生猪数据日报-20251127

Report Summary 1. Core View - When supply is large and demand lacks concentrated boost, the spot market is weak, and near - month contracts follow the spot with a volatile and bearish trend. Spot prices remain volatile and weak. Recent demand support and unsold fat pigs provide some support, but the sustainability of cold - weather - driven traditional demand needs observation. The overall loss in pig - farming profit is not large, the duration is short, and the de - stocking speed is limited. There is still pressure on the supply - side for pig sales, and although there are local diseases, they are within the normal range. The 01 contract entered the position - limit period one month before delivery this week, and due to concerns about winter pig diseases, the futures price rose. Currently, the 01 contract has a premium over the spot [3]. 2. Key Data 2.1 Spot Prices - On November 26, 2025, the national average pig price was 11.42 yuan/kg, down 0.2 yuan/kg. Different regions had different price changes, such as Henan at 11.35 yuan/kg (up 0.01 yuan/kg), Hunan at 11.1628 yuan/kg (down 0.25 yuan/kg), etc [3]. 2.2 Futures Prices - LH2601 was at 11,540 yuan, up 125 yuan; LH2603 was at 11,365 yuan, up 70 yuan; LH2605 was at 12,060 yuan, up 65 yuan. The spread between LH2601 and LH2603 was 175 yuan (up 55 yuan) on November 26 [3]. 2.3 Pig - related Data - According to Yongyi data, the average weight of pigs for sale this week was 128.81 kg, an increase of 0.33 kg from last week, with a week - on - week increase of 0.26% [3].