1. Report Industry - The report focuses on the agricultural products industry, specifically covering sub - sectors such as pigs, corn, soybean meal, eggs, and sugar [1] 2. Core Views Pigs - Supply side: Planned pig出栏量 in sample enterprises may continue to increase significantly in October, with large supply pressure. Long - term, pig出栏量 may maintain a slight increase until the first half of next year. - Demand side: Secondary fattening has some replenishment demand, and terminal consumption may increase with cooler weather, but overall incremental demand is limited. - Overall: Spot prices may be volatile and weak, with a slight rebound due to secondary fattening demand. Futures contracts 2511 and 2601 may be weak due to spot weakness and secondary fattening出栏 expectations [56] Corn - Supply side: New crops are expected to increase in yield. With new corn harvest in October, supply increases, and costs decrease. Substitute advantages weaken, and future imports may remain low. - Demand side: Feed demand is good due to growing pig存栏, but inventory - building willingness is low. Deep - processing enterprises have turned profitable, with increased开工 rates and slightly higher inventories. - Overall: Spot prices may be volatile and weak, and futures contracts may oscillate around planting and collection costs [96][97] Soybean Meal - External market: The US government shutdown has led to a lack of information, and the external market may be in low - level oscillation. - Domestic market: High inventory is a reality, but there are potential positive factors such as reduced US soybean imports and potential yield adjustments. It is difficult to form a unilateral trend in the short - to - medium term [101][102] Eggs - Spot: After a sharp decline, prices rebounded slightly, but the rebound height and strength are limited. - Futures: After a sharp decline, they are in low - level oscillation, and overall, they are treated as a rebound with a short - bias. The fundamental inflection point may appear in early next year [136] Sugar - International market: Brazilian production data is slightly higher than expected, and with factors like falling oil prices and real depreciation, sugar prices are prone to fall. - Domestic market: New beet sugar is on the market, imports are expected to be high, and downstream demand is weak. Futures and spot prices are both weak [183][184] 3. Summary by Directory Pigs 1. Market Review - Spot: After the National Day and Mid - Autumn Festival, demand declined, prices were weak in the first half of the week, and then rebounded due to factors such as consumption recovery and secondary fattening. The national average pig出栏 price was 11.02 yuan/kg, with a week - on - week decrease of 7.32%, a month - on - month decrease of 16.20%, and a year - on - year decrease of 38.74%. - Futures: The main contract LH2601 of live hog futures fell, closing at 11905 yuan/ton, a week - on - week decrease of 2.14%, with a basis of - 905 yuan/ton [7][8] 2. Fundamental Overview - Long - term supply: The price of二元 sows may be slightly adjusted. National能繁母猪存栏 shows different trends in different data sources, and theoretical pig出栏量 is estimated accordingly [15][17] - Medium - term supply: The price of 15kg piglets decreased. Sample enterprise小猪存栏 increased, and theoretical pig出栏量 is expected to increase slightly in the medium term [31][32] - Short - term supply: Sample enterprise大猪存栏 increased. The proportion of pigs over 140 kg increased, and the secondary fattening sales ratio increased slightly in early October [33][35] - Current supply: In September, the actual出栏 completion rate was 96.5%, and the planned出栏量 in October may increase by 5.14%. The average出栏 weight decreased slightly. The proportion of small - weight pigs increased slightly, and the proportion of large - weight pigs decreased [40][41] - Import supply: In August, China's pork imports were 80,000 tons, a month - on - month decrease of 10,000 tons and a year - on - year decrease of 10,000 tons. From January to August 2025, the total import was 710,000 tons, a year - on - year increase of 2.9% [48] - Demand: In early October, secondary fattening had sporadic entries, and the utilization rate of fattening pens decreased. The slaughter enterprise开工 rate was 32.38%, a week - on - week decrease of 2.15 percentage points and a year - on - year increase of 5.07 percentage points [50][52] Corn 1. Market Review - Spot: Corn prices showed a seasonal decline. In the northeast, new corn was concentrated for listing; in the north, prices were weak; in the selling areas, prices oscillated and declined. - Futures: The main contract 2601 of Dalian corn futures rose 10 yuan/ton, a week - on - week increase of 0.47% [60] 2. Fundamental Analysis - Supply: The national autumn grain harvest progress is slow. As of October 10, the northern port inventory was 