Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-10-14 10:13Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The supply - side has significant near - term出栏 pressure due to new - born piglets, the number of breeding sows, and postponed 出栏 plans of large - scale farms, along with active 出栏 by retail farmers due to losses and pessimism. The demand - side sees a post - festival decline in demand, reduced terminal purchasing willingness, and lower slaughterhouse operations. Although the price decline has led to some farmers' price - holding sentiment and some secondary fattening entries, temporarily stabilizing the spot price and boosting the 2511 contract of live pigs to rise by 2%, the overall supply - demand pattern remains loose, limiting the upside of live pig prices, and the market is expected to be weak and volatile in the future [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main live pig futures contract was 11,450 yuan/ton, up 325 yuan; the main contract's open interest was 48,651 lots, down 8,606 lots; the number of warehouse receipts was 90 lots, unchanged; the net long position of the top 20 futures holders was - 31,367 lots, up 2,239 lots [2]. 3.2 Spot Market - The live pig prices in Henan Zhumadian and Guangdong Yunfu were 11,100 yuan/ton, unchanged; the price in Jilin Siping was 11,000 yuan/ton, up 100 yuan/ton; the main live pig basis was - 350 yuan/ton, down 325 yuan [2]. 3.3 Upstream Situation - The live pig inventory was 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows was 4,0380,000 heads, down 40,000 heads [2]. 3.4 Industry Situation - The year - on - year CPI was - 0.4%, down 0.4 percentage points; the spot price of soybean meal in Zhangjiagang was 2,930 yuan/ton, unchanged; the spot price of corn was 2,278.04 yuan/ton, down 16.27 yuan; the Dalian Commodity Exchange's pig feed cost index was 867.35, down 1.25; the monthly feed output was 29,272,000 tons, up 999,000 tons; the price of binary breeding sows was 1,530 yuan/head, down 3 yuan; the breeding profit from purchasing piglets was - 301.04 yuan/head, down 64.47 yuan; the breeding profit from self - breeding and self - raising was - 152.15 yuan/head, down 78.04 yuan; the monthly pork import volume was 80,000 tons, down 10,000 tons; the average price of white - striped chickens in the main production areas was 14.37 yuan/kg, down 0.03 yuan [2]. 3.5 Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises was 33,500,000 heads, up 1,840,000 heads; the monthly catering revenue in total social retail sales was 449.57 billion yuan, down 8.4 billion yuan [2]. 3.6 Industry News - On October 14, 2025, the daily 出栏 volume of key live pig breeding enterprises nationwide was 327,610 heads, up 2.42% from the previous day [2].