【生猪日报】供应略有增加，价格震荡运行-20250825

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The overall price of live pigs in the spot market showed a volatile trend today, with the average price rising from 13.53 yuan/kg yesterday to 13.63 yuan/kg today. The futures market also showed a volatile trend. Although the short - term supply pressure has improved, it still exists due to the high inventory level. However, considering the decline in the inventory of ordinary farmers, the overall supply change is relatively limited, and the deep - decline space of prices is also limited. The short - term stabilization of the futures market may be restricted, and the far - month contracts are expected to move in a low - level volatile manner [3][6]. 3. Summary by Relevant Catalogs 3.1 Spot Price - The spot prices of live pigs in different regions showed different trends. For example, the price in Sichuan increased by 0.10 yuan/kg to 13.62 yuan/kg, while the price in Guangdong decreased by 0.16 yuan/kg to 15.23 yuan/kg. The overall average price increased by 0.1 yuan/kg to 13.63 yuan/kg [3]. 3.2 Futures Price - The futures prices of different contracts also showed a volatile trend. For example, the price of LH01 increased by 95 yuan to 14240 yuan, and the price of LH11 increased by 70 yuan to 13910 yuan [3]. 3.3 Sow/Piglet Price - The prices of piglets and sows remained unchanged this week compared with last week, at 363 yuan and 1612 yuan respectively [3]. 3.4 Spot Breeding Profit - The spot breeding profit of self - breeding and self - raising increased by 5.10 yuan to 33.95 yuan/head, and the profit of purchasing piglets increased by 5.25 yuan to - 151.80 yuan/head [3]. 3.5 Slaughter End - The slaughter volume decreased by 1191 heads to 140803 heads [3]. 3.6 Size Pig Price Difference - The price difference between large and standard pigs increased by 0.02 yuan to 0.32 yuan, and other price differences remained unchanged [3]. 3.7 Market Supply and Demand - The supply of scale enterprises increased, while the supply of ordinary farmers decreased. The entry of secondary fattening increased slightly, but the overall number was still limited. The short - term supply pressure improved, but still existed due to the high inventory level. The decline space of prices was limited due to the relatively low absolute price [3][6]. 3.8 Trading Strategy - Unilateral: Buy on dips for far - month contracts. - Arbitrage: LH91 reverse arbitrage. - Options: Sell far - month put options [7].