930,000 tons, a week - on - week decrease of 220,000 tons, and the southern port inventory was 387,000 tons, a week - on - week increase of 55,000 tons [63] - Domestic substitutes: Wheat prices were oscillating and strengthening. The price difference between corn and wheat was 260 yuan/ton [65] - Import substitute grains: From January to August 2025, China's total grain imports decreased by 19.5% year - on - year. Imports of various grains such as corn, wheat, and barley showed different trends [69][70] - Feed demand: In August 2025, the national industrial feed production was 29.36 million tons, a month - on - month increase of 3.7% and a year - on - year increase of 3.8%. The average inventory time of sample feed enterprises was 24.44 days, a week - on - week decrease of 0.2% [80][86] - Deep - processing demand: The corn starch enterprise开机率 increased. The national corn processing volume was 581,700 tons, and the starch production was 293,500 tons. The processing profit of starch enterprises improved, and the inventory of deep - processing enterprises increased [89][90] - Supply - demand Balance Sheet: In the 2025/26 season, China's corn production is expected to increase slightly, consumption is basically flat, and imports are reduced by 100 million tons to 6 million tons [94][95] Soybean Meal 1. Weekly Review and Operation Suggestions - Spot: Coastal soybean meal prices showed mixed changes, with prices ranging from 2920 to 3020 yuan/ton. - Futures: The external market was in low - level oscillation due to the government shutdown. The domestic market was relatively weak compared to the external market, and it is difficult to form a unilateral trend in the short - to - medium term [100][102] 2. Core Points - Soybean planting: The USDA September report adjusted new - season US soybean planting and production data. The US soybean harvest is in progress, and the Brazilian soybean planting progress is fast [103][105] - US soybean exports: As of September 18, new - season US soybean exports were at a historically low level, and subsequent exports depend on Sino - US agreements [112] - Domestic soybean imports and crushing: As of October 16, the crushing profit was negative. The开机率 and crushing volume are expected to remain high and then decrease in the fourth quarter. September soybean imports increased, and the port inventory will be seasonally reduced in the fourth quarter [117][118] - Soybean meal transactions and inventory: As of October 10, the domestic main oil mill soybean meal inventory decreased by 11.2% week - on - week. Terminal demand is relatively good, and overall demand is positive [125] - Basis and inter - month spread: As of October 16, the basis of the 01 contract increased slightly, and the 11 - 1 spread was - 23, with a change of 6 yuan. The 11 - 1 spread may oscillate weakly in the future [129] - Domestic registered warrants: As of October 16, the domestic soybean meal registered warrants were 43,122 lots, at a relatively high level in the same period [134] Eggs 1. Weekly Review and Operation Suggestions - Spot: After a sharp decline, prices rebounded slightly, but the rebound is limited. - Futures: After a sharp decline, they are in low - level oscillation, and are treated as a rebound with a short - bias. The fundamental inflection point may appear in early next year [136] 2. Data Summary - Inventory and replenishment: As of the end of September, the national laying hen inventory was 1.368 billion, a month - on - month increase of 0.2%. In September, the egg - chick hatch volume decreased, and the medium - term inventory may decline slightly [138] - Cost, income, and breeding profit: As of October 16, egg prices, feed costs, and egg - chick prices were at different levels, and the breeding profit was at a historically low level [155] - Culled hens: The culling volume increased recently, the culling age was stable at 499 days, and the culled hen price was at a low level in the same period [163] - Demand, inventory, and pig prices: As of October 16, egg sales were at a low level, inventory was high, and pig prices were at a low level in the same period [171] Sugar 1. Market Review - International market: The raw sugar index fell and then stabilized above 15 cents. Supply pressure and other factors made sugar prices prone to fall. - Domestic market: The Zhengzhou sugar index fell below 5400. New beet sugar was on the market, imports were expected to be high, and downstream demand was weak [183][184] 2. Data Analysis - Spot: Sugar spot prices in Guangxi, Yunnan, and Shandong decreased. The basis of the 01 and 05 contracts increased slightly. - Futures: The 1 - 5 spread changed little, and the number of warrants decreased. - Brazilian production: In the second half of September, Brazilian sugar production was slightly higher than expected. As of October 1, the cumulative production in the 25/26 season showed different trends. - Export and inventory: The number of ships waiting to load sugar in Brazilian ports increased, and the inventory in different ports changed. The inter - period spread between London and New York sugar futures decreased. - Import profit: The import processing profit of raw sugar increased significantly. The non - quota and quota import profits of Brazilian raw sugar increased [187][203]

