建信期货生猪日报-20250710

Report Information - Report Title: Pig Daily Report - Report Date: July 10, 2025 - Industry: Pig Report Core View - The demand is in the off - season. The previous continuous pressure on pigs and reduced volume of slaughter by enterprises continue to support the rebound of futures and spot prices. Currently, the group's slaughter volume is gradually recovering, and the price is slightly回调. In the medium and long term, the supply is expected to increase. In the middle and late July, large - scale breeding enterprises may increase the volume of slaughter to meet monthly targets, and the pig price may be under pressure due to the off - season demand [8] Market Review and Operation Suggestions Futures Market - On the 9th, the main 2509 contract of live pigs opened lower, then bottomed out, rebounded, and fluctuated higher, closing with a positive line. The highest was 14,270 yuan/ton, the lowest was 14,175 yuan/ton, and the closing price was 14,265 yuan/ton, a decrease of 0.04% from the previous day. The total open interest of the index increased by 474 lots to 162,145 lots [7] Spot Market - On the 9th, the average price of ternary pigs nationwide was 14.89 yuan/kg, unchanged from the previous day [7] Market Analysis - Demand Side: The price difference between fat and standard pigs remains low, the utilization rate of pigsties is relatively high, the enthusiasm for secondary fattening replenishment is low, and only a small amount enters the market. With the rising temperature, terminal demand weakens, slaughter enterprise orders are average, and the slaughter rate and volume of slaughter enterprises remain low. On July 9th, the slaughter volume of sample slaughter enterprises was 132,000 heads, an increase of 14,000 heads from the previous day and a decrease of 48,000 heads from a week ago [8] - Supply Side: According to Yongyi data, the planned slaughter volume of sample enterprises in July is 23.88 million heads, a month - on - month decrease of 1.19% compared with June. The slaughter volume may be slightly adjusted down. The group's slaughter volume is gradually recovering, and the slaughter weight is slightly decreasing, but there are still fattened pigs for secondary fattening to be slaughtered in the future [8] Industry News - As of the week ending July 3, the profit per head for self - breeding and self - fattening was 171.09 yuan, an increase of 54.48 yuan per head from the previous week. The profit per head for purchasing piglets for fattening was 14.15 yuan, an increase of 16.71 yuan per head from the previous week [9][11] Data Overview - In the week ending July 3, the average market sales price of 15 - kg piglets was 530 yuan per head, unchanged from the previous week [20] - In the week ending July 3, the slaughter volume of sample slaughterhouses was 1.5608 million heads, a decrease of 125,900 heads from the previous week, a month - on - month decrease of 7.46%. The average daily slaughter volume of daily slaughter samples was 139,029 heads, a decrease of 5,040 heads from the previous week, with an average daily decrease of 3.50%. The slaughter volume on Thursday of this week was 134,338 heads, a decrease of 7,789 heads from Thursday of the previous week, a decrease of 5.48% [20] - As of the week ending July 3, the average slaughter weight of pigs nationwide was 128.64 kg, an increase of 0.50 kg from the previous week, a month - on - month increase of 0.39%, and an increase of 2.93 kg compared with the same period last year, a year - on - year increase of 2.33% [20]