饲料养殖日报-20251205

Report Overview - The report is a daily report on the feed and breeding industry, covering the markets of pigs, corn & starch, and eggs on December 5, 2025 [1] Pig Market Core View - Policy disturbances may affect the long - term supply of pigs. The long - term trend is strategically bullish, but the short - to medium - term is still based on fundamentals. Recently, the second - fattening replenishment has weakened, the near - term slaughter pressure persists, and the far - term trend is bullish due to expectations [3] Spot Prices - The national average spot price of pigs is 11.11 yuan, down 0.02 yuan or - 0.18%. Prices vary in different regions, such as 11.39 yuan in Henan (up 0.16 yuan or 1.42%), 11 yuan in Hunan (down 0.05 yuan or - 0.45%) [4] Futures Prices - Futures prices of different contracts show different trends. For example, the closing price of the "Pig 01" contract is 11385 yuan, with no change; the "Pig 03" contract is 11085 yuan, down 105 yuan or - 0.94% [5] Spreads and Basis - Spreads and basis between different contracts and regions have fluctuated. For instance, the spread of "LH01 - 03" is 195 yuan, down 60 yuan or - 23.53%; the basis of "Henan - 01 contract" is - 155 yuan, down 155 yuan or - 50% [10] Corn & Starch Market Core View - The national corn price continues to rise slightly. Ports and the Northeast production area have seen price increases, while the high arrival volume in Shandong restrains the upward trend. Spot transactions are good. The futures market is in a consolidation phase after continuous rallies, with some long - position liquidation, but the fundamental support makes the medium - term trend bullish [14] Futures Prices - Different corn and corn starch contracts show different price changes. For example, the closing price of the "Corn 01" contract is 2295 yuan, up 8 yuan or 0.35%; the "Corn 05" contract is 2286 yuan, down 8 yuan or - 0.35% [15] Spot and Basis - Corn and corn starch spot prices and basis in different regions have changed. For example, the price of corn at Jinzhou Port is 2325 yuan, up 20 yuan; the basis of Jinzhou Port main - continuous contract is 18 yuan, down 23 yuan [20] Month - to - Month Spreads - Month - to - month spreads of corn and corn starch have different changes. For example, the "Corn 1 - 5 month spread" is - 7 yuan, up 23 yuan; the "Starch 1 - 5 month spread" is - 34 yuan, up 22 yuan [23] US Corn Prices and Import Profits - US corn futures and spot prices have increased, and there is import profit. For example, the price of the CBOT corn main - continuous contract is 446.5, up 3.25 or 0.73%, and the import profit from the US Gulf is 320.49 yuan [28] Egg Market Core View - In the long - term, the egg - laying hen production capacity is still in excess, putting pressure on prices. In the short - term, due to the rapid decline in egg prices after the festival, some farmers have culled or molted chickens. Overall, the production capacity is at a high level but approaching an inflection point, and the general trend is still bearish [30] Futures Prices - Futures prices of different egg contracts show different trends. For example, the closing price of the "Egg 01" contract is 3117 yuan, down 21 yuan or - 0.67%; the "Egg 05" contract is 3589 yuan, down 25 yuan or - 0.69% [30] Spot Prices - Egg spot prices in different regions and types have decreased. For example, the price of main - producing area eggs is 3 yuan, down 0.06 yuan or - 1.96%; the price of main - consuming area eggs is 3.05 yuan, down 0.04 yuan or - 1.29% [31] Spreads and Basis - Spreads and basis between different egg contracts and regions have fluctuated. For instance, the spread of "Egg 1 - 5" is - 476 yuan, down 13 yuan or 2.81%; the basis of "main - producing area - egg main contract" is - 78 yuan, down 10 yuan or 14.71% [41]