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建信期货生猪日报-20250821
Jian Xin Qi Huo· 2025-08-21 01:57
021-60635740 期货从业资格号:F3055047 行业 生猪日报 日期 2025 年 08 月 21 日 农业产品研究团队 研究员:林贞磊 linzhenlei@ccb.ccbfutures.com 研究员:余兰兰 研究员:王海峰 研究员:刘悠然 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号:F0301101 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号:F0230741 研究员:洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号:F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号:F03094925 请阅读正文后的声明 #summary# 每日报告 一、行情回顾与操作建议 数据来源:涌益,建信期货研究中心 生猪行情: 期货方面,20 日生猪主力 2511 合约平开后震荡走跌,尾盘收阴,最高 13900 元/吨,最低 13685 元/吨,收盘报 13775 元/ ...
生猪:弱现实强预期,趋势反套确认
Guo Tai Jun An Qi Huo· 2025-08-10 08:21
二 〇 二 五 年 度 2025 年 08 月 10 日 生猪:弱现实强预期,趋势反套确认 | 周小球 | 投资咨询从业资格号:Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号:Z0018592 | wuhao8@gtht.com | 报告导读: (1)本周市场回顾(8.04-8.10) 现货市场,生猪价格弱势运行。河南 20KG 仔猪价格 36.05 元/公斤(上周 36.05 元/公斤),本周河 南生猪价格 13.88 元/公斤(上周 14.43 元/公斤),全国 50KG 二元母猪价格 1614 元/头(上周 1628 元/ 头)。供应端,月底集团缩量对于价格带动作用不及预期,部分散户存在恐慌情绪,供应偏宽松;需求 端,需求维持较低水平,暑假及高温均抑制需求增量,承接能力弱。根据卓创资讯数据,本周全国出栏平 均体重 124.04KG(上周 124.28KG),出栏均重环比下降 0.19%。 期货市场,生猪期货价格弱势震荡。本周生猪期货 LH2509 合约最高价为 13980 元/吨,最低价为 13770 元/吨, ...
生猪日报:期价震荡调整-20250808
Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The view is that the market will experience a shock adjustment. The core logic is that from sow and piglet data, pig slaughter volume may increase monthly until December, making it difficult for pig prices to rise significantly under sufficient supply. The price difference between 150Kg and standard pigs has stabilized and rebounded, and seasonally, this difference is expected to continue to strengthen, which will also weaken the weight - reduction willingness of the retail group and support pig prices to some extent. If the farming sector continues to reduce weight or keep the weight stable, pig prices may adjust weakly in a shock, and the 11 - contract is almost at par with the spot price, so it is recommended to wait and see [4]. Group 3: Summary by Relevant Catalogs Market Dynamics - On August 7, the registered warehouse receipts of live pigs were 380 lots. The short - term spot price has limited room for further decline, and attention should be paid to the extent of further weight reduction of live pigs. The live pig contract (LH2511) increased its positions by 626 lots today, with a position of about 59,600 lots. The highest price today was 14,170 yuan/ton, the lowest price was 13,920 yuan/ton, and it closed at 14,100 yuan/ton [2]. Fundamental Analysis - From the perspective of the inventory of breeding sows, the supply of live pigs is expected to increase monthly from March to December, but the increase is limited. From the piglet data, the slaughter volume of live pigs in the third and fourth quarters of 2025 will generally increase in a shock. In terms of the demand side, consumption in the second half of the year is better than that in the first half. Historically, the fat - to - standard price difference may strengthen in a shock. The short - side logic includes slow and difficult weight reduction in the farming sector, incomplete release of supply pressure, continuous increase in subsequent slaughter volume, and limited support from demand for pig prices as the third quarter is not the peak consumption season. The long - side logic includes the room for increasing frozen product inventory to support pig prices, strong resilience of spot prices indicating that supply and demand are not as loose as the short - side thinks, and the subsequent increase in slaughter volume is limited while the third and fourth quarters gradually enter the peak consumption season of live pigs [3]. Strategy Suggestion - The view is shock adjustment. The core logic is that based on sow and piglet data, pig slaughter volume may increase monthly until December (without considering early or delayed slaughter by the farming sector), so pig prices are difficult to rise significantly under sufficient supply. The price difference between 150Kg and standard pigs has stabilized and rebounded, and seasonally, this difference is expected to continue to strengthen, which will also weaken the weight - reduction willingness of the retail group and support pig prices to some extent. If the farming sector continues to reduce weight or keep the weight stable, pig prices may adjust weakly in a shock, and the 11 - contract is almost at par with the spot price, so it is recommended to wait and see (for reference only, not constituting investment advice) [4]. Market