CITIC Construction Investment Futures: Major groups are gradually restoring hog slaughter volumes on Sundays, with some regional companies taking actions to catch up on prices.

Over the weekend, northern pig prices showed a trend of narrow fluctuations after an increase.
On Saturday, the upward trend was obvious across various regions, but on Sunday, leading groups gradually resumed slaughter volumes.
Some areas’ enterprises took actions to raise prices again, but slaughterhouses reported that after price increases, slaughter volume declined, and procurement plans were completed more quickly.
The sentiment for secondary fattening replenishment has stabilized.
By the end of the first quarter, the national hog inventory was 423.58M head, an increase of 6.27 million head year-on-year, up 1.5%.
Among them, the breeding sow inventory was 39.04M head, a decrease of 1.35 million head year-on-year, down 3.3%, currently at 100.1% of normal holdings.
The overall market remains at a low level, with an increase in the proportion of slaughterhouses entering storage, both passively and actively.
Short-term frozen storage levels may continue to rise.
After continuous decline, the near-term shows signs of rebound, with a focus on capacity reduction driven by distant-month contracts, continuing the strategy of buying on dips. (CITIC Construction Investment Futures)