日期 2025 年 08 月 26 日 021-60635740 期货从业资格号：F3055047 行业 生猪日报 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 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 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 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 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，25 日生猪主力 2511 合约小幅高开后冲高回落震荡走跌，尾盘收 阴，最高 14015 元/吨，最低 13860 元/吨，收盘报 1 ...

生猪日报 | 2025-08-21 另存为PDF 【期价震荡调整】 【市场动态】 1、8月20日，生猪注册仓单430手； 2、短期现货继续下跌空间有限，关注接下来生猪继续降重幅度； 3、生猪主力合约（LH2511）今日增仓2684手，持仓约7.06万手，今日最高价 13900元/吨，最低价13685元/吨，收盘于13775元/吨。 【基本面分析】 1、能繁母猪存栏量看，3-12月生猪供应量有望逐月增加，但幅度有限。仔猪数 据看，2025年三四季度生猪出栏量整体震荡增加；需求端来看，下半年消费比 上半年好； 2、 从历史情况来看，肥标差或震荡走强； 3、市场多空逻辑： 空头：①养殖端降重缓慢且有难度，供应压力尚未完全释 放；②后续出栏量有望持续增加；③三季度尚未到消费旺季，需求对猪价的支 撑有限；多头：①现下降重利好后市；②现货价格韧性强，说明供需不像空头 想的那么宽松；③后续出栏虽有增量但幅度有限，且三四季度逐渐进入生猪消 费旺季。 【策略建议】 1、观点：震荡调整； 2、核心逻辑： 1） 从母猪、仔猪数据看，到12月生猪出栏量或逐月增加（不考虑养殖端提前 或延后出栏），供应充裕下猪价难有明显上涨； 2）15 ...

Report Information - Report Date: August 20, 2025 [2] - Report Type: Pig Daily Report [1] Industry Investment Rating - No relevant information provided. Core Viewpoints - The supply of pigs in August is expected to increase significantly, with high enthusiasm among farmers for selling. Meanwhile, demand is in the off - season, resulting in a relatively loose supply - demand situation, and spot prices may continue to face pressure. In the futures market, the near - month 2509 contract fluctuates weakly following the spot market. In the medium - to - long - term for far - month contracts, although supply shows a slight increase, contracts like 2511 and 2601 are in the peak demand season, and with positive factors such as the anti - involution high - quality development initiative and strengthened environmental protection, the downside space is relatively limited [9]. Summary by Section 1. Market Review and Operational Suggestions Market Conditions - Futures: On the 19th, the main 2511 contract of live pigs opened slightly higher and then fluctuated upwards, closing with a positive line. The highest price was 13,930 yuan/ton, the lowest was 13,810 yuan/ton, and the closing price was 13,900 yuan/ton, up 0.18% from the previous day. The total open interest of the index decreased by 4,425 lots to 181,426 lots. - Spot: On the 19th, the average price of ternary pigs nationwide was 13.67 yuan/kg, up 0.03 yuan/kg from the previous day [8]. Market Analysis - Demand side: The utilization rate of pig pens is high, and the enthusiasm for secondary fattening is currently low, with most in a wait - and - see state. Due to the hot weather, terminal demand is weak, and orders from slaughtering enterprises are average. The current slaughtering progress is fast, and the operating rate and slaughter volume of slaughtering enterprises have increased slightly. On August 18, the slaughter volume of sample slaughtering enterprises was 140,400 heads, 800 heads less than the previous day but 1,400 heads more than a week ago. - Supply side: According to Yongyi sample data, the planned pig slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% increase compared to the actual slaughter volume in July. The enthusiasm of farmers for selling is high, and the slaughter progress is fast. The utilization rate of secondary fattening pens remains high, and there are still secondary - fattened pigs to be released, so there is still pressure on slaughter volume, and the slaughter weight fluctuates slightly [9]. 2. Industry News - No specific news content provided in the text. 3. Data Overview - Profit: As of August 15, the average profit per self - bred and self - raised pig was 101 yuan/head, a week - on - week decrease of 36 yuan/head; the average profit per pig purchased as a piglet was - 52 yuan/head, a week - on - week increase of 1.3 yuan/head. - Piglet price: The average market sales price of 15 - kg piglets in the week of August 15 was 484 yuan/head, 33 yuan/head lower than the previous week. - Slaughter volume: In the week of August 15, the slaughter volume of the slaughter sample was 1.6335 million heads, an increase of 30,100 heads compared to the previous week, a month - on - month increase of 1.88%; the average daily slaughter volume of the daily slaughter sample was 138,446 heads, an increase of 1,321 heads compared to the previous week, with an average daily increase of 0.96%. - Planned slaughter volume: The planned pig slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% increase compared to July. - Average slaughter weight: As of the week of August 15, the average slaughter weight of live pigs nationwide was 127.82 kg, an increase of 0.02 kg compared to the previous week, a month - on - month increase of 0.02%, and an increase of 1.65 kg compared to the same period last year, a year - on - year increase of 1.31% [14].

