农产品日报：需求有所回升，猪价延续震荡-20251107

Group 1: Report Industry Investment Rating - Investment rating for both the pig and egg markets is cautiously bearish [3][5] Group 2: Report's Core View - The supply - demand situation of pigs shows a pattern of strong supply and weak demand, which is difficult to change due to factors such as the decline in consumption after the Spring Festival, the increase in supply, and the expected end - of - year synchronized slaughter of second - fattened pigs [2] - For eggs, the current situation of new grain being concentrated on the market and supply exceeding demand remains unchanged, and the corn price is expected to continue to fluctuate weakly this week [4] Group 3: Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2601 contract yesterday was 11,940 yuan/ton, a change of - 5.00 yuan/ton from the previous trading day, a decrease of 0.04% [1] - Spot: In Henan, the price of external ternary live pigs was 11.94 yuan/kg, up 0.09 yuan/kg from the previous trading day; in Jiangsu, it was 11.96 yuan/kg, unchanged; in Sichuan, it was 11.46 yuan/kg, unchanged [1] - Agricultural product prices: On November 6th, the "200 - index of agricultural product wholesale prices" was 124.92, down 0.05 points from the previous day. The average wholesale price of pork in the national agricultural product wholesale market was 18.06 yuan/kg, down 0.7% [1] Market Analysis - The inventory of large and medium - sized pigs over 5 months old in the country decreased by 0.1% month - on - month and the year - on - year decline narrowed by 2.4%. The number of newly born piglets increased by 0.3% month - on - month and 6.6% year - on - year, with large - scale farms showing an increase of 1.8% month - on - month and 11% year - on - year, indicating significant long - term supply pressure [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2512 contract yesterday was 3227 yuan/500 kilograms, a change of + 10.00 yuan from the previous trading day, an increase of 0.31% [3] - Spot: In Liaoning, the egg spot price was 2.69 yuan/jin, unchanged; in Shandong, it was 2.95 yuan/jin, up 0.10 yuan; in Hebei, it was 2.80 yuan/jin, up 0.04 yuan [3] - Inventory: On November 6, 2025, the production - link inventory was 1.08 days, a decrease of 0.05 days from the previous day, a decrease of 4.42%. The circulation - link inventory was 1.26 days, a decrease of 0.03 days from the previous day, a decrease of 2.33% [3] Market Analysis - Deep - processing and feed enterprises have relatively low inventory, weak willingness to build inventory, and a strong wait - and - see attitude, with spot - on - demand procurement being the main trend [4] Strategy - Cautiously bearish [5]