银河期货鸡蛋日报-20250925

Group 1: Overall Information - Report title: Agricultural Products Daily Report - Egg Report [2] - Date: September 25, 2025 [2] - Researcher: Liu Qiannan [2] Group 2: Market Data Futures Market - JD01 closed at 3372, up 18 from the previous day; JD05 closed at 3389, down 3; JD09 closed at 3220, down 30 [3] - 01 - 05 spread was -17, up 21; 05 - 09 spread was 169, up 27; 09 - 01 spread was -152, down 48 [3] - 01 egg/corn ratio was 1.58, up 0.01; 01 egg/bean meal ratio was 1.14, down 0.01 [3] Spot Market - Main production area average price was 3.61 yuan/jin, down 0.06; main sales area average price was 3.77 yuan/jin, down 0.02 [3][6] - National mainstream prices were mostly stable, with some regions seeing price drops [6] - Main production area average price of culled chickens was 4.58 yuan/jin, up 0.03 [3][8] Profit Calculation - Profit per bird was 28.91 yuan, down 2.31 from the previous day [3] - Corn average price was 2365 yuan/ton, up 3; bean meal average price was 2988 yuan/ton, unchanged [3] Group 3: Fundamental Information - In August, the national laying hen inventory was 1.365 billion, an increase of 90 million from the previous month and 5.9% year - on - year [7] - In the week of September 18, the national main production area culled chicken slaughter volume was 17.61 million, a decrease of 6% from the previous week [7] - As of the week of September 18, the national representative sales area egg sales volume was 7685 tons, an increase of 5.2% from the previous week [8] - As of the week of September 18, the production - link average inventory was 0.91 days, a decrease of 0.02 days; the circulation - link average inventory was 0.99 days, a decrease of 0.04 days [8] Group 4: Trading Logic - High inventory, low cost, and weak demand have led egg prices to the lowest level in recent years [9] - Short - term egg price rebound was mainly due to holiday stocking, but prices have started to fall as stocking ends [9] Group 5: Trading Strategies - Unilateral: The short - term downward space may be limited, and it is recommended to choose the right opportunity [10] - Arbitrage: It is recommended to wait and see [10] - Options: It is recommended to wait and see [10] Group 6: Related Charts - The report includes 15 charts showing various data such as egg prices, chicken苗 prices, culled chicken prices, and inventory [13][17][21]