生猪日报：出栏压力减少，现货逐步下行-20260120

Group 1: Report Information - Report Title: "Livestock Daily - Pig Report" [1] - Report Date: January 20, 2026 [1] - Researcher: Chen Jiezheng [2] Group 2: Investment Rating - Not provided Group 3: Core Viewpoints - The pressure on pig slaughter has decreased, and the spot price is gradually declining [1] - The overall supply of the pig market remains sufficient, and the future spot price is expected to be mainly downward [3][5] - The futures price of pigs continued to decline today, and the overall upward sustainability may be relatively limited [5] Group 4: Market Data Summary - Spot Prices: Today, pig prices across the country showed a downward trend. The average price remained unchanged at 13.03 yuan/kg, with prices in most regions experiencing a decline [3] - Futures Prices: Most futures contracts showed a downward trend, with LH01 down 110 yuan to 12,030 yuan, LH03 down 155 yuan to 11,550 yuan, etc. Only LH09 increased by 20 yuan to 13,450 yuan [3] - Sow/Piglet Prices: Piglet prices rose from 330 yuan last week to 352 yuan this week, while sow prices remained unchanged at 1,557 yuan [3] - Spot Breeding Profits: The spot breeding profit for self - breeding and self - raising increased from - 11.54 yuan to 7.39 yuan, and the profit for purchasing piglets increased from - 2.31 yuan to 48.35 yuan [3] - Slaughter End: The slaughter volume decreased from 191,453 heads yesterday to 186,611 heads today, a decrease of 4,842 heads [3] - Pig Price Spreads: The spreads between different sizes of pigs showed certain changes, with the spread between standard pigs and medium - sized pigs increasing by 0.03 yuan, and the spread between medium - large pigs and standard pigs decreasing by 0.02 yuan [3] Group 5: Trading Strategies - Unilateral: Adopt a bearish mindset [6] - Arbitrage: Wait and see [6] - Options: Sell a wide - straddle strategy [6]