Report Industry Investment Rating - Not provided in the content Core Viewpoints - The overall price of live pigs has shifted downwards, and although there is short - term support, the possibility of a significant rebound is small, and prices remain suppressed in the short term [5] - Corn prices are suppressed by seasonal supply pressure, and the futures market is in short - term bottom - range oscillation [8] Summary by Related Catalogs Live Pigs - Futures: The LH2601 contract of live pig futures closed at 11,670 yuan/ton last week, down 4.46% from the previous week's settlement price [5] - Spot: The national average market price of external ternary live pigs was 11.27 yuan/kg, a week - on - week decrease of 0.21 yuan/kg [5] - Profit: As of October 17, the self - breeding and self - raising profit was - 244.7 yuan/head, a week - on - week decrease of 92.55 yuan/head; the profit from purchasing piglets was - 375.29 yuan/head, a week - on - week decrease of 74.25 yuan/head; the pig - grain ratio was 4.95, a week - on - week decrease of 0.31 [5] - Market trend: The national live pig spot market first declined and then rose last week. Although there is support from secondary fattening and farmers' resistance to low prices, the supply of live pigs is abundant, and the demand from slaughterhouses has not increased, so prices remain under pressure [5] Corn - Futures: The C2601 contract of corn futures first declined and then rose last week, closing at 2,117 yuan/ton, down 0.38% from the previous week's settlement price [6] - Spot: The national average spot price of corn was 2,263.14 yuan/ton, a week - on - week decrease of 40.98 yuan/ton. Prices at various ports also showed a downward trend [6] - Industrial consumption: From October 9 to October 15, 2025, 149 major corn deep - processing enterprises consumed 122.31 million tons of corn, a week - on - week increase of 3.04 million tons. The processing volume of corn starch enterprises and the output of corn starch increased, with the weekly operating rate rising to 56.74%. The operating rate of the DDGS industry decreased to 53.19%, and the output decreased by 3.22% [7] - Inventory: As of October 15, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.462 billion tons, an increase of 5.48%. As of October 17, the total corn inventory in the four northern ports was about 820,000 tons, and the corn inventory in Guangdong ports was 387,000 tons [7] - Market trend: The national corn spot market continued to decline last week. In the Northeast production area, the market price stabilized due to the start of reserve grain rotation purchases in some areas; in North China, the purchase price was weak. With the new - season corn entering the concentrated harvest stage, although there is demand for enterprise replenishment, prices are still suppressed [8]
财达期货｜生猪玉米周报-20251020
Cai Da Qi Huo·2025-10-20 05:18