农产品早报 2025-11-26 五矿期货农产品早报 五矿期货农产品团队 从业资格号：F0273729 交易咨询号：Z0002942 邮箱：wangja@wkqh.cn 从业资格号：F03116327 交易咨询号：Z0019233 邮箱:yangzeyuan@wkqh.cn 从业资格号：F03114441 交易咨询号：Z0022498 电话：028-86133280 邮箱：sxwei@wkqh.cn 王俊 组长、生鲜品研究员 周二 CBOT 大豆震荡，巴西升贴水上涨，大豆到港成本稳定。周二国内豆粕现货持稳，华东报 2980 元/ 吨，豆粕成交一般、提货较好。MYSTEEL 预计本周油厂大豆压榨量为 231.73 万吨，上周压榨大豆 233.44 万吨，上周饲企库存天数为 7.98 天环比下降 0.25 天，港口大豆上周去库，但同比仍较高，豆粕库存回 升至 100 万吨以上，因压榨量较大。 杨泽元 白糖、棉花研究员 巴西大豆产区 11 月降雨水平同比往年略低，12 月预报雨量较多，预计播种较为顺利。11 月 USDA 月报 预估 25/26 年度全球大豆产量与消费量已几乎持平，同时，全球大豆供需格局由供需双增转 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - In the past week, the live - hog market showed a pattern of being strong first and then weak. The futures market had a structure where near - term contracts were weak and far - term contracts were strong, the basis weakened slightly, and the forward structure of the futures curve became steeper. From the number of piglet births, the domestic live - hog slaughter pressure will be realized from now to the second quarter of the next year, with the theoretical slaughter volume generally increasing in the later stage. [7] - In the short term, the slaughter rhythm of large - scale farms is a bit slow and is expected to speed up in the second half of November. Small - scale farmers are reluctant to sell and are holding back their pigs. [7] - The demand is gradually picking up, and it's time to observe whether consumption can effectively absorb the supply. Considering the high frozen - meat inventory and low spread between live - hog and pork prices, it's difficult for the peak consumption season alone to support the rise of live - hog spot prices. [7] - For the future market trend, attention should be paid to the realization of consumption and the time point of inventory reduction of live hogs. In the long term, focus on the industry's capacity - reduction rhythm under the background of profit compression. [7] - In terms of operation, adopt a short - selling strategy on rebounds for LH2601 and LH2603 contracts. Treat the LH2609 contract in the far - month as a wide - range shock and pay attention to the opportunity of low - level band buying. [7] 3. Summary by Directory 1. Week - to - Week Analysis and Outlook - The live - hog market had a first - strong - then - weak pattern last week. Futures showed near - weak and far - strong, with a slightly weaker basis and a steeper forward curve. The slaughter pressure will be high from now to the second quarter of next year. In the short term, large - scale farms' slaughter may speed up, and small - scale farmers are holding back pigs. Consumption is picking up, but it's hard for it alone to support price increases. Pay attention to consumption and inventory reduction, and the industry's capacity - reduction rhythm. Adopt different trading strategies for different contracts. [7] 67. Central Reserve Frozen - Pork Operation - In case of excessive price drops, at the national level, no temporary reserve purchase is initiated when a third - level early warning is issued; it may be initiated when a second - level warning is issued; and it is initiated when a first - level warning is issued. Local governments follow the national practice. [67] - In case of excessive price increases, in the normal market cycle, reserve release is initiated when a second - level early warning is issued and the release is increased when a first - level warning is issued. In case of special situations like major animal diseases, after a first - level warning, releases are concentrated in key periods. Provinces can set their own release conditions but not higher than the central level. [67]

Core Insights - The current pig price has shown a slight rebound, reaching just above 6 yuan/kg, but the momentum appears weak and unsustainable [2][3] - After a significant price increase in late October, the market has experienced a downturn, erasing previous gains and creating a cautious sentiment among producers [4][6] Market Dynamics - The market is currently experiencing a mixed trend with fluctuations in prices, indicating a lack of strong upward or downward movement [3][4] - The concept of "secondary fattening" (二次育肥) is highlighted as a critical factor influencing the market, as it can significantly impact supply dynamics [6][12] Supply and Demand Factors - The supply of pigs is relatively stable, with no significant reductions expected unless a major disease outbreak occurs [8] - Consumer demand for pork is limited due to the availability of alternative protein sources, such as poultry and eggs, which are currently priced lower [9] - The elongation of the consumption cycle, particularly with the upcoming late Spring Festival, is expected to dilute the demand spike typically seen during festive periods [10] Future Outlook - While there is some potential for price support due to seasonal consumption increases, the overall market sentiment