythm, and the number of live pigs from ordinary farmers and secondary fattening is increasing. The supply of large - weight pigs is still sufficient, and the price difference between large and small pigs has decreased [3] - Profit: The profit of self - breeding and self - raising is 80.66 yuan/head, a decrease of 3.67 yuan/head compared to yesterday; the profit of purchasing piglets is 48.20 yuan/head, a decrease of 10.26 yuan/head compared to yesterday [3] - Slaughter: The slaughter volume today is 141,715 heads, a decrease of 1,761 heads compared to yesterday [3] Futures Information - Futures Price: The futures prices of most contracts are showing a downward trend. For example, LH01 is 13,590 yuan/ton, down 5 yuan/ton; LH07 is 13,285 yuan/ton, down 70 yuan/ton [3] - Price Spread: The price spreads of most contracts are narrowing. For example, LH7 - 9 is - 365 yuan/ton, down 30 yuan/ton; LH9 - 1 is 60 yuan/ton, down 35 yuan/ton [3] Trading Strategy - Unilateral trading: Mainly in a volatile state - Arbitrage: LH79 reverse arbitrage - Options: Sell wide - straddle strategy [7]