生猪日报：市场扰动增加，盘面大幅波动-20250724

Group 1: Investment Rating - There is no information about the investment rating of the industry in the report. Group 2: Core Views - Today, pig prices across the country continued to decline. After the previous price increase, the market's enthusiasm for slaughter improved, and the supply shortage eased. The overall supply of pigs remained relatively sufficient due to the large supply of heavy - weight pigs. Scale enterprises may face certain slaughter pressure, and ordinary farmers showed some resistance to low prices. The short - term supply shortage improved, and due to the high pig inventory, the subsequent supply pressure still exists, so the upward space for spot prices is limited, and there is still a certain downward pressure. [3][6] - Today, the pig futures market declined. Market rumors about a high - quality development meeting of the pig industry chain had a limited impact. The market then returned to stability. Due to the existing inventory and production pressure, the short - term adjustment space for supply is limited, and the price increase space is also relatively limited. Futures price increases are driven by events and valuation corrections, so there is support on the futures market, but the upward space for far - month contracts is also limited. [6] Group 3: Summary by Category 1. Spot Price - Today, the average spot price of pigs was 13.32 yuan/kg, down 0.12 yuan/kg from yesterday. Prices in various regions all showed a downward trend, with a decline range from 0.03 yuan/kg to 0.2 yuan/kg. [3] 2. Futures Price - Among futures contracts, LH01 was 14550 yuan/ton, down 90 yuan; LH03 was 13730 yuan/ton, up 155 yuan; LH05 was 14210 yuan/ton, up 360 yuan; LH07 remained unchanged at 14010 yuan/ton; LH09 was 14365 yuan/ton, down 225 yuan; LH11 was 14210 yuan/ton, down 90 yuan. [3] 3. Sow/Piglet Price - This week, the piglet price remained at 440 yuan, and the sow price remained at 1628 yuan, both unchanged from last week. [3] 4. Spot Breeding Profit - The self - breeding and self - raising profit was 90.89 yuan/head, down 42.99 yuan from yesterday; the profit from purchasing piglets was - 18.66 yuan/head, down 50.26 yuan from yesterday. [3] 5. Slaughter End - Yesterday's slaughter volume was 133568 heads, and today it was 134538 heads, an increase of 970 heads. The price differences between different - sized pigs remained relatively stable. [3] 6. Contract Spread - LH7 - 9 was - 355, up 225 from yesterday; LH9 - 1 was - 185, down 135 from yesterday; LH9 - 11 was 155, down 135 from yesterday; LH11 - 1 remained unchanged at - 340. [3] 7. Trading Strategy - Unilateral: Wait and see. - Arbitrage: LH91 reverse arbitrage. - Options: Wait and see. [7]