Report Summary 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - In the short - term, the supply and demand of the pig industry are in a stalemate. The supply has slightly increased but the pressure is average, while the terminal demand has declined. The slaughterhouse's operating rate has decreased, but there is still passive inventory in some areas, and the upcoming Dragon Boat Festival may lead to a short - term increase in demand. Attention should be paid to the potential release of supply, which may put further pressure on prices. However, continuous price drops may cause farmers to be reluctant to sell, hindering price declines [2] 3. Summary by Relevant Catalogs Futures Disk - The closing price of the main futures contract for live pigs is 13,685 yuan/ton, up 25 yuan; the main contract's open interest is 79,343 lots, up 69 lots; the number of warehouse receipts is 678 lots, down 18 lots; the net long position of the top 20 futures holders is - 14,708 lots, up 394 lots [2] Spot Prices - The spot price of live pigs in Henan Zhumadian is 14,900 yuan/ton, down 100 yuan; in Jilin Siping is 14,300 yuan/ton, down 100 yuan; in Guangdong Yunfu is 14,800 yuan/ton, down 300 yuan. The main basis for live pigs is 1,215 yuan/ton, down 125 yuan [2] Upstream Situation - The monthly live pig inventory is 41,7310,000 heads, down 1,0120,000 heads; the inventory of breeding sows is 4,0390,000 heads, down 270,000 heads [2] Industry Situation - The year - on - year CPI for the month is - 0.1%, up 0.6 percentage points. The spot price of soybean meal in Zhangjiagang is 2,920 yuan/ton, down 100 yuan; the spot price of corn is 2,373.24 yuan/ton, down 1.66 yuan; the DCE pig feed cost index is 934.59, down 6.73. The monthly output of feed is 27,772,000 tons, down 664,000 tons. The price of binary breeding sows is 1,641 yuan/head, unchanged. The weekly breeding profit for purchased piglets is 48.2 yuan/head, down 10.26 yuan; for self - bred and self - raised pigs is 80.66 yuan/head, down 3.67 yuan. The monthly import volume of pork is 90,000 tons, up 10,000 tons. The average price of white - striped chicken in the main production areas is 13.5 yuan/kg, down 0.2 yuan [2] Downstream Situation - The monthly slaughter volume of designated pig slaughtering enterprises is 3,0630,000 heads, up 8860,000 heads. The monthly total retail sales of consumer goods in the catering industry is 423.5 billion yuan, down 131.4 billion yuan [2] Industry News - According to Mysteel data, the operating rate of slaughtering enterprises in the 20th week is 28.11%, down 0.43 percentage points from last week and 0.10 percentage points year - on - year. The supply side shows that the farmers' slaughter has increased, but the overall rhythm is slow, and the slaughter weight is generally stable. The price of fat pigs is lower than that of standard pigs, increasing the risk of secondary fattening, and the willingness to slaughter may increase later. According to the pig breeding cycle, the sow production capacity is in an increasing cycle in the second and third quarters, and the medium - term supply pressure is increasing [2]

Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Core Views Oils and Fats - Palm oil futures may fall due to potential increases in production and inventory, with short - term fluctuations in domestic prices. There's a chance of reaching 8300 yuan. US policy proposals may boost soybean oil demand, but domestic inventory increases could drag down prices [1]. Sugar - Short - term, raw sugar will fluctuate between 17 - 20 cents/pound. Domestic sugar prices are supported currently but may face limited upside due to expected import increases, with a forecast range of 5800 - 5950 yuan [3]. Cotton - Domestic cotton prices may oscillate in the short term. New cotton supply looks good, while downstream demand is slightly weak. Attention should be paid to the 13500 - 13700 yuan/ton pressure level [4]. Eggs - Abundant supply and general demand lead to a slightly tense supply - demand situation. Egg prices may decline slightly and then stabilize this week [6]. Meal - US soybean prices are pressured by biodiesel policy uncertainty and smooth sowing. Domestic supply is increasing, and the basis is under pressure. Attention should be paid to soybean meal performance around 2900 yuan [9]. Corn - In the short term, the corn market is stable with a sideways trend. In the long term, supply tightening and increased demand will support prices. Suggest buying on dips during corrections [11]. Pigs - Pig prices are expected to remain volatile. The 09 contract is driven by funds, with limited upside and downside potential. Attention should be paid to the second - fattening slaughter [15][16]. Summary by Related Catalogs Oils and Fats - **Price Changes**: Soybean oil spot price in Jiangsu dropped 0.84%, palm oil in Guangdong fell 2.27%, and rapeseed oil in Jiangsu decreased 0.31%. Futures prices also declined, while some basis values changed [1]. - **Policy Impact**: US policy proposals may increase soybean oil demand in biofuel production [1]. Sugar - **Market Data**: Futures prices declined slightly, while some spot prices increased. Production and sales increased year - on - year, and inventory decreased [3]. - **Industry Outlook**: Brazil's sugar production was affected by rain, but the 25/26 season is expected to be a bumper harvest [3]. Cotton - **Price and Inventory**: Futures prices dropped slightly, and some spot prices rose. Commercial inventory decreased, and import volume declined [4]. - **Market Situation**: Downstream demand is weakening, and new cotton supply is promising [4]. Eggs - **Price and Profit**: Futures prices declined, and the basis increased. Egg - layer chick prices were stable, and breeding profits improved [6]. - **Supply - Demand**: Supply is abundant, and demand is general [6]. Meal - **Price and Spread**: Soybean meal and rapeseed meal prices changed, and various spreads also adjusted. US soybean prices are under pressure, and domestic supply is increasing [9]. - **Market Factors**: Uncertain US biodiesel policy and smooth sowing affect the market [9]. Corn - **Price and Inventory**: Corn and corn starch prices changed. Corn inventory increased slightly, and starch inventory was stable [11]. - **Market Trends**: Short - term stability and long - term upward trend due to supply - demand changes [11]. Pigs - **Price and Spread**: Futures prices declined, and the spread between 7 - 9 contracts decreased. Spot prices were stable, and some indicators changed [15]. - **Market Conditions**: Stable supply - demand and potential second - fattening slaughter [15][16].

