生猪日报：供应压力缓解，现货小幅反弹-20250819

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The overall spot price of live pigs across the country showed a slight rebound today, with the supply pressure improving compared to before, but still existing due to the high inventory level. The scale enterprises'出栏量 has continued to tighten, while the ordinary farmers'出栏 progress has slowed down. The secondary fattening entry enthusiasm is average, and the follow - up increase in entry enthusiasm is expected to be limited. The futures market is affected by the spot pressure, with the far - month contract having support but the near - month contract facing obvious pressure[2][5] Group 3: Summary by Relevant Contents Spot Information - The overall spot price of live pigs across the country showed a slight rebound today, and the supply was slightly tightened. The scale enterprises'出栏量 continued to tighten, but the overall supply pressure still existed due to the poor overall出栏 completion. The ordinary farmers'出栏 progress slowed down, and there was some pressure on the market to hold back pigs. The secondary fattening entry enthusiasm was average, and the size - pig price difference increased slightly[2] Futures Information - The live pig futures market showed an oscillating trend today. The far - month contract was affected by the previous large increase and the current supply pressure, with some downward pressure, but still having support. The near - month contract faced obvious pressure[5] Transaction Strategy - Unilateral: Buy on dips in the far - month contract - Arbitrage: LH91 reverse arbitrage - Options: Sell far - month put options[6]