鸡蛋市场周报：现货持续偏低运行，期价维持低位震荡-20250530

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The short - term strategy is to wait and see [7] - This week, the egg price fluctuated at a low level. The closing price of the 09 contract was 3,757 yuan per 500 kilograms, a decrease of 5 yuan per 500 kilograms from the previous week. The firm corn spot price supports the egg cost, and there is restocking demand at low prices. The pre - Dragon Boat Festival stocking also provides some support. However, the current egg - laying hen inventory is high, the pressure of newly - opened production of previously replenished hens is large, and the egg supply is sufficient. Affected by hot and humid weather, the egg storage cost increases, and downstream dealers are cautious in purchasing. If the spot price remains low, it may increase the enthusiasm for culling old hens and reduce the enthusiasm for replenishment, which is beneficial to the long - term price. The low spot price drags down the futures price [8] 3. Summary According to the Directory 3.1 Week - on - Week Summary - Strategy: Short - term wait - and - see [7] - Egg market: This week, the 09 contract of eggs fluctuated at a low level. The corn price supports the cost, and there is restocking demand and pre - festival stocking support. But the hen inventory is high, the supply is sufficient, the storage cost is high, and the downstream is cautious. Low spot prices may affect the hen inventory, and the low spot price drags down the futures price [8] 3.2 Futures and Spot Market - Futures price and position: The 09 contract of egg futures fluctuated at a low level, with a position of 100,108 lots, an increase of 12,014 lots from the previous week. The net position of the top 20 was - 3,548, a slight decrease in net short position [14] - Futures warehouse receipts: As of Friday, the registered egg warehouse receipts were 0 [18] - Spot price and basis: The egg spot price was 2,916 yuan per 500 kilograms, a decrease of 32 yuan per 500 kilograms from the previous week. The basis between the active 07 contract futures price and the spot average price was - 22 yuan per ton [24] - Futures monthly spread: The 9 - 1 spread of eggs was 222 yuan per 500 kilograms, at a medium level in the same period [28] - Related product prices: As of May 29, 2025, the average wholesale price of pork was 20.69 yuan per kilogram, and the average wholesale price of 28 kinds of monitored vegetables was 4.3 yuan per kilogram [34] 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% [39] - Hen culling: 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 was 510 days [45] - Feed raw materials: As of May 29, 2025, the average spot price of corn was 2,379.8 yuan per ton, and the spot price of soybean meal in Fangcheng was 2,920 yuan per ton [49] - Feed price and profit: As of May 23, 2025, the egg - laying hen breeding profit was - 0.27 yuan per hen, and the average price of egg - laying hen compound feed was 2.78 yuan per kilogram [56] - Egg - laying hen chicks and culled hens: As of May 23, 2025, the average price of egg - laying hen chicks in the main producing areas was 4.15 yuan per chick, and the average price of culled hens was 10.24 yuan per kilogram [60] - Egg exports: In April 2025, the total egg export volume was 12,792.51 tons, a year - on - year increase of 15.12% and a month - on - month decrease of 110.81 tons [65] 3.4 Representative Company - Xiaoming Co., Ltd.: Only the PE change chart is provided, no specific data [67]