农产品日报：需求跟进不足，猪价维持震荡-20250612

Report Industry Investment Ratings - Pig market strategy: Cautiously bearish [3] - Egg market strategy: Neutral [5] Core Views - The pig market is expected to maintain a pattern of strong supply and weak demand, with potential for increased supply pressure in the future [2] - The egg market currently faces a situation of supply exceeding demand in the short term, with weak overall demand [4] Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2509 contract yesterday was 13,600 yuan/ton, a change of +5.00 yuan/ton or +0.04% from the previous trading day [1] - Spot: In Henan, the price of external ternary live pigs was 14.01 yuan/kg, unchanged from the previous trading day; in Jiangsu, it was 14.25 yuan/kg, also unchanged; in Sichuan, it was 13.88 yuan/kg, unchanged. The national average wholesale price of pork in agricultural product markets was 20.28 yuan/kg, a 0.1% decrease from yesterday [1] Market Analysis - With decent breeding profits, the supply side is unlikely to make significant strategic adjustments. Constrained by stable downstream consumption, the demand side is expected to remain weak, maintaining a pattern of strong supply and weak demand. The supply pressure of large fat pigs is currently high, and there may be a large - scale inversion of the price difference between fat and standard pigs, which will also put pressure on the supply of standard pigs [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2507 contract yesterday was 3,515 yuan/500 kilograms, a change of +682.00 yuan or +24.07% from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 2.56 yuan/jin, a decrease of 0.08 yuan; in Shandong, it was 2.70 yuan/jin, a decrease of 0.10 yuan; in Hebei, it was 2.56 yuan/jin, unchanged. On June 10, the national production - link inventory was 1.08 days, unchanged from the previous trading day, and the circulation - link inventory was 1.66 days, an increase of 0.11 days [3] Market Analysis - After the Dragon Boat Festival, all sectors actively cleared inventories, leading to a decline in demand. After the college entrance examination this week, school demand decreased, while tourism and catering demand increased. However, due to high temperature and humidity, the storage time of eggs is reduced, and traders are cautious in purchasing, resulting in weak overall demand. The market pattern of supply exceeding demand is difficult to change in the short term [4] Strategy - Neutral [5]