供应压力较大，价格继续下行

Group 1: Report Title and Date - The report is titled "Pig Daily Report" dated March 19, 2026 [1] Group 2: Investment Rating - Not provided Group 3: Core Views - The supply pressure of the pig market is relatively large, and the price continues to decline. The overall downward pressure on pig prices in various regions has increased. The subsequent supply pressure still exists, and the market supply and demand are relatively loose in the short term. The price is mainly downward, and the futures price is expected to decline in the medium and long term [1][3][4] Group 4: Price Information Spot Prices - Today, the spot prices of pigs in various regions across the country are showing a downward trend. For example, the price in Henan dropped from 10.09 to 10.02, a decrease of 0.07. The average price dropped from 9.98 to 9.87, a decrease of 0.11 [3] Futures Prices - The futures prices of pigs continue to show a significant downward trend, but after a large decline recently, the overall decline has begun to narrow. For example, LH01 dropped from 13490 to 13405, a decrease of 85 [3][4] Sow/Piglet Prices - The piglet price dropped from 316 to 294, a decrease of 22, while the sow price remained unchanged at 1539 [3] Contract Spreads - For example, LH7 - 9 spread changed from -990 to -1130, a decrease of 140 [3] Spot Breeding Profits - The spot breeding profit of self - breeding and self - raising dropped from -237.98 to -283.15, a decrease of 45.17; the profit of purchasing piglets dropped from -58.89 to -118.18, a decrease of 59.29 [3] Slaughter Information - The slaughter volume increased from 151310 to 152327, an increase of 1017 [3] Size Pig Price Spreads - The price spread between standard pigs and medium pigs decreased from 0.51 to 0.5, a decrease of 0.01; the price spread between large pigs and standard pigs increased from 1 to 0.54, an increase of 0.02 [3] Group 5: Market Analysis - Scale enterprises' pig sales volume continues to decline, and it is expected that the sales volume this month will continue to increase. The sales volume of ordinary farmers has changed little recently and remains at a relatively low level, and the subsequent sales may increase. The enthusiasm for secondary fattening is average, and the market entry is still relatively cautious. The pig slaughter weight remains at a relatively high level, and the supply - side pressure is still relatively obvious [3][4] Group 6: Trading Strategies - Unilateral: It is recommended to gradually close out the previous short positions - Arbitrage: It is recommended to wait and see - Options: Sell wide - straddle strategy for near - month contracts [5]