建信期货生猪日报-20260327

Group 1: Report Information - Report Title: Pig Daily Report [1] - Date: March 27, 2026 [2] - Research Team: Agricultural Products Research Team [4] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - The supply side of the pig market has large pressure as the production capacity continues to be realized and the slaughter volume increases. The demand side is in a state of slow recovery. The overall supply - demand situation is still relatively loose, and the spot price is mainly in a weak shock. The futures market is also weak, and attention should be paid to the rhythm and volume of secondary fattening [9] Group 4: Market Review and Operation Suggestions Futures Market - On the 26th, the main 2605 contract of live pigs opened slightly lower, then rose and then fell in shock, closing with a negative line. The highest price was 10,020 yuan/ton, the lowest was 9,830 yuan/ton, and the closing price was 9,980 yuan/ton, down 1.94% from the previous day. The total open interest of the index increased by 12,597 lots to 452,824 lots [8] Spot Market - On the 26th, the average price of ternary pigs nationwide was 9.40 yuan/kg, down 0.09 yuan/kg from the previous day [8] Supply - demand Analysis - Supply: In March, the planned slaughter volume was 27.25 million heads, with a monthly planned volume increase of 25.29% month - on - month, and the overall supply was still abundant [9] - Demand: As the price dropped to a low level and the price difference between fat and lean pigs was advantageous, there was a small amount of secondary fattening in some areas. The terminal demand continued to slowly increase, the orders of slaughtering enterprises increased slightly, and the slaughtering rate and volume increased slightly. On March 26th, the slaughter volume of sample slaughtering enterprises was 156,400 heads, an increase of 1,600 heads from the previous day, 4,100 heads week - on - week, and 34,000 heads month - on - month [9] Operation Suggestions - In the spot market, the price is mainly in a weak shock due to large supply pressure. In the futures market, the 05/07 contracts are mainly weak, and attention should be paid to the rhythm and volume of subsequent secondary fattening [9] Group 5: Industry News - As of March 19th, the expected cost of self - breeding and self - fattening was 12.21 yuan/kg, unchanged week - on - week. The cost of fattening with purchased piglets was affected by both feed and piglet prices. The expected cost of fattening purchased piglets to 125 kg and then selling was 12.15 yuan/kg, a decrease of 0.27 yuan/kg week - on - week [10] Group 6: Data Overview - As of March 19th, the average profit per head of self - breeding and self - fattening was - 292 yuan/head, a decrease of 15.6 yuan/head week - on - week; the average profit per head of fattening with purchased piglets was - 189 yuan/head, a decrease of 10 yuan/head week - on - week [20] - In the week of March 19th, the average market sales price of 6.5 kg piglets was 294 yuan/head, a decrease of 32 yuan/head from the previous week [20] - In the week of March 19th, the average slaughter weight of national live pigs was 128.62 kg, an increase of 0.07 kg from the previous week, with a month - on - month increase of 0.05% [20] - In the week of March 19th, the cost of purchasing 110 kg pigs and fattening them to 140 kg was 10.17 yuan/kg, a slight increase of 0.03 yuan/kg from the previous week; the cost of purchasing 125 kg pigs and fattening them to 150 kg was 10.21 yuan/kg, the same as the previous week. The feed price and pig price did not change significantly, and the secondary fattening cost did not change much [20]