瑞达期货生猪产业日报-20251204

Report Overview - Report Date: December 4, 2025 [1] - Report Type: Daily Report on the Pig Industry 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Report's Core View - Supply is at a relatively high level and difficult to reverse in the short - term, and supply and demand are in a game stage, so prices will remain under pressure overall. Although winter is the peak consumption season for pork, with some regional pickling and sausage - making activities starting sporadically and overall demand improving, the supply pressure persists. [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - The closing price of the main futures contract for live pigs is 11,385 yuan/ton, down 105 yuan. The main contract's open interest is 90,529 lots, down 1,229 lots. The number of warehouse receipts is 85 lots. The net long position of the top 20 futures holders is - 42,823 lots, down 1,872 lots. [2] 3.2 Spot Prices - The live pig price in Henan Zhumadian is 11,200 yuan/ton (unchanged), in Jilin Siping is 10,900 yuan/ton (unchanged), and in Guangdong Yunfu is 12,200 yuan/ton, down 300 yuan. The main live pig basis is - 185 yuan/ton, up 105 yuan. [2] 3.3 Upstream Situation - The monthly live pig inventory is 43,680 million heads, an increase of 1,233 million heads. The inventory of breeding sows is 3,990 million heads, up 0.5%. The spot price of soybean meal in Zhangjiagang is 3,060 yuan/ton, down 45 yuan. The corn spot price is 2,348.63 yuan/ton, up 8.73 yuan. The Dalian Commodity Exchange pig feed cost index is 917.37, up 3.58. [2] 3.4 Industry Situation - The monthly output of feed is 29.57 million tons, down 1.717 million tons. The weekly price of binary breeding sows is 1,449 yuan/head, down 4 yuan. The weekly breeding profit for purchased piglets is - 248.82 yuan/head, down 14.19 yuan, and for self - bred and self - raised pigs is - 147.99 yuan/head, down 12.09 yuan. The monthly import volume of pork is 70,000 tons, down 10,000 tons. The weekly average price of white - striped chicken in the main producing areas is 13.9 yuan/kg (unchanged). [2] 3.5 Downstream Situation - The monthly slaughter volume of designated live pig slaughtering enterprises is 3,834 million heads, an increase of 250 million heads. The monthly value of catering revenue in total social consumer goods retail sales is 519.9 billion yuan, an increase of 69.04 billion yuan. [2] 3.6 Industry News - On December 4, the daily slaughter volume of key provincial sample slaughtering enterprises was 155,535 heads, a month - on - month increase of 0.12%. To meet the annual output target, large - scale farms are expected to continue normal slaughter, and the supply of large pigs from small - scale farmers will increase, so the supply side still faces pressure. [2] 3.7 Key Points of Attention - The live pig 2601 contract fell 0.83%, and the live pig 2603 contract fell 0.44%, both under pressure from the moving average system. Attention should be paid to the slaughter rhythm of breeders and pickling activities. [2]