Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-07-23 09:04Report Industry Investment Rating - Not provided Core View of the Report - The current egg - laying hen inventory is at a high level, and the pressure of newly - opened egg - laying hens from previous supplementary stocking is large, resulting in sufficient egg supply. However, after the price reached a relatively low level, the culling process of old hens accelerated, reducing the inventory expectation. Also, due to continuous high temperatures in many parts of the country, the egg - laying rate of hens in some areas declined, alleviating the short - term market supply pressure. Coupled with the gradual recovery of terminal demand, the expectation of price increase from farmers was released, which promoted the low - level rebound of egg prices. From the perspective of the market, boosted by the stabilization and rebound of the spot market, the downward trend of the futures market also slowed down, and it is advisable to try to go long on far - month contracts with a light position [2] Summary by Relevant Catalogs Futures Market - The closing price of the active egg futures contract is 3637 yuan/500 kilograms, with a month - on - month increase of 16; the net long position of the top 20 futures holders is - 32660 hands, a decrease of 5955 hands; the egg futures monthly spread (9 - 1) is - 3 yuan/500 kilograms, a decrease of 7; the trading volume of the active egg futures contract is 247828 hands, a decrease of 4411 hands; the registered warehouse receipt volume is 0 hands [2] 现货市场 - The spot price of eggs is 3.37 yuan/jin, with a month - on - month increase of 0.1; the basis (spot - futures) is - 268 yuan/500 kilograms, an increase of 82 [2] Upstream Situation - The national egg - laying hen inventory index is 111.91 (2015 = 100), with a month - on - month increase of 1.02; the national culled egg - laying hen index is 104.09 (2015 = 100), a decrease of 4.59; the average price of egg - laying chicken seedlings in the main production areas is 3.88 yuan/feather, a decrease of 0.02; the national new - chick index is 76.07 (2015 = 100), a decrease of 30.71; the average price of egg - laying chicken compound feed is 2.72 yuan/kg, unchanged; the egg - laying chicken breeding profit is - 0.47 yuan/head, an increase of 0.22; the average price of culled chickens in the main production areas is 9.6 yuan/kg, an increase of 0.4; the national average age of culled chickens is 501 days, a decrease of 5 [2] Industry Situation - The average wholesale price of pork is 20.57 yuan/kg, a decrease of 0.17; the average wholesale price of 28 key - monitored vegetables is 4.39 yuan/kg, unchanged; the average wholesale price of white - striped chickens is 17.47 yuan/kg, an increase of 0.21; the weekly inventory in the circulation link is 1.04 days, a decrease of 0.13; the weekly inventory in the production link is 0.95 days, a decrease of 0.1; the monthly export volume of fresh eggs is 12792.51 tons, a decrease of 110.81 tons [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 7886 tons, an increase of 289 tons [2] Industry News - The egg prices in the main production areas across the country rose. The national average price was 3.25 yuan/jin, an increase of 0.04 yuan/jin compared with the previous day. The average egg price in Shandong, the main production area, was stable at 3.15 - 3.35 yuan/jin; the average egg price in Hebei rose steadily by 0.11 yuan/jin to 3.02 - 3.11 yuan/jin; the average egg price in Henan, the main sales area, was stable at 3.20 - 3.25 yuan/jin; the price in Heilongjiang rose by 0.10 yuan/jin to 3.30 yuan/jin; the price in Anhui was stable at 3.20 yuan/jin [2]