10月鸡蛋批发价同比下降近三成，供应充裕下蛋价仍将受压

Core Insights - The wholesale price of eggs in China decreased to 7.63 yuan per kilogram in October, reflecting a month-on-month decline of 5.22% and a year-on-year drop of 26.56% [1] - The inventory of laying hens was approximately 1.359 billion in October, showing a slight month-on-month decrease of 0.66% but a year-on-year increase of 5.59% [1] - Despite a reduction in the number of laying hens, the supply remains high due to improved laying rates as temperatures drop, leading to continued pressure on egg prices [1][4] Supply and Demand Dynamics - Analysts indicate that the egg market is experiencing significant supply-demand imbalance, with high levels of laying hen inventory and limited demand growth [4] - The expected output of old hens in November is around 80 million, but actual numbers may slightly decrease due to planned culling before the Spring Festival [4] - The overall supply of eggs is expected to remain high in November, with prices likely stabilizing around October levels despite some minor improvements in demand [4][5] Market Trends - The egg price is expected to continue its downward trend into the first week of November, with a weekly decline of approximately 4% [1] - The presence of large stocks held by egg storage merchants is constraining current prices [1] - The fourth quarter may see a slight decrease in laying hen inventory, but it is projected to remain around 1.3 billion, maintaining historical high levels [5]