Report Overview - Research Variety: Live pigs - Report Type: Daily report - Date: January 13, 2026 [1] 1. Futures Market - The opening price of the main contract LH2603 of live pig futures was 11,735 yuan/ton, the highest price was 11,840 yuan/ton, the lowest price was 11,730 yuan/ton, and the closing price was 11,795 yuan/ton, with a change of 0.08%. The trading volume was 57,954 lots, and the turnover was 10.937 billion yuan, indicating active market trading [2] 2. Spot Market - The daily basis was 1,085 yuan/ton, with a basis rate of 8.42%. The basis widened slightly compared to the previous trading day, indicating that the spot price still supported the futures [4] 3. Influencing Factors - Stable average slaughter weight: The average slaughter weight of external ternary live pigs nationwide was 123.32 kg, at a relatively high level in the same period of history. There was no significant reduction in supply, but the marginal demand for large-weight pigs improved [5] - Increased reluctance to sell among farmers: Affected by low-temperature weather, the market demand for large-weight pigs increased, and some farmers held back on sales, slowing the short-term supply rhythm [6] - No significant increase in consumption: After New Year's Day, the fresh sales demand weakened, the cured meat consumption was coming to an end, and the Spring Festival in 2026 was late (February 17). The centralized stocking had not started yet, and the terminal digestion capacity was limited [6] 4. Market Outlook - The LH2603 contract is expected to fluctuate within a range. The upward drivers come from the rigidity of spot prices and the expectation of capacity reduction, while the downward pressure stems from the high inventory level and the uncertainty of feed costs. Attention should be paid to the spot price trend in mid-to-late January, the latest data on the inventory of breeding sows, and the changes in feed prices [7]

Report Information - Report Type: Pig Daily Report [1] - Date: January 6, 2026 [2] Industry Investment Rating - No relevant information provided Core Viewpoints - The trend of supply and demand in the pig market has different characteristics in the long - and short - term. In the long run, pig slaughter is expected to show a slight increase until the first half of next year. Currently, the supply is relatively loose, and the consumption after the festival has declined but remains at a relatively high level. The spot market will mainly fluctuate. For futures, the supply is expected to increase slightly, and the pre - Spring Festival demand has strong elasticity. However, the pressure from secondary fattening is still high, and there is a risk of callback. The progress of the epidemic needs to be continuously monitored [7] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 5th, the main 2603 contract of live pigs opened lower, then rose and fell back, and finally closed down. The highest price was 11,775 yuan/ton, the lowest was 11,610 yuan/ton, and the closing price was 11,660 yuan/ton, a decrease of 0.98% compared with the previous day. The total open interest of the index increased by 5,099 lots to 351,622 lots [6] - **Spot Market**: On the 5th, the average price of ternary pigs nationwide was 12.44 yuan/kg, a decrease of 0.34 yuan/kg compared with before the festival [6] - **Supply - side Situation**: In the long term, pig slaughter is expected to show a slight increase until the first half of next year. The enthusiasm for secondary fattening before the festival has increased, and the utilization rate of secondary fattening pens has slightly increased. The monthly slaughter of breeding enterprises in January may continue to increase slightly, and the current slaughter rhythm of the breeding side is controllable [7] - **Demand - side Situation**: Currently, secondary fattening has increased, with rolling restocking demand. After the festival, consumption has declined, but there is still room for cured meat and sausage production. Terminal consumer consumption remains at a high level. The orders of slaughtering enterprises have decreased after the festival, and the operating rate and slaughter volume of slaughtering enterprises have slightly decreased. On January 5th, the slaughter volume of sample slaughtering enterprises was 188,800 heads, an increase of 200 heads compared with the previous day, a decrease of 12,000 heads week - on - week, and an increase of 10,000 heads month - on - month [7] 2. Industry News - According to Yongyi Information, in the week of January 4th, the overall proportion of small - weight pigs below 90 kg in the total slaughter was 5.44%, a decrease of 0.07% compared with the previous week. The current epidemic is sporadically occurring seasonally, and the slaughter volume of small - weight pigs in many places has decreased compared with the previous period. There is no sign of the epidemic spreading [8][10] 3. Data Overview - **15kg Piglet Price**: In the week of January 4th, the average sales price of 15kg piglets in the market was 319 yuan/head, an increase of 12 yuan/head compared with the previous week [17] - **Breeding Profit**: As of January 4th, the average profit per self - bred and self - raised pig was - 28.3 yuan/head, an increase of 96 yuan/head week - on - week; the average profit per pig purchased as a piglet for fattening was - 160.8 yuan/head, an increase of 95 yuan/head week - on - week [17] - **Average Slaughter Weight**: In the week of January 4th, the average slaughter weight of live pigs was 128.66kg, a decrease of 1.04kg compared with the previous week (a week - on - week decrease of 0.80%), a decrease of 1.16kg compared with the previous month (a month - on - month decrease of 0.89%), and an increase of 2.6kg compared with the same period last year (a year - on - year increase of 2.06%) [17]

