瑞达期货生猪产业日报-20260326

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The supply of live pigs is sufficient, while the demand lacks positive factors, resulting in a clear pattern of strong supply and weak demand. The spot price of live pigs is running weakly. The main 2605 contract fell 1.94% and continued to bottom out, reaching a minimum of 9830 yuan/ton during the session. Attention should be paid to state purchases, secondary fattening, and capital flows [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for live pigs was 9835 yuan/ton, a decrease of 145 yuan; the position volume of the main contract was 219,402 lots, an increase of 5,615 lots; the number of warehouse receipts was 1,009 lots, unchanged; the net long position of the top 20 futures holders was -65,829 lots, an increase of 1,002 lots [2] 3.2 Spot Market - The live pig price in Zhumadian, Henan was 9,600 yuan/ton, a decrease of 100 yuan; in Siping, Jilin was 9,000 yuan/ton, a decrease of 200 yuan; in Yunfu, Guangdong was 10,100 yuan/ton, unchanged. The basis of the main live pig contract was -235 yuan/ton, an increase of 45 yuan [2] 3.3 Upstream Situation - The national live pig inventory was 429.67 million heads, a decrease of 7.13 million heads; the national breeding sow inventory was 39.61 million heads, a decrease of 290,000 heads [2] 3.4 Industry Situation - The year-on-year increase of CPI was 1.3%, an increase of 1.1 percentage points; the spot price of soybean meal in Zhangjiagang was 3,280 yuan/ton, unchanged; the spot price of corn was 2,452.55 yuan/ton, a decrease of 0.1 yuan; the Dalian Commodity Exchange pig feed cost index was 956.82, an increase of 5.11; the monthly output of feed was 30.086 million 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 [2] 3.5 Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises was 31.77 million heads, a decrease of 12.27 million heads; the cumulative catering revenue in February was 1.0264 trillion yuan, an increase of 452.6 billion yuan [2] 3.6 Industry News - According to Mysteel data, on March 26, the daily slaughter volume of live pigs by sample slaughtering enterprises in key provinces was 138,168 heads, a month - on - month increase of 1.34%. The farming end is slaughtering normally, and the slaughter of some large pigs has increased, resulting in supply pressure. Attention should be paid to whether large - scale farms will reduce the slaughter volume at the end of the month to briefly relieve the supply pressure [2]