remains cautious, limiting the likelihood of significant price increases [12] - The reduction in secondary fattening activities reflects a broader uncertainty about market prospects, which may lead to only narrow fluctuations in pig prices moving forward [12]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current pig market still has certain supply pressure, and subsequent pig prices are expected to fluctuate with relatively limited changes [3]. - The futures market is mainly affected by the near - end spot price, and the overall situation will be in a fluctuating state with a relatively limited increase in supply pressure [3]. Group 3: Summary by Relevant Catalogs 1. Comprehensive Analysis & Trading Strategies Comprehensive Analysis - Pig prices across the country continued to decline this week, with obvious supply pressure. Scale enterprises' slaughter volume remained stable, while ordinary farmers initially increased their slaughter volume and then resisted low prices. The number of second - fattening pigs increased, and the slaughter weight also rose, so the overall supply pressure still exists [3]. - In terms of demand, the weekly pig slaughter volume decreased month - on - month, and the frozen product inventory increased. Although the fresh - sale rate and price of pigs increased, the overall demand change was limited [3]. - In the futures market, pig prices continued to fall this week, and the futures market fluctuated. The main influencing factor was the near - end spot price. The subsequent supply pressure may increase slightly, and the market will mainly fluctuate [3]. Trading Strategies - Unilateral: Wait and see [4]. - Arbitrage: Wait and see [4]. - Options: Sell the wide - straddle strategy [4]. 2. Data Chart & Logical Analysis Pig Prices - Pig prices across the country declined this week. In Northeast China, it was 12 - 12.1 yuan/kg, down 0.4 - 0.5 yuan/kg; in North China, 12.13 - 12.22 yuan/kg, down 0.35 yuan/kg; in Henan and Shandong, 11.93 - 12.02 yuan/kg, down 0.5 - 0.55 yuan/kg; in East China, 11.95 - 12.45 yuan/kg, down 0.45 - 0.6 yuan/kg; in Southwest China, 11.5 yuan/kg, down 0.75 yuan/kg; in Central China, 11.46 - 12.3 yuan/kg, down 0.55 - 0.8 yuan/kg; in South China, 11.07 - 12.36 yuan/kg, down 0.7 - 1 yuan/kg [8]. - The early - week market slaughter pressure increased, and the number of second - fattening pigs decreased. As prices fell, farmers' acceptance of low prices declined, and the supply pressure improved [8]. Slaughter and Consumption Changes - In terms of slaughter, the early - week pig slaughter volume increased significantly, especially among ordinary farmers. The enthusiasm for second - fattening decreased initially and then increased as prices fell. Scale enterprises maintained a normal slaughter rhythm, and their monthly slaughter plan was adjusted down [9]. - The pig slaughter weight increased this week, and the price difference between large and small pigs decreased, partly due to the decrease in second - fattening. The overall supply pressure is expected to continue [9]. - In terms of consumption, the demand change was limited. The pig slaughter volume decreased month - on - month, the frozen product inventory increased, and the apparent consumption declined. However, the pig price was firm, and the fresh - sale rate increased, so the actual demand change was limited [9]. Breeding Profits - Pig breeding profits increased slightly. As of the week of November 7, the self - breeding and self - raising profit was - 89.21 yuan/head, up 0.21 yuan/head from last week, and the profit from purchasing piglets was - 175.54 yuan/head, up 4.18 yuan/head from last week [15]. - Although pig prices continued to fall, the overall change was limited, and the cost decreased slightly, leading to a slight increase in breeding profits [15]. Sow & Piglet Prices - Piglet prices rebounded slightly. The price of 7 - kg piglets was 198 yuan/head, up 23 yuan/head from last week, and the price of 15 - kg piglets was 284 yuan/kg, up 19 yuan/head from last week. Farmers' enthusiasm for replenishing piglets was average [19]. - Sow prices also rebounded slightly. The sow price was 1546 yuan/head, up 1 yuan/head from last week. The ratio of culled sows to commercial pigs increased, and the market's enthusiasm for culling decreased [19]. Reproductive Sow Inventory - According to Yongyi's data, the reproductive sow inventory in October decreased slightly month - on - month, with the comprehensive sample down 0.8% and scale enterprises down 0.77% [22]. - According to Ganglian's data, the reproductive sow inventory in October increased 0.11% month - on - month, with scale enterprises up 0.12% and small and medium - sized farmers down 0.14% [22]. - Considering the breeding profit loss, the number of culled sows may increase [22].