Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-07-10 09:25Report Industry Investment Rating - Not provided Core Viewpoints - Eggs are in the seasonal off - peak demand period, with a high inventory of laying hens and significant pressure from newly - opened laying hens, resulting in sufficient egg supply. High - temperature and high - humidity weather increases egg storage costs, making downstream dealers cautious in purchasing. Egg prices remain at a relatively low level compared to the same period, and the farming sector continues to operate at a loss. However, as prices reach relatively low levels, the process of culling old hens has accelerated, reducing inventory expectations. The near - term futures prices are generally weak due to the continuous weakness of the spot market, while the far - month contracts are significantly more resistant to decline. It is advisable to lightly test long positions in far - month contracts [2] Summary by Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 3446 yuan/500 kilograms, a decrease of 38 yuan; the net long position of the top 20 futures holders is - 27697 lots, an increase of 244 lots; the egg futures monthly spread (9 - 1) is - 31 yuan/500 kilograms, a decrease of 11 yuan; the futures trading volume of the active contract is 139539 lots, a decrease of 11247 lots; the registered warehouse receipt volume is 7 lots, a decrease of 46 lots [2] 现货市场 - The egg spot price is 2.55 yuan/jin, unchanged; the basis (spot - futures) is - 893 yuan/500 kilograms, an increase of 38 yuan [2] Upstream Situation - The national laying hen inventory index is 110.89 (2015 = 100), a decrease of 1.46; the national culled laying hen index is 108.68 (2015 = 100), an increase of 11.92; the average price of laying hen chicks in the main producing areas is 3.9 yuan/chick, a decrease of 0.1 yuan; the national new chick index is 106.78 (2015 = 100), a decrease of 31.9; the average price of laying hen compound feed is 2.72 yuan/kg, a decrease of 0.02 yuan; the egg - laying hen farming profit is - 0.58 yuan/hen, a decrease of 0.17 yuan; the average price of culled hens in the main producing areas is 9.4 yuan/kg, an increase of 0.16 yuan; the national average age of culled hens is 506 days, a decrease of 4 days [2] Industry Situation - The average wholesale price of pork is 20.73 yuan/kg, an increase of 0.2 yuan; the average wholesale price of 28 key monitored vegetables is 4.42 yuan/kg, an increase of 0.07 yuan; the average wholesale price of dressed chickens is 17.07 yuan/kg, an increase of 0.05 yuan; the weekly inventory in the circulation link is 1.22 days, an increase of 0.18 days; the weekly inventory in the production link is 1.12 days, an increase of 0.2 days; the monthly export volume of fresh eggs is 12792.51 tons, a decrease of 110.81 tons [2] Downstream Situation - The weekly egg consumption in the sales area is 7606 tons, a decrease of 331 tons [2] Industry News - The average price of eggs in Shandong, the main producing area, is 4.83 yuan/kg, unchanged from the previous day; in Hebei, it is 4.81 yuan/kg, unchanged; in Guangdong, it is 5.80 yuan/kg, unchanged; and in Beijing, it is 5.20 yuan/kg, unchanged [2]