Report Overview - The report is a weekly analysis of the hog and corn markets by Caida Futures, dated May 12, 2025 [1] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - The hog price is expected to remain weakly stable, with supply likely to increase and consumption support insufficient [5] - The corn market may experience a short - term high - level adjustment, with limited upside space and weakening upward momentum [7] Summary by Category Hog Market - Futures and Spot Prices: Last week, the hog futures contract LH2509 closed at 13,925 yuan/ton, up 0.07% from the previous week. The national average price of external ternary live hogs was 14.92 yuan/kg, down 0.02 yuan/kg week - on - week [5] - Profit Situation: As of May 9, the self - breeding and self - raising profit was 84.33 yuan/head, down 0.72 yuan/head week - on - week; the profit from purchasing piglets was 58.46 yuan/head, up 9.93 yuan/head week - on - week. The pig - grain ratio was 6.44, down 0.15 week - on - week [5] - Market Analysis: The hog spot price continued to fluctuate narrowly. After the holiday, the supply of standard hogs from small farmers was limited, and the large - scale farms did not increase their slaughter volume. However, the downstream demand declined. The market supply - demand game continued. The sentiment of resistance to selling at a low price among farmers remained, but the enthusiasm for secondary fattening decreased, and the consumption support was insufficient. The supply is expected to increase in the future [5] Corn Market - Futures and Spot Prices: Last week, the corn futures contract C2507 closed at 2,375 yuan/ton, up 0.42% from the previous week. The national average spot price of corn was 2,363.53 yuan/ton, up 50 yuan/ton week - on - week [6] - Industrial Consumption: From May 1 to May 7, 2025, 149 major corn deep - processing enterprises consumed 1.2197 million tons of corn, down 21,500 tons from the previous week. The processing volume of corn starch enterprises was 636,700 tons, up 11,900 tons from the previous week, and the weekly output of corn starch was 325,500 tons. The operating rate of the DDGS industry was 41.22%, down 4.12% from the previous week, and the weekly production of DDGS was 83,880 tons, down 9.10% [6] - Inventory Situation: As of May 7, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 4.946 million tons, with a decrease of 5.18%. As of May 9, the total corn inventory in the four northern ports was about 4.25 million tons, and the corn inventory in the Guangdong port was 1.53 million tons [7] - Market Analysis: The corn spot market was strong. In the Northeast, the remaining grain at the grass - roots level was almost exhausted, and the auction of the China National Grain Reserves Corporation had obvious premium. In the North China, the arrival volume of corn at the deep - processing plants was low, and the purchase price increased significantly. The operating rate of the corn starch industry continued to rise, but the high price of raw materials might limit the production enthusiasm. The operating rate of the alcohol industry continued to decline. Short - term positive factors have been realized, and the rising space of corn will be limited by the need to clear warehouses for new wheat [7]
生猪、玉米周报：生猪现货震荡运行，玉米关注上方压力-20250612
Cai Da Qi Huo·2025-06-12 10:53