Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-07-21 09:59Report Industry Investment Rating No relevant content provided. Core View of the Report The egg price has been at a relatively low level compared to the same period, and the breeding side has been in a loss state. However, after the price reaches a relatively low level, the process of old chicken culling has accelerated, reducing the inventory expectation. The egg production rate in some areas has declined due to high - temperature weather, and the short - term market supply pressure has eased. The terminal demand is gradually picking up, which promotes the egg price to rebound from the low level. Boosted by the stabilization and rebound of the spot market, the downward trend of the futures market has also slowed down, and it is advisable to try to go long on the far - month contracts with a light position [2]. Summary by Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 3636 yuan/500 kilograms, with a week - on - week increase of 41; the net long position of the top 20 futures holders is - 17119 lots, with a week - on - week increase of 11508; the egg futures monthly spread (9 - 1) is 19 yuan/500 kilograms, with a week - on - week increase of 26; the futures open interest of the active contract is 244865 lots, with a week - on - week decrease of 13047; the registered warehouse receipt volume is 0 lots [2]. 现货市场 - The egg spot price is 3.24 yuan/jin, with a week - on - week increase of 0.21; the basis (spot - futures) is - 394 yuan/500 kilograms, with a week - on - week increase of 165 [2]. Upstream Situation - The laying hen inventory index nationwide is 110.89 (with 2015 = 100), with a month - on - month decrease of 1.46; the culled laying hen index nationwide is 108.68 (with 2015 = 100), with a month - on - month increase of 11.92; the average price of laying hen chicks in the main production areas is 3.88 yuan/chick, with a week - on - week decrease of 0.02; the new chick index nationwide is 106.78 (with 2015 = 100), with a month - on - month decrease of 31.9; the average price of laying hen compound feed is 2.72 yuan/kg, with no week - on - week change; the breeding profit of laying hens is - 0.47 yuan/hen, with a week - on - week increase of 0.22; the average price of culled hens in the main production areas is 9.6 yuan/kg, with a week - on - week increase of 0.4; the average age of culled hens nationwide is 506 days, with a month - on - month decrease of 4 [2]. Industry Situation - The average wholesale price of pork is 20.8 yuan/kg, with a day - on - day increase of 0.14; the average wholesale price of 28 key monitored vegetables is 4.41 yuan/kg, with a day - on - day increase of 0.05; the average wholesale price of white - striped chickens is 17.57 yuan/kg, with a day - on - day increase of 0.41; the weekly inventory in the circulation link is 1.04 days, with a week - on - week decrease of 0.13; the weekly inventory in the production link is 0.95 days, with a week - on - week decrease of 0.1; the monthly export volume of fresh eggs is 12792.51 tons, with a month - on - month decrease of 110.81 [2]. Downstream Situation - The weekly consumption of eggs in the sales areas is 7886 tons, with a week - on - week increase of 289 [2]. Industry News - The average price of eggs in Shandong, the main production area, is 6.49 yuan/kg, up 0.43 from yesterday; in Hebei, it is 6.03 yuan/kg, up 0.35; in Guangdong, it is 7.40 yuan/kg, up 0.60; in Beijing, it is 6.34 yuan/kg, up 0.30. Currently, the laying hen inventory is at a high level, the pressure of newly - laid eggs from previously replenished laying hens is large, and the egg supply is relatively sufficient. High - temperature and high - humidity weather increases the egg storage cost, downstream dealers are cautious in purchasing, the egg price remains at a relatively low level compared to the same period, and the breeding side is in a loss state [2].