Core Viewpoint - The recent increase in pig prices, which has risen for three consecutive days, is attributed to new variables despite existing pressures on production capacity and weak consumption [2]. Group 1: Factors Influencing Price Increase - The onset of significant temperature drops across most regions is expected to boost meat consumption, prompting farmers to capitalize on this opportunity [4]. - The pig prices have fallen to a four-year low, triggering a bottom-fishing sentiment among farmers, as many are reluctant to sell at such low prices [5]. - There are expectations for increased consumption in the fourth quarter, as historically, this period sees the highest pork consumption of the year, despite current weak demand [6]. Group 2: Market Dynamics and Future Outlook - Despite the recent price increases, the overall market conditions remain unchanged, with high production capacity, high stock levels, and weak consumption persisting [8]. - The likelihood of further significant price declines is limited, as the market has reached a new low, and farmers are showing increased resistance to selling at lower prices [8]. - The ongoing capacity reduction remains a primary focus, indicating that the market may experience prolonged low prices into the next year, regardless of short-term fluctuations [10].

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - The current supply pressure in the pig market remains significant, with high inventory levels and large weights of pigs for slaughter. The spot price of live pigs rebounded slightly today, but the overall scale of enterprise slaughter volume decreased slightly and remained at a high level. The slaughter volume this month continued to increase, and there was still pressure to meet the previous progress. The enthusiasm of ordinary farmers to sell pigs is expected to remain relatively stable. Secondary fattening has started to show signs of entry, providing some support to prices. However, considering the high inventory and large weights of pigs, the supply pressure in the pig market is expected to persist, and the spot price is likely to decline in the future. The futures price of live pigs has dropped significantly, and the supply pressure remains. The limited rebound space of the spot price has also reduced its impact on the futures market. The far - month futures contracts are under pressure, and the overall futures market is expected to face certain downward pressure, with short - term price fluctuations and long - term downward trends [4][6]. Group 3: Summary by Category 1. Spot Price - The average spot price of live pigs today was 10.85 yuan/kg, up 0.2 yuan/kg from yesterday. Prices increased in all regions, with the largest increase of 0.2 yuan/kg in Guangdong and Yunnan [4]. 2. Futures Price - All futures contracts declined. LH01 decreased by 290 yuan to 11905 yuan, LH03 decreased by 125 yuan to 11540 yuan, LH05 decreased by 145 yuan to 12140 yuan, LH07 decreased by 205 yuan to 12925 yuan, LH09 decreased by 170 yuan to 13755 yuan, and LH11 decreased by 235 yuan to 11165 yuan [4]. 3. Piglet and Sow Prices - The price of piglets this week was 173 yuan, down 10 yuan from last week. The price of sows was 1545 yuan, down 18 yuan from last week [4]. 4. Breeding Profit - The profit from self - breeding and self - raising was - 152.15 yuan/head, down 47.23 yuan from yesterday. The profit from purchasing piglets for fattening was - 301.04 yuan/head, down 41.63 yuan from yesterday [4]. 5. Slaughter Volume - The slaughter volume today was 163263 heads, an increase of 999 heads from yesterday [4]. 6. Price Spread - The price spread between different futures contracts changed. For example, LH7 - 9 decreased by 35 to - 830, LH9 - 1 increased by 120 to 1850, LH9 - 11 increased by 65 to 2590, and LH11 - 1 increased by 55 to - 740. The price spread between large and small pigs also increased, with the spread between standard pigs and medium - sized pigs increasing by 0.02 to 0.43, the spread between medium - large pigs and standard pigs increasing by 0.01 to 0.22, the spread between large pigs and medium - large pigs increasing by 0.04 to 0.52, and the spread between large pigs and standard pigs increasing by 0.05 to 0.74 [4]. 7. Trading Strategy - Unilateral trading: Adopt a bearish strategy for near - month contracts. - Arbitrage: Conduct a reverse spread on LH15. - Options: Hold off on trading [7].

