Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-19 09:00Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The supply in the market is relatively loose in August as the slaughter plan of the breeding segment increases month - on - month. However, some farms may be willing to hold prices as the price drops, and the widening price difference between fat and lean pigs provides conditions for later hoarding. On the demand side, the supply of pigs is sufficient, and the demand in some areas has recovered, with the slaughterhouse operating rate rising moderately. It is expected that the demand will improve with the start of school in late August and the subsequent Mid - Autumn Festival and National Day stocking. Overall, the pressure on slaughter in August is high, and the weak adjustment of the spot price has dragged down the main contract of live pigs. But due to policy guidance, the long - term supply pressure is expected to decrease marginally, and the expected improvement in demand due to the start of school limits the decline space of live pig futures prices, with the market mainly in a volatile state. It is recommended to wait and see for now [2]. Group 3: Summary by Relevant Catalogs Futures Disk - The closing price of the main futures contract for live pigs is 13,900 yuan/ton, with a week - on - week increase of 80 yuan/ton; the position of the main contract is 67,934 lots, with a week - on - week decrease of 3,259 lots; the number of warehouse receipts is 430 lots, unchanged; the net long position of the top 20 futures holders is - 16,897 lots, with a week - on - week increase of 821 lots [2]. Spot Price - The live pig prices in Henan Zhumadian, Jilin Siping, and Guangdong Yunfu are 13,600 yuan/ton, 13,400 yuan/ton, and 14,900 yuan/ton respectively, all unchanged. The main live pig basis is - 300 yuan/ton, with a week - on - week decrease of 80 yuan/ton [2]. Upstream Situation - The live pig inventory is 42,4470,000 heads, with a month - on - month increase of 7160,000 heads; the inventory of breeding sows is 4,0430,000 heads, with a month - on - month increase of 10,000 heads. The year - on - year CPI is 0%, with a month - on - month decrease of 0.1%. The spot price of soybean meal in Zhangjiagang is 3,070 yuan/ton, unchanged; the spot price of corn is 2,391.37 yuan/ton, with a decrease of 2.55 yuan/ton; the Dalian Commodity Exchange pig feed cost index is 911.33, with a decrease of 6.6. The monthly output of feed is 29,377,000 tons, with a month - on - month increase of 1,756,000 tons; the price of binary breeding sows is 1,638 yuan/head, unchanged. The breeding profit of purchased piglets is - 157.05 yuan/head, with a week - on - week decrease of 22.91 yuan/head; the breeding profit of self - bred and self - raised live pigs is 28.85 yuan/head, with a week - on - week decrease of 16.28 yuan/head. The monthly import volume of pork is 90,000 tons, unchanged; the average price of white - striped chickens in the main producing areas is 14.1 yuan/kg, with a week - on - week increase of 0.2 yuan/kg [2]. Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 3,0060,000 heads, with a month - on - month decrease of 2100,000 heads; the monthly retail sales of social consumer goods in the catering industry is 470.76 billion yuan, with a month - on - month increase of 12.94 billion yuan [2]. Industry News - On August 19, 2025, according to the sample data of key breeding enterprises of Shanghai Ganglian, the daily national live pig slaughter volume of key breeding enterprises was 258,700 heads, a 5.68% decrease from the previous day. The live pig 2511 contract closed up 0.18% on Tuesday [2].