瑞达期货生猪产业日报-20250820

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - In August 2025, the pig slaughter plan increased month - on - month, leading to a relatively loose market supply. As the price fell, some farms might have the intention to hold prices, and the increasing spread between fat and lean pig prices provided conditions for later hoarding. On the demand side, the supply of pigs was sufficient, and demand in some areas recovered, with the slaughterhouse operation rate rising moderately. It was expected that demand would improve with the start of school in late August and the upcoming Double - Festival stocking. Overall, the pressure on pig sales in August was high, and the weak adjustment of the spot price dragged down the main pig futures contract. However, due to policy guidance, the expected long - term supply pressure decreased marginally, and the expected demand improvement from the start of school limited the decline space of pig futures prices, with the market expected to be mainly in a volatile state. It was recommended to wait and see [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - The closing price of the main futures contract for live pigs was 13,775 yuan/ton, a decrease of 125 yuan; the position volume of the main contract was 70,618 lots, an increase of 2,684 lots; the number of warehouse receipts was 430 lots, unchanged; the net long position of the top 20 futures positions was - 16,030 lots, an increase of 867 lots [2]. 3.2 Spot Price - The live pig price in Zhumadian, Henan was 13,700 yuan/ton, an increase of 100 yuan; in Siping, Jilin it was 13,400 yuan/ton, unchanged; in Yunfu, Guangdong it was 15,100 yuan/ton, an increase of 200 yuan. The basis of the main live pig contract was - 75 yuan/ton, an increase of 225 yuan [2]. 3.3 Upstream Situation - The live pig inventory was 42,4470,000 heads, an increase of 7160,000 heads; the inventory of breeding sows was 4,0430,000 heads, an increase of 10,000 heads [2]. 3.4 Industry Situation - The year - on - year change of CPI was 0%, a decrease of 0.1 percentage points; the spot price of soybean meal in Zhangjiagang was 3,070 yuan/ton, unchanged; the spot price of corn was 2,384.71 yuan/ton, a decrease of 6.66 yuan; the pig feed cost index of the Dalian Commodity Exchange was 911.24, a decrease of 0.09; the monthly output of feed was 29,377,000 tons, an increase of 1,756,000 tons; the price of二元能繁母猪 was 1,638 yuan/head, unchanged; the breeding profit of purchased piglets was - 157.05 yuan/head, a decrease of 22.91 yuan; the breeding profit of self - bred and self - raised pigs was 28.85 yuan/head, a decrease of 16.28 yuan; the monthly import volume of pork was 90,000 tons, unchanged; the average price of white - striped chicken in the main production areas was 14.1 yuan/kg, an increase of 0.2 yuan [2]. 3.5 Downstream Situation - The slaughter volume of designated pig slaughtering enterprises was 3,0060,000 heads, a decrease of 2100,000 heads; the monthly retail sales of social consumer goods in the catering industry was 470.76 billion yuan, an increase of 12.94 billion yuan [2]. 3.6 Industry News - On August 20, 2025, the daily national live pig sales volume of key breeding enterprises was 262,893 heads, a 1.62% increase from the previous day. On Wednesday, the live pig 2511 contract closed down 0.72% [2].