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The overall spot price of live pigs across the country showed a slight rebound today, with the supply pressure improving compared to before, but still existing due to the high inventory level. The scale enterprises'出栏量 has continued to tighten, while the ordinary farmers'出栏 progress has slowed down. The secondary fattening entry enthusiasm is average, and the follow - up increase in entry enthusiasm is expected to be limited. The futures market is affected by the spot pressure, with the far - month contract having support but the near - month contract facing obvious pressure[2][5] Group 3: Summary by Relevant Contents Spot Information - The overall spot price of live pigs across the country showed a slight rebound today, and the supply was slightly tightened. The scale enterprises'出栏量 continued to tighten, but the overall supply pressure still existed due to the poor overall出栏 completion. The ordinary farmers'出栏 progress slowed down, and there was some pressure on the market to hold back pigs. The secondary fattening entry enthusiasm was average, and the size - pig price difference increased slightly[2] Futures Information - The live pig futures market showed an oscillating trend today. The far - month contract was affected by the previous large increase and the current supply pressure, with some downward pressure, but still having support. The near - month contract faced obvious pressure[5] Transaction Strategy - Unilateral: Buy on dips in the far - month contract - Arbitrage: LH91 reverse arbitrage - Options: Sell far - month put options[6]

2025 年 8 月 19 日 品 研 究 | 生猪：现货弱势延续 | | --- | 8 月集团计划出栏量增加，散户存在被动压栏，需求增幅有限，市场压力较大，近期日度成交均偏 差，难以消化市场供应，周末现货表现再度不及预期，抢跑抛售情绪存在，9 月合约仍升水仓单成本，产 业交货意愿提升，收升水行情延续；仔猪采购情绪下降，价格跌幅加速，对应 3 月出栏成本下降，关注远 端中枢下移风险，注意止盈止损。短期 LH2509 合约支撑位 13000 元/吨，压力位 14500 元/吨。 请务必阅读正文之后的免责条款部分 1 | 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 | | 【基本面跟踪】 | | | 生猪基本面数据 | | | 单 位 | 价 格 | | 同 比 | | | --- | --- | --- | --- | --- | --- | --- | | | 河南现货 | 元/吨 | 13780 | | -100 | | | ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Pig prices declined, with the main contract 2511 dropping 1.66% weekly. The supply side saw an accelerated pace of weight - reducing sales in the first half of the month, increasing market supply. However, after price drops, farmers showed signs of resistance, and the sales pace might slow down. The demand side had sufficient pig supply, with improved demand in some areas and a mild increase in slaughterhouse operating rates. With the upcoming school openings and double - festival stocking, demand is expected to improve significantly. Overall, the previous increase in farmers' sales pressured spot prices, but the resistance sentiment may change the short - term sales pace, leading to stable price adjustments. Technically, the 2511 contract corrected, but the current weight - reducing sales will ease future supply pressure, and with expected demand improvement, the decline of futures prices is limited. It is recommended to wait for corrections and try long positions with light positions [6]. 3. Summary by Relevant Catalogs 3.1 Weekly Summary - **Market Review**: Pig prices dropped, and the main contract 2511 fell 1.66% weekly [6][10]. - **Market Outlook**: On the supply side, the early weight - reducing sales increased supply, but price drops may slow down the sales pace. On the demand side, with sufficient supply and improving demand, the operating rate of slaughterhouses rose. Future demand is expected to improve due to school openings and double - festival stocking. Spot prices may adjust stably, and futures price decline is limited. It is advisable to wait for corrections and try long positions with light positions [6]. 3.2 Futures and Spot Markets 3.2.1 Futures Market - **Price Movement**: Pig futures prices declined, and the main contract 2511 dropped 1.66% weekly [6][10]. - **Net Position and Warehouse Receipts**: As of August 15, the net short position of the top 20 holders decreased by 1311 lots, and there were 430 futures warehouse receipts, an increase of 50 from last week [16]. 