生猪产业日报 2025-05-15 数地区被动入库现象犹存。总体来说，短期养殖端出栏节奏较慢，需求表现一般，供需僵持，现货价格平 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 稳波动，生猪主力合约收跌1.36%，收复周三上涨可能空间，回到14000关口下方运行，短期震荡调整，关 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 注出栏情况，后市供需预期偏松，价格或再面临压力。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | ...

| | | 生猪产业日报 2025-05-12 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 13870 | -55 主力合约持仓量:生猪(日,手) | 71354 | 35 | | | 仓单数量:生猪(日,手) | 704 | -1 期货前20名持仓:净买单量:生猪(日,手) | -15664 | -169 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 15100 | 100 生猪价 吉林 四平(日,元/吨 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 宏观层面因素支撑，生猪价格平稳震荡，不过中期基本面偏空，价格仍将承压。建议短线反弹抛空为主。 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 生猪产业日报 2025-05-07 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 13985 | 25 主力合约持仓量:生猪(日,手) | 72161 | 1403 | | | 仓单数量:生猪 ...

生猪产业日报 2025-05-06 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 13960 | 50 主力合约持仓量:生猪(日,手) | 70758 | 1030 | | | 仓单数量:生猪(日,手) | 705 | 0 期货前20名持仓:净买单量:生猪(日,手) | -15794 | -408 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 15000 | -200 生猪价 吉林 四平(日,元/吨) | 14500 | -200 | | | 生猪价 广东 云浮(日,元/吨) | 15600 | 0 生猪主力基差(日,元/吨) | 1040 | -250 | | 上游情况 | 生猪存栏(月,万头) | 41731 | -1012 生猪存栏:能繁母猪(月,万头) | 4039 | -27 | | 产业情况 | CPI:当月同比(月,%) | -0.1 | 0.6 现货价:豆粕:张家港(日,元/吨) | 3200 | -200 ...

库现象犹存。生猪基差从深度贴水回缩至相对正常范围，主力合约收跌1.62%，中期基本面偏空，后市偏弱 研究员: 柳瑜萍 期货从业资格号F0308127 期货投资咨询从业证书号Z0012251 震荡运行。 免责声明 生猪产业日报 2025-04-29 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 13930 | -200 主力合约持仓量:生猪(日,手) | 72948 | -421 | | | 仓单数量:生猪(日,手) | 705 | 0 期货前20名持仓:净买单量:生猪(日,手) | -15765 | 564 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 15000 | 100 生猪价 吉林 四平(日,元/吨) | 14700 | 0 | | | 生猪价 广东 云浮(日,元/吨) | 15600 | 0 生猪主力基差(日,元/吨) | 1070 | 300 | | 上游情况 | 生猪存栏(月,万头) | 41731 | -1 ...

生猪产业日报 2025-04-28 库现象犹存。生猪主力合约基差从深度贴水回缩至相对正常范围，短期供需博弈，生猪价格震荡运行，不 研究员: 柳瑜萍 期货从业资格号F0308127 期货投资咨询从业证书号Z0012251 过中期基本面偏空，预计后市重心小幅下移。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 数据指标 | | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 14130 | -20 主力合约持仓量:生猪(日,手) | 73369 | 1071 | | | 仓单数量:生猪(日,手) ...

