Core Insights - The agricultural sector is experiencing mixed price trends for various livestock and feed products, with some prices increasing while others are declining [1][2]. Livestock Prices - The average price of piglets in China is 32.68 yuan/kg, down 1.7% week-on-week and down 25.7% year-on-year [1] - The national average price for pigs is 14.22 yuan/kg, a decrease of 0.6% week-on-week and 30.1% year-on-year [1] - The average price of pork is 24.81 yuan/kg, down 0.5% week-on-week and down 22.0% year-on-year [1] - The average price of beef is 70.41 yuan/kg, up 0.2% week-on-week and up 3.2% year-on-year [2] - The average price of lamb is 69.02 yuan/kg, up 0.1% week-on-week but down 1.7% year-on-year [2] Poultry Prices - The average price of eggs is 8.87 yuan/kg, up 0.2% week-on-week but down 22.8% year-on-year [1] - The average price of chicken is 22.45 yuan/kg, up 0.2% week-on-week and down 5.9% year-on-year [1] - The average price of broiler chicks is 3.47 yuan each, up 1.5% week-on-week but down 2.5% year-on-year [1] - The average price of layer chicks is 3.76 yuan each, unchanged week-on-week and down 2.3% year-on-year [1] Feed Prices - The average price of corn is 2.49 yuan/kg, down 0.4% week-on-week and down 1.6% year-on-year [2] - The average price of soybean meal is 3.31 yuan/kg, unchanged week-on-week and down 1.5% year-on-year [2] - The average price of fattening pig feed is 3.40 yuan/kg, up 0.3% week-on-week but down 2.3% year-on-year [2] - The average price of broiler feed is 3.51 yuan/kg, down 0.3% week-on-week and down 2.2% year-on-year [2] - The average price of layer feed is 3.23 yuan/kg, unchanged week-on-week and down 2.1% year-on-year [2]

Core Insights - The Agricultural and Rural Affairs Department reported price fluctuations in various agricultural products for the first week of August, indicating a mixed trend in the market [1][2]. Price Trends - **Pork Products**: - Average price of piglets: 34.66 CNY/kg, down 1.2% week-on-week and down 21.6% year-on-year - Average price of live pigs: 14.53 CNY/kg, down 0.9% week-on-week and down 28.1% year-on-year - Average price of pork: 25.16 CNY/kg, down 0.2% week-on-week and down 18.1% year-on-year [1]. - **Poultry Products**: - Average price of eggs: 8.75 CNY/kg, down 0.3% week-on-week and down 19.9% year-on-year - Average price of chicken: 22.40 CNY/kg, unchanged week-on-week and down 5.8% year-on-year - Average price of broiler chicks: 3.28 CNY each, up 2.5% week-on-week and down 8.4% year-on-year - Average price of layer chicks: 3.78 CNY each, down 0.3% week-on-week and down 1.0% year-on-year [1]. - **Beef and Lamb Products**: - Average price of beef: 69.85 CNY/kg, up 0.2% week-on-week and up 2.2% year-on-year - Average price of lamb: 68.74 CNY/kg, unchanged week-on-week and down 2.3% year-on-year [1]. Feed Prices - **Corn**: - National average price: 2.50 CNY/kg, unchanged week-on-week and down 3.1% year-on-year - Northeast region average: 2.30 CNY/kg, up 0.4% week-on-week - Guangdong province average: 2.59 CNY/kg, up 0.4% week-on-week [2]. - **Soybean Meal**: - National average price: 3.28 CNY/kg, up 0.3% week-on-week and down 5.2% year-on-year [2]. - **Fattening Pig Feed**: - Average price: 3.39 CNY/kg, unchanged week-on-week and down 3.7% year-on-year - Average price of meat chicken feed: 3.51 CNY/kg, unchanged week-on-week and down 3.0% year-on-year - Average price of egg-laying chicken feed: 3.23 CNY/kg, unchanged week-on-week and down 3.3% year-on-year [2].

