Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-10-28 09:29Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The supply pressure eases at the end of the month as the group farms slow down their slaughter rhythm and the average slaughter weight decreases slightly. The secondary fattening entry supports the stabilization of the spot market price, but its sustainability needs to be observed. The terminal demand increases with the drop in temperature, and some slaughter enterprises actively store, leading to a continuous marginal improvement in demand. Overall, the price is expected to fluctuate in the short term. However, the price rebound restricts the sustainability of secondary fattening, and the postponed supply and the expected supply pressure in the fourth quarter limit the medium - term upside space. Technically, the LH2601 contract opened low and closed lower, down 1.3%, with pressure at the previous gap and weak rebound [2] Group 3: Summary by Related Catalogs 1. Futures Market - The closing price of the main futures contract for live pigs is 12,160 yuan/ton, down 170 yuan; the main contract position is 117,248 lots, up 7,747 lots; the number of warehouse receipts is 206 lots, unchanged; the net long position of the top 20 futures holders is - 30,906 lots, up 694 lots [2] 2. Spot Market - The live pig prices in Henan Zhumadian, Jilin Siping, and Guangdong Yunfu are 12,600 yuan/ton, 12,600 yuan/ton, and 12,300 yuan/ton respectively, up 300 yuan/ton, 200 yuan/ton, and 200 yuan/ton; the main basis of live pigs is 440 yuan/ton, up 470 yuan/ton [2] 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; CPI year - on - year is - 0.3%, up 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 2,970 yuan/ton, up 10 yuan/ton; the spot price of corn is 2,240.88 yuan/ton, down 1.67 yuan/ton; the DCE pig feed cost index is 881.43, up 6.95; the monthly output of feed is 31,287,000 tons, up 2,015,000 tons; the price of binary breeding sows is 1,530 yuan/head, unchanged; the breeding profit of purchased piglets is - 289.07 yuan/head, up 86.22 yuan/head; the breeding profit of self - bred and self - raised pigs is - 185.68 yuan/head, up 59.02 yuan/head; the monthly import volume of pork is 80,000 tons, unchanged; the average price of white - striped chicken in the main producing areas is 14.1 yuan/kg, down 0.2 yuan/kg [2] 4. Downstream Situation - The monthly 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 450.86 billion yuan, up 12.9 billion yuan [2] 5. Industry News - On October 28, the daily slaughter volume of live pigs in key provincial sample slaughtering enterprises was 147,413 heads, up 0.15% from the previous day. The supply pressure eases as the group farms slow down their slaughter rhythm at the end of the month and the average slaughter weight decreases slightly. The secondary fattening entry supports the spot market price, but its sustainability needs to be observed. The terminal demand increases with the drop in temperature, and some slaughter enterprises actively store, leading to a continuous marginal improvement in demand [2]