生猪产业日报 2025-04-23 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 14365 | -120 主力合约持仓量:生猪(日,手) | 79891 | 1239 | | | 仓单数量:生猪(日,手) | 665 | 150 期货前20名持仓:净买单量:生猪(日,手) | -20336 | -252 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 15100 | 0 生猪价 吉林 四平(日,元/吨) | 14800 | 0 | | | 生猪价 广东 云浮(日,元/吨) | 15900 | 200 生猪主力基差(日,元/吨) | 735 | 120 | | 上游情况 | 生猪存栏(月,万头) | 42743 | 49 生猪存栏:能繁母猪(月,万头) | 4066 | 4 | | 产业情况 | CPI:当月同比(月,%) | -0.7 | -1.2 现货价:豆粕:张家港(日,元/吨) | 3700 | 180 | | | ...

Report General Information - Report Name: Pig Industry Daily Report 2025-04-21 [1] - Researcher: Liu Yuping [2] - Researcher's Futures Practice Qualification Number: F0308127 [2] - Researcher's Futures Investment Consulting Practice Certificate Number: Z0012251 [2] Report Investment Rating - No investment rating information provided in the report Core Viewpoints - The sow production capacity is on an increasing trend, and there is medium - term supply pressure. However, in the short term, the active entry of secondary fattening and the reluctance of farmers to sell at low prices buffer the supply pressure [2]. - Last week, the upward trend of the slaughterhouse's operating rate was blocked. But approaching the May Day holiday, the terminal demand may improve later [2]. - Overall, the secondary fattening market and pre - holiday demand are expected to improve, supporting the stable fluctuation of spot prices. The short - term pig futures market is expected to fluctuate slightly stronger, but the medium - term supply pressure remains, and the upside space should be viewed with caution. Attention should be paid to the price difference between standard and fat pigs, the slaughter situation, and the slaughter weight [2]. Summary by Directory 1. Futures Disk - The closing price of the main futures contract for pigs is 14,555 yuan/ton, with a week - on - week increase of 90 yuan/ton [2]. - The position of the main contract for pigs is 79,537 lots, with a week - on - week increase of 1,945 lots [2]. - The number of pig warehouse receipts is 515 lots, with no week - on - week change [2]. - The net long position of the top 20 futures positions for pigs is - 18,432 lots, with a week - on - week increase of 564 lots [2]. 2. Spot Prices - The pig price in Zhumadian, Henan is 15,000 yuan/ton, with a week - on - week decrease of 100 yuan/ton [2]. - The pig price in Siping, Jilin is 14,700 yuan/ton, with a week - on - week decrease of 100 yuan/ton [2]. - The pig price in Yunfu, Guangdong is 15,600 yuan/ton, with a week - on - week increase of 200 yuan/ton [2]. - The main basis for pigs is 445 yuan/ton, with a week - on - week decrease of 190 yuan/ton [2]. 3. Upstream Situation - The monthly pig inventory is 42,7430,000 heads, with an increase of 490,000 heads [2]. - The monthly inventory of breeding sows is 4,0660,000 heads, with an increase of 40,000 heads [2]. 4. Industry Situation - The year - on - year change of CPI in the current month is - 0.7%, with a decrease of 1.2 percentage points [2]. - The spot price of soybean meal in Zhangjiagang is 3,450 yuan/ton, with a week - on - week increase of 230 yuan/ton [2]. - The spot price of corn is 2,268.04 yuan/ton, with no week - on - week change [2]. - The Dalian Commodity Exchange's pig feed cost index is 940.11, with a week - on - week increase of 6.19 [2]. - The monthly output of feed is 27,772,000 tons, with a decrease of 664,000 tons [2]. - The weekly price of binary breeding sows is 1,641 yuan/head, with no week - on - week change [2]. - The weekly breeding profit for purchasing piglets is 21.88 yuan/head, with a week - on - week increase of 33.74 yuan/head [2]. - The weekly breeding profit for self - breeding and self - raising pigs is 79.46 yuan/head, with a week - on - week increase of 28.31 yuan/head [2]. - The monthly import volume of pork is 80,000 tons, with a decrease of 20,000 tons [2]. - The weekly average price of white - striped chickens in the main producing areas is 13.5 yuan/kg, with a week - on - week decrease of 0.3 yuan/kg [2]. 5. Downstream Situation - The monthly slaughter volume of designated pig slaughtering enterprises is 2,1770,000 heads, with a decrease of 1,6390,000 heads [2]. - The monthly value of catering revenue in total social consumer goods retail is 423.5 billion yuan, with a decrease of 131.4 billion yuan [2]. 6. Industry News - According to the sample data of key breeding enterprises from Shanghai Ganglian, the daily national pig slaughter volume of key breeding enterprises on April 21, 2025, was 257,630 heads, a 3.49% decrease from Friday [2].