瑞达期货生猪产业日报-20260401

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market sentiment is currently low, and the enthusiasm for secondary fattening is weak. On the demand side, the slaughtering enterprise's operating rate is continuously recovering, and the frozen product storage capacity has increased significantly. Although there was a short - term boost in demand before the Tomb - Sweeping Festival, it is difficult to change the terminal consumption trend, and the off - season demand limits the room for future slaughter recovery. Overall, the short - term price - support sentiment has temporarily stopped the decline of the spot price, but the pattern of loose supply and demand continues, and it is expected that the hog price will mainly show a weak and volatile trend. Technically, during the contract - changing period, the current main 2605 contract continued to bottom out, closing down 2.88% with a minimum of 9605 yuan/ton, and the 2607 contract fell 2.75%, showing weak price performance. Attention should be paid to the impact of state reserves, secondary fattening, epidemics, and capital fluctuations on the market [3] 3. Summary by Relevant Catalogs Futures Disk - The closing price of the main hog futures contract is 9610 yuan/ton, with a decrease of 160 yuan/ton; the main contract's open interest is 187,212 lots, an increase of 52 lots; the number of warehouse receipts is 525 lots, an increase of 525 lots; the net long position of the top 20 futures holders is - 60,942 lots, an increase of 2,820 lots [3] Spot Price - The hog price in Zhumadian, Henan is 9500 yuan/ton, unchanged; in Siping, Jilin it is 9300 yuan/ton, unchanged; in Yunfu, Guangdong it is 10000 yuan/ton, a decrease of 200 yuan/ton; the main hog basis is - 110 yuan/ton, an increase of 160 yuan/ton [3] Upstream Situation - The national hog inventory is 42,9670,000 heads, a decrease of 7130,000 heads; the national breeding sow inventory is 3,9610,000 heads, a decrease of 290,000 heads [3] 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 3262 yuan/ton, a decrease of 26.86 yuan/ton; the average spot price of corn is 2448.14 yuan/ton, a decrease of 0.66 yuan/ton; the Dalian Commodity Exchange's hog feed cost index is 939.52, a decrease of 3.96; the monthly output of feed is 28.73 million 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/head; the breeding profit of self - bred and self - raised hogs is - 344.24 yuan/head, a decrease of 46.56 yuan/head; the monthly import volume of pork is 50,000 tons, a decrease of 20,000 tons; the average price of white - striped chicken in the main production areas is 13.7 yuan/kg, unchanged [3] Downstream Situation - The cumulative catering revenue in February is 102.64 billion yuan, an increase of 45.26 billion yuan; the number of hogs slaughtered by national designated slaughtering enterprises is 31.77 million heads, a decrease of 12.27 million heads [3] Industry News - According to the sample data of key breeding enterprises from Shanghai Ganglian, on April 1, 2026, the daily hog slaughter volume of key breeding enterprises nationwide was 293,405 heads, an increase of 1.11% from the previous day. According to Mysteel data, the planned hog slaughter volume of breeding enterprises in key provinces in April 2026 was 14.4126 million heads, a 4.24% increase compared with the actual slaughter volume in March [3]