Core Viewpoint - The domestic live pig market has shown signs of rebound in recent days, with prices stabilizing after a significant decline, although short to medium-term pressures remain evident due to oversupply [1][2][3] Price Trends - The live pig futures price fell over 12% in October, reaching a low of 11,120 yuan/ton, following a decline of 11.36% in September [1][2] - On October 15, the average pig price in Guangdong was reported at 4.98:1, entering a warning zone for excessive decline [2] - The national average pig price saw a slight increase of 0.01 yuan/kg on October 14 and further rose by 0.11 yuan/kg on October 15, surpassing 11 yuan/kg [3] Supply and Demand Dynamics - Increased supply from breeding farms and insufficient demand have led to a rapid decline in pig prices since September [2] - The market is currently experiencing a supply surplus, with significant outflows from major breeding enterprises [5][7] Market Sentiment and Investment - Recent inflows into livestock breeding ETFs indicate market optimism regarding short-term price stabilization and long-term industry potential [5] - Analysts suggest that the ongoing policy measures aimed at controlling production capacity and reducing weights will support a long-term price increase [7][9] Future Outlook - The industry is expected to enter a capacity reduction cycle, with potential price increases anticipated in the second half of next year [7][9] - Short-term price pressures are likely to persist due to high production levels and reduced consumer demand post-holidays [9][10]

Core Viewpoint - The fourth quarter is expected to experience a "旺季不旺" (peak season not prosperous) situation in the pig industry, despite entering the consumption peak season, due to various factors affecting supply and demand [1] Supply Side - The number of breeding sows is showing a slight downward trend, and it is anticipated to continue decreasing in the fourth quarter [1] - The slaughter levels for the fourth quarter are becoming clearer, with an expected increase in pork supply due to higher slaughter volumes and weight factors [1] Demand Side - Although the fourth quarter typically marks a peak consumption period, the support for demand may not meet expectations [1] - There is a tendency for secondary fattening to lean towards net slaughter during this period [1] Environmental Factors - The La Niña phenomenon is expected to influence weather patterns, leading to drought in the south and flooding in the north, with a high probability of increased rainfall in winter [1]

Core Viewpoint - The pork price is experiencing a downward trend, reaching new lows, with concerns about potentially falling below 13 yuan/kg. However, there is a belief that prices may stabilize by the end of September if the market can withstand the mid-month pressures [2]. Group 1: Supply Risks - The official target is to reduce the breeding pig capacity to below 39 million heads by the end of the year, while the breeding sow capacity was still at 40.42 million heads as of the end of July, indicating a tight timeline for adjustments [4]. - The concentration of the pig farming industry has increased significantly after previous capacity reductions, making the actions of leading companies more impactful on the market. Typically, there is a tightening of supply at the beginning and end of the month, with increased supply expected mid-month, leading to potential price declines [5]. - There is a risk of supply pressure due to the ongoing production capacity adjustments and the need to manage the market effectively [2]. Group 2: Demand Dynamics - Although there has been a slight improvement in pork consumption with the cooling weather, it is still far from the expected peak consumption season, indicating that demand has not significantly rebounded [6]. - The increase in supply from large enterprises, coupled with sluggish demand, poses a significant challenge for small and medium-sized farmers, potentially pushing some out of the market [6]. - The upcoming double festival at the end of the month is expected to provide a temporary boost to market consumption, which may influence market sentiment positively [6]. Group 3: Market Adjustments - The pace of reducing the weight of pigs for slaughter is slowing down, which means that the market supply of pork may decrease, alleviating some supply pressure [8]. - There has been a rise in secondary fattening practices, which, despite official controls, are expected to increase as the consumption season approaches, further tightening the supply pressure [9]. - With a reduction in supply and an anticipated increase in demand, there is a possibility for pork prices to stabilize or even see a slight increase, especially as the peak consumption season approaches in October [11].

