Report Title - "Zhengxin Futures Egg Weekly Report 2025-6-23" [2] Report Industry Investment Rating - Overall rating for eggs: Neutral in supply, bearish in demand, bullish in profit, neutral in price and volume, and the recommended strategy is to wait and see [3] Report's Core View - Short-term sentiment dominates, and the market will fluctuate. It is recommended to wait and see for now [3] Summary by Related Catalogs Price and Volume Analysis - Spot Price: The report mentions the comparison between main production area prices and main sales area prices, but no specific data is provided [4][6] - Egg Basis: This week, the egg basis increased slightly, and the near - month futures contracts are in a slight discount state, limiting the downward space. The near - far spread of egg futures increased slightly and is at a medium level. The net short position of institutional investors in the main egg futures contract decreased, but the fluctuations were intense [3] - Egg Spread: The report focuses on the spreads of various egg futures contracts, but no specific data is provided [10][11] - Futures Institutional Net Position: The net short position of institutional investors in the main egg futures contract decreased, but the fluctuations were intense [3][13] Supply Analysis - Laying Hen Inventory: The report mentions laying hen inventory and its structure, but no specific data is provided [16][17] - Culled Hen Situation: This week, the price of culled hens in sample breeding enterprises increased slightly, and the average culling age continued to decline. The culled hen price relative to the egg price is at a high level in the same period of history, and the egg - laying rate will not decline rapidly before July 20th [3][18][19] - Replenishment Situation: The price of commercial layer chicks continued to decline, and the report also mentions the utilization rate of hatching eggs, but no specific data is provided [3][21][22] - Large and Small - Sized Eggs Situation: The price difference between large and small - sized eggs decreased slightly, and the report also shows the price of large and small - sized eggs and the seasonal chart of the price difference, but no specific data is provided [3][24][25] Demand Analysis - Shipping Volume and Sales Volume: This week, the sales volume in the main sales areas decreased slightly, and the shipping volume in the main production areas increased slightly [3][27][29] - Inventory: The inventory in the production and circulation links decreased slightly [3][30][31] - Substitutes: The report shows the seasonal charts of the price ratio between eggs and pork and between eggs and vegetables, but no specific data is provided [33][35] Profit Analysis - Breeding Profit: The breeding profit increased slightly, significantly lower than the comprehensive cost, and at the lowest level in the same period in the past 4 years. The recent rebound in egg prices is the result of cost increase, e - commerce promotions, and seasonal bullish sentiment, rather than a reversal of the supply - demand fundamentals [3][36] - Egg - Feed Price Ratio: The report shows the egg - feed price ratio, its equilibrium point, and the seasonal chart, but no specific data is provided [37][38]
正信期货鸡蛋周报2025-6-23:短期情绪主导行情反复加剧-20250623
Zheng Xin Qi Huo·2025-06-23 11:38