Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-21 09:03Report Information - Report Title: Pig Industry Daily Report 2025 - 08 - 21 [1] - Report Date: August 21, 2025 [1] Industry Investment Rating - Not provided Core Viewpoints - In August, the supply pressure of live pigs is high, and the spot price is weakly adjusted, which drags down the decline of the main live pig contract. However, due to policy guidance, the long - term supply pressure expectation decreases marginally, and the demand is expected to improve with the upcoming school opening. It is expected that the decline space of live pig futures prices is limited, mainly showing a volatile market. Attention should be paid to the slaughter rhythm and secondary fattening situation. It is recommended to wait and see for the time being [2] Summary by Directory Futures Market - The closing price of the main futures contract for live pigs is 13,765 yuan/ton, down 10 yuan; the position of the main contract is 69,877 lots, down 741 lots; the number of warehouse receipts is 430 lots, unchanged; the net long position of the top 20 futures holders is - 15,934 lots, up 96 lots [2] Spot Market - The live pig prices in Henan Zhumadian, Jilin Siping, and Guangdong Yunfu are 13,700 yuan/ton (up 100 yuan), 13,400 yuan/ton (unchanged), and 15,100 yuan/ton (up 200 yuan) respectively. The main live pig basis is - 75 yuan/ton, up 225 yuan [2] Upstream Situation - The monthly live pig inventory is 42.447 million heads, up 716,000 heads; the inventory of breeding sows is 4.043 million heads, up 10,000 heads. The CPI year - on - year is 0%, down 0.1 percentage points. The spot price of soybean meal in Zhangjiagang is 3,070 yuan/ton, unchanged; the spot price of corn is 2,384.71 yuan/ton, down 6.66 yuan. The DCE pig feed cost index is 911.24, down 0.09. The monthly output of feed is 29.377 million tons, up 1.756 million tons. The price of binary breeding sows is 1,638 yuan/head, unchanged. The breeding profit of purchased piglets is - 157.05 yuan/head, down 22.91 yuan; the breeding profit of self - bred and self - raised live pigs is 28.85 yuan/head, down 16.28 yuan. The monthly import volume of pork is 90,000 tons, unchanged. The average price of white - striped chicken in the main producing areas is 14.1 yuan/kg, up 0.2 yuan [2] Industry Situation - The monthly slaughter volume of designated live pig slaughtering enterprises is 30.06 million heads, down 2.1 million heads. The monthly value of catering revenue in total retail sales of social consumer goods is 470.76 billion yuan, up 12.94 billion yuan [2] Industry News - On August 21, 2025, the daily national live pig slaughter volume of key breeding enterprises was 268,426 heads, up 2.10% from the previous day. The live pig 2511 contract closed down 0.18% on Thursday. In August, the slaughter plan of the breeding side increased month - on - month, and the market supply was relatively loose [2] Viewpoint Summary - On the supply side, although the supply is loose in August, some farms may be willing to support prices, and the entry of secondary fattening increases, which will slow down the slaughter rhythm. The current large price difference between fat and lean pigs provides conditions for later pressure on the栏. On the demand side, the supply of live pigs is sufficient, the demand in some areas has recovered, the slaughterhouse's operating rate has risen moderately, and the demand is expected to improve in the later period. Overall, the slaughter pressure in August is high, the spot price is weakly adjusted, and the main live pig contract has declined. However, the decline space of live pig futures prices is limited, mainly showing a volatile market [2] Key Concerns - There is no news today. Attention should be paid to the slaughter rhythm and secondary fattening situation [2]