【农林牧渔】出栏均重本周下降，猪价环比降幅扩大——光大证券农林牧渔行业周报（20250519-20250525）（李晓渊）

Group 1: Pig Prices - The average price of external three yuan pigs in China decreased to 14.20 yuan/kg, a week-on-week decline of 2.81% [2] - The average price of 15 kg piglets is 35.56 yuan/kg, down 1.85% week-on-week [2] - The average weight of market pigs at slaughter is 129.38 kg, showing a week-on-week decrease of 0.25%, indicating a shift towards inventory reduction [2] Group 2: Broiler Chicken Prices - The price of white feather broiler chickens fell to 7.36 yuan/kg, a week-on-week decrease of 0.54%, while chick prices remained stable at 2.85 yuan/chick [3] - Increased supply of contract chickens and inventory pressure on slaughter enterprises have weakened the willingness to purchase social chickens [3] - Caution among farmers regarding chick replenishment is noted due to the upcoming busy farming season in the north [3] Group 3: Grain Prices - The average spot price of corn rose to 2376.08 yuan/ton, a slight increase of 0.05% week-on-week, while soybean meal and wheat prices fell [4] - Soybean meal prices decreased to 3028.00 yuan/ton, down 2.82%, reaching historically low levels [4] - Concerns over the import auction of corn and the release of targeted rice have led to a volatile short-term outlook for corn prices [4] Group 4: Natural Rubber Prices - The domestic natural rubber futures price is 14730 yuan/ton, reflecting a week-on-week decline of 1.96% [5] - Supply issues due to adverse weather conditions have resulted in lower production, while demand recovery in tire manufacturing remains slow [5] - Upcoming discussions on zero tariffs for rubber imports between China and Thailand may significantly impact the import structure and market valuation [5]