"In 2026, the year of the pig cycle, was the 'most difficult year,' with many breeding enterprises finding various ways to 'get through the winter'."

The main contract price of domestic live pig futures hit a low of 9370 yuan/ton on April 3, setting a new low since listing. In the spot market, the average price of slaughtered pigs has dropped to below 10 yuan/kg, the lowest point in over a decade. In the eyes of industry insiders, 2026 has become the "most difficult year" in recent pig cycles. Against this backdrop, since 2026, the country has conducted two batches of central pig collection and storage to support pig prices. Securities Times reporters have learned through multiple interviews that the current pig prices have fallen below the industry average cost line, leading to widespread losses in the breeding sector. Unlike previous cycles of declining pig prices, the industry's capacity reduction progress is relatively slow this time, and it will take some time for the market to clear. Most analysts believe that before substantial capacity reduction, pig prices will likely remain at low levels in the short term. Faced with the trough of the cycle, current breeding enterprises are "weathering the winter" by reducing costs, increasing efficiency, optimizing financial structures, and expanding overseas markets to enhance their risk resistance.