Report Information - Report Title: Pig Daily Report [1] - Report Date: June 25, 2025 [2] Industry Investment Rating - Not mentioned in the report Core Viewpoints - The state reserve policy stabilizes pig prices and boosts confidence, and the phased reduction in volume and weight by enterprises supports the rebound of spot and futures prices. However, in the medium to long term, pig supply is expected to increase, demand enters the seasonal off - peak season, and the supply - demand situation remains loose. Futures are currently in a rebound situation, but are still affected by the off - peak demand season and loose supply - demand in the medium to long term [10] Summary by Directory 1. Market Review and Operation Suggestions - Market Review: On the 24th, the main 2509 contract of live pigs opened flat, then rose, fell back, and fluctuated down, closing with a negative line. The highest was 14,060 yuan/ton, the lowest was 13,905 yuan/ton, and the closing price was 13,940 yuan/ton, a 0.14% decline from the previous day. The total open interest of the index increased by 4,338 lots to 165,425 lots. The national average price of foreign three - way pigs was 14.46 yuan/kg, a 0.05 yuan/kg increase from the previous day [9] - Market Analysis: On the demand side, the price difference between fat and standard pigs remained low, the utilization rate of pigsties increased slightly, the enthusiasm for secondary fattening replenishment was low, only a small amount entered the market, mostly in a wait - and - see state, and the support for prices weakened. With rising temperatures, terminal demand weakened, slaughter enterprise orders were average, and the开工 rate and slaughter volume of slaughter enterprises remained low. On the supply side, the planned slaughter volume in June was 23.629 million heads, a 1.02% increase from the actual slaughter volume in May, and the slaughter volume continued to increase month - on - month. Currently, enterprises are reducing volume and weight in a phased manner, the slaughter volume of large pigs has declined, and the slaughter weight has decreased slightly [10] 2. Industry News - As of May this year, the inventory of breeding sows in sample farms was 1.147 million heads, a 0.92% month - on - month increase and an 8.57% year - on - year increase [11] 3. Data Overview - As of May, the inventory of piglets in sample enterprises was 2.315 million heads, a 1.32% month - on - month increase and a 14.3% year - on - year increase [20] - In early June, the average proportion of secondary fattening sales was 0.75%, a 0.9 - percentage - point decrease from the previous ten - day period [20] - As of the week of June 19, the average national slaughter weight was 128.28 kg, a 0.54 - kg decrease from the previous week, a 0.42% month - on - month decrease [20] - In early June, the utilization rate of fattening pigsties was 38.5%, a 0.8 - percentage - point increase from the previous ten - day period. The price difference between 150 - kg fat pigs and standard pigs in the week of June 19 was 0.07 yuan/jin, a 0.01 yuan/jin increase from the previous week [20]
建信期货生猪日报-20250625
Jian Xin Qi Huo·2025-06-25 02:20