Report Overview - Report Date: November 25, 2025 [2] - Report Type: Pig Daily Report [1] 1. Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - In the long - term, pig slaughter is expected to maintain a slight growth until the first half of next year, and the concentrated second - fattening and pig holding in October have increased the supply pressure before the Spring Festival. In the short - term, the planned sales volume in November decreased by 3.27% compared with the actual sales volume in October. The demand for terminal consumption has increased due to the cooling weather, but the enthusiasm for second - fattening is weak. Spot prices are likely to fluctuate mainly, while futures prices are expected to continue to be weak in the medium - to - long term [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 24th, the main 2601 contract of live pigs opened slightly higher, then rose and fell back, closing up at the end of the session. The highest price was 11,480 yuan/ton, the lowest was 11,360 yuan/ton, and the closing price was 11,400 yuan/ton, down 0.04% from the previous day. The total open interest of the index increased by 7,940 lots to 381,487 lots [7]. - **Spot Market**: On the 24th, the average price of ternary pigs nationwide was 11.57 yuan/kg, down 0.04 yuan/kg from the previous day [7]. - **Supply and Demand Analysis**: In the long - term, pig slaughter will increase slightly until the first half of next year. In the short - term, the planned sales volume in November decreased. The demand for terminal consumption increased due to the cooling weather, and the orders of slaughtering enterprises increased. However, the enthusiasm for second - fattening is weak [8]. 3.2 Industry News - No industry news is provided in the report. 3.3 Data Overview - **Profit and Cost**: As of the week ending November 21, the average profit per self - bred and self - raised pig was - 96.6 yuan/head, a weekly decrease of 25 yuan/head; the profit per pig purchased as a piglet was - 273 yuan/head, a weekly increase of 2 yuan/head. The cost of fattening a 110 - kg pig to 140 kg was 14.47 yuan/kg, an increase of 0.04 yuan/kg from the previous week; the cost of fattening a 125 - kg pig to 150 kg was 14.89 yuan/kg, an increase of 0.04 yuan/kg from the previous week [18]. - **Average Slaughter Weight**: As of the week ending November 21, the average slaughter weight of live pigs was 128.81 kg, an increase of 0.33 kg from the previous week (a weekly increase of 0.26%), an increase of 0.91 kg from the previous month (a monthly increase of 0.71%), and an increase of 2.08 kg from the same period last year (an annual increase of 1.64%) [18].

Group 1 - The domestic futures market for agricultural products showed a strong performance, with live pig futures experiencing a price increase, reaching a high of 15,150 yuan per ton, marking a rise of approximately 1.88% [1] - Minmetals Futures noted that the supply from the breeding sector is adequate, but high temperatures and rainfall are suppressing pork demand, leading to a potential stabilization or slight decrease in prices [1] - The market is expected to face pressure from increased supply and stocking up ahead of the Spring Festival, with the possibility of price increases in August, although new highs may be difficult to achieve [1] Group 2 - Zhonghui Futures indicated that the pace of live pig sales has slowed, and the breeding sector's reluctance to sell is supporting price stability at the bottom [2] - Despite a rebound in prices, there are concerns about long-term overcapacity, making sustained price increases challenging [2] - Ruida Futures highlighted that mid-term supply pressures are increasing, and weak demand is limiting price growth, although lower prices may attract new entrants into the market [2]

Group 1 - The domestic futures market for agricultural products shows mixed performance, with live pig futures experiencing a downward trend, closing at 14,235.00 CNY/ton, down 1.65% from the previous session [1] - The National Bureau of Statistics reported a 1.3% increase in pork production in the first half of the year, with live pig inventory at 42,447 million heads, up 2.2% year-on-year [1] - The current sentiment in the live pig market is weak, with spot prices continuing to decline, leading to a significant narrowing of the basis between spot and futures prices [1] Group 2 - According to Wengang Futures, the increase in slaughtering may be limited due to weak downstream orders, resulting in a slight overall decline in pig prices [2] - New Century Futures anticipates a continued increase in live pig supply, while high temperatures are expected to suppress consumer demand, leading to a slight decrease in slaughterhouse operating rates [2]