鸡蛋市场周报：现货价格继续走低，拖累盘面再度下探-20250808

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The current egg market has sufficient supply due to the high inventory of laying hens and the continuous release of cold - storage eggs. Meanwhile, the terminal demand is weak, resulting in low - priced sales by breeding enterprises to reduce inventory, and the spot price has been lower than expected, causing the industry to fall into losses again. However, with the start of school - opening stockpiling and mid - autumn procurement by food factories, demand is expected to pick up, which may drive up egg prices. The futures price has declined again due to the continuous drop in spot prices and high inventory [8]. - It is recommended to participate in the market mainly through short - term trading [7]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Summary - Strategy: Participate in the market mainly through short - term trading [7]. - Egg market review: This week, the egg futures 09 contract closed at 3362 yuan per 500 kilograms, a decrease of 122 yuan per 500 kilograms compared to the previous week. In the future, high inventory and weak demand continue to pressure prices, but future demand may improve [8]. 3.2 Futures and Spot Market - Futures price and position: The egg futures 09 contract declined again, with a position of 203,664 lots, a decrease of 22,376 lots compared to the previous week. The net position of the top 20 decreased from - 37,010 to - 27,832 [14]. - Futures warehouse receipts: As of Friday, the registered egg warehouse receipts were 6 [18]. - Spot price and basis: The egg spot price was 2,886 yuan per 500 kilograms, a decrease of 287 yuan per 500 kilograms compared to the previous week. The basis between the active 09 contract futures price and the spot average price was - 476 yuan per ton [24]. - Futures monthly spread: The 9 - 1 spread of eggs was - 188 yuan per 500 kilograms, at a relatively low level in the same period [28]. - Related product prices: As of August 1, 2025, the average wholesale price of pork was 20.45 yuan per kilogram, and the average wholesale price of 28 kinds of key - monitored vegetables was 4.58 yuan per kilogram [34]. 3.3 Industry Chain Situation - Supply side: As of June 30, 2025, the national laying - hen inventory index was 111.91, a month - on - month increase of 0.92%; the new - chick index was 76.07, a month - on - month decrease of 28.76% [40]. - Elimination of laying hens: As of June 30, 2025, the national laying - hen elimination index was 104.09, a month - on - month decrease of 4.22%; the average age of eliminated hens was 501 days [45]. - Feed raw material prices: As of August 7, 2025, the average spot price of corn was 2,395.49 yuan per ton, and the spot price of soybean meal in Fangcheng was 2,940 yuan per ton [49]. - Feed price and breeding profit: As of August 1, 2025, the breeding profit per laying hen was - 0.16 yuan, and the average price of laying - hen compound feed was 2.70 yuan per kilogram [56]. - Egg - chicken chick and eliminated - hen prices: As of August 1, 2025, the average price of egg - chicken chicks in the main production areas was 3.85 yuan per chick, and the average price of eliminated hens was 11.76 yuan per kilogram [62]. - Egg exports: In May 2025, China's egg export volume was 12,711.37 tons, a year - on - year increase of 7.87% and a month - on - month decrease of 81.14 tons [66]. 3.4 Representative Enterprises - Xiaoming Co., Ltd. The report shows its price - to - earnings ratio change, but specific data is not provided [68].