建信期货鸡蛋日报-20251120

Group 1: General Information - Reported industry: Eggs [1] - Report date: November 20, 2025 [2] - Research team: Agricultural products research team including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - Today, the national egg price declined. The average price in the main production areas was 2.85 yuan/jin, down 0.02 yuan/jin from yesterday; the average price in the main sales areas was 3.20 yuan/jin, down 0.04 yuan/jin from yesterday. The 01 contract dropped 0.53% [8] - Last week, the spot market weakened again. The prices in the two - lake powder egg areas, the main force of the previous rebound, gradually declined, while the supply - demand of northern red eggs was relatively balanced with stable prices. The market sales returned to a slow pace. Considering the cooler temperature and better egg storage conditions, there won't be a large - scale dumping like in the rainy and summer seasons. It is expected that the egg price will have a narrow - range adjustment at a low level this week [8] - In terms of futures, due to the short - term downturn of the spot market, there was a certain decline this week. The near - month contracts had a larger decline as they were approaching delivery, while the far - month contracts were relatively firm due to the expectation of inventory reduction [8] - Fundamentally, the layer inventory in late October decreased on a monthly basis for the first time this year, indicating that the poor breeding profit has gradually affected the supply side. Also, observing the year - on - year data of the replenishment volume in the past four months, it is expected that the layer inventory may continue to decline slightly in the medium term [8] Operation Suggestions - In the short term, the market is considered to be in a low - level shock. The low spot price may last for some time. Opportunities for long positions in far - month contracts can be considered on dips, but there may still be fluctuations in the near term. It is advisable to conduct a reverse spread between near - and far - month spreads [8] Contract Details | Contract | Previous Settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2601 | 3197 | 3180 | 3194 | 3157 | 3180 | - 17 | - 0.53% | 151302 | 208381 | 195915 | | 2602 | 2993 | 2968 | 2979 | 2948 | 2971 | - 22 | - 0.74% | 37394 | 124504 | 1313 | | 2512 | 2950 | 2922 | 2936 | 2902 | 2928 | - 22 | - 0.75% | 45650 | 42097 | - 8730 | [7] Group 3: Industry News Inventory - As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, down 0.66% from 1.368 billion at the end of September 2025, ending the previous continuous growth trend, but up 5.59% year - on - year compared with 1.287 billion at the end of October 2024 [9] Replenishment - In October 2025, the monthly output of layer chicks of sample enterprises was about 39.15 million, slightly less than 39.2 million in September 2025 and significantly less than 44.83 million in the same period of 2024. The total replenishment in the past four months (July - October 2025) was about 158.14 million, compared with about 176.1 million in the same period last year (July - October 2024) [9] Group 4: Data Overview Elimination Volume - According to the latest data from Zhuochuang Information, in the three weeks up to November 13, 2025, the national chicken elimination volumes were 20.53 million, 19.81 million, and 19.47 million respectively, showing a downward trend recently [17] Elimination Age - As of November 13, 2025, the average elimination age of chickens was 493 days, the same as last week and 6 days earlier than last month [17]