3.2.2 Spot Market - **Pig and Piglet Prices**: The national average pig price was 14.34 yuan/kg, unchanged from last week and down 3.14% from last month. The average price of 15 - kg weaned piglets was 31.07 yuan/kg, a decrease of 1.65 yuan from last week and 8.24% from last month [27]. - **Pork and Breeding Sow Prices**: On August 7, the national average pork price was 25.16 yuan/kg, a decrease of 0.05 yuan from the previous week. The average price of binary sows was 32.53 yuan/kg, an increase of 0.01 yuan from the previous week [31]. - **Pig - grain Ratio**: As of August 6, the pig - grain ratio was 6.02, a decrease of 0.03 from the previous week, below the break - even point [36]. 3.3 Industry Situation 3.3.1 Upstream - **Breeding Sow Inventory**: In late June 2025, the inventory of breeding sows was 40430000 heads, a month - on - month increase of 10000 heads and a year - on - year increase of 0.12%, reaching 103.7% of the normal level. In July, among 123 large - scale farms, the inventory increased slightly by 0.01% month - on - month and 3.03% year - on - year; among 85 small and medium - sized farms, it decreased slightly by 0.17% month - on - month but increased 6.67% year - on - year [41]. - **Pig Inventory**: In Q2 2023, the national pig inventory was 424470000 heads, an increase of 7160000 heads from the previous quarter and 9140000 heads year - on - year. In July, among 123 large - scale farms, the inventory increased 1.11% month - on - month and 5.28% year - on - year; among 85 small and medium - sized farms, it increased 2.49% month - on - month and 7.23% year - on - year [44]. - **Pig Sales Volume and Average Weight**: In July, among 123 large - scale farms, the sales volume decreased 3.08% month - on - month but increased 18.60% year - on - year; among 85 small and medium - sized farms, it decreased 1.46% month - on - month but increased 57.67% year - on - year. The average weight of slaughtered pigs was 123.23 kg, a decrease of 0.09 kg from last week [48]. 3.3.2 Industry Profit - **Pig Breeding Profit**: As of August 15, the profit of purchasing piglets for breeding was a loss of 157.05 yuan/head, with the loss widening by 22.91 yuan/head; the profit of self - breeding and self - raising was 28.85 yuan/head, a decrease of 16.28 yuan/head from the previous period [53]. - **Poultry Breeding Profit**: As of August 15, the profit of laying hens was a loss of 0.26 yuan/head, with the loss decreasing by 0.05 yuan/head week - on - week; the profit of 817 meat - hybrid chickens was 1.86 yuan/head [53]. 3.3.3 Domestic and Substitute Markets - **Pork Imports**: In the first six months of 2025, China imported 540000 tons of pork, with an average monthly import of 90000 tons, a year - on - year increase of 5.88%, at a historically low level [58]. - **Substitute Products**: As of the week of August 15, the price of white - striped chickens was 1.1 yuan/kg, an increase of 0.2 yuan/kg from last week. As of the week of August 14, the average price difference between standard and fat pigs was - 0.48 yuan/kg, a decrease of 0.11 yuan/kg from last week [61]. 3.3.4 Feed Market - **Feed Raw Material Prices**: As of August 14, the spot price of soybean meal was 3118.29 yuan/ton, an increase of 102.86 yuan/ton from the previous week; the price of corn was 2394.12 yuan/ton, a decrease of 1.47 yuan/ton from the previous week [67]. - **Feed Index and Price**: As of August 15, the closing price of the Dalian Commodity Exchange pig feed cost index was 924.07, a decrease of 0.85% from last week. The price of finishing pig compound feed was 3.34 yuan/kg, unchanged from last week [71]. - **Feed Production**: As of June 2025, the monthly feed production was 2937700 tons, an increase of 175.6 tons from the previous month [76]. 3.3.5 CPI - As of July 2025, China's CPI increased by 0.0% year - on - year [80]. 3.3.6 Downstream Market - **Slaughterhouse Operations**: In the 33rd week, the slaughterhouse operating rate was 27.79%, an increase of 0.85 percentage points from last week and 4.08 percentage points from the same period last year. The fresh - meat sales rate was 87.02%, a decrease of 0.64 percentage points from last week, and the frozen - product storage rate was 17.52%, a slight increase of 0.02 percentage points from last week [83]. - **Slaughter Volume and Catering Consumption**: As of June 2025, the slaughter volume of designated pig slaughterhouses was 30060000 heads, a decrease of 6.53% from the previous month. In July 2025, the national catering revenue was 450400000000 yuan, a year - on - year increase of 1.1% [88]. 3.4 Pig - related Stocks - The report mentions the stock trends of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [89].

