农产品日报：出栏积极性提升，猪价维持震荡-20251126

Report Industry Investment Rating - The investment rating for both the pig and egg markets is cautiously bearish [3][5] Core Viewpoints - For the pig market, future supply will increase, especially in December with concentrated slaughter from散户 and secondary fattening. The supply-demand situation remains loose as supply growth outpaces consumption growth despite ongoing demand increase [2] - For the egg market, current consumption is in a weak state. Although egg production capacity is gradually decreasing, the short - term supply - demand imbalance persists, and spot prices are expected to fluctuate at low levels [4] Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2601 contract was 11,415 yuan/ton, up 15 yuan/ton or 0.13% from the previous trading day [1] - Spot: In Henan, the price of external ternary live pigs was 11.35 yuan/kg, down 0.05 yuan/kg; in Jiangsu, it was 11.45 yuan/kg, down 0.20 yuan/kg; in Sichuan, it was 11.57 yuan/kg, unchanged from the previous day [1] - Wholesale market: On November 25, the "Agricultural Product Wholesale Price 200 Index" rose 0.24 points, the "Vegetable Basket" product wholesale price index rose 0.28 points. The average wholesale price of pork was 17.72 yuan/kg, down 1.1% [1] Market Analysis - Future supply will increase, and the supply - demand situation will remain loose as supply growth outpaces consumption growth [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2601 contract was 3202 yuan/500 kilograms, down 8 yuan or 0.25% from the previous trading day [3] - Spot: In Liaoning, the egg price was 2.82 yuan/jin, up 0.09 yuan; in Shandong, it was 3.00 yuan/jin, up 0.05 yuan; in Hebei, it was 2.64 yuan/jin, unchanged from the previous day [3] - Inventory: On November 25, the national production - link inventory was 1.06 days, down 0.10 days or 8.62%; the circulation - link inventory was 1.32 days, down 0.03 days or 2.22% [3] Market Analysis - Consumption demand is weak. Although egg production capacity is gradually decreasing, the short - term supply - demand imbalance persists, and spot prices are expected to fluctuate at low levels [4] Strategy - Cautiously bearish [5]