生猪、玉米周报：生猪价格低位反弹，玉米盘面震荡反复-20251027

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The hog price rebounded from a low level, with positive factors such as second - fattening entry and increased demand due to cooler weather, but high slaughterhouse enthusiasm and slow demand recovery may limit the rebound height [5] - The corn price in the spot market continued to decline with regional differences, and the futures price was volatile. The narrowing of the short - term price decline was due to factors like expanded state reserve purchases and slower selling by farmers. The market may operate in a bottom - range in the short term [6][8] 3. Summary by Related Catalogs Hog - Futures and Spot Prices: Last week, the hog futures fluctuated and rebounded. The LH2601 contract closed at 12,175 yuan/ton, up 3.05% from the previous week's settlement price. The national average market price of outer - ternary live hogs was 11.95 yuan/kg, a week - on - week increase of 0.68 yuan/kg [5] - Profit Situation: As of October 24, the breeding profit of self - bred and self - raised hogs was - 185.65 yuan/head, a week - on - week increase of 59.02 yuan/head; the breeding profit of purchased piglets was - 289.07 yuan/head, a week - on - week increase of 86.22 yuan/head. The hog - grain ratio was 5.15, up 0.2 week - on - week [5] - Market Analysis: The overall slaughter progress of farms was normal, and the entry of second - fattening was active, which alleviated the market supply pressure to some extent. With the temperature drop, the demand improved, and the trading of medium and large hogs was fair. However, the high enthusiasm of farms to sell and the slow recovery of demand may limit the short - term rebound height of hog prices [5] Corn - Futures and Spot Prices: Last week, the corn futures rose first and then fell. The C2601 contract closed at 2,133 yuan/ton, up 0.23% from the previous week's settlement price. The national average spot price of corn was 2,248.63 yuan/ton, a week - on - week decrease of 14.51 yuan/ton. There were price differences in different ports [6] - Deep - processing Consumption: From October 16 to 22, 2025, 149 major corn deep - processing enterprises consumed 126.33 million tons of corn, a week - on - week increase of 4.03 million tons. The processing volume of 60 corn starch enterprises decreased, while the production and operation rate of 35 corn alcohol sample enterprises increased significantly [7] - Inventory Situation: As of October 22, the total corn inventory of 96 major corn processing enterprises in 12 regions was 262.2 million tons, an increase of 6.50%. As of October 24, the total corn inventory of the four northern ports was about 95 million tons, and the corn inventory in Guangdong ports was 57.7 million tons [7][8] - Market Analysis: The national corn spot market continued to decline with regional differences. The enthusiasm of farmers in the Northeast to sell grain decreased, and the market quotation was stable with a slight upward trend. The arrival volume of deep - processing enterprises in North China first decreased and then increased, and the purchase price mainly declined. The short - term decline of corn prices narrowed, and the market may operate in a bottom - range in the short term [8]