Summary of the Conference Call on the Swine Industry Industry Overview - The conference call focuses on the swine industry, particularly the breeding and production of pigs in China, with insights into market trends, pricing, and regulatory impacts [1][2][3]. Key Points and Arguments Breeding Stock and Production Capacity - The breeding sow inventory remains stable, with variations across different scales of farms. Group farms show a slight decrease, while medium-sized farms are experiencing a stable increase. Smallholders show little change [1][2][3]. - Future trends indicate a potential decline in breeding sow inventory, suggesting that production capacity lacks sustained growth momentum [1][9]. Market Weight and Pricing - The average weight of pigs at market is 127.8 kg, a slight decrease from July but an increase compared to the previous year. Group farms and medium-sized farms have seen a decrease in market weight, while smallholders have increased their market weight [10]. - The price of piglets has recently dropped from over 400 RMB to around 330 RMB, but many producers expect a rebound, leading to stable production levels [6]. Regulatory Impact - Stricter environmental policies have been implemented this year, increasing compliance requirements for farms. However, these have not yet led to significant closures or license revocations, allowing most long-term operators to remain in business [7]. - New regulatory measures, such as stricter interprovincial transportation checks, have negatively impacted prices in regions with high supply, such as Guangdong, where prices have dropped significantly [14][15]. Disease and Market Dynamics - The epidemic situation in Guangxi is primarily linked to border areas and ports, with minimal impact on group farm production capacity. The overall epidemic situation has stabilized [16][17]. - The second fattening phase this year is less than last year, driven more by market conditions than policy changes. A concentrated second fattening wave is expected in early October to meet demand for the upcoming festive season [18][19]. Financial Health of Medium-sized Farms - Medium-sized farms are currently in a relatively good financial position, with some maintaining profitability despite increased loan difficulties and environmental scrutiny. This group is crucial for future production capacity [2][22][23]. Future Market Expectations - The fourth-quarter market is expected to be influenced by current weight control measures and the upcoming second fattening phase. Producers are cautious about future price movements, with some indicating a potential reduction in the scale of future fattening due to financial constraints [20][21]. Additional Important Insights - The price of culling sows is closely tied to market prices, with an increase in culling volumes noted in August, particularly among larger farms [12]. - The overall sentiment among producers is cautious, with many not optimistic about significant price increases in the near term due to previous losses and current market conditions [20][21].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the overall price of live pigs showed a rebound and upward trend. The rise in pig prices was mainly due to the tightening of supply at the beginning of the month and the early entry of secondary fattening. However, the supply - demand contradiction in the spot market in May was not obvious, especially the demand was still relatively weak. If secondary fattening faded and large - scale farms started to sell pigs, prices might still fall. - In the futures market, valuation repair and spot drive were the main contradictions in this week's futures trading. With the improvement of market sentiment and the concentrated entry of secondary fattening, the bulls increased their positions, and the futures price broke through the previous resistance level. The report believes that there is still room for the rise of live pig prices, but from a trading perspective, the impact of spot prices is still significant, and once secondary fattening fades, the futures price may be adjusted [4]. 3. Summary According to the Directory 3.1 Comprehensive Analysis & Trading Strategy 3.1.1 Comprehensive Analysis - Spot market: The price of live pigs rebounded this week. The reasons were the slowdown of large - scale enterprise sales progress at the beginning of the month, the resistance of farmers to low prices, the reduction of large - weight pig sources, and the entry of secondary fattening. However, the supply - demand contradiction in May was not obvious, and if secondary fattening faded, prices might fall. - Futures market: The main contradiction in futures trading was valuation repair and spot drive. With the improvement of market sentiment, the bulls increased their positions, and the futures price rose. There was still room for the rise of live pig prices, but the impact of spot prices was significant, and the rhythm needed to be tracked [4]. 3.1.2 Trading Strategy - Unilateral: Maintain a bullish view, but closely track the spot market and secondary fattening situation due to the recent large increase. - Arbitrage: Wait and see. - Options: Buy LH2409 - C - 17700, sell LH2407 - C - 19500, and sell LH2407 - P - 17400 [5]. 