生猪、玉米周报：生猪现货重心上移，玉米市场供需博弈-20260105

Report Summary 1. Industry Investment Rating No information provided regarding the report's industry investment rating. 2. Core Viewpoints - The national live - hog spot price has shifted upwards before the festival, but there is still an expectation of weakening after the festival due to supply - demand dynamics [5]. - The corn market is in a state of supply - demand game in the short term, and the futures market should be treated with a short - term trading mindset [8]. 3. Summary by Commodity Live - hog - Futures: Last week, the live - hog futures opened slightly higher. The LH2603 contract closed at 11,795 yuan/ton, up 1.81% from the previous week's settlement price [5]. - Spot: The national average price of outer three - yuan live hogs was 12.24 yuan/kg, up 0.61 yuan/ton week - on - week. As of January 2nd, the self - breeding and self - raising profit was - 34.59 yuan/head, a week - on - week increase of 95.52 yuan/head; the profit of purchasing piglets for breeding was - 48.35 yuan/head, a week - on - week increase of 114.35 yuan/head; the pig - grain ratio was 5.37, up 0.35 week - on - week [5]. - Market trend: Before the festival, the supply decreased and the market was active, with strong price - holding sentiment. After the festival, the supply pressure is limited at the beginning of the month, but the supply - demand situation may lead to a weakening price [5]. Corn - Futures: Last week, the corn futures rose and then fell. The C2603 contract closed at 2,226 yuan/ton, up 0.82% from the previous week's settlement price [6]. - Spot: The national average spot price of corn was 2,351.57 yuan/ton, up 12.94 yuan/ton week - on - week. Port prices showed different trends, with some remaining flat and some falling [6]. - Consumption: From December 25th to 31st, 2025, 149 major corn deep - processing enterprises consumed 138.28 tons, a week - on - week decrease of 1.41 tons. The processing volume, production, and operating rates of corn starch and corn alcohol enterprises all decreased [7]. - Inventory: As of December 31st, 2025, the total inventory of 96 major corn processing enterprises in 12 regions was 349.4 tons, with an increase of 3.43% [7]. - Market trend: The spot price was stable with a slight upward trend. The selling pace of farmers slowed down, but the continuous auction of imported corn supplemented the supply. Deep - processing enterprises had inventory replenishment needs but limited purchasing power for high - priced corn, resulting in a supply - demand game [8].