在日本东京一家超市，大米货架上张贴着因供应不稳定实施限购的提示。新华社记者 胡晓格摄 近日，日本农林水产省公布数据显示，12月第一周，日本全国超市大米平均售价为每5公斤4321日元， 较上周下降14日元。虽然这是3周以来米价首次下降，但日本大米价格已连续14周维持在每5公斤4000日 元以上。此外，日本总务省近期也发布《零售价格调查》显示，今年10月，日本著名大米"越光"的5公 斤平均价格超过5000日元，同比上涨超40%。 然而"大米券"政策并未得到广泛支持，反而屡遭诟病。从实际效果看，也并未真正解决大米价格高涨的 问题。大米券由日本农协和全国米谷贩卖事业共济协同组合发行，由地方政府自行选择是否向民众发 放。然而在实际使用中，面值500日元的大米券，只能兑换价值440日元的大米，剩余的60日元用于印刷 和流通等，成本过高成为其不受认可的重要原因之一。日本媒体11月进行的一项民意调查显示，只有 28%的受访者赞成大米券方案，反对比例达到了53%。即使在内阁支持者中，也只有38%的人表示赞 成。总的来说，这项政策不得人心。 对于地方政府来说，发放大米券显然不是解决民生问题的最优解。据日本媒体报道，包括大阪府交野 ...

Group 1: Report Overview - Report Name: "Caida Futures | Weekly Report on Live Pigs and Corn" [1][2] - Report Date: October 13, 2025 [2] - Researcher: Tian Jinlian [3] Group 2: Live Pig Market Market Performance - Futures: The LH2601 contract of live pig futures closed at 12,140 yuan/ton, down 4.78% from the previous week's settlement price [4] - Spot: The national average price of external ternary live pigs was 11.48 yuan/kg, down 1.03 yuan/kg week-on-week [4] - Profit: As of October 10, the breeding profit of self - breeding and self - raising live pigs was - 152.15 yuan/head, down 78.04 yuan/head week - on - week; the breeding profit of purchasing piglets was - 301.04 yuan/head, down 64.47 yuan/head week - on - week; the pig - grain ratio was 5.26, down 0.18 week - on - week [4] Market Analysis - Supply: Group farms continued to increase supply, and although some retail farmers had the psychology of delaying sales, the overall market supply did not decrease [4] - Demand: After the holiday, demand declined, and market transactions were weak [4] - Outlook: In the short term, the supply - demand imbalance is difficult to reverse, and the live pig market is expected to remain weak. Attention should be paid to the slaughter rhythm of farmers and the performance of secondary fattening [4] Group 3: Corn Market Market Performance - Futures: The C2511 contract of corn futures closed at 2,125 yuan/ton, down 1.02% from the previous week's settlement price; the C2601 contract closed at 2,125 yuan/ton, down 0.14% [5] - Spot: The national average price of corn was 2,308.43 yuan/ton, down 60.2 yuan/ton week - on - week [5] - Port: Prices at major ports such as Jinzhou Port, Bayuquan Port, and Guangdong Shekou Port all declined [5] Industrial Consumption - Deep - processing: From October 2 to October 8, 149 major corn deep - processing enterprises consumed 1.1927 million tons of corn, an increase of 31,700 tons week - on - week [6] - Starch: The processing volume of corn starch enterprises was 544,500 tons, an increase of 17,800 tons; the weekly output was 268,000 tons, an increase of 12,200 tons; the weekly operating rate was 51.81%, up from the previous week [6] - Alcohol: The operating rate of the DDGS industry was 54.96%, up 3.49 percentage points; the weekly production was 111,840 tons, an increase of 7,100 tons, or 6.78% [6] Inventory - Processing Enterprises: As of October 8, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.334 million tons, an increase of 14.64% [6] - Ports: As of October 10, the total corn inventory of four northern ports was about 700,000 tons, and the corn inventory in Guangdong Port was 320,000 tons [6] Market Analysis - Supply: New corn is gradually being listed, and the arrival volume of deep - processing enterprises has increased [7] - Demand: The operating rate of the industry is gradually increasing, and there is still an expectation of further improvement [7] - Outlook: In the short term, corn prices are still under pressure, and attention should be paid to the support level of 2,100 yuan/ton on the futures market [7]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The price of live pigs is in a weak adjustment, and may stabilize and adjust in the short - term due to farmers' resistance to low - price sales and the double - festival consumption boost. The corn price has a downward expectation as new - season corn enters the harvest period and new grain has high moisture, and traders are not willing to build inventories [4][7] Summary by Related Catalogs Live Pigs - Futures: The LH2511 contract of live pig futures closed at 12,575 yuan/ton last week, down 2.03% from the previous week's settlement price [4] - Spot: The national average market price of outer three - yuan live pigs was 12.76 yuan/kg, a week - on - week decrease of 0.15 yuan/kg [4] - Profit: As of September 26, the self - breeding and self - raising profit was - 74.11 yuan/head, a week - on - week decrease of 49.67 yuan/head; the profit of purchasing piglets for breeding was - 236.57 yuan/head, a week - on - week decrease of 37.26 yuan/head; the pig - grain ratio was 5.44, a week - on - week decrease of 0.2 [4] - Market situation: The supply of leading group factories increased, demand did not improve significantly, and affected by typhoon weather in some areas, the overall market transaction was average, with weak price support. After continuous price drops, farmers' resistance to low - price sales increased, and the downstream product stocking effect appeared due to double - festival consumption [4] Corn - Futures: The C2511 contract of corn futures closed at 2,178 yuan/ton last week, up 0.32% from the previous week's settlement price [5] - Spot: The national average spot price of corn was 2,365.29 yuan/ton, a week - on - week increase of 5.49 yuan/ton [5] - Port prices: In Jinzhou Port, the price of corn with 15% moisture and 720 bulk density was 2,240 - 2,260 yuan/ton, with the high end up 10 yuan/ton; the flat - hatch price of 15% moisture corn was 2,300 - 2,310 yuan/ton, unchanged from the previous week. In Bayuquan Port, the price of corn with 15% moisture and 720 bulk density was 2,240 - 2,260 yuan/ton, with the high end up 10 yuan/ton; the flat - hatch price of 15% moisture corn was 2,300 - 2,310 yuan/ton, unchanged from the previous week. In Guangdong Shekou Port, the transaction price of 15% moisture bulk corn was 2,410 - 2,430 yuan/ton, up 10 yuan/ton, and the price of first - grade corn was 2,460 - 2,480 yuan/ton, down 10 yuan/ton [5] - Industrial consumption: From September 18 to September 24, 2025, 149 major corn deep - processing enterprises consumed 1.1424 million tons of corn, a week - on - week decrease of 13,900 tons. The processing volume of corn starch enterprises was 534,600 tons, an increase of 17,400 tons from the previous week; the weekly national corn starch output was 260,500 tons, an increase of 11,400 tons from the previous week; the weekly operating rate was 50.36%, an increase of 2.2% from the previous week. The operating rate of the DDGS industry was 47.88%, a decrease of 2.43% from the previous week; the weekly production of DDGS in sample enterprises was 97,440 tons, a decrease of 4,950 tons from the previous week, a decrease of 4.83% [6] - Inventory: As of September 24, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.118 million tons, a decrease of 9.49%. As of September 26, the total corn inventory of the four northern ports was about 650,000 tons, and the corn inventory in Guangdong ports was 370,000 tons [6] - Market situation: The national corn spot market first fell and then rose. Farmers in the Northeast had high enthusiasm for selling grain, and the purchase price decreased; the market circulation in North China decreased, and the enterprise purchase price increased slightly. The operating rate of corn starch enterprises increased, while the operating rate of alcohol enterprises decreased. Feed enterprises had certain pre - festival stocking needs, but the overall purchase volume was limited [7] - Operation suggestion: As the National Day holiday approaches, it is recommended to hold a light position [7]

Report Industry Investment Rating - Not provided Core Viewpoints - The overall performance of the live hog market last week was weak with regional differentiation, and the price may fluctuate at a low level in the short term; the corn market was weak and adjusted, and the futures main contract may continue to decline in the short term [5][9] Summary by Relevant Catalogs Live Hogs - Futures: The live hog futures first rose and then fell last week. The LH2511 contract closed at 13,945 yuan/ton, a decrease of 1.38% from the previous week's settlement price [5] - Spot: As of August 15, the self - breeding and self - raising live hog breeding profit was 28.85 yuan/head, a week - on - week decrease of 16.28 yuan/head; the profit of purchasing piglets for breeding was - 157.05 yuan/head, a week - on - week decrease of 22.91 yuan/head; the pig - grain ratio was 5.84, a week - on - week decrease of 0.09. The national live hog spot market showed regional differentiation last week, with the overall being weak. Supply pressure was high due to weight reduction and delayed slaughter in July, and high - temperature inhibited consumption, resulting in oversupply. However, after continuous price drops, farmers had resistance sentiment, and the price decline space was limited [5] Corn - Futures: Last week, the performance of the far - month contracts of corn futures was worse than that of the near - month contracts. The C2509 contract closed at 2,266 yuan/ton, an increase of 0.4% from the previous week's settlement price; the C2511 contract closed at 2,190 yuan/ton, a decrease of 0.59% from the previous week's settlement price [7] - Spot: The national average spot price of corn was 2,394.12 yuan/ton, a week - on - week decrease of 1.47 yuan/ton. The prices in ports were mostly stable with some minor adjustments [7] - Industrial Consumption: From August 7 to August 13, 2025, 149 major corn deep - processing enterprises in the country consumed 1.1406 million tons of corn, a decrease of 24,000 tons from the previous week. The processing volume of corn starch enterprises increased by 15,500 tons to 576,000 tons, and the weekly output of corn starch increased by 10,700 tons to 289,200 tons, with the weekly operating rate rising by 2.07% to 55.9%. The operating rate of the DDGS industry was 42.00%, a decrease of 1.08% from the previous week, and the weekly production decreased by 2,200 tons to 85,470 tons, a decrease of 2.51% [8] - Inventory: As of August 13, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 3.402 million tons, a decrease of 6.62%. As of August 15, the total corn inventory in the four northern ports was about 1.74 million tons, and the corn inventory in Guangdong ports was 750,000 tons [8] - Market Outlook: The national corn spot market was stable with a weak trend last week. Policy grain was continuously put into the market in the Northeast, and the market quotation declined slightly; traders in North China sold at high prices, increasing market circulation, and enterprises lowered purchase prices. Some starch enterprises resumed work, increasing the operating rate, while some alcohol enterprises continued maintenance, reducing the operating rate. In the short term, the corn market will be weakly adjusted, and the main contract on the futures market may continue to decline [9]