Overview - On August 7, 2025, compared with August 6, 2025, the 01 - contract price of live pigs increased by 85 yuan to 14,395 yuan/ton, with a increase rate of 0.59%; the 03 - contract price increased by 40 yuan to 13,375 yuan/ton, with a increase rate of 0.3%; the 05 - contract price remained unchanged at 13,895 yuan/ton; the 07 - contract price decreased by 10 yuan to 14,405 yuan/ton, with a decrease rate of 0.07%; the 09 - contract price increased by 60 yuan to 13,870 yuan/ton, with a increase rate of 0.43%; the 11 - contract price increased by 90 yuan to 14,100 yuan/ton, with a increase rate of 0.64% [6]. Key Data Tracking - The report presents data on the closing prices of futures contracts in the past 180 days, the basis of the main live - pig contract in the Henan region, the price differences between the 09 - 11 contracts, and the price differences between the 11 - 01 contracts over different time periods [14].
生猪周报:市场情绪降温盘面有所回调-20250804
Report Industry Investment Rating No relevant content provided. Core Viewpoints - The spot price of live pigs is expected to fluctuate and adjust. The supply of live pigs is likely to increase monthly until December, but significant and continuous price increases are unlikely due to sufficient supply. The positive and potentially strengthening fat - standard price difference may support the pig price by reducing the willingness of retail farmers to reduce the weight of pigs. For the LH2509 contract, if there are short positions, it is advisable to consider taking profits and staying on the sidelines for the time being [1]. Summary by Related Catalogs 1. Futures End - **主力合约基差情况**: This week, market sentiment cooled, and the main contract (LH2509) of live pigs weakened. On August 1st, 2025, the benchmark basis of the main contract was 375 yuan/ton [1][3][4]. - **各合约价格变化情况**: The prices of far - month contracts have corrected [6]. - **月间价差变化**: The inter - month price spreads are oscillating and adjusting [8][11]. 2. Spot End - **猪价与宰量**: This week, the slaughter volume increased steadily, and the pig price first declined and then rose [14]. - **区域价差**: The regional price differences are relatively reasonable [16]. - **肥标价差**: The fat - standard price difference is oscillating and adjusting as a whole. Attention should be paid to whether it can strengthen seasonally, which may reduce the market's willingness to reduce the weight of pigs or even prompt the market to increase the weight [18]. - **鲜销与毛白价差**: Terminal consumption is relatively stable year - on - year [20]. - **相关产品比价与鲜冻价差**: The cost - effectiveness of pork is average. The fresh - frozen price difference of No. 2 meat has weakened, and the cost - effectiveness of frozen products is lower than that of fresh products [22]. - **养殖利润**: The self - breeding and self - raising profit is still considerable, while the profit of purchasing piglets for fattening is slightly in the red [24]. - **出栏体重**: The average slaughter weight continued to decline this week. Attention should be paid to whether it can reach a level close to that of the same period last year [26]. 3. Capacity End - **能繁母猪存栏量**: At the end of June, the national inventory of reproductive sows was 40.43 million, with a month - on - month and year - on - year increase of 0.1%. The inventory of reproductive sows in relevant samples continued to increase [28]. - **母猪淘汰情况**: This week, the price of culled sows weakened. The slaughter volume of culled sows increased month - on - month in June but remained at a low level [30]. - **母猪生产效率与新生健仔数**: In June, the number of healthy newborn piglets decreased by 1.26% month - on - month, indicating that the number of slaughtered pigs in December this year will stop increasing and start to decline [32]. - **母猪、仔猪补栏积极性**: This week, the price of 15 - kg piglets was stable with a slight downward trend, and the price of 50 - kg binary sows was relatively stable [34]. 4. Slaughter End - **屠宰量与屠宰利润等**: The slaughter volume continued to increase month - on - month. In June, the slaughter volume of designated enterprises was 30.06 million, a month - on - month decrease of 6.5% and a year - on - year increase of 23.7%. The market will gradually enter the de - stocking stage, and the impact on pig prices will change from positive to neutral to negative [36]. 5. Import End - In June 2025, the pork import volume was about 90,000 tons, basically the same as the previous month. Currently, the scale of pork imports is limited, and its impact on domestic pig prices is relatively limited [39].
