生猪产业日报-20260325

Report Date - The report is dated March 25, 2026 [2] Report Industry Investment Rating - Not provided Core View - The supply of live pigs is sufficient, while the demand lacks positive factors, and the fundamentals are bearish. The live pig spot market is weakly operating. On the futures market, the main 2605 contract fell 0.55%, continuing the downward trend. Attention should be paid to the impact of capital flow on the market [3] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for live pigs was 9,980 yuan/ton, a decrease of 65 yuan; the open interest of the main contract was 213,787 lots, an increase of 1,529 lots; the number of warehouse receipts was 1,009 lots, a decrease of 23 lots; the net long position of the top 20 futures holders was -66,831 lots, a decrease of 4,773 lots [3] Spot Market - The live pig price in Zhumadian, Henan was 9,700 yuan/ton, a decrease of 100 yuan; in Siping, Jilin was 9,200 yuan/ton, a decrease of 200 yuan; in Yunfu, Guangdong was 10,100 yuan/ton, unchanged. The basis of the live pig main contract was -280 yuan/ton, a decrease of 35 yuan [3] Upstream Situation - The national live pig inventory was 42,9670,000 heads, a decrease of 7130,000 heads; the national breeding sow inventory was 3,9610,000 heads, a decrease of 290,000 heads. The CPI year-on-year was 1.3%, an increase of 1.1 percentage points. The spot price of soybean meal in Zhangjiagang was 3,280 yuan/ton, a decrease of 20 yuan; the spot price of corn was 2,452.65 yuan/ton, a decrease of 0.19 yuan; the Dalian Commodity Exchange pig feed cost index was 951.71, an increase of 95.05. The monthly output of feed was 30,086,000 tons, an increase of 307,000 tons. The price of binary breeding sows was 1,424 yuan/head, unchanged. The breeding profit of purchased piglets was -141.48 yuan/head, a decrease of 23.3 yuan; the breeding profit of self - bred and self - raised live pigs was -297.68 yuan/head, a decrease of 14.53 yuan. The monthly import volume of pork was 50,000 tons, a decrease of 20,000 tons; the average price of white - striped chickens in the main producing areas was 13.7 yuan/kg, unchanged [3] Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises was 3,1770,000 heads, a decrease of 1,2270,000 heads. The cumulative catering revenue in February was 102.64 billion yuan, an increase of 45.26 billion yuan [3] Industry News - According to Shanghai Ganglian's sample data of key breeding enterprises, on March 25, 2026, the daily national live pig sales volume of key breeding enterprises was 298,878 heads, an increase of 0.31% from the previous day. The breeding end is in normal sales mode, with an increase in the sales of some large pigs, resulting in supply pressure. Attention should be paid to whether large - scale farms will reduce sales at the end of the month to temporarily relieve the supply pressure [3]