3.2 Data Chart & Logical Analysis 3.2.1 Live Pig Price - This week, the overall price of live pigs across the country rose steadily, showing a pattern of stronger in the north and weaker in the south. By May 11, the average price of live pigs in different regions had different degrees of increase or decrease. The slowdown of large - scale enterprise sales progress, farmers' reluctance to sell, the reduction of large - weight pig sources, and the entry of secondary fattening all contributed to the price rise [10]. 3.2.2 Changes in Slaughter and Consumption - Slaughter: At the beginning of the month, the sales progress of large - scale enterprises and the willingness of ordinary farmers to sell pigs slowed down, and the supply tightened. The weight of slaughtered pigs decreased, the fat - to - standard price spread widened, and the enthusiasm for secondary fattening in the north increased, resulting in a low completion rate of slaughter enterprises' plans. - Consumption: The frozen product storage rate continued to decline, and the frozen product inventory decreased slightly. Although the slaughter volume also decreased slightly, the apparent demand was still average, and the fresh sales rate of live pigs remained stable. The sales of the白条 market were general, and the terminal demand was weak [11]. 3.2.3 Breeding Profit - This week, the spot price of live pigs rebounded rapidly, and the breeding profit continued to strengthen. The self - breeding and self - raising profit was - 43.97 yuan/head, an increase of 11.96 yuan/head compared with last week; the profit of purchasing piglets was 96.25 yuan/head, an increase of 22.65 yuan; the profit of selling piglets was 188.62 yuan/head, a decrease of 15.89 yuan/head. The feed price remained stable, and the breeding cost increased, but the increase in pig prices was relatively larger, so the breeding profit showed an improving trend [16]. 3.2.4 Sow & Piglet Prices - Piglets: The price of 7 - kg piglets was 565 yuan/head, a decrease of 6 yuan/head compared with last week; the price of 15 - kg piglets was 694 yuan/head, a decrease of 12 yuan/head. The price of piglets showed a weak decline due to the decrease in seasonal replenishment and farmers' resistance, but there was still price support due to the relatively low supply. - Sows: The national price of二元 sows was 1577 yuan/head, remaining stable compared with last week. The ratio of culled sows to commercial pigs continued to rise, and farmers' enthusiasm for breeding and replenishment increased. The overall production performance of sows was good [20]. 3.2.5 Inventory of Reproductive Sows - In April, the inventory of reproductive sows increased month - on - month according to different data sources. The increase in the number of reproductive sows was promoted by good breeding profits, with the increase rate of small - scale farmers being greater than that of large - scale enterprises. The number of culled sows decreased, and the overall production performance of sows continued to improve [23].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Today's spot price of live pigs has limited upward momentum, showing a stable and slightly weak trend. The overall futures market is still trading under the pressure of increasing inventory, with short - term futures showing a volatile and weak trend [3]. 3. Summary by Relevant Content 3.1 Spot Price and Futures Price - On September 3, 2025, the national average price of live pigs was 13.76 yuan/kg, remaining unchanged. The prices in different regions showed fluctuations, with some regions experiencing price drops. For example, Shandong dropped by 0.17 yuan/kg, and Hebei dropped by 0.13 yuan/kg [3]. - The price of LH2511 was 13,550 yuan, down 45 yuan; LH2601 was 13,915 yuan, up 55 yuan; LH2603 was 13,130 yuan, up 35 yuan [3]. 3.2 Supply - side Situation - According to Yongyi data, the monthly live pig slaughter began to increase month - on - month in August, with the fastest month - on - month growth rate in October. The weight decline was slower than expected, and secondary fattening was relatively stable [3]. - This week, the average national slaughter weight was 127.98 kg, an increase of 0.16 kg from last week, with a month - on - month increase of 0.13%. Group enterprises' progress in completing their tasks was slow, and there was still a shift of production capacity to later periods [3]. 3.3 Market of Piglets - This week, the average market selling price of 15 - kg piglets was 463 yuan/head, a decrease of 21 yuan/head from last week. Recently, piglet prices have been continuously declining. Currently, it is the off - season for piglet replenishment, and farmers' demand for piglets has significantly weakened [3]. 3.4 Market Outlook - The effect of weight reduction in live pig breeding has not been obvious recently. There is still pressure on the spot market, but the process of capacity reduction takes time. Although the spot price has risen in the short term, the sustainability of the increase needs to be observed [3].