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The rebound in the pig market is mainly driven by frozen product storage and increased secondary fattening, leading to a bearish pattern of high slaughter volume and large body weight before the Spring Festival. The overall direction of the future market is to short on rebounds. Given the current high - position and low - price game situation, there is a possibility of a short - term rebound. Considering the large near - term supply and the expectation of capacity reduction in the long - term, the recommended strategies are first reverse spreads and then shorting after rebounds [11][12] 3. Summary by Directory 3.1 Monthly Assessment and Strategy Recommendation - **Spot Market**: Since October, domestic pig prices have shown a trend of first falling, then rising, and then falling again. The average prices in Henan, Sichuan, and Guangdong have decreased. Supply and demand are in a game, and pig prices are expected to decline slightly with fluctuations [11][22] - **Supply Side**: In September, the official sow inventory was 40.35 million, 3.5% more than the normal level. Capacity reduction has started but is progressing slowly. From now to April next year, the basic supply is increasing monthly, and the market before the Spring Festival will face a bearish configuration [11] - **Demand Side**: After the National Day, demand has increased, but significant growth is expected after December [11] - **Strategy**: Recommend reverse spreads first, followed by shorting after rebounds. For single - side trading, short on rebounds for contracts 01 and 03; for arbitrage, conduct reverse spreads for 3 - 7 and 3 - 9 contracts [11][13] 3.2 Futures and Spot Market - **Spot Trend**: Pig prices have fluctuated, and the average weight of slaughtered pigs has increased. Supply and demand suggest a slight decline in pig prices [22] - **Basis and Spread Trend**: The basis has converged, and the monthly spread still favors reverse spreads [25] - **Prices of Piglets and Sows**: Data on prices of piglets, reserve sows, and culled sows are presented, but no specific trends are summarized in the text [27][28] 3.3 Supply Side - **Reproductive Sows and Changes**: In September, the official sow inventory decreased slightly, but was still higher than normal. Capacity reduction has started slowly [33] - **Inventory and Slaughter**: From the piglet data, the market before the Spring Festival will face a bearish situation [43] - **Slaughter Proportion of Different - Sized Pigs**: The proportion of small and large pigs in slaughter is not high, indicating limited impact of diseases and a limited number of fat pigs [46] - **Trading and Post - Slaughter Weight**: After the National Day, the slaughter volume remained high, and the market supply was large and excessive [50] 3.4 Demand Side - **Slaughter Volume**: After the National Day, demand has increased, but significant growth is expected after December [59] - **Slaughtering Rate and Gross Margin**: Data on slaughtering rate and gross margin are presented, but no specific trends are summarized in the text [61] - **Spread and Price - Volume Relationship**: Data on spreads and price - volume relationships are presented, but no specific trends are summarized in the text [63] - **Fresh - Frozen Spread and Fresh Sales Rate**: Data on fresh - frozen spreads and fresh sales rates are presented, but no specific trends are summarized in the text [65] 3.5 Cost and Profit - **Cost and Breeding Profit**: Due to factors such as feed cost and efficiency improvement, the cost is decreasing, but there has been an overall loss this year [70] 3.6 Inventory Side - **Cost and Breeding Profit**: The frozen product inventory is slowly recovering and in a state of active inventory accumulation [75]

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View Policy disruptions may affect the future supply of live pigs. Recently, the出栏 of large - scale farms and second - fattening groups has decreased, and some second - fattening operations have started to replenish. The futures market shows signs of a bottom. As the peak season approaches, demand is expected to improve, and there may be a structural shortage of large pigs, which will support prices during the peak season [2]. 3. Summary by Related Content - **Price and Quantity Indicators** - The report presents the average live pig出栏 price in China from 2021 - 2025, the seasonal changes in live pig warehouse receipts, and the relationship between the inventory of breeding sows and live pig prices [3]. - It also shows the comparison between national and Henan live pig prices, the changes in the live pig inventory structure, and the average live pig出栏 weight from 2021 - 2025 [3][4]. - **Production - related Indicators** - The PSY production index of breeding sows from 2018 - 2023 is presented, which reflects the reproductive efficiency of sows [6]. - The daily slaughter volume from 2021 - 2025 is shown [7]. - **Inventory and Profit Indicators** - The frozen pork storage capacity ratio from 2021 - 2025, the average price of culled sows, and the culling volume of breeding sows are provided [8]. - The seasonal profit of purchasing pigs for fattening, self - breeding and fattening, and the weekly seasonal slaughter gross profit from 2021 - 2025 are presented [9][10][11]. - The开工 rate of key slaughter enterprises from 2021 - 2025 and the average price of piglets from 2021 - 2025 are also included [12][14].