瑞达期货鸡蛋产业日报-20251211

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View The continuous losses in the breeding sector have led to a decline in the enthusiasm for replenishment and an increase in the culling of old hens. The egg - laying hen inventory has slightly decreased, and the market atmosphere has slightly improved. The low spot price and the continued losses in the breeding sector have dampened the enthusiasm for replenishment, which is beneficial to the long - term prices. However, the current in - production egg - laying hen inventory is still at a high level, and there has been no excessive culling of old hens. The high production capacity still restricts the performance of near - month market prices. Overall, the market is in a game between weak spot and strong expectations. In the short term, near - month contracts may be in a wide - range shock state, and it is advisable to lightly test long positions in far - month contracts [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the active egg futures contract is 3144 yuan/500 kilograms, a decrease of 9 yuan compared to the previous period. The net long position of the top 20 futures holders is - 37633 hands, unchanged from the previous period. - The monthly spread between the 1 - 5 egg futures contracts is - 415 yuan/500 kilograms, a decrease of 17 yuan. The trading volume of the active egg futures contract is 100206 hands, a decrease of 20492 hands. - The registered warehouse receipt volume of eggs is 0 hands, unchanged from the previous period [2]. 3.2 Spot Market - The spot price of eggs is 3.14 yuan/jin, an increase of 0.02 yuan. The basis (spot - futures) is - 6 yuan/500 kilograms, an increase of 29 yuan [2]. 3.3 Upstream Situation - The national egg - laying hen inventory index (monthly, with 2015 = 100) is 114.24, a decrease of 1.02. The national culled egg - laying hen index (monthly, with 2015 = 100) is 114.44, a decrease of 10.19. - The average price of egg - laying chicken seedlings in the main production areas is 2.85 yuan/feather, an increase of 0.15 yuan. The national new - hatched chick index (monthly, with 2015 = 100) is 67.09, a decrease of 9.56. - The average price of egg - laying chicken compound feed is 2.76 yuan/kg, unchanged. The breeding profit of egg - laying chickens is - 0.3 yuan/head, an increase of 0.11 yuan. - The average price of culled chickens in the main production areas is 7.72 yuan/kg, an increase of 0.12 yuan. The average age of culled chickens in the country is 510 days, an increase of 3 days [2]. 3.4 Industry Situation - The average wholesale price of pork is 17.62 yuan/kg, a decrease of 0.26 yuan. The average wholesale price of 28 key - monitored vegetables is 5.93 yuan/kg, a decrease of 0.04 yuan. - The average wholesale price of white - striped chickens is 17.72 yuan/kg, a decrease of 0.28 yuan. The weekly inventory in the circulation link is 1.14 days, an increase of 0.07 days. - The weekly inventory in the production link is 1.06 days, an increase of 0.04 days. The monthly export volume of fresh eggs is 13394.53 tons, an increase of 178.74 tons [2]. 3.5 Downstream Situation The weekly consumption of eggs in the sales area is 7115 tons, a decrease of 296 tons [2]. 3.6 Industry News The average price of eggs in Shandong, the main production area, is 6.29 yuan/kg, an increase of 0.07 yuan compared to the previous day; the average price of eggs in Hebei is 5.80 yuan/kg, an increase of 0.01 yuan compared to the previous day; the average price of eggs in Guangdong is 6.53 yuan