Group 1: Report Overview - Report Title: Pig Daily Report [1] - Report Date: August 13, 2025 [2] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Viewpoints - In August, the supply of pigs from the breeding side is increasing, and the current enthusiasm for slaughter is fair. Meanwhile, demand is in the off - season, so the supply - demand relationship remains relatively loose, and the spot price of pigs may continue to be under pressure. [9] - In the short - term, the near - month 2509 futures contract of pigs will mainly fluctuate weakly following the spot price. In the long - term, the supply of pigs will increase slightly, while the 2511 and 2601 contracts belong to the peak - demand contracts, and their prices may fluctuate strongly. Policies such as the anti - involution initiative, high - quality development of the pig industry, and strengthened regional environmental protection are beneficial to the long - term performance of pig prices. [9] Group 4: Market Review and Operation Suggestions Pig Market - Futures: On the 12th, the main 2511 contract of live pigs opened flat and then fluctuated higher, closing in the positive territory. The highest price was 14,300 yuan/ton, the lowest was 14,140 yuan/ton, and the closing price was 14,230 yuan/ton, up 0.21% from the previous day. The total open interest of the index decreased by 2,487 lots to 175,404 lots. [8] - Spot: On the 12th, the average price of ternary pigs nationwide was 13.69 yuan/kg, down 0.03 yuan/kg from the previous day. [8] Pig Market Analysis - Demand side: The utilization rate of pigsties is at a high level. Currently, the enthusiasm for secondary fattening is average, mainly in a wait - and - see state. Due to the hot weather, terminal demand is weak, and the orders of slaughtering enterprises are average. The current slaughter progress is fast, and the operating rate and slaughter volume of slaughtering enterprises have increased slightly. On August 12, the slaughter volume of sample slaughtering enterprises was 138,300 heads, 600 heads less than the previous day and 2,100 heads more than a week ago. [9] - Supply side: According to Yongyi sample data, the planned slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% month - on - month increase from the actual slaughter volume in July. At the beginning of the month, the enthusiasm for slaughter on the breeding side was high, and the slaughter progress was fast. The utilization rate of secondary fattening pigsties remained high, and there were still secondary - fattened pigs to be released, so the slaughter pressure still exists, and the slaughter weight fluctuated slightly. [9] Group 5: Industry News - No specific industry news content is provided in the report. Group 6: Data Overview - As of August 7, the average profit per self - bred and self - raised pig was 119 yuan/head, a week - on - week decrease of 10 yuan/head; the average profit per pig purchased as a piglet was - 54 yuan/head, a week - on - week increase of 28 yuan/head. [14] - In the week of August 7, the average market sales price of 15 - kg piglets was 516 yuan/head, a decrease of 10 yuan/head from the previous week. [14] - As of July this year, the inventory of reproductive sows in sample farms was 1.15 million heads, a month - on - month increase of 0.52% and a year - on - year increase of 6.71%. [14] - The planned slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% month - on - month increase, with a significant increase in slaughter volume. [14] - As of the week of August 7, the average slaughter weight of pigs nationwide was 127.8 kg, a decrease of 0.18 kg from the previous week, a month - on - month decrease of 0.14%, and an increase of 1.6 kg compared with the same period last year, a year - on - year increase of 1.27%. [14]

Report Industry Investment Rating No relevant content provided. Core Views - The Ih2509 contract for live pigs is in a phase of downward oscillation, with the price center expected to decline later. The supply of live pigs is increasing due to a persistently high inventory of breeding sows and improved production performance. Although demand is expected to seasonally increase in the second half of 2025, the impact of economic slowdown and changing consumer preferences may limit the boost. Therefore, the rebound space for pig prices is limited, and they will remain under pressure overall. However, due to policy disturbances, strong market sentiment, and the approaching peak season, short - term pig prices may be strong, but the upside space is limited under sufficient supply. It is recommended to wait for short - selling opportunities after the rebound. For industrial chain participants, breeding enterprises can sell futures for hedging to lock in sales prices, and food enterprises can purchase as needed and buy call options to control procurement