Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-10-21 09:53Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply of live pigs is under pressure due to theoretical near - month出栏 pressure from newborn piglets and the inventory of breeding sows, along with large - scale farms' active sales to meet their targets. The second - fattening activity has supported the spot market price, especially in the north, but its sustainability needs to be observed. The terminal demand is expected to improve with the drop in temperature, but currently, the sales of pork carcasses are slow and demand is below expectations. The live pig futures main contract 2601 has rebounded, but the rebound space is limited due to the uncertain second - fattening and continuous supply pressure. It is recommended to sell on rebounds [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - The closing price of the main futures contract for live pigs is 12,235 yuan/ton, up 80 yuan; the main contract's open interest is 103,162 lots, up 607 lots; the number of warehouse receipts is 111 lots, unchanged; the net long position of the top 20 futures holders is - 29,936 lots, down 1,420 lots [2] 3.2 Spot Price - The live pig price in Henan Zhumadian is 11,700 yuan/ton, up 400 yuan; in Jilin Siping is 11,800 yuan/ton, up 300 yuan; in Guangdong Yunfu is 11,500 yuan/ton, unchanged. The main live pig basis is - 535 yuan/ton, up 320 yuan [2] 3.3 Upstream Situation - The live pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0380,000 heads, down 40,000 heads. The CPI's year - on - year change is - 0.3%, up 0.1 percentage points. The spot price of soybean meal in Zhangjiagang is 2,900 yuan/ton, unchanged; the spot price of corn is 2,259.41 yuan/ton, down 3.34 yuan. The Dalian Commodity Exchange's pig feed cost index is 880.17, up 1.25. The monthly output of feed is 29,272,000 tons, up 999,000 tons. The price of binary breeding sows is 1,530 yuan/head, unchanged. The breeding profit of purchased piglets is - 375.29 yuan/head, down 74.25 yuan; the breeding profit of self - bred and self - raised live pigs is - 244.7 yuan/head, down 92.55 yuan. The monthly import volume of pork is 80,000 tons, down 10,000 tons. The average price of white - striped chickens in the main production areas is 14.3 yuan/kg, down 0.07 yuan [2] 3.4 Industry Situation - The slaughter volume of designated live pig slaughtering enterprises is 33,500,000 heads, up 1,840,000 heads. The monthly retail sales of social consumer goods in the catering industry is 449.57 billion yuan, down 8.4 billion yuan [2] 3.5 Industry News - On October 21, 2025, the daily national live pig出栏 volume of key breeding enterprises was 326,524 heads, up 4.43% from the previous day [2]