Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The report suggests a light - position trial for long positions in eggs [7]. - Currently, eggs are in a seasonal demand off - season. With a high egg - laying hen inventory and new - laying hens from previous replenishments, egg supply is sufficient. The hot and humid weather increases storage costs, making downstream dealers cautious in purchasing. Egg prices are at a relatively low level compared to the same period, and the breeding end is in a loss state. However, as prices reach a low level, the process of culling old hens has accelerated, reducing inventory expectations. The futures price has shown a tendency to stop falling and recover after reaching a low - valuation area [8]. 3. Summary According to the Directory 3.1 Week - on - Week Summary - Strategy suggestion: Light - position trial for long positions [7]. - Egg market: This week, egg futures fluctuated and closed higher. The closing price of the 08 contract was 3618 yuan per 500 kilograms, an increase of 62 yuan per 500 kilograms compared to the previous week. In the future, due to the seasonal off - season and high inventory, egg prices are under pressure, but the acceleration of old - hen culling may change the supply situation [8]. 3.2 Futures and Spot Market - Futures price and position: The 08 contract of egg futures fluctuated and closed higher. The trading volume was 233,645 lots, an increase of 5,400 lots compared to the previous week. The net position of the top 20 was - 18,810, and the net short position increased compared to last week [15]. - Futures warehouse receipts: As of Friday, the number of registered egg warehouse receipts was 0 [19]. - Spot price and basis: The egg spot price was 2932 yuan per 500 kilograms, an increase of 324 yuan per 500 kilograms compared to the previous week. The basis between the active 08 contract futures price and the spot average price was - 686 yuan per ton [25]. - Futures inter - month spread: The 9 - 1 spread of eggs was 73 yuan per 500 kilograms, at a relatively low level compared to the same period [29]. - Related product spot prices: As of June 19, 2025, the average wholesale price of pork was 20.29 yuan per kilogram, and the average wholesale price of 28 kinds of key - monitored vegetables was 4.37 yuan per kilogram [35]. 3.3 Industry Chain Situation - Supply side: As of May 31, 2025, the national egg - laying hen inventory index was 110.89, a month - on - month decrease of 1.30%. The national new - chick index was 106.78, a month - on - month decrease of 23.00% [41]. - Culling of egg - laying hens: As of May 31, 2025, the national culled egg - laying hen index was 108.68, a month - on - month increase of 12.32%. The national culling age of hens was 506 days [45]. - Feed raw material prices: As of June 19, 2025, the average spot price of corn was 2415.69 yuan per ton, and the spot price of soybean meal in Fangcheng was 2940 yuan per ton [49]. - Feed price and breeding profit: As of June 13, 2025, the breeding profit of egg - laying hens was - 0.55 yuan per hen, and the average price of egg - laying hen compound feed was 2.74 yuan per kilogram [55]. - Egg - laying hen chicks and culled hens prices: As of June 13, 2025, the average price of egg - laying hen chicks in the main production areas was 4.1 yuan per chick, and the average price of culled hens was 9.12 yuan per kilogram [57]. - Egg monthly export volume: In April 2025, the total egg export volume was 12,792.51 tons, a year - on - year increase of 15.12% (an increase of 1680.12 tons compared to the same period last year) and a month - on - month decrease of 110.81 tons compared to the previous month [63].
鸡蛋市场周报：现货低位小幅回升，期价震荡收高-20250620
Rui Da Qi Huo·2025-06-20 08:53