Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-19 08:58Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint Currently, the laying hen inventory is at a high level, and the newly opened production pressure of the laying hens supplemented in the early stage is relatively large, resulting in sufficient egg supply. The continuous delivery of cold - storage eggs further exacerbates the supply pressure. Meanwhile, the terminal demand is weak, and the high - temperature weather makes the market cautious, leading to sluggish demand. The willingness of breeding enterprises to sell at low prices to reduce inventory increases, causing the spot market price to continuously fall short of expectations, and the breeding end remains in a loss state. However, with the start of school - opening stockpiling and the Mid - Autumn Festival procurement by food factories, demand is expected to pick up, which may drive up egg prices. From the perspective of the futures market, under the pressure of weak spot prices and high production capacity, the futures price generally maintains a weak trend [2]. 3) Summary by Directory Futures Market - The closing price of the active egg futures contract is 3065 yuan/500 kilograms, a decrease of 48 yuan compared to the previous period. The net long position of the top 20 futures holders is - 39282 hands. The monthly spread between the 1 - 5 contracts of egg futures is 18 yuan/500 kilograms, a decrease of 6 yuan. The trading volume of the active egg futures contract is 411040 hands, an increase of 29360 hands. The number of registered egg warehouse receipts is 0 hands [2]. 现货 Market - The spot price of eggs is 3.2 yuan/jin, unchanged from the previous period. The basis (spot - futures) is 134 yuan/500 kilograms, an increase of 48 yuan [2]. Upstream Situation - The national laying hen inventory index is 113.18 (with 2015 = 100), an increase of 1.27. The national culled laying hen index is 99.2 (with 2015 = 100), a decrease of 4.89. The average price of laying - hen chicks in the main production areas is 3.6 yuan/feather, a decrease of 0.25 yuan. The national new - chick index is 78.4 (with 2015 = 100), an increase of 2.33. The average price of laying - hen compound feed is 2.76 yuan/kg, an increase of 0.06 yuan. The breeding profit of laying hens is - 0.26 yuan/hen, an increase of 0.05 yuan. The average price of culled hens in the main production areas is 10.94 yuan/kg, a decrease of 0.4 yuan. The average age of culled hens nationwide is 512 days, an increase of 11 days [2]. Industry Situation - The average wholesale price of pork is 20.21 yuan/kg, an increase of 0.01 yuan. The average wholesale price of 28 key - monitored vegetables is 4.79 yuan/kg, an increase of 0.02 yuan. The average wholesale price of dressed chickens is 17.42 yuan/kg, a decrease of 0.09 yuan. The weekly inventory in the circulation link is 1.03 days, a decrease of 0.2 days. The weekly inventory in the production link is 0.92 days, a decrease of 0.17 days. 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 7605 tons, an increase of 76 tons [2]. Industry News - The average price of eggs in Shandong's main production area is 6.44 yuan/kg, unchanged from the previous day; the average price of eggs in Hebei is 6.14 yuan/kg, a decrease of 0.06 yuan compared to the previous day; the average price of eggs in Guangdong is 6.80 yuan/kg, unchanged from the previous day; the average price of eggs in Beijing is 7.00 yuan/kg, unchanged from the previous day [2].