供应端利空施压生猪价格，玉米盘面关注前低支撑

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - For the hog market, supply - side negatives are pressuring hog prices. The current market has an oversupply situation, and short - term prices will likely remain in low - level oscillations. However, approaching festivals and lower temperatures may boost demand and support prices. The hog futures price center is moving down, and short - term market trends depend on the slaughter rhythm and demand recovery [5]. - For the corn market, the spot market shows regional differences. There will likely be a narrow price adjustment in the short term due to cautious purchasing by downstream grain - using enterprises during the transition period between old and new grains. The corn futures should be watched for support at previous lows [6][9]. 3. Summary by Relevant Content Hog - Futures: Last week, the hog futures broke through support and declined. The LH2511 contract closed at 12,825 yuan/ton, a 3.64% drop from the previous week's settlement price [5]. - Spot: The national average price of outer - ternary hogs was 12.91 yuan/kg, a week - on - week decrease of 0.58 yuan/kg [5]. - Profit: As of September 19, the self - breeding and self - raising hog farming profit was - 24.44 yuan/head, a week - on - week drop of 41.28 yuan/head; the profit from purchasing piglets for fattening was - 199.31 yuan/head, a week - on - week decrease of 37.38 yuan/head. The hog - to - grain ratio was 5.64, a week - on - week decline of 0.17 [5]. - Market situation: The hog spot market remained weak last week. The supply from farmers increased, but demand didn't improve significantly, and the market's ability to absorb was limited. The monthly slaughter progress is slow, and there may be concentrated slaughter in the future [5]. Corn - Futures: Last week, the corn futures tested previous lows again. The C2511 contract closed at 2,168 yuan/ton, a 1.41% decline from the previous week's settlement price [6]. - Spot: The national average corn spot price was 2,359.8 yuan/ton, a week - on - week decrease of 6.28 yuan/ton. Different ports had varying price changes [6]. - Industrial consumption: From September 11 to 17, 2025, 149 major corn deep - processing enterprises consumed 115.63 million tons of corn, a decrease of 0.12 million tons from the previous week. Corn starch production and related data changed. The alcohol industry's operating rate decreased, and the production of DDGS declined [7]. - Inventory: As of September 17, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.34 billion tons, a decrease of 5.91%. As of September 19, the total corn inventory in four northern ports was about 700,000 tons, and the inventory in Guangdong ports was 430,000 tons [7]. - Market situation: The corn spot market showed regional differences. Northeast China had limited remaining grain inventory with stable - to - strong prices, while North China had a relatively loose supply and weak enterprise purchase prices. Demand varied by region, and feed enterprises mainly replenished inventory based on rigid demand [8][9].