生猪：现货不及预期，近端收基差行情

Industry Investment Rating - No relevant content provided Core Viewpoints - This week (8.11 - 8.17), the spot market for live pigs saw prices fluctuating. The futures market showed weak fluctuations. Next week (8.18 - 8.24), the spot price of live pigs is expected to run weakly, and may hit a new low this year. The price of the LH2509 futures contract will gradually return to the industrial logic, and attention should be paid to the hedging opportunities of the March contract [1][2][3][4] Summary by Directory 1. This Week's Market Review (8.11 - 8.17) - Spot Market: The price of live pigs fluctuated. The 20KG piglet price in Henan was 33.1 yuan/kg (last week: 35.1 yuan/kg), the live pig price in Henan was 13.88 yuan/kg (unchanged from last week), and the national 50KG binary sow price was 1611 yuan/head (last week: 1614 yuan/head). The supply was relatively loose, and the demand led to an increase in slaughter volume. The average slaughter weight was 124.03KG, a month - on - month decrease of 0.01% [1] - Futures Market: The price of the live pig futures LH2509 contract showed weak fluctuations, with a high of 14030 yuan/ton, a low of 13800 yuan/ton, and a closing price of 13825 yuan/ton (last week: 13930 yuan/ton). The basis of the LH2509 contract was 55 yuan/ton (last week: - 50 yuan/ton) [2] 2. Next Week's Market Outlook (8.18 - 8.24) - Spot Market: The spot price of live pigs will run weakly. The supply pressure in the second half of August is large, and the demand increment is limited. The spot price may hit a new low this year [3] - Futures Market: The LH2509 contract will gradually return to the industrial logic, and the basis will gradually turn to a contango delivery structure. Attention should be paid to the hedging opportunities of the March contract. The short - term support level of the LH2509 contract is 13000 yuan/ton, and the pressure level is 14500 yuan/ton [4] 3. Other Data - Basis and Spread: This week's basis was 55 yuan/ton, and the LH2509 - LH2511 spread was - 120 yuan/ton [9] - Supply: This week's average weight was 124.03KG (last week: 124.04KG). In June, the pork production was 529.5 tons, a month - on - month increase of 4.3%; the pork import was 8.84 million tons, a month - on - month decrease of 5.6% [12]