Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The supply of laying hens remains at a high level, and the demand is generally weak. In the short - term without significant improvement, egg prices are expected to be weak. However, the recent increase in the amount of culled chickens and downstream restocking have led to a slight rebound in spot prices. It is recommended to wait and see in the short - term [7] Group 3: Summary by Relevant Catalogs 1. Futures Market - For futures contracts, JD01 closed at 3347, up 29 from the previous day; JD05 closed at 3497, up 31; JD09 closed at 3861, up 12. In terms of spreads, 01 - 05 was - 150, down 2; 05 - 09 was - 364, up 19; 09 - 01 was 514, down 17. Regarding the ratios, 01 egg/corn was 1.56, up 0.01; 01 egg/soybean meal was 1.11, up 0.01, etc. [2] 2. Spot Market - The average price of eggs in the main production areas was 2.86 yuan/jin, down 0.03 yuan/jin from the previous day, and in the main sales areas was 3.06 yuan/jin, down 0.08 yuan/jin. The prices in different regions showed various trends, with most of the national mainstream prices remaining stable, some falling, and some rising slightly. The average price of culled chickens was 4 yuan/jin, remaining unchanged [2][4] 3. Fundamental Information - The average price of eggs in the main production areas decreased, and in the main sales areas also decreased. The national mainstream prices were mostly stable, with some fluctuations in different regions. In October, the national laying hen inventory was 1.359 billion, a slight decrease from the previous month but a 5.5% year - on - year increase. The monthly output of laying hen chicks in the sample enterprises was 39.2 million, with little change month - on - month and a 13% year - on - year decrease. The number of culled chickens in the main production areas in the week of October 31 was 20.53 million, an 11% increase from the previous week, and the average culling age was 494 days, a 5 - day decrease. The egg sales volume in the representative sales areas increased by 2.1%. The weekly average profit per jin of eggs was - 0.2 yuan/jin, an increase of 0.02 yuan/jin. The production and circulation inventories remained unchanged [4][5][6] 4. Trading Logic - The supply of laying hens is high, and the demand is weak. Without significant improvement in the short - term, egg prices are expected to be weak. However, the increase in culled chickens and downstream restocking have led to a slight rebound in spot prices. It is recommended to wait and see [7] 5. Trading Strategy - For unilateral trading, it is recommended to wait and see in the short - term. For arbitrage and options, it is also recommended to wait and see [8]
银河期货鸡蛋日报-20251103
Yin He Qi Huo·2025-11-03 11:02