costs while selling out - of - the - money put options to collect premiums [3]. - The jd2509 contract for eggs is also in a phase of downward oscillation, with the price center expected to decline. The inventory of laying hens is at a high level year - on - year, and supply pressure continues to weigh. Demand has seasonal changes within the year, but limited by the macro - economy and consumer preferences, the expected fluctuation range is limited. Considering cost and profit, the price of eggs is expected to remain at a low level. The demand for the 09 contract is in the declining phase after the peak season, and with high supply, there is insufficient support. It is recommended to short on rallies. For industrial chain participants, breeding enterprises can sell futures for hedging when egg prices are under pressure, and food enterprises can control procurement costs by buying call options and selling out - of - the - money put options [3]. Summary by Sections Live Pig Section - **Supply Analysis** - The inventory of breeding sows has been stable at around 40.5 million since June 2024, higher than the official normal level of 30 million, indicating persistent over - capacity. The supply in 2025 will be at a high level, and attention should be paid to the impact of the farmers' slaughter rhythm on short - term supply [14]. - The average slaughter weight has slightly decreased but remains high. With the approaching of the autumn and winter peak season, the price difference between fat and standard pigs may gradually increase, and farmers are expected to slow down the slaughter rhythm, so the weight is unlikely to decline significantly [15]. - **Demand Analysis** - Currently, demand is in the off - season, and the slaughter volume remains low. In addition to actual demand, secondary fattening and frozen product storage create short - term demand and provide support at low prices. Recently, most secondary fattening pigs are being sold, and attention should be paid to future changes in the secondary fattening rhythm [25]. - **Cost and Profit Analysis** - As of August 7, the breeding cost of large - scale farms using the self - breeding and self - raising model is 13.09 yuan/kg, and that of the purchased piglet model is 14.44 yuan/kg. Breeding enterprise profits are shrinking [35]. - The breeding capacity is relatively stable. Farmers are still cautious about the future market. Sow replenishment is mainly for replacement by large - scale farms, and the enthusiasm for purchasing piglets is average [36]. - **Policy Analysis** - The state's reserve purchase and release of pork regulate market supply and demand and ensure the stable operation of the live pig market. In the second - level early - warning range of excessive price decline, the National Development and Reform Commission will start the third batch of central pork reserve purchases this year [45]. - **Spread and Basis Analysis** - The report provides data on various spreads (such as 1 - 5 spread, 5 - 9 spread, etc.) and basis for live pigs, showing their changes compared to the previous week [8]. Egg Section - **Supply Analysis** - The supply of eggs is determined by the inventory of laying hens and the laying rate. Since the second half of 2024, the enthusiasm for replenishment has been high, so the number of newly - laid hens will be high until the third quarter of this year. Meanwhile, the number of culled hens is relatively limited, so the inventory of laying hens will remain at a relatively high level until the third quarter [64]. - In the short term, the laying rate is seasonally low, and the number of culled old hens has increased recently, but the overall supply is still abundant [65]. - Due to the weakening of feed prices, the breeding cost of eggs has decreased, currently around 3.2 - 3.3 yuan/jin [66]. - **Demand Analysis** - In the long - term, egg consumption is related to population structure, economic development, and consumer preferences, showing a steady growth trend in recent years. In the medium - and short - term, egg demand has obvious seasonality, with short - term peaks before traditional festivals. Currently, demand is seasonally rebounding, and food factories are starting to stock up [76]. - Although the improvement in supply and the rebound in demand support the stability of spot prices, the overall supply remains high, and the price of the JD2509 contract is expected to be under pressure as it is in the post - festival period [77]. - **Inventory Analysis** - Data on the inventory days of fresh eggs in the production and circulation links are provided, showing their changes over time [84]. - **Spread and Basis Analysis** - The report provides data on various spreads (such as 1 - 5 spread, 5 - 9 spread, etc.) and basis for eggs, showing their changes compared to the previous week [85].