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the spot market for live pigs saw price fluctuations. Group slaughter schedules returned to normal, with farmers reluctant to sell, resulting in a loose supply. Post - festival slaughter volume decreased, but some second - fattening operations actively entered the market. The average slaughter weight increased slightly. In the futures market, prices were weak, and the basis of the LH2511 contract changed from negative to positive [1][2] - Next week, the spot price of live pigs is expected to be weak. Supply is on the rise, and demand is decreasing. The inventory cycle will shift from inventory accumulation to destocking, and the spot price is still searching for a bottom. For the LH2511 futures contract, attention should be paid to the basis - narrowing market, with a short - term support level of 10,000 yuan/ton and a pressure level of 11,500 yuan/ton [3][4] Summary by Relevant Catalogs 1. Market Review (10.13 - 10.19) Spot Market - The price of 20KG piglets in Henan remained at 20.4 yuan/kg, the live pig price in Henan rose from 11.13 yuan/kg last week to 11.38 yuan/kg, and the price of 50KG binary sows nationwide remained at 1,566 yuan/head. The average national slaughter weight was 124.67KG, a 0.17% increase from last week [1] Futures Market - The LH2511 contract of live pig futures had a high of 11,590 yuan/ton, a low of 11,020 yuan/ton, and a closing price of 11,050 yuan/ton (compared to 11,320 yuan/ton last week). The basis of the LH2511 contract was 330 yuan/ton (compared to - 190 yuan/ton last week) [2] 2. Market Outlook (10.20 - 10.26) Spot Market - The spot price of live pigs is expected to be weak. Supply is increasing, and demand is in a seasonal low. The inventory cycle is shifting from accumulation to destocking, and the spot price is still in the process of finding a bottom [3] Futures Market - The LH2511 contract price closed at 11,050 yuan/ton on October 17th. With group incremental slaughter and second - fattening re - entering the market, the inventory cycle is still in the passive accumulation stage. The 11 - month contract is still at a premium near delivery. Attention should be paid to the basis - narrowing market, with a short - term support level of 10,000 yuan/ton and a pressure level of 11,500 yuan/ton [4] 3. Other Data - This week's basis was 330 yuan/ton, and the LH2511 - LH2601 monthly spread was - 620 yuan/ton [10] - In August, pork production was 5.309 million tons, a 5.9% month - on - month increase; pork imports were 81,700 tons, a 7.46% month - on - month decrease [12]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The theoretical supply pressure in the fourth quarter is relatively large, and the current breeding profit has turned negative across the board. The spot market has entered a period of concentrated decline. Under pessimistic sentiment, the premium of the near - month contract on the futures market has been continuously squeezed out. - Considering that the price decline started earlier this year, it has released some risks before the Spring Festival to a certain extent, making the themes of inventory accumulation and consumption in the later period more prominent. Pay attention to when the pessimistic sentiment eases. It is not advisable to be overly bearish on the far - month contracts. - As the premium space of the near - month contract is squeezed out, the operation strategy should change from shorting on rallies to reducing short positions. After the spot price stabilizes, consider the possibility of a 1 - 3 positive spread, while maintaining a reverse spread strategy for the far - end contracts [11]. 