生猪日报：出栏压力继续增加，现货回落加深-20250929

Group 1: Report Overview - Report Title: "Pig Daily Report, September 29, 2025" [2] - Researcher: Chen Jiezheng [3] - Contact: chenjiezheng_qh@chinastock.com.cn [3] Group 2: Investment Rating - No investment rating for the industry is provided in the report. Group 3: Core Viewpoints - The overall supply pressure in the pig market persists, with the daily average price dropping from 12.20 to 11.68, a decrease of 0.52 [4]. - Pig futures prices have significantly declined, and due to continued supply pressure, the overall price trend is expected to be downward, with current prices likely to fluctuate [5]. Group 4: Market Data Summary Spot Prices - Spot prices across the country continued to decline, with significant drops in Sichuan (-0.38), Fujian (-0.49), and other regions [4]. Futures Prices - All main futures contracts, such as LH01 (-315), LH03 (-205), and LH05 (-225), showed declines [4]. Breeding and Related Prices - Piglet and sow prices remained unchanged this week compared to last week, at 236 and 1588 respectively [4]. - Self - breeding and self - raising profit decreased from -24.44 to -74.11, a decrease of 49.66; profit from purchasing piglets decreased from -199.31 to -236.57, a decrease of 37.25 [4]. Slaughter and Price Spreads - Slaughter volume increased from 165,179 to 169,930, an increase of 4,751 [4]. - Some price spreads, such as LH9 - 1 (increased by 220) and LH9 - 11 (increased by 185), showed significant changes [4]. Group 5: Trading Strategies - Unilateral: Short - sell near - term contracts [6]. - Arbitrage: Conduct LH15 reverse arbitrage [6]. - Options: Hold a wait - and - see attitude [6].