瑞达期货生猪产业日报-20251105

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The entry of secondary fattening has decreased, and the increase in terminal demand is limited. The support for price decline has weakened. As the slaughter rhythm changes, the supply - demand pattern will remain loose, restricting price movements. The futures main contract 2601 has reduced positions and risen due to short - covering, but the fundamentals are weak, and it is expected to fluctuate. It is recommended to close short positions on dips [2] 3. Summary According to Relevant Catalogs 3.1 Futures Disk - The closing price of the futures main contract for live pigs is 11,945 yuan/ton, up 260 yuan; the main contract position is 136,383 lots, down 9,914 lots; the number of warehouse receipts is 90 lots, down 95 lots; the net long position of the top 20 futures holders is - 31,257 lots, up 2,525 lots [2] 3.2 Spot Price - The live pig price in Henan Zhumadian is 11,800 yuan/ton, down 200 yuan; in Jilin Siping is 11,900 yuan/ton, down 200 yuan; in Guangdong Yunfu is 12,500 yuan/ton, down 200 yuan; the main live pig basis is - 145 yuan/ton, down 460 yuan [2] 3.3 Upstream Situation - The live pig inventory is 436.8 million heads, up 12.33 million heads; the inventory of breeding sows is 40.35 million heads, down 30,000 heads [2] 3.4 Industry Situation - The year - on - year CPI is - 0.3%, up 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 3,050 yuan/ton, up 10 yuan; the spot price of corn is 2,234.31 yuan/ton, up 0.58 yuan; the Dalian Commodity Exchange pig feed cost index is 893.14, up 4.72; the monthly output of feed is 31.287 million tons, up 2.015 million tons; the price of binary breeding sows is 1,515 yuan/head, down 15 yuan; the breeding profit of purchased piglets is - 179.72 yuan/head, up 109.35 yuan; the breeding profit of self - bred and self - raised live pigs is - 89.33 yuan/head, up 96.35 yuan; the monthly import volume of pork is 80,000 tons, unchanged; the average price of white - striped chickens in the main producing areas is 13.8 yuan/kg, down 0.3 yuan [2] 3.5 Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 35.84 million heads, up 2.34 million heads; the monthly retail sales of social consumer goods in the catering industry is 450.86 billion yuan, up 12.9 billion yuan [2] 3.6 Industry News - On November 5, 2025, the daily slaughter volume of key breeding enterprises nationwide was 280,543 heads, down 0.23% from the previous day. The slaughter rhythm of group farms slowed down at the beginning of the month and will gradually recover later. Although the November slaughter plan decreased month - on - month according to consulting agency data, there is still slaughter pressure. Currently, the attitude towards secondary fattening is cautious, and the number of entries has decreased [2]