3. Summary by Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - **Spot Market**: The market supply pressure has been concentratedly realized, and the consumption before and after holidays fell short of expectations. Since September, the live - hog spot price has dropped significantly. The weight has not decreased significantly, the fat - to - standard price difference has increased slightly month - on - month but the absolute level is limited, and the number of pens of small - scale farmers has declined and is lower year - on - year. The average price in Henan dropped by 2.52 yuan to 11.3 yuan/kg, in Sichuan by 2.1 yuan to 11.16 yuan/kg, and in Guangdong by 2.7 yuan to 12.02 yuan/kg. The plan completion rate in September was low, and the supply in October is still sufficient. The theoretical and planned slaughter scale is large, and the consumption has declined slightly month - on - month. The price is expected to be weak in consolidation, with a possible slight rebound in the second half of the month as the temperature drops [11]. - **Supply Side**: In August, the official sow inventory was 40.36 million heads, a slight decrease of 60,000 heads month - on - month (0.1%), still 3.5% more than the normal sow inventory. The continuous increase in sow production capacity since last year may lead to a weaker fundamental situation in 2025 than in 2024. There is a strong expectation of policy - driven capacity reduction, which may improve the supply situation next year. The data from different sources shows different trends in sow inventory changes, and more evidence is needed to determine whether the capacity has been effectively reduced. From the piglet data, the basic supply from September to November has a significant increase, but the continuous weight reduction of large - scale farms from June to August has advanced part of the supply, which may partially offset the current supply pressure. The current market still shows a clear situation of oversupply [11]. - **Demand Side**: At the beginning of September, with the start of the new semester, the temperature drop in the middle and late September, and the stocking for the Mid - Autumn Festival and National Day, there may be marginal improvement in demand. However, after the National Day, the demand will enter a low - season again until the temperature drops and the Spring Festival approaches [11]. - **Trading Strategy**: For the single - side strategy, it is recommended to wait and see. For the arbitrage strategy, take profit on the 3 - 7 and 3 - 9 reverse spreads on dips, and pay attention to the 1 - 3 positive spread. The profit - to - loss ratio is 2:1, the recommended period is 2 months, and the core driving factors include policies, weight, basic supply, and fat - to - standard price difference [13]. 3.2 Futures and Spot Market - **Spot Price Trend**: The spot price has dropped significantly since September due to concentrated supply pressure and lower - than - expected consumption. The prices in Henan, Sichuan, and Guangdong have all decreased. The price is expected to be weak in October, with a possible slight rebound in the second half of the month [22]. - **Basis and Spread Trend**: The spot price has dropped sharply, the basis has decreased significantly, and the month - to - month spread follows the reverse - spread logic [25]. 3.3 Supply Side - **Reproductive Sows and Changes**: In August, the official sow inventory decreased slightly month - on - month but was still higher than the normal level. The continuous increase in sow production capacity may lead to a weaker market in 2025. The effectiveness of capacity reduction needs more evidence [33]. - **Inventory and Slaughter**: From the piglet data, there is an increase in supply from September to November, but the weight reduction of large - scale farms from June to August has advanced part of the supply, which may offset some pressure. The current market shows oversupply [42]. - **Sow Culling and Sales**: The proportion of small - pig slaughter has increased slightly, indicating a slight resurgence of pig diseases. The proportion of large - pig slaughter is not high, and attention should be paid to the fat - to - standard price difference [45]. - **Trading and Average Weight after Slaughter**: The slaughter volume has been increasing month - on - month, and the weight of large - scale farms has started to stabilize and rebound, showing an oversupply situation [49]. 3.4 Demand Side - **Slaughter Volume**: There may be marginal improvement in demand at the beginning of September and during the holidays, but it will enter a low - season after the National Day until the temperature drops and the Spring Festival approaches [58]. - **Slaughter Capacity Utilization and Gross Margin**: No specific data analysis is provided in the summary, but relevant data charts are presented. - **Price Spread and Price - Volume Relationship**: No specific data analysis is provided in the summary, but relevant data charts are presented. - **Fresh - Frozen Price Spread and Fresh - Sales Rate**: No specific data analysis is provided in the summary, but relevant data charts are presented. 3.5 Cost and Profit - **Cost and Breeding Profit**: Due to factors such as feed cost and efficiency improvement, the cost has been continuously declining. However, the pig price is the weakest in the same period in recent years, and there has been an overall loss this year [69]. 3.6 Inventory Side - **Cost and Breeding Profit**: The frozen - product inventory is in a state of slow recovery [74].

