鸡蛋市场周报：现货价格继续回落，拖累盘面再度走低-20250430

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The price of eggs fluctuated and declined this week. The 06 contract closed at 2942 yuan per 500 kilograms, a decrease of 70 yuan per 500 kilograms compared to the previous week. The feed raw material prices are rising due to Sino - US tariff policies, which supports the egg cost. However, the old chicken culling has slowed down again after the previous egg price increase, and the current laying - hen inventory is at a high level. The newly - opened production of the previously stocked laying hens is gradually increasing, so the egg supply is relatively sufficient. Meanwhile, as the festival stocking is coming to an end, the purchasing power of downstream terminals has weakened, and the egg price also tends to stop rising and decline. Affected by the decline of spot prices, the futures market has also weakened, and market volatility has increased. It is recommended to wait and see in the short term [6]. 3. Summary According to the Directory 3.1 Week - on - Week Summary - Market Review: The 06 contract of egg futures closed down with fluctuations, at 2942 yuan per 500 kilograms, a decrease of 70 yuan per 500 kilograms compared to the previous week [6]. - Market Outlook: Feed raw material price increase supports cost, but supply is sufficient and downstream demand is weakening, causing the spot price to decline and the futures market to follow suit with increased volatility [6]. - Strategy Recommendation: Short - term wait - and - see [6]. 3.2 Futures and Spot Market - Futures Price and Position: The 06 contract of egg futures closed down with fluctuations. The position was 118,678 lots, a decrease of 50,406 lots compared to the previous week. The net position of the top 20 was - 2902, compared with - 1593 last week, indicating an increase in net short positions [13]. - Futures Warehouse Receipts: As of Wednesday, the registered warehouse receipts of eggs were 0 [17]. - Spot Price and Basis: The egg spot price was 3208 yuan per 500 kilograms, a decrease of 103 yuan per 500 kilograms compared to the previous week. The basis between the active 06 contract futures price and the spot average price was + 266 yuan per ton [23]. - Futures Inter - month Spread: The 9 - 1 spread of eggs was 110 yuan per 500 kilograms, at a medium level in the same period [27]. - Related Product Spot Prices: As of April 29, 2025, the average wholesale price of pork was 20.78 yuan per kilogram, and the average wholesale price of 28 kinds of key - monitored vegetables was 4.5 yuan per kilogram [33]. 3.3 Industry Chain Situation - Supply - side: As of March 31, 2025, the national laying - hen inventory index was 112.35, a month - on - month decrease of 3.51%. The national new - chick index was 138.68, a month - on - month increase of 20.46% [38]. - Culling Situation: As of March 31, 2025, the national culled laying - hen index was 96.76, a month - on - month decrease of 18.30%. The national culling age of chickens was 510 days [44]. - Feed Raw Material Prices: As of April 29, 2025, the average spot price of corn was 2305.29 yuan per ton, and the spot price of soybean meal in Fangcheng was 3800 yuan per ton [48]. - Feed Price and Breeding Profit: As of April 25, 2025, the laying - hen breeding profit was 0.05 yuan per chicken, and the average price of laying - hen compound feed was 2.74 yuan per kilogram [54]. - Prices of Laying - hen Chicks and Culled Chickens: As of April 25, 2025, the average price of laying - hen chicks in the main production areas was 4.25 yuan per chick, and the average price of culled chickens in the main production areas was 10.38 yuan per kilogram [56]. - Egg Monthly Export Volume: In March 2025, the total egg export volume was 12,903.32 tons, an increase of 1242.82 tons compared with 11,660.49 tons in the same period last year, a year - on - year increase of 10.66%, and a month - on - month increase of 2188.58 tons compared with 10,714.73 tons in the previous month [62]. 3.4 Representative Enterprise - Information about Xiaoming Co., Ltd. is presented with a chart of its price - to - earnings ratio change, but no specific analysis is provided [64].