生猪日报：出栏压力好转，价格震荡运行-20260331

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The spot prices of live pigs across the country are oscillating, and the downward pressure on pig prices in various regions has generally improved. The overall出栏量 of large - scale enterprises has decreased, and the pressure on future pig出栏量 may be better than before. The出栏量 of ordinary farmers has changed little and remains at a relatively low level, and future出栏量 may increase. Secondary fattening has shown some signs of entry, but the market is still cautious. The supply - side pressure is still obvious, and the short - term supply and demand in the live pig market are still relatively loose. The downward pressure on live pig futures prices has shifted to the far - month contracts, and the near - month contracts show obvious support. In the short term, futures prices may stabilize. If the spot price stabilizes, secondary fattening may drive the spot price up again, and futures may be supported. In the long - term, the supply - side pressure is still significant, and the overall price is expected to decline [1][3] 3. Summary by Relevant Catalogs Spot Information - Today, live pig prices across the country are oscillating, and the downward pressure on pig prices in various regions has generally improved. The overall出栏量 of large - scale enterprises has decreased, and the pressure on future pig出栏量 may be better than before. The出栏量 of ordinary farmers has changed little and remains at a relatively low level, and future出栏量 may increase. Secondary fattening has shown some signs of entry, but the market is still cautious. The出栏 weight of live pigs remains at a relatively high level, and the supply - side pressure is still obvious [1] Futures Information - The downward pressure on live pig futures prices has shifted to the far - month contracts, and the near - month contracts show obvious support. The decline has narrowed. In the short term, futures prices may stabilize. If the spot price stabilizes, secondary fattening may drive the spot price up again, and futures may be supported. In the long - term, the supply - side pressure is still significant, and the overall price is expected to decline [3] Transaction Strategies - Unilateral: It is recommended to take a bearish view on the 07 contract. Arbitrage: LH79 reverse spread. Options: Near - month short straddle strategy [4]