1. Report Industry Investment Rating - The investment rating for both the pig and egg industries is cautiously bearish [3][6] 2. Core Viewpoints - For the pig industry, the supply - side pressure is expected to decrease in the future, and the consumption - side improvement is anticipated but with limited impact. Price support mainly relies on the short - term supply gap created by the increase in secondary fattening. The ongoing policy - based procurement has little impact on the market due to the small net procurement volume. The overall supply - demand pattern remains unchanged in the short and long term, though short - term demand boosts may have some influence [2] - For the egg industry, it has entered the pre - Mid - Autumn Festival stocking period, with demand improving due to food companies' stocking, tourism and catering consumption, and school opening needs. However, the continuous increase in the number of laying hens in production and the release of cold - storage eggs have led to an oversupply situation, suppressing egg prices. The festival demand boost is weak, and the short - term pattern is difficult to change [4][5] 3. Summary by Related Catalogs Pig Industry Market News and Important Data - Futures: The closing price of the live pig 2511 contract yesterday was 13,745 yuan/ton, down 115 yuan/ton (- 0.83%) from the previous trading day [1] - Spot: In Henan, the price of external ternary live pigs was 13.56 yuan/kg, up 0.08 yuan/kg; in Jiangsu, it was 13.67 yuan/kg, down 0.02 yuan/kg; in Sichuan, it was 13.43 yuan/kg, down 0.10 yuan/kg. The corresponding spot basis changed as well [1] - Agricultural product wholesale prices on August 27: The "200 - index of agricultural product wholesale prices" rose 0.22 points, the "vegetable basket" product wholesale price index rose 0.26 points. The average wholesale price of pork decreased by 0.4% to 19.92 yuan/kg, beef increased by 0.2% to 65.05 yuan/kg, mutton increased by 0.5% to 59.97 yuan/kg, eggs increased by 1.1% to 7.69 yuan/kg, and white - striped chickens remained unchanged at 17.67 yuan/kg [1] Market Analysis - Supply - side pressure is expected to ease, and consumption - side improvement is expected but limited. Price support depends on secondary fattening. Policy - based procurement has little impact, and the overall supply - demand pattern remains stable in the short and long term, with short - term demand boosts having some influence [2] Strategy - Cautiously bearish [3] Egg Industry Market News and Important Data - Futures: The closing price of the egg 2510 contract yesterday was 2,975 yuan/500 kg, down 38 yuan (- 1.26%) from the previous trading day [3] - Spot: In Liaoning, the egg price was 3.31 yuan/jin, up 0.11 yuan; in Shandong, it was 3.25 yuan/jin, unchanged; in Hebei, it was 2.71 yuan/jin, down 0.02 yuan. The corresponding spot basis also changed [3] - On August 27, the national production - link inventory was 0.82 days, down 0.05 days from the previous trading day, and the circulation - link inventory was 1.03 days, unchanged [3] Market Analysis - Entering the pre - festival stocking period, demand has improved, but the continuous increase in laying hens in production and the release of cold - storage eggs have led to an oversupply situation, suppressing prices. The festival demand boost is weak, and the short - term pattern is hard to change [4][5] Strategy - Cautiously bearish [6]