生猪期货日报-20251225

Report Overview - Research Variety: Live pigs [1] - Report Cycle: Daily [1] - Report Date: December 23, 2025 [1] 1. Futures Market 1.1 Contract Quotes - The lh2603 live pig futures contract showed a volatile trend, closing at 11,415 points, up 0.71% from the previous settlement price, with a trading volume of 56,400 lots and an open interest of 161,900 lots [2] 1.2 Variety Prices - All live pig futures contracts generally rose, with a total open interest of 344,624 lots, a decrease of 2,251 lots from the previous trading day [4] 1.3 Related Quotes - The trading volume of live pig options was 11,008 lots, the total open interest was 57,599 lots, an increase of 1,378 lots, and the total exercise volume on the day was 0 lots [6] 2. Spot Market 2.1 Basis Data - The live pig basis was 245 yuan/ton yesterday and 239 yuan/ton today, a decrease of 6 yuan/ton from the previous trading day, showing a slight convergence [7] 2.2 Registered Warehouse Receipts - The warehouse receipt report of the Dalian Commodity Exchange showed that there were 863 registered warehouse receipts today, an increase of 40 lots from the previous trading day [8] 3. Influencing Factors 3.1 Industry News - Shanghai will include the live pig income insurance in the municipal financial agricultural insurance premium subsidy regular insurance, with different subsidy ratios for farmers in涉农 areas and municipal - owned enterprises, and the financial department will subsidize the insurance premiums for pigs within 105% of the basic supply volume [10][11] 3.2 Technical Analysis - The lh2603 live pig futures contract closed with a positive daily line, with a brief intraday rise. The K - line was near the upper track of the BOLL line, and the BOLL line was in a closing state [12] 4. Market Outlook - After the Winter Solstice, the small peak of demand in the live pig market has passed, and the supply - side contradiction remains to be released. However, the southern curing has gradually started, and the enthusiasm for second - fattening has increased. The price of the LH2603 live pig futures contract will continue the low - level volatile trend, and is expected to remain in a wide - range low - level shock in the short term [14][15]