Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The supply of the pig market is loose as the planned August slaughter volume by breeders increased month - on - month and the actual slaughter rhythm did not slow down as expected. The market should continue to monitor the end - of - month slaughter rhythm. The widening price gap between fattening and standard pigs provides conditions for later hoarding [2]. - On the demand side, the state will conduct central pork reserve purchases soon. With sufficient pig supply, partial demand recovery, a mild increase in slaughterhouse operating rates, and the upcoming start of school and double - festival stocking, future demand is expected to improve [2]. - Recently, the fast slaughter rhythm and the unapparent demand boost from the start of school have put downward pressure on spot prices, dragging down the pig futures prices. The market is expected to be in a volatile trend. It is recommended to wait and see [2]. Group 3: Summary by Relevant Catalogs 1. Futures Market - The closing price of the main futures contract for live pigs was 13,745 yuan/ton, a decrease of 115 yuan; the main contract's open interest was 71,593 lots, an increase of 1,323 lots; the number of warehouse receipts was 430 lots, unchanged; the net long position of the top 20 futures holders was - 16,653 lots, an increase of 132 lots. The main contract of live pigs on Wednesday, August 27, 2025, closed down 0.69% [2]. 2. Spot Market - The spot prices of live pigs in Henan Zhumadian, Jilin Siping, and Guangdong Yunfu were 13,500 yuan/ton (down 100 yuan), 13,100 yuan/ton (down 100 yuan), and 15,100 yuan/ton (unchanged) respectively. The main contract basis was - 245 yuan/ton, an increase of 15 yuan [2]. 3. Upstream Situation - The monthly live pig inventory was 42.447 million heads, an increase of 716,000 heads; the inventory of breeding sows was 4.042 million heads, a decrease of 1,000 heads. The monthly year - on - year CPI was 0%, a decrease of 0.1 percentage points. The spot price of soybean meal in Zhangjiagang was 3,040 yuan/ton, a decrease of 10 yuan; the spot price of corn was 2,365.69 yuan/ton, a decrease of 2.06 yuan; the Dalian Commodity Exchange's pig feed cost index was 899.54, a decrease of 1.35. The monthly output of feed was 28.273 million tons, a decrease of 1.104 million tons. The weekly price of binary breeding sows was 1,627 yuan/head, a decrease of 11 yuan. The weekly breeding profit for purchased piglets was - 151.8 yuan/head, an increase of 5.25 yuan; the weekly breeding profit for self - bred and self - raised pigs was 33.95 yuan/head, an increase of 5.1 yuan. The monthly import volume of pork was 90,000 tons, unchanged. The weekly average price of white - striped chickens in the main production areas was 14.4 yuan/kg, an increase of 0.3 yuan [2]. 4. Downstream Situation - The monthly slaughter volume of designated pig slaughtering enterprises was 3.006 million heads, a decrease of 210,000 heads. The monthly value of catering revenue in total social consumer goods retail was 45.041 billion yuan, a decrease of 2.035 billion yuan. According to the sample data of key breeding enterprises from Shanghai Ganglian, on August 27, 2025, the daily national slaughter volume of key breeding enterprises was 277,480 heads, an increase of 0.36% from the previous day [2]. 5. Industry News - The planned August slaughter volume by breeders increased month - on - month, and the actual slaughter rhythm did not slow down as expected, resulting in a loose market supply [2]. - The state will conduct central pork reserve purchases soon [2]. 6. Key Points of Concern - Monitor the end - of - month slaughter rhythm and the performance of terminal demand [2].
瑞达期货生猪产业日报-20250827