Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-07-16 09:34Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report The egg price has been at a relatively low level compared to the same period, and the breeding end has been in a loss state. However, after the price reaches a relatively low level, the process of old - hen elimination accelerates, reducing the inventory expectation. The egg - laying rate of laying hens in some areas has declined due to high - temperature weather, alleviating the short - term supply pressure. Coupled with the gradual recovery of terminal demand, the egg price is promoted to rebound. The decline of the futures market has also slowed down, and it is recommended to try to go long on the far - month contract with a light position [2]. 3. Summary by Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 3,591 yuan/500 kilograms, down 24 yuan; the net long position of the top 20 futures holders is - 28,810 lots, down 2,588 lots; the egg futures monthly spread (9 - 1) is - 21 yuan/500 kilograms, down 16 yuan; the futures trading volume of the active contract is 246,092 lots, up 7,505 lots; the registered warehouse receipt volume is 0 lots [2]. Spot Market - The egg spot price is 2.8 yuan/jin, up 0.01 yuan; the basis (spot - futures) is - 792 yuan/500 kilograms, up 38 yuan [2]. Upstream Situation - The national laying - hen inventory index is 110.89 (with 2015 as 100), down 1.46; the national eliminated laying - hen index is 108.68 (with 2015 as 100), up 11.92; the average price of egg - chicken chicks in the main production areas is 3.9 yuan/chick, unchanged; the national new - chick index is 106.78 (with 2015 as 100), down 31.9; the average price of egg - chicken compound feed is 2.72 yuan/kg, unchanged; the breeding profit of egg - chickens is - 0.69 yuan/hen, down 0.11 yuan; the average price of eliminated chickens in the main production areas is 9.2 yuan/kg, down 0.2 yuan; the age of eliminated chickens is 506 days, down 4 days [2]. Industry Situation - The average wholesale price of pork is 20.61 yuan/kg, down 0.13 yuan; the average wholesale price of 28 key - monitored vegetables is 4.37 yuan/kg, down 0.01 yuan; the average wholesale price of dressed chickens is 17.14 yuan/kg, up 0.06 yuan; the weekly inventory in the circulation link is 1.17 days, down 0.1 days; the weekly inventory in the production link is 1.05 days, down 0.09 days; the monthly export volume of fresh eggs is 12,792.51 tons, down 110.81 tons [2]. Downstream Situation - The weekly consumption of eggs in the sales area is 7,606 tons, down 331 tons [2]. Industry News - The average egg price in Shandong, the main production area, is 5.52 yuan/kg, unchanged from yesterday; the average egg price in Hebei is 5.19 yuan/kg, unchanged; the average egg price in Guangdong is 6.40 yuan/kg, unchanged; the average egg price in Beijing is 5.60 yuan/kg, unchanged. The current laying - hen inventory is at a high level, the pressure of newly - laid eggs from the previously replenished laying hens is large, and the egg supply is relatively sufficient [2].