生猪、玉米周报：生猪价格重心下行，玉米盘面突破2200-20251124

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The supply of live pigs in the market is relatively loose, and the situation of over - supply persists. It is expected that the short - term live pig price will have limited rebound. [5] - The price of corn continued to rise last week. Although the upward momentum may slow down, the price is still driven by factors such as farmers' reluctance to sell, increased procurement by the state reserve, and downstream enterprises' restocking. [8] 3. Summary by Related Catalogs Live Pigs - Futures: The LH2601 contract of live pig futures closed at 11,350 yuan/ton last week, a 3.73% decrease from the previous week's settlement price. [5] - Spot: The national average market price of outer - ternary live pigs was 11.74 yuan/kg, a week - on - week decrease of 0.22 yuan/kg. [5] - Profit: As of November 21, the profit of self - breeding and self - raising live pigs was - 135.9 yuan/head, a week - on - week decrease of 21.09 yuan/head; the profit of purchasing piglets for breeding was - 234.63 yuan/head, a week - on - week decrease of 28.99 yuan/head; the pig - grain ratio was 5.23, a week - on - week decrease of 0.15. [5] - Market situation: The national live pig spot price first declined and then stabilized last week. The supply was relatively abundant, and the resistance of the breeding side to low prices increased, but the overall pressure to sell remained. The terminal demand had not increased significantly, and the support from the demand side was limited. [5] Corn - Futures: The C2601 contract of corn futures first declined and then rose last week, closing at 2,195 yuan/ton, a 0.6% increase from the previous week's settlement price. [6] - Spot: The national average spot price of corn was 2,280.29 yuan/ton, a week - on - week increase of 9.31 yuan/ton. The prices at ports such as Jinzhou Port, Bayuquan Port, and Guangdong Shekou Port all increased. [6] - Deep - processing consumption: From November 13 to 19, 2025, 149 major corn deep - processing enterprises consumed 138.31 tons of corn, a week - on - week decrease of 0.34 tons. The processing volume of corn starch enterprises decreased, and the weekly output of starch decreased, with the weekly operating rate dropping by 2.59%. The operating rate of the DDGS industry increased by 2.16%, and the weekly production increased by 3.21%. [7] - Inventory: As of November 19, the total corn inventory of 96 major corn processing enterprises in 12 regions decreased by 0.29%. As of November 21, the total corn inventory in the four northern ports was about 1.01 million tons, and the corn inventory in Guangdong Port was 714,000 tons. [7] - Market situation: The national corn spot price continued to rise last week. Logistics restrictions affected the supply of corn, and the arrival volume of deep - processing enterprises remained low, with the purchase price being stable and slightly stronger. The operating rate of the corn starch industry decreased slightly, while that of alcohol enterprises continued to rise. Feed enterprises had relatively high inventory and mainly purchased high - quality dry corn. The price increase may slow down in the future, and the short - term upper pressure levels are 2,210 - 2,220 yuan/ton. [8]