20231210-国盛证券-农林牧渔行业周报_旺季猪价继续下探_巴西大豆下调产量预期_12页_900kb

Report Summary

The agricultural sector, particularly in livestock and crops, showed mixed developments this week. Brazil's soybean yield is expected to decrease by 0.38% globally, driven by weather anomalies such as excessive rainfall in southern regions and drought in others, delaying planting progress. In livestock, pig prices fell 3.7% week-over-week to 13.99 yuan/kg, as seasonal demand hasn't yet supported prices due to late cold weather and delayed New Year expectations. Poultry markets also saw declines, with white meat chicken and products prices dropping by 4% and 16%, respectively. For investment, the report recommends focusing on companies like Muyuan Foods and Wensh Food in livestock, alongside seed and agriculture sectors, given low valuations and high safety margins. Risk-wise, weather and disease uncertainties remain key concerns across the industry, with Brazil's weather patterns under further watch. The agriculture sector outperformed the broader market by 2.8 percentage points last week.