生猪日报：供应压力仍存，现货继续回落-20251105

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The overall supply pressure in the live pig market remains high, with continuous high monthly live pig slaughter volume and high live pig inventory and slaughter weight. The subsequent spot price of live pigs is expected to be weak, and there is still pressure on pig prices [3][4]. - The futures price of live pigs shows a rebound trend, but the subsequent supply pressure is still obvious. The spot price is mainly downward, and the recent rebound space of futures may be limited. The futures market is expected to fluctuate mainly [4]. 3. Summary by Relevant Catalogs 3.1 Spot Price - Today, the spot prices of live pigs across the country have generally declined. The average price has dropped from 11.89 yuan/kg yesterday to 11.56 yuan/kg, a decrease of 0.33 yuan/kg [3]. 3.2 Futures Price - The futures prices of most live pig contracts have risen. For example, LH01 has increased from 11,685 yuan to 11,945 yuan, an increase of 260 yuan; LH03 has increased from 11,360 yuan to 11,490 yuan, an increase of 130 yuan [3]. 3.3 Sow/Piglet Price - The price of piglets has increased from 175 yuan last week to 198 yuan this week, an increase of 23 yuan; the price of sows has increased from 1,545 yuan last week to 1,546 yuan this week, an increase of 1 yuan [3]. 3.4 Spot Breeding Profit - The spot breeding profit of self - breeding and self - raising has increased from - 185.68 yuan to - 89.33 yuan, an increase of 96.35 yuan; the spot breeding profit of purchasing piglets has increased from - 289.07 yuan to - 179.72 yuan, an increase of 109.35 yuan [3]. 3.5 Slaughter End - The slaughter volume has increased from 158,004 heads yesterday to 159,258 heads today, an increase of 1,254 heads [3]. 3.6 Contract Spread - The spread of LH7 - 9 has decreased from - 790 yuan to - 795 yuan, a decrease of 5 yuan; the spread of LH9 - 1 has decreased from 1,570 yuan to 1,495 yuan, a decrease of 75 yuan [3]. 3.7 Size Pig Spread - The spread between standard pigs and medium - sized pigs has decreased from 0.4 yuan to 0.37 yuan, a decrease of 0.03 yuan; the spread between large pigs and standard pigs has increased from 0.61 yuan to 0.64 yuan, an increase of 0.03 yuan [3]. 3.8 Trading Strategy - Unilateral: Wait and see - Arbitrage: Wait and see - Options: Sell the wide - straddle strategy [5]