Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-05-07 09:40Report Industry Investment Rating - No information provided Core View of the Report - Corn price increase supports egg cost, but current high laying - hen inventory, new - laying hens from previous replenishment increasing production lead to sufficient egg supply. After the festival, downstream demand weakens, causing egg prices to decline. Soft spot prices drag down the futures market. If spot prices remain low, it may boost old - hen culling and reduce replenishment, which is beneficial for long - term prices. Currently, the futures market is weak due to falling spot prices, and short - term observation is recommended [2] Summary by Relevant Catalogs Futures Market - The closing price of the active egg futures contract is 2890 yuan/500 kilograms, up 6 yuan; the net long position of the top 20 futures holders is - 2189 lots, up 1736 lots; the monthly spread (9 - 1) of egg futures is 114 yuan/500 kilograms, up 2 yuan; the trading volume of the active egg futures contract is 123581 lots, up 3750 lots; the registered warehouse receipt volume is 0 lots, unchanged [2] Spot Market - The spot price of eggs is 3.09 yuan/jin, down 0.08 yuan; the basis (spot - futures) is 202 yuan/500 kilograms, down 87 yuan [2] Upstream Situation - The national laying - hen inventory index is 112.35 (2015 = 100), down 4.09; the national culled laying - hen index is 96.76 (2015 = 100), down 21.67; the average price of egg - laying chicken chicks in the main production areas is 4.2 yuan/chick, down 0.05 yuan; the national new - chick index is 138.68 (2015 = 100), up 23.55; the average price of egg - laying chicken compound feed is 2.76 yuan/kg, up 0.02 yuan; the breeding profit of egg - laying chickens is - 0.15 yuan/chicken, down 0.2 yuan; the average price of culled chickens in the main production areas is 10.48 yuan/kg, up 0.1 yuan; the national average age of culled chickens is 510 days, down 6 days [2] Industry Situation - The average wholesale price of pork is 21.02 yuan/kg, up 0.06 yuan; the average wholesale price of 28 key - monitored vegetables is 4.39 yuan/kg, up 0.04 yuan; the average wholesale price of dressed chickens is 17.2 yuan/kg, up 0.11 yuan; the weekly inventory in the circulation link is 1.28 days, up 0.29 days; the weekly inventory in the production link is 1.16 days, up 0.27 days; the monthly export volume of fresh eggs is 10714.73 tons, down 506.3 tons [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 8996 tons, up 4 tons [2] Industry News - The average price of eggs in Shandong, Hebei, Guangdong, and Beijing in the main production areas has declined. Corn price increase supports egg cost, but high laying - hen inventory and new - laying hens increasing production lead to sufficient egg supply. After the festival, downstream demand weakens, and egg prices continue to fall [2] Key Points of Attention - Pay attention to the impact of spot prices on laying - hen inventory. Currently, the futures market is weak due to falling spot prices, and short - term observation is recommended [2]