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]