Report Industry Investment Rating No relevant content provided. Core Viewpoints - Short - term prices of various products in the feed and breeding industry have different trends, and long - term trends are affected by factors such as supply and demand, production, and consumption seasons. Strategies for different varieties are given based on these trends [1][2][4][7][8] - There are both upward and downward pressures on the prices of different products, and investors need to pay attention to different influencing factors for each product [1][2][4][7][8] Summary by Directory 1. Live Pigs - **Price Situation**: On April 2, the spot price in Liaoning was 14.1 - 14.8 yuan/kg, down 0.1 yuan/kg from the previous day; in Henan, it was 14.4 - 14.9 yuan/kg, also down 0.1 yuan/kg; in Sichuan, it was stable at 14.2 - 14.7 yuan/kg; and in Guangdong, it was stable at 15 - 15.6 yuan/kg [1] - **Short - term Outlook**: Supported by factors like industry profits, low - position entry of second - round fattening, and holiday demand, but also pressured by cautious second - round fattening at high prices, increased large - pig slaughter, and limited terminal consumption. Prices will oscillate around 14 yuan/kg [1] - **Long - term Outlook**: From March to September 2024, supply will increase due to the continuous slow growth of fertile sows from May to November 2024 and improved production performance. The supply pressure in the second quarter is large, and the risk of price decline intensifies. The long - term price is also under pressure [1] - **Strategy**: In the short term, supply pressure is postponed. Adopt a strategy of shorting on rebounds. For contracts 05, 07, and 09, pay attention to their respective pressure levels and sell out - of - the - money call options [1] 2. Eggs - **Price Situation**: On April 2, the price in Shandong Dezhou was 3.05 yuan/jin, and in Beijing, it was 3.16 yuan/jin, both stable compared to the previous day [2] - **Short - term Outlook**: Supply pressure is large due to the increase in laying hens, but the increase in old - hen culling and holiday - driven consumption have improved the supply - demand pattern [2] - **Long - term Outlook**: High - profit - driven high - level replenishment from December 2024 to February 2025 will lead to an increase in new - laying hens in the second quarter, and the supply increase in the second half of the year is difficult to reverse [2] - **Strategy**: For contract 05, wait and see; for contracts 08 and 09, take a bearish view, and pay attention to feed and culling factors [2] 3. Oils Palm Oil - **Price Situation**: On April 1, the national palm oil price rose by 30 - 50 yuan/ton to 9610 - 9850 yuan/ton [4] - **Short - term Outlook**: Malaysian palm oil production increased in March, exports increased slightly, and the inventory may have reached an inflection point. It is expected to oscillate between 4200 - 4600. The domestic supply - demand situation is in a tight balance, and the inventory has decreased to 36.87 tons [4] - **Long - term Outlook**: After April, the production in the origin will increase, and the demand will weaken after the festival. The price may decline from the high level [4] - **Strategy**: Contracts 05 of palm oil are in a strong - oscillating trend in the short term. Pay attention to the 9500 pressure level and be cautious about chasing up [7] Soybean Oil - **Price Situation**: On April 1, the US soybean oil main contract rose 5.71% to 47.27 cents/pound. The domestic soybean oil price changed by 10 - 90 yuan/ton to 8150 - 8320 yuan/ton [3][4] - **Short - term Outlook**: Influenced by factors such as the potential increase in biodiesel blending, lower - than - expected US soybean planting area, and large - scale Brazilian soybean listing, the price will oscillate in a range [5] - **Long - term Outlook**: The supply pressure will be large from April to May, and the inventory reduction ability will be limited [5] - **Strategy**: Contract 05 of soybean oil runs in the 7700 - 8200 range in the short term. Adopt a range - trading strategy [7] Rapeseed Oil - **Price Situation**: On April 1, the domestic rapeseed oil price rose 90 yuan/ton to 9360 - 9680 yuan/ton [4] - **Short - term Outlook**: Affected by the tariff on Canadian rapeseed oil, the price is relatively strong [6] - **Long - term Outlook**: After the second quarter, due to factors such as reduced Canadian rapeseed planting area and inventory reduction, the price is expected to stop falling and rebound [6] - **Strategy**: Contracts 05 of rapeseed oil are in a strong - oscillating trend in the short term. Pay attention to the 9500 pressure level and be cautious about chasing up [7] 4. Soybean Meal - **Price Situation**: On April 1, the US soybean 05 contract rose 19.5 cents to 1034.25 cents/bushel, and the soybean meal 05 contract closed at 2804 yuan/ton [7] - **Short - term Outlook**: Affected by factors such as Brazilian soybean harvest pressure, domestic inventory reduction falling short of expectations, and increased supply in the future, the price trend is weak [7] - **Long - term Outlook**: Import cost increase and possible reduction in US soybean planting area will provide support for the price [7] - **Strategy**: Contracts 05 and 07 are weak in the short term, short on rallies; for m2509, build long positions at low prices [7] 5. Corn - **Price Situation**: On April 1, the new - corn purchase price at Jinzhou Port was 2160 yuan/ton, down 5 yuan/ton from the previous day [8] - **Short - term Outlook**: There is selling pressure in the short term, but there is also support from factors such as trade - end price support and downstream replenishment demand [8] - **Long - term Outlook**: The supply - demand situation will tighten, but the price increase space is limited due to factors such as substitutes [8] - **Strategy**: Take a generally stable - to - bullish attitude. For contract 05, look for opportunities to go long on pullbacks; pay attention to 5 - 7 and 5 - 9 calendar spreads [9] 6. Today's Futures Market Overview - CBOT soybean active contract rose 18.75 cents to 1032.75 cents/bushel; soybean meal main contract fell 47 yuan/ton to 2804 yuan/ton; and other varieties also had corresponding price changes [10]