Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The price of live pigs is expected to have limited upward momentum in the short - term due to weak demand despite some price - holding intentions from the breeding side. The price of corn futures rebounded slightly, but the upside space is also expected to be limited [5][8] 3. Summary by Related Topics Live Pigs - Futures: The LH2509 contract of live pig futures closed at 14,135 yuan/ton last week, down 1.5% from the previous week's settlement price [5] - Spot: The national average price of external ternary live pigs was 14.81 yuan/kg, a week - on - week decrease of 0.11 yuan/kg [5] - Profit: As of July 18, the self - breeding and self - raising profit per pig was 90.89 yuan, a week - on - week decrease of 42.98 yuan; the profit of purchasing piglets for breeding was - 18.66 yuan per pig, a week - on - week decrease of 50.26 yuan. The pig - grain ratio was 6.17, a week - on - week decrease of 0.11 [5] - Market situation: The national live pig spot market was weak last week. Although there was some support from transportation and secondary fattening, the market was adjusted weakly due to the resumption of normal slaughter rhythm by breeding enterprises and weak demand. The inventory of sows capable of reproduction at the end of the second quarter was 40.43 million, 103.7% of the normal level. The inventory of medium and large pigs over 5 months old in June decreased by 0.8% compared with the previous month, indicating a possible decrease in slaughter volume in July and August [5] Corn - Futures: The C2509 contract of corn futures closed at 2314 yuan/ton last week, up 0.09% from the previous week's settlement price [6] - Spot: The national average price of corn was 2405 yuan/ton, a week - on - week decrease of 16.57 yuan/ton. The prices at ports such as Jinzhou, Bayuquan, and Guangdong Shekou all declined to varying degrees [6] - Industrial consumption: From July 10 to July 16, 2025, 149 major corn deep - processing enterprises consumed 1.1005 million tons of corn, a decrease of 57,300 tons from the previous week. The processing volume of corn starch enterprises increased by 1100 tons, and the output of corn starch increased by 800 tons. The DDGS industry's start - up rate decreased by 4.62 percentage points to 38.34%, and the output decreased by 9400 tons, a decline of 10.75% [7] - Inventory: As of July 16, the total corn inventory of 96 major corn processing enterprises in 12 regions was 4.27 million tons, a decrease of 3.74%. As of July 18, the total corn inventory in the four northern ports was about 2.3 million tons, and the corn inventory in Guangdong ports was 1.07 million tons [7] - Market situation: The national corn spot market continued to decline last week. The auction of imported corn was weak, but the purchase price of deep - processing enterprises in North China rebounded after a continuous decline. The start - up rate of the corn starch industry was still at a low level, and the demand for wheat from feed enterprises decreased. With the new auction announcement, the decline of corn spot prices may narrow [8]
生猪、玉米周报：生猪价格重心下移，玉米期货小幅反弹-20250721
Cai Da Qi Huo·2025-07-21 03:53