鸡蛋期货周报：供应压力稍缓解，但需求一般-20251124

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The egg market currently has supply pressure slightly alleviated, but demand is average. The egg price is expected to be in a low - level shock in the short term, with a possible slight rebound in the second half of next week [2]. - In the short term, the egg market still has a situation of oversupply, and the price recovery needs time. It is expected that the short - term price may be in a situation of being difficult to rise or fall, but with the slow recovery of demand, the price may transition from the difficult - to - move stage to a slow increase. The egg price is expected to fluctuate widely at the bottom, with a reference range of 2900 - 3300 [3]. 3. Summary According to the Catalog 1 - Period and Spot Price Trend Review - The egg futures 2601 contract fell 1.58% this week, with a trading range of 3100 - 3300 yuan/500KG, a maximum of 3248 yuan/500KG, and a minimum of 3154 yuan/500KG [5]. - The average weekly price of eggs in the main producing areas was 2.88 yuan/jin, a month - on - month decrease of 3.36%; the average price in the main selling areas was 3.34 yuan/jin, a month - on - month decrease of 2.05% [3][5]. 2 - Relationship between Feed Cost and Egg Price - When the feed price shows a downward trend, the egg price also shows an obvious decline. When the cost is relatively stable, the egg price is also relatively stable. The price fluctuation of eggs is more obvious than that of feed. Currently, the prices of corn and soybean meal are in low - level shocks, and the support for egg prices is limited [14]. 3 - Slight Increase in Feed Cost - This week, the average feed cost per jin of eggs was 2.95 yuan, an increase of 0.02 yuan from last week, a month - on - month increase of 0.68%. The slight increase in feed cost increased the expenditure of laying - hen farming [3][15]. 4 - Decrease in the Slaughter Volume of Culled Hens (In fact, there is an increase in the text) - This week, the national slaughter volume of culled hens was 20.21 million, a month - on - month increase of 3.80% and a year - on - year decrease of 6.46%. The average weekly price of culled hens in the main producing areas was 3.91 yuan/jin, a month - on - month decrease of 2.49% [22]. 5 - Chicken Chick Price Remains Stable - This week, the price of commercial - generation chicken chicks remained stable, with an average weekly price of 2.73 yuan per chick. The current demand for chicken chicks is average, and the price is weakly stable [23]. 6 - Decrease in the Inventory of Laying Hens - In October, the national inventory of laying hens was about 1.359 billion, a month - on - month decrease of 0.66% and a year - on - year increase of 5.59% [3][26]. 7 - Slight Decrease in the Main Laying - Hen Population - Not elaborated further in the text, only data charts are provided 8 - Strengthening of Vegetable and Pig Prices - On November 21, 2025, the 200 - index of the wholesale price of basket products was 127.46, with a week - on - week decrease of 0.02. The average price of live pigs (variety: foreign ternary) was 11.70 yuan/kg (5.85 yuan/jin), with a price increase of 0.01 yuan/kg (0.005 yuan/jin) compared with yesterday, a month - on - month increase of 3.63% and a year - on - year decrease of 27.78% [37]. 9 - The Spread between Futures and Spot Prices Keeps a Fluctuating Trend - The egg basis has certain rules. As of November 21, the egg basis was around - 336 yuan/500KG [42].