Report Industry Investment Rating - No information provided Core Viewpoints of the Report - The short - term support for the hog market is insufficient, while the upward pressure on the corn market should be noted. For hogs, there is limited upward momentum in the short - term, but prices may be boosted by pre - holiday stocking demand around the Mid - Autumn Festival and National Day. For corn, the spot market remains weak, and although the futures market rebounds, the upward pressure is increasing, and short - term participation is recommended [3][4][8] Summary by Related Catalogs Hog - Futures: Last week, the hog futures fluctuated weakly. The LH2511 contract closed at 13,325 yuan/ton, a 1.88% decrease from the previous week's settlement price [4] - Spot: The national average market price of outer ternary hogs was 13.87 yuan/kg, a week - on - week increase of 0.13 yuan/kg [4] - Profit: As of September 5, the self - breeding and self - raising hog farming profit was 52.65 yuan/head, a week - on - week increase of 20.41 yuan/head; the profit of purchasing piglets for farming was - 126.24 yuan/head, a week - on - week increase of 22.17 yuan/head; the hog - grain ratio was 5.97, a week - on - week increase of 0.08 [4] - Market situation: The national hog spot price rose first and then fell last week. At the beginning of the month, the scale farms reduced their slaughter volume, and the school opening drove up demand. However, after the continuous price increase, the downstream acceptance decreased, and the hog market adjusted weakly. Currently, the farm slaughter is gradually recovering, and the positive effect of the school opening is weakening. There is no further support for demand in the short - term. The price may be boosted by pre - holiday stocking demand in the second half of September. The actual slaughter and transaction of group farms need to be monitored [4] Corn - Futures: Last week, the corn futures fluctuated strongly. The C2511 contract closed at 2,224 yuan/ton, a 1.69% increase from the previous week's settlement price [6] - Spot: The national average spot price of corn was 2,362.94 yuan/ton, a week - on - week decrease of 1.77 yuan/ton. The prices in different ports showed different trends [6] - Industrial consumption: From August 27 to September 3, 2025, 149 major corn deep - processing enterprises consumed 1.143 million tons of corn, a week - on - week increase of 0.29 million tons. The corn starch industry's开机率 decreased, while the corn alcohol industry's开机率 increased [7] - Inventory: As of September 3, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.711 million tons, a decrease of 7.85%. As of September 5, the total corn inventory of the four northern ports was about 1.07 million tons, and the corn inventory in Guangdong ports was 0.63 million tons [7] - Market situation: The national corn spot price continued to fall last week. The demand from different industries was mixed. The policy - grain supply supplemented the market, but the downstream enterprises were cautious about restocking. The spot market adjusted weakly, and the futures market rebounded with increasing upward pressure [8]
生猪、玉米周报:生猪短期支撑不足,玉米关注上方压力-20250908
Cai Da Qi Huo·2025-09-08 06:51