生猪、玉米周报-20260126

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The price center of live pigs continues to move up, and the corn futures price has broken through 2300 again. The short - term price of live pigs is expected to be relatively firm, while the upward expectation of the corn market may converge and there is a risk of high - level adjustment [3][4][7] 3. Summary by Related Catalogs Live Pigs - Futures: Last week, the live pig futures declined significantly. The LH2603 contract closed at 11,565 yuan/ton, a 3.26% drop from the previous week's settlement price [4] - Spot: The national ex - ternary live pig market price was 12.97 yuan/kg, a week - on - week increase of 0.28 yuan/ton. The self - breeding and self - raising profit was 43.35 yuan/head, a week - on - week increase of 35.96 yuan/head; the profit of purchasing piglets was 115.84 yuan/head, a week - on - week increase of 67.49 yuan/head; the pig - grain ratio was 5.64, a week - on - week increase of 0.13 [4] - Market Situation: The national live pig spot market rose first and then fell last week, with the overall price center moving up. The market sentiment was supported by the temperature drop, but the actual transaction was average under high prices in the second half of the week. The supply side had no obvious fluctuations, and the market fluctuations mainly focused on the demand side. With the release of pre - Spring Festival stocking demand, the short - term price is expected to be relatively firm, and attention should be paid to the changes in the slaughter rhythm of large - scale farms [4] Corn - Futures: Last week, the corn futures fell first and then rose. The C2603 contract closed at 2300 yuan/ton, a 0.35% increase from the previous week's settlement price [5] - Spot: The national average corn spot price was 2373.14 yuan/ton, a week - on - week increase of 9.22 yuan/ton. The prices at ports such as Jinzhou Port, Bayuquan Port, and Guangdong Shekou Port showed different degrees of increase or remained stable [5] - Deep - processing Consumption: From January 15th to January 21st, 2026, 149 major corn deep - processing enterprises consumed 138.15 tons of corn, a week - on - week increase of 2.56 tons. The processing volume of corn starch enterprises increased, and the weekly output of corn starch was 33.08 tons, a week - on - week increase of 1.54 tons, with an operating rate of 60.46%. The operating rate of the DDGS industry decreased, with a weekly output of 11.608 tons, a decrease of 0.139 tons or 1.18% [6] - Inventory: As of January 21st, 2026, the total corn inventory of 96 major corn processing enterprises in 12 regions was 383.8 tons, an increase of 6.91%. As of January 23rd, the total corn inventory of four northern ports was about 1.49 million tons, and the corn inventory at Guangdong Port was 680,000 tons [6] - Market Situation: The national corn spot market was oscillating strongly last week. The grain circulation in the Northeast was tight, and the market quotation was stable and strong. The purchase price of enterprises in North China first rose and then fell due to snow. The operating rate of the industry increased slightly, and the overall operating rate of alcohol enterprises decreased. Feed enterprises had relatively sufficient inventory, and downstream enterprises maintained rolling replenishment. The inventory of deep - processing enterprises was low year - on - year, and the pre - festival stocking demand boosted the market price, but the upward expectation may converge [7]