建信期货鸡蛋日报-20250610

Report Overview - Industry: Eggs [1] - Date: June 10, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Investment Rating - No investment rating is provided in the report. 2. Core View - The spot price of eggs is expected to remain weak in the short - to - medium term. Futures should be treated bearishly or sell out - of - the - money call options. Monitor the situation of culled hens. If the spot price stabilizes in mid - to - late June, short positions should exit; if the spot price continues to decline during the rainy season in June, short positions can be held cautiously [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - Market Review: For egg contracts 2507, 2508, and 2509, prices decreased, with declines of 1.18%, 1.35%, and 1.08% respectively. The trading volume of 2507 was 139,636, 2508 was 129,143, and 2509 was 58,582. The change in open interest of 2507 was - 5,506, 2508 was 7,737, and 2509 was 6,453 [7]. - Spot Price: The average price in the main producing areas was 2.77 yuan/jin, down 0.02 yuan/jin from the previous day; in the main selling areas, it was 2.99 yuan/jin, down 0.04 yuan/jin [8]. - Operation Suggestions: Given the expected long and rainy plum - rain season, futures are bearish in the short - to - medium term. Watch the culling of hens. If the spot price stabilizes in mid - to - late June, short positions should exit; if it continues to fall during the plum - rain season, short positions can be held [8]. 3.2 Industry News - In - production Laying Hens: As of the end of May, the monthly存栏量 was about 1.334 billion, a 0.4% month - on - month increase and a 7.2% year - on - year increase [9]. - Chick Hatchlings: In April, the monthly hatchling volume of sample enterprises was about 46.99 million, an increase from March and the same period in 2024 [9]. - Culled Hens: The culling volume increased in May, with an average culling age of 521 days as of May 29, 11 days earlier than the previous week and 15 days earlier than the previous month [9]. 3.3 Data Overview - The report presents data on the monthly存栏量 of laying hens, egg - farming profits, the average price in the main producing areas, the seasonal trend of the 06 contract, the basis of the 06 contract, and the 08 - 09 spread [10][16][20]