Report Summary 1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. 2. Core Views of the Report - The spot market for live pigs showed weak performance this week (9.22 - 9.28). The price of 20KG piglets in Henan dropped to 24.55 yuan/kg from 25.35 yuan/kg last week, and the live pig price in Henan decreased to 12.58 yuan/kg from 12.93 yuan/kg. The national price of 50KG binary sows remained at 1590 yuan/head. The supply was still abundant with slow group -出栏 progress and increasing retail -出栏 willingness, while the slaughter volume rose due to double stimulation of pre - holiday stocking and cooling [2]. - The futures market for live pigs also showed weak performance. The LH2511 contract of live pig futures had a high of 12920 yuan/ton, a low of 12570 yuan/ton, and a closing price of 12575 yuan/ton (compared to 12825 yuan/ton last week). The basis of the LH2511 contract was 5 yuan/ton (compared to 105 yuan/ton last week) [2]. - Looking ahead (9.29 - 10.8), the spot price of live pigs is expected to run weakly. The supply is in an incremental stage, and there is a large supply pressure in September. The market is in a passive inventory accumulation stage instead of an active de - stocking stage, and it will take a long time to digest the inventory. The demand increased seasonally in September but will enter a slack season in October. The probability of a weak peak season before the double festivals is increasing, and the spot price is still in the process of finding the bottom [3]. - For the futures market, the LH2511 contract is facing a situation of high - capacity realization, high inventory, and high premium. The contract's position reached a record high, and the pre - holiday stocking expectation was lower than expected. After the holidays, panic de - stocking may start, and attention should be paid to the basis - convergence market. The price of piglets is expected to continue to decline, and short positions in the May contract can be held with stop - loss and take - profit in mind. The short - term support level for the LH2511 contract is 11500 yuan/ton, and the pressure level is 13000 yuan/ton [4]. 3. Summary by Relevant Catalogs 3.1 Market Review (9.22 - 9.28) - **Spot Market**: The prices of live pigs and piglets decreased, while the price of binary sows remained stable. The supply was abundant, and the slaughter volume increased [2]. - **Futures Market**: The LH2511 contract of live pig futures showed a downward trend, and the basis decreased [2]. 3.2 Market Outlook (9.29 - 10.8) - **Spot Market**: The spot price is expected to be weak. Supply pressure is high, and inventory digestion will take time. The probability of a weak peak season is increasing [3]. - **Futures Market**: The LH2511 contract is facing challenges, and attention should be paid to the basis - convergence market. Short positions in the May contract can be considered [4]. 3.3 Other Data - **Basis and Spread**: The basis this week was 5 yuan/ton, and the LH2511 - LH2601 spread was - 525 yuan/ton [9]. - **Supply**: The average slaughter weight this week was 124.66KG (compared to 124.72KG last week). In July, pork production was 501.1 million tons, a 5.4% month - on - month decrease, and in August, pork imports were 8.17 million tons, a 7.46% month - on - month decrease [12].

Core Insights - The national average price of live pigs in China is experiencing a downward trend, with a current price of 13.32 yuan per kilogram, reflecting a decrease of 0.09 yuan from the previous day [1][3] - The overall pig price across 31 provinces shows 29 declines, 2 stable prices, indicating a significant drop and reaching a new low for the year [1][3] Price Monitoring - The average price difference for external three yuan pigs across 21 major regions is approximately 0.51 yuan per kilogram, down by 0.01 yuan from the previous day, which is below the average transportation cost of 0.55 yuan per kilogram [3] - Weekly data indicates that the average price for the week of September 11 to 17 is 13.62 yuan per kilogram, a week-on-week decrease of 2.06%, and down by 0.29 yuan compared to the previous week [3] Supply and Demand Analysis - The supply side shows that the enthusiasm for pig sales remains high, while the demand side is weak, with downstream purchasing intentions being generally low [3] - The operating rate of slaughter enterprises is at 32.63%, reflecting a decrease of 0.82% week-on-week, indicating reduced processing activity [3] - The market is under pressure from both supply and weak demand, leading to a pessimistic outlook for pig prices in the coming week [3]