鸡蛋市场周报：现货再度转跌，期价维持低位震荡-20250523

Group 1: Report Summary and Strategy Suggestion - Strategy suggestion: Adopt a short - term wait - and - see approach [7] - Market review: This week, the egg price fluctuated slightly downward. The closing price of the 09 contract was 3762 yuan per 500 kilograms, a decrease of 26 yuan per 500 kilograms compared to the previous week [8] - Market outlook: The firm spot price of corn supports the egg cost. The egg price is at a low level this year, and there is restocking demand at low prices. Pre - holiday stocking before the Dragon Boat Festival may provide some support. However, the current egg - laying hen inventory is high, and the pressure of newly - laid eggs from previously replenished hens is large. The supply of eggs is relatively sufficient, and the pattern of strong supply and weak demand is difficult to change. If the spot price remains low, it may boost the enthusiasm for culling old hens and reduce the enthusiasm for replenishment, which is beneficial to the forward price. Pay attention to the impact of the spot price on the egg - laying hen inventory. The spot price has been low, dragging the futures price to oscillate weakly at a low level [8] Group 2: Futures and Spot Market Futures Price and Position - The 09 contract of egg futures fluctuated slightly downward, with a position of 88094 lots, an increase of 7908 lots compared to the previous week. The net position of the top 20 was - 4069, and the net short position decreased slightly compared to last week's - 6681 [14] Futures Warehouse Receipt - As of Friday, the registered warehouse receipt volume of eggs was 3 [18] Spot Price and Basis - The spot price of eggs was reported at 2948 yuan per 500 kilograms, a decrease of 283 yuan per 500 kilograms compared to the previous week. The basis between the active 07 contract futures price and the spot average price was reported at - 18 yuan per ton [24] Futures Inter - monthly Spread - The 9 - 1 spread of eggs was reported at 191 yuan per 500 kilograms, generally at a medium level in the same period [28] Related Commodity Spot Prices - As of May 22, 2025, the average wholesale price of pork was reported at 20.67 yuan per kilogram, and the average wholesale price of 28 kinds of key - monitored vegetables was reported at 4.2 yuan per kilogram [34] Group 3: Industrial Chain Supply Side: Inventory and Replenishment - As of March 31, 2025, the national laying hen inventory index was reported at 112.35, a month - on - month decrease of 3.51%. The national new chick index was reported at 138.68, a month - on - month increase of 20.46% [39] Culling Index and Age - As of March 31, 2025, the national culled laying hen index was reported at 96.76, a month - on - month decrease of 18.30%. The national culling age of hens was reported at 510 days [45] Feed Raw Material Prices - As of May 22, 2025, the average spot price of corn was reported at 2374.51 yuan per ton, and the spot price of soybean meal in Fangcheng was reported at 2940 yuan per ton [49] Feed Price and Breeding Profit - As of May 16, 2025, the breeding profit of laying hens was reported at - 0.16 yuan per hen, and the average price of laying hen compound feed was reported at 2.8 yuan per kilogram [55] Egg Chicken and Culled Chicken Prices - As of May 16, 2025, the average price of laying hen chicks in the main production areas was reported at 4.15 yuan per chick, and the average price of culled chickens was reported at 10.44 yuan per kilogram [60] Egg Export Volume - In April 2025, the total egg export volume was 12792.51 tons, an increase of 1680.12 tons compared to the same period last year, a year - on - year increase of 15.12%, and a month - on - month decrease of 110.81 tons compared to the previous month [65] Group 4: Representative Company Xiaoming Co., Ltd. - The report shows the price - earnings ratio change of Xiaoming Co., Ltd. [67]