Core Insights - The Agricultural and Rural Affairs Department reported price changes in livestock and feed markets for the week ending July 31, indicating a mixed trend in prices across various products [1][2]. Livestock Products - The average price of piglets was 35.07 yuan/kg, down 1.5% week-on-week and down 20.0% year-on-year [1]. - The average price of live pigs was 14.66 yuan/kg, down 1.3% week-on-week and down 24.5% year-on-year [1]. - The average price of pork was 25.21 yuan/kg, down 0.6% week-on-week and down 15.8% year-on-year [1]. - The average price of beef was 69.74 yuan/kg, unchanged week-on-week and up 1.8% year-on-year [2]. - The average price of lamb was 68.73 yuan/kg, down 0.1% week-on-week and down 2.4% year-on-year [2]. Poultry Products - The average price of eggs was 8.78 yuan/kg, up 1.7% week-on-week and down 18.5% year-on-year [1]. - The average price of chicken was 22.41 yuan/kg, up 0.1% week-on-week and down 5.4% year-on-year [1]. - The average price of broiler chicks was 3.79 yuan each, up 0.3% week-on-week and down 0.5% year-on-year [1]. - The average price of meat chicks was 3.20 yuan each, up 1.9% week-on-week and down 9.9% year-on-year [1]. Feed Prices - The average price of corn was 2.50 yuan/kg, unchanged week-on-week and down 3.1% year-on-year [2]. - The average price of soybean meal was 3.27 yuan/kg, down 0.6% week-on-week and down 6.3% year-on-year [2]. - The average price of fattening pig feed was 3.39 yuan/kg, unchanged week-on-week and down 4.0% year-on-year [2]. - The average price of broiler feed was 3.51 yuan/kg, down 0.3% week-on-week and down 3.3% year-on-year [2]. - The average price of layer feed was 3.23 yuan/kg, down 0.3% week-on-week and down 3.6% year-on-year [2].

Investment Rating - The report recommends "Overweight" for the agriculture, forestry, animal husbandry, and fishery industry, indicating an expected increase in performance exceeding the market benchmark by more than 10% over the next 6-12 months [49]. Core Insights - The report highlights that the average price of live pigs as of March 7 is 14.45 CNY/kg, showing a slight decrease of 0.41% from the previous week, while year-on-year prices remain stable. Major pig farming companies, such as Muyuan Foods and Wens Foodstuff, reported significant year-on-year increases in their pig output for January and February, with growth rates of 10.54% and 20.58% respectively [1][8]. - In the poultry sector, the average price of white feathered broilers has rebounded slightly to 6.59 CNY/kg, up 8.03% week-on-week, but remains low due to oversupply, leading to significant losses for farmers [2][9]. - The Chinese government has announced tariffs on certain agricultural products from the U.S. and Canada, including a 15% tariff on chicken, wheat, and corn, and a 10% tariff on soybeans and pork. This is expected to have limited impact on domestic corn and wheat prices due to low import dependency [3][11]. Summary by Sections 1. Pig Farming - The average price of live pigs is 14.45 CNY/kg, down 0.41% week-on-week, with major companies reporting increased output [1][8]. - The slaughter volume from March 1 to March 7 was 984,600 pigs, up 3.53% week-on-week and 3.04% year-on-year [1][8]. - The average weight of pigs sold increased to 127.06 kg, with a higher proportion of larger pigs being sold [1][8]. 2. Poultry Farming - The average price of white feathered broilers is 6.59 CNY/kg, with a week-on-week increase of 8.03% but still low due to oversupply [2][9]. - The price of broiler chicks is 2.54 CNY/chick, up 10.92% week-on-week, but still below the cost line for farmers [2][9]. - Profit margins for broiler farming remain negative, with losses reported for both broilers and parent stock [2][9]. 3. Agricultural Products - Tariffs on U.S. and Canadian agricultural products are expected to have limited impact on domestic prices due to low import dependency for corn and wheat [3][11]. - The average prices for wheat, corn, and soybeans as of March 7 are 2,424.61 CNY/ton, 2,229.12 CNY/ton, and 3,856.79 CNY/ton respectively, with wheat and soybeans showing a decline [10][30]. 4. Feed Industry - The total industrial feed production in 2024 is projected to decline by 2.1% year-on-year, with notable growth in pet feed [12][14]. - Prices for various types of feed have shown mixed trends, with pig feed prices at 3.37 CNY/kg, up 0.30% week-on-week [12][14].