瑞达期货生猪产业日报-20260331

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The overall supply of the pig industry is abundant, the market sentiment is low, and the enthusiasm for secondary fattening entry is weak. Although the demand has a short - term boost before the Tomb - Sweeping Festival, it is still in the off - season, which restricts the subsequent slaughter recovery space. The price of live pigs is expected to show a weak and volatile trend. The current main 2605 contract has reduced positions and fallen, and the far - month 2607 contract has fallen more than 3%, continuing the downward trend. Attention should be paid to the impact of state reserves, secondary fattening, and capital fluctuations on the market [3] Group 3: Summary According to Relevant Catalogs 1. Futures Disk - The closing price of the main futures contract for live pigs is 9770 yuan/ton, a decrease of 235 yuan; the main contract position is 187160 lots, a decrease of 2159 lots; the number of warehouse receipts is 0 lots, a decrease of 441 lots; the net long position of the top 20 futures positions is - 63762 lots, an increase of 2362 lots [3] 2. Spot Price - The spot price of live pigs in Henan Zhumadian is 9500 yuan/ton, a decrease of 100 yuan; in Jilin Siping is 9300 yuan/ton, an increase of 100 yuan; in Guangdong Yunfu is 10200 yuan/ton, an increase of 100 yuan. The main basis of live pigs is - 270 yuan/ton, an increase of 135 yuan [3] 3. Upstream Situation - The national live pig inventory is 429670,000 heads, a decrease of 7130,000 heads; the national breeding sow inventory is 39610,000 heads, a decrease of 290,000 heads [3] 4. Industry Situation - The year - on - year CPI is 1.3%, an increase of 1.1 percentage points; the average spot price of soybean meal is 3288.86 yuan/ton, a decrease of 11.43 yuan; the average spot price of corn is 2448.8 yuan/ton, a decrease of 2.06 yuan; the DCE pig feed cost index is 943.48, a decrease of 0.23; the monthly output of feed is 28730,000 tons, a decrease of 340,000 tons; the price of binary breeding sows is 1424 yuan/head, unchanged; the breeding profit of purchased piglets is - 189.87 yuan/head, a decrease of 48.39 yuan; the breeding profit of self - bred and self - raised live pigs is - 344.24 yuan/head, a decrease of 46.56 yuan; the monthly import volume of pork is 50000 tons, a decrease of 20000 tons; the average price of white - striped chickens in the main producing areas is 13.7 yuan/kg, unchanged [3] 5. Downstream Situation - The cumulative catering revenue in February is 102.64 billion yuan, an increase of 45.26 billion yuan; the slaughter volume of national designated live pig slaughtering enterprises is 31.77 million heads, a decrease of 12.27 million heads [3] 6. Industry News - On March 31, the daily slaughter volume of key provincial sample slaughtering enterprises was 140514 heads, a month - on - month increase of 1.71%. The overall breeding side actively sold, and the supply was abundant. The market sentiment was low, and the enthusiasm for secondary fattening entry was weak. The slaughtering enterprise's operating rate continued to recover, and the frozen product storage capacity increased significantly [3]