建信期货鸡蛋日报-20250624

General Information - Reported industry: Eggs [1] - Report date: June 24, 2025 [2] - Research team: Agricultural Products Research Team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Core Viewpoints - The current oversupply in the egg market remains the main theme, and all contracts are at historically low price levels. The recent price rebound is only a phase and difficult to form a trend. As time passes, the market's purchasing sentiment may gradually improve, and there may be support at the previous price bottom. The downside space for the 08 contract is relatively small, but the operation rhythm is difficult, with the possibility of slow decline and sharp rise. Continuous attention should be paid to the intensity of chicken culling [8] Summary by Directory 1. Market Review and Operation Suggestions - Market Review: - Egg 2507 contract: The previous settlement price was 2954, the opening price was 2902, the highest price was 2910, the lowest price was 2855, the closing price was 2857, down 97 or -3.28%. The trading volume was 29,698, the open interest was 40,856, a decrease of 1336 [7] - Egg 2508 contract: The previous settlement price was 3622, the opening price was 3593, the highest price was 3600, the lowest price was 3557, the closing price was 3569, down 53 or -1.46%. The trading volume was 189,517, the open interest was 236,982, an increase of 3337 [7] - Egg 2509 contract: The previous settlement price was 3666, the opening price was 3645, the highest price was 3652, the lowest price was 3622, the closing price was 3630, down 36 or -0.98%. The trading volume was 58,381, the open interest was 138,603, an increase of 11,347 [7] - Price Situation: The national egg price was stable today. The average price in the main producing areas was 2.92 yuan/jin, up 0.01 yuan/jin from yesterday; the average price in the main selling areas was 3.00 yuan/jin, down 0.01 yuan/jin from yesterday. The 08 contract fell 1.46% [8] - Operation Suggestions: The price rebound should be treated as a phase, and it is difficult to form a trend. As time passes, the market's purchasing sentiment may gradually improve, and there may be support at the previous price bottom. The downside space for the 08 contract is relatively small, but the operation rhythm is difficult, with the possibility of slow decline and sharp rise. Continuous attention should be paid to the intensity of chicken culling [8] 2. Industry News - Laying Hen Inventory: As of the end of May, the national monthly inventory of laying hens was about 1.334 billion, a month-on-month increase of 0.4%, showing a certain degree of growth for five consecutive months, and a year-on-year increase of 7.2% compared with 1.244 billion in the same period last year [9] - Chick Hatchling Volume: In May, the monthly hatchling volume of layer chicks in sample enterprises was about 44.98 million, slightly less than 46.99 million in April and slightly higher than 44.54 million in the same period in 2024. It is a medium-level single-month replenishment volume in May in the past eight years [9] - Chicken Culling Volume: In the first three weeks as of June 6, the national chicken culling volumes were 19.97 million, 21.02 million, and 19.53 million respectively. The culling volume gradually recovered after May, with four consecutive weeks of month-on-month increases, and a slight decline this week. The absolute value was slightly higher than the levels of the previous three years. As of June 12, the average culling age of chickens was 512 days, three days earlier than last week and 22 days earlier than last month [9] 3. Data Overview - The report provides multiple data charts, including China's monthly inventory of laying hens, egg chicken breeding profits, average prices in the main egg-producing areas, seasonal trends of the egg 07 contract, basis of the egg 07 contract, and price difference between the egg 08 and 09 contracts, with data sources including Wind, Zhuochuang Information, and Trading Famen [10][17][19]