建信期货鸡蛋日报-20251126

1. Reported Industry - The report focuses on the egg industry [1] 2. Report Date - The report was released on November 26, 2025 [2] 3. Research Team - The research team consists of Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] 4. Market Review and Operational Suggestions 4.1 Market Review - Today, the national egg price remained stable. The average price in the main production areas was 2.94 yuan/jin, a change of 0.04 yuan/jin from yesterday, and the average price in the main sales areas was 3.20 yuan/jin, a 0.03 yuan/jin increase from yesterday. The 01 contract rose 0.27% [7] - The table shows the market conditions of different soybean meal contracts, including the previous settlement price, opening price, highest price, lowest price, closing price, change, change rate, trading volume, open interest, and change in open interest [7] 4.2 Operational Suggestions - In the spot market, after a continuous decline last week, prices stabilized. In December, demand is expected to enter a peak season with double - holiday stocking expectations. The decline in the price of culled chickens indicates an orderly culling rhythm. Egg prices are expected to stabilize at a low level this week [8] - In the futures market, the main contract oscillated at a low level last week with unclear direction. The 01 contract fell below 3200 points, close to historical lows, but there are risks in going long. The market may wait for the spot price to rebound. Future attention should be paid to the low - price period of egg prices and feed costs [8] - In the options market, a wide - straddle double - selling strategy for near - month contracts is recommended. For price spreads, a reverse - spread rolling operation for near - and far - month spreads is suggested [8] 5. Industry News 5.1 Inventory - As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, a 0.66% month - on - month decrease from September 2025 (1.368 billion) and 5.59% higher than October 2024 (1.287 billion) [9] 5.2 Replenishment - In October 2025, the monthly output of laying hen chicks from sample enterprises was about 39.15 million, slightly less than 39.20 million in September 2025 and significantly less than 44.83 million in the same period of 2024. The total replenishment from July to October 2025 was about 158.14 million, compared with about 176.10 million in the same period of 2024 [9][10] 6. Data Overview 6.1 Culling Volume - As of November 20, 2025, the national culling volumes in the previous three weeks were 19.81 million, 19.47 million, and 20.21 million respectively. The culling volume fluctuated but increased slightly compared to the previous period [19] 6.2 Culling Age - As of November 20, 2025, the average culling age was 492 days, one day earlier than last week and seven days earlier than last month, indicating an accelerating culling speed [19]