Core Insights - The majority of listed pig farming companies reported a decrease in pig sales in July compared to June, despite some year-on-year growth in sales volume and revenue [1][5]. Group 1: Company Sales Reports - Giant Star Agriculture reported sales of 324,100 pigs in July 2025, a year-on-year increase of 44.67%, but a decrease in sales volume and revenue compared to June [2]. - Kemin Foods' subsidiary sold 41,900 pigs in July 2025, with a month-on-month decline of 28.78% and a year-on-year increase of 73.88% in sales volume [2]. - New Hope sold 1,302,500 pigs in July 2025, with a month-on-month decrease of 2.06% and a year-on-year increase of 3.21% in sales volume [3]. - Muyuan Foods sold 6,355,000 pigs in July 2025, a year-on-year increase of 13.02%, but a decrease in sales volume and revenue compared to June [4]. - Wens Foodstuff Group sold 3,164,800 pigs in July 2025, with a year-on-year increase of 36.22% in sales volume [4]. Group 2: Price Trends - The overall market price for pigs remains at a low level, with the price on August 7, 2025, at 14.34 yuan/kg, slightly up from 14.22 yuan/kg at the end of July 2025 [6]. - The wholesale price of pork on August 7, 2025, was 20.45 yuan/kg, showing a slight decrease from 20.50 yuan/kg at the end of July 2025 [6]. - Domestic pig futures prices have strengthened since mid to late July, closing at 14,100 yuan/ton on August 7, 2025, compared to below 13,000 yuan/ton in late May 2025 [6].

Core Viewpoint - The sales reports for July from various listed pig farming companies indicate a general decline in sales volume compared to June, while prices remain at historically low levels [1][2][8]. Sales Performance Summary - Giant Star Agriculture reported sales of 324,100 pigs in July 2025, a year-on-year increase of 44.67%, but a decrease in sales volume and revenue compared to June [4]. - Kemin Foods' subsidiary sold 41,900 pigs in July, with a month-on-month decline of 28.78% but a year-on-year increase of 73.88%. Revenue decreased by 38.92% month-on-month but increased by 6.08% year-on-year [4]. - New Hope sold 1,302,500 pigs in July, with a slight month-on-month decrease of 2.06% and a year-on-year increase of 3.21%. Revenue fell by 3.67% month-on-month and 24.62% year-on-year [5]. - Muyuan Foods reported sales of 6,355,000 pigs in July, a year-on-year increase of 13.02%, but a decrease in sales volume and revenue compared to June [6]. - Wens Foodstuff Group sold 3,164,800 pigs in July, with a year-on-year increase in sales but a decrease in revenue compared to June [6]. Price Trends Summary - The overall market price for live pigs remains low, with the price on August 7, 2025, at 14.34 yuan/kg, slightly up from 14.22 yuan/kg at the end of July 2025, but down from 15.98 yuan/kg at the end of 2024 [9]. - The wholesale price of pork on August 7, 2025, was 20.45 yuan/kg, showing a slight decrease from 20.50 yuan/kg at the end of July 2025 [9]. - The domestic pig futures market has seen some strengthening, with the main contract price reaching 14,100 yuan/ton as of August 7, 2025, compared to less than 13,000 yuan/ton in late May [9].