生猪周报:市场预期向好,盘面偏强运行-20250728
1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The spot market is expected to experience volatile adjustments. The supply of pigs is likely to increase monthly until December based on sow and piglet data, making it difficult for pig prices to rise significantly and continuously. The positive and potentially strengthening fat - standard price difference may support pig prices by reducing the willingness of farmers to reduce the weight of pigs. Considering the current long - short factors, it is suggested to lightly short the LH2509 contract or configure reverse spreads, but risk control should be emphasized due to the positive macro sentiment [1]. 3. Summaries According to Related Catalogs 3.1 Futures End - **Main Contract Basis Situation**: The main contract (LH2509) of live pigs showed a volatile and upward trend this week [3]. - **Price Changes of Each Contract**: The prices of far - month contracts showed a strong upward trend [6]. - **Monthly Spread Changes**: The expectations for far - month contracts have increased. The reverse spread trends of the 9 - 11 and 9 - 01 contracts are obvious [9][12]. 3.2 Spot End - **Pig Prices and Slaughter Volume**: This week, the slaughter volume increased steadily, while pig prices continued to decline [15]. - **Regional Price Difference**: The regional price difference is relatively reasonable [17]. - **Fat - Standard Price Difference**: The fat - standard price difference is generally in a volatile adjustment. Attention should be paid to whether it can strengthen seasonally, which may reduce the market's willingness to reduce weight or even encourage weight gain [19]. - **Fresh Sales and Gross - Net Price Difference**: Terminal consumption is relatively stable year - on - year [21]. - **Related Product Price Ratio and Fresh - Frozen Price Difference**: The cost - effectiveness of pork is average. The fresh - frozen price difference of No. 2 meat is strengthening. If it continues, it may reduce the substitution of fresh products for frozen products [23]. - **Breeding Profit**: The self - breeding and self - raising profit is still considerable, while the profit of purchasing piglets for fattening is slightly in the red [25]. - **Slaughter Weight**: The slaughter weight continued to decline this week. Attention should be paid to whether it can reach the level of the same period last year [27]. 3.3 Capacity End - **Inventory of Reproductive Sows**: At the end of June, the national inventory of reproductive sows was 40.43 million, with a month - on - month and year - on - year increase of 0.1%. According to different data sources, the inventory of reproductive sows in relevant samples continued to increase in June [29]. - **Sow Culling Situation**: The price of culled sows showed a weak trend this week. The slaughter volume of culled sows increased month - on - month in June but remained at a low level [31]. - **Sow Production Efficiency and Number of Newborn Healthy Piglets**: In June, the number of newborn healthy piglets decreased by 1.26% month - on - month, indicating that the number of pigs for slaughter in December will stop increasing and start to decline [33]. - **Sow and Piglet Replenishment Enthusiasm**: This week, the prices of 15 - kg piglets and 50 - kg binary sows remained relatively stable [35]. 3.4 Slaughter End - The slaughter volume continued to increase month - on - month. In June, the slaughter volume of designated enterprises was 30.06 million, with a month - on - month decrease of 6.5% and a year - on - year increase of 23.7%. The market is gradually entering the destocking phase for frozen products, and its impact on pig prices has changed from positive to neutral - negative [37]. 3.5 Import End - In June 2025, the pork import volume was about 90,000 tons, remaining basically the same as the previous month. Currently, the scale of pork imports is limited, and its impact on domestic pig prices is relatively small [40].
生猪日报:期价震荡调整-20250725
1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report suggests that the price of live pigs will experience a period of oscillatory adjustment. The supply of live pigs is expected to increase gradually until December, which will limit the upward movement of prices. However, the price difference between 150Kg pigs and standard pigs is expected to continue to strengthen seasonally, which will support the price to some extent. If the farming sector continues to reduce the weight of pigs or keeps the weight stable, the price may be adjusted weakly in an oscillatory manner. For the 09 contract, which has a large premium over the spot price, a light - short position can be considered, but attention should be paid to macro - emotional impacts [4]. 3. Summary by Relevant Catalogs 3.1 Market Dynamics - On July 24, the registered warehouse receipts of live pigs were 284 lots. The short - term decline space of the spot price is limited, and attention should be paid to whether the weight of live pigs continues to decrease. The market sentiment of the main contract (LH2509) on that day was still acceptable, with a position of about 60,000 lots. The highest price was 14,495 yuan/ton, the lowest price was 14,205 yuan/ton, and the closing price was 14,365 yuan/ton [2]. 3.2 Fundamental Analysis - From the perspective of the inventory of breeding sows, the supply of live pigs is expected to increase month by month from March to December, but the increase is limited. According to the piglet data, the slaughter volume of live pigs will increase overall in the second and third quarters of 2025. On the demand side, consumption in the second half of the year is better than that in the first half. Historically, the fat - standard price difference may strengthen in an oscillatory manner. The short - side logic includes slow and difficult weight reduction in the farming sector, continuous increase in subsequent slaughter volume, and limited demand support for pig prices before the third - quarter peak season. The long - side logic includes the room for increasing frozen - product inventory, strong spot - price toughness, limited increase in subsequent slaughter volume, and the approaching of the peak consumption season in the third and fourth quarters [3]. 3.3 Strategy Suggestions - The view is oscillatory adjustment. The core logic is that based on sow and piglet data, the slaughter volume of live pigs may increase month by month until December, which will limit price increases. The price difference between 150Kg pigs and standard pigs is expected to continue to strengthen, which will support the price. If the farming sector continues to reduce the weight of pigs or keeps the weight stable, the price may be adjusted weakly in an oscillatory manner. For the 09 contract with a large premium over the spot price, a light - short position can be considered, but risk prevention should be noted [4]. 3.4 Market Overview - On July 24, 2025, compared with the previous day, the 01 contract decreased by 90 yuan to 14,550 yuan/ton, a decline of 0.61%; the 03 contract increased by 155 yuan to 13,730 yuan/ton, an increase of 1.14%; the 05 contract increased by 360 yuan to 14,210 yuan/ton, an increase of 2.6%; the 07 contract remained unchanged at 14,010 yuan/ton; the 09 contract decreased by 225 yuan to 14,365 yuan/ton, a decline of 1.54%; the 11 contract decreased by 90 yuan to 14,210 yuan/ton, a decline of 0.63% [6]. 3.5 Key Data Tracking - The content provides data on the closing prices of futures contracts in the past 180 days, the basis of the live - pig main contract in the Henan region, the price differences between the 09 - 11 contracts, and the 11 - 01 contracts, with data sources from Yongyi Consulting, Wind, and Rongda Futures [14].
国信期货生猪周报:出栏增消费弱,猪价继续下跌-20250720
Guo Xin Qi Huo· 2025-07-20 07:19
Report Title - "出栏增消费弱 猪价继续下跌 —— 国信期货生猪周报" [2] Report Date - July 20, 2025 [2] Report Industry Investment Rating - Not provided Core Viewpoints - In the past week, the live hog spot price continued to decline due to high temperatures leading to active sales by farmers and weak consumer demand. The futures price dropped sharply on Wednesday and then rebounded slightly, with the basis weakening. Fundamentally, based on piglet birth data, the theoretical slaughter volume will gradually increase in the future, and feed production and sales data also confirm the trend of increased supply. In terms of consumption, July is still the off - season, and consumption will gradually strengthen after August, but the overall market supply - demand is relatively loose. In terms of rhythm, recently affected by high temperatures, the industry is in a seasonal weight - reduction stage. The average weight from commercial institution samples generally shows a downward trend, but the price difference between fat and standard pigs is slightly stronger than the same period, indicating a decrease in fat pig supply. In August, the industry may enter the weight - gain stage again, and with improved consumption, the spot price is expected to form a double - top structure. For futures, LH09 can be traded with an oscillatory mindset and short - term long positions can be attempted on dips, while LH11 and LH01 should be shorted on rebounds [7]. Summary by Directory 1. Week - to - Week Analysis and Outlook - The live hog spot price continued to fall last week due to high - temperature - induced active sales by farmers and weak consumer demand. Futures dropped on Wednesday and rebounded slightly, with a weakening basis. Future supply is expected to increase, and consumption will gradually improve after August, but overall supply - demand remains loose. The industry is in a weight - reduction stage currently, and may enter a weight - gain stage in August, with the spot price potentially forming a double - top structure. Different trading strategies are proposed for different futures contracts [7]. 2. Key Data and Charts - Not provided in the content for detailed summary 3. Live Hog Futures Market - Not provided in the content for detailed summary 4. Live Hog Spot Market - Spot prices in various regions are presented in a table, showing a general downward trend [17]. 5. Live Hog Spot: Fat - to - Standard Pig Price Difference - Not provided in the content for detailed summary 6. Live Hog Spot: Regional Price Difference - Not provided in the content for detailed summary 7. Changes in the Number of Reproductive Sows - Not provided in the content for detailed summary 8. Changes in Piglets - Not provided in the content for detailed summary 9. Confirmation between Live Hog Inventory and Fattening Pig Feed - Not provided in the content for detailed summary 10. Live Hog Slaughter Situation - Not provided in the content for detailed summary 11. Not mentioned in the table of contents - Not provided in the content for detailed summary 12. Frozen Meat Market Dynamics - Not provided in the content for detailed summary 13. Cost and Profit - Not provided in the content for detailed summary 14. Comprehensive Monitoring of Live Hog Average Weight - Not provided in the content for detailed summary 15. Central Reserve Frozen Pork Operations - The report details the reserve response mechanisms for both price over - decline and over - increase situations, including national and local reserve - related regulations and conditions for starting reserve purchases and sales [69]. 16. Multi - caliber Comparison - Not provided in the content for detailed summary
生猪日报:期价震荡调整-20250718
1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - The report predicts that the price of live pigs will experience a period of oscillatory adjustment It suggests a wait - and - see approach due to abundant supply and limited price fluctuations in the short term [4] 3. Summary by Related Catalogs 3.1 Market Dynamics - On July 17, 2025, the registered warehouse receipts of live pigs were 444 lots The short - term spot price has limited room for further decline, and the LH2509 contract is oscillating and adjusting The main contract (LH2509) reduced its positions by 4,190 lots today, with a holding of about 64,800 lots The highest price was 14,075 yuan/ton, the lowest was 13,905 yuan/ton, and it closed at 14,060 yuan/ton [2] 3.2 Fundamental Analysis - From the perspective of the inventory of breeding sows, the supply of live pigs is expected to increase monthly from March to December, but the increase is limited From the perspective of piglet data, the slaughter volume of live pigs will generally increase in the second and third quarters of 2025 The consumption in the second half of the year is better than that in the first half Historically, the fat - standard price difference may strengthen oscillatory The market has both bearish and bullish logics [3] 3.3 Strategy Suggestions - The view is oscillatory adjustment The core logic is that the slaughter volume of live pigs may increase monthly until December, making it difficult for pig prices to rise significantly The price difference between 150 - kg pigs and standard pigs is expected to continue to strengthen, supporting pig prices The 2509 contract is basically at par with the spot price, and short - term price fluctuations are limited, so it is recommended to wait and see [4] 3.4 Market Overview - On July 17, 2025, the national average live pig slaughter price was 14.28 yuan/kg, a decrease of 0.15 yuan/kg or 1.04% compared to the previous day Futures prices of different contracts showed varying degrees of increase or decrease The main basis in Henan decreased by 200 yuan/ton or 37.04% [6] 3.5 Key Data Tracking - The report tracks multiple data including national live pig slaughter price, sample enterprise slaughter volume, white - strip average price, corn national grain depot purchase average price, futures contract closing price in the recent 180 days, live pig main contract basis in Henan, 09 - 11 contract price difference, and 11 - 01 contract price difference [7][9][10]
生猪:等待月底现实印证
Guo Tai Jun An Qi Huo· 2025-07-18 02:01
Report Summary Report Title - The report is titled "Pigs: Waiting for End-of-Month Reality Confirmation" and was released on July 18, 2025 [1] Core Viewpoints - Currently in the off - season of consumption, downstream digestion capacity is limited. Although large - scale farms haven't increased supply, some small - scale farmers' willingness to sell has risen, causing a rapid decline in spot prices. This confirms that the previous price increase was mainly due to inventory - building sentiment. The market expects a price increase from late July to early August, which may lead to more concentrated sales. It's necessary to wait for end - of - month spot price confirmation and pay attention to reserve policy trends. In August, the purchase of piglets will enter the off - season, and the 03 contract will enter the piglet pricing period, where production capacity and cost logic may have an impact. Stop - loss and take - profit should be noted. The short - term support level for the LH2509 contract is 13,500 yuan/ton, and the pressure level is 15,000 yuan/ton [5] Industry Investment Rating - There is no information about the industry investment rating in the report Data Summary Spot and Futures Prices - Spot prices: Henan is 14,480 yuan/ton (down 150 yuan/ton), Sichuan is 13,750 yuan/ton (down 150 yuan/ton), and Guangdong is 15,790 yuan/ton (down 300 yuan/ton) - Futures prices: The price of the pig 2509 contract is 14,060 yuan/ton (up 50 yuan/ton), the pig 2511 contract is 13,535 yuan/ton (up 45 yuan/ton), and the pig 2601 contract is 13,750 yuan/ton (up 50 yuan/ton) [3] Trading Volume and Open Interest - Trading volume: The trading volume of the pig 2509 contract is 28,058 lots (down 22,326 lots), the pig 2511 contract is 5,818 lots (down 4,996 lots), and the pig 2601 contract is 3,535 lots (down 1,180 lots) - Open interest: The open interest of the pig 2509 contract is 64,811 lots (down 4,190 lots), the pig 2511 contract is 44,174 lots (down 216 lots), and the pig 2601 contract is 23,240 lots (up 252 lots) [3] Price Spreads - Basis: The basis of the pig 2509 contract is 420 yuan/ton (down 200 yuan/ton), the pig 2511 contract is 945 yuan/ton (down 195 yuan/ton), and the pig 2601 contract is 730 yuan/ton (down 200 yuan/ton) - Inter - contract spreads: The 9 - 11 spread of pigs is 525 yuan/ton (up 5 yuan/ton), and the 11 - 1 spread is - 215 yuan/ton (down 5 yuan/ton) [3] Trend Intensity - The trend intensity is 0, which is in the neutral range within the [-2, 2] interval [4]
供应逐步增加,价格整体回落
Yin He Qi Huo· 2025-07-17 11:19
Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The supply of live pigs is gradually increasing, and the overall price is falling. The current price reflects the supply - demand situation of the live pig market, and the overall change space is limited. The follow - up supply pressure is still expected to exist, and the spot price of live pigs still has a certain downward pressure [2]. - The live pig futures continued to fluctuate, and the market change was relatively limited. As the subsequent spot price is expected to weaken, the futures market is also expected to be affected to a certain extent. The inter - monthly spread of the futures market is expected to remain volatile in the short term due to the lack of obvious driving factors [2][5]. Summary by Relevant Catalogs Spot Market - **Price Changes**: The spot prices of live pigs in various regions have declined. The average price dropped from 13.67 yuan/kg yesterday to 13.57 yuan/kg today. The prices of pigs in 18 regions all decreased, with the largest decline of 0.37 yuan/kg in Guangdong [2]. - **Supply Situation**: After the previous price increase, the market's enthusiasm for slaughter has improved, but the overall deep - decline space is limited. The short - term supply situation has improved, and the pressure on subsequent supply still exists due to the relatively high inventory [2]. - **Profit Situation**: The spot breeding profit (self - breeding and self - raising) increased from 119.72 yuan/head to 133.87 yuan/head, and the profit of purchasing piglets increased from - 26.26 yuan/head to 31.60 yuan/head [2]. - **Slaughter Situation**: The slaughter volume decreased from 132,599 heads yesterday to 131,632 heads today, a decrease of 967 heads [2]. Futures Market - **Price Changes**: Some futures contracts showed price increases. For example, LH01 increased by 50 points, LH07 increased by 110 points, etc. [2]. - **Spread Changes**: The spread between some contracts changed. For example, the LH7 - 9 spread increased from - 120 to - 60 [2]. Breeding Market - **Price Changes**: The price of piglets increased from 439 yuan to 440 yuan, and the price of sows increased from 1621 yuan to 1628 yuan [2]. Trading Strategies - **Unilateral Trading**: Mainly in a state of shock [6]. - **Arbitrage**: Conduct a positive spread operation on LH91 [6]. - **Options**: Adopt a wait - and - see strategy [6]