银河期货生猪日报-20250813

Group 1: Report Overview - Report Title: "Pig Daily Report - August 13, 2025" [2] - Report Type: Agricultural Product Research Report [1] - Researcher: Chen Jiezheng [3] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Views - The overall supply of live pigs is gradually increasing, and price pressure is emerging. The upward space for spot prices is limited, and there is still a certain downward pressure in the future, but the deep - decline space is also restricted. The futures market has support overall, but the near - month pressure is obvious [4][5] Group 4: Market Data Summary Spot Prices - Today, the live pig spot prices across the country showed a slight upward trend. The average price increased from 13.30 to 13.37 [4] Futures Prices - The live pig futures market showed a downward trend today. For example, LH01 decreased from 14425 to 14295 [4] Piglet and Sow Prices - Piglet prices decreased from 415 to 389, and sow prices decreased from 1613 to 1612 [4] Breeding Profits - The self - breeding and self - raising profit increased from 43.85 to 45.13, while the profit from purchasing piglets decreased from - 116.78 to - 134.14 [4] Slaughter Volume - The slaughter volume increased from 138320 to 139006 [4] Contract Spreads - For example, LH7 - 9 decreased from 450 to 430, and LH9 - 1 increased from - 460 to - 345 [4] Size Pig Spreads - The spread between standard pigs and medium - sized pigs remained unchanged at 0.4, while the spread between medium - large pigs and standard pigs increased from 0.05 to 0.07 [4] Group 5: Market Analysis Spot Market - After the previous decline in spot prices, the breeding side resisted low prices. The scale enterprise's slaughter volume decreased slightly, and ordinary farmers' slaughter improved after the price increase. The enthusiasm for secondary fattening was average, and the short - term supply pressure improved, but the subsequent pressure still exists due to high inventory [4] Futures Market - The futures market was affected by event - driven factors and concerns about future supply pressure. The far - month market stabilized after a decline, and there is still support, but the near - month pressure is obvious [5] Group 6: Trading Strategies - Unilateral: Go long on the far - month contracts at low prices - Arbitrage: LH91 reverse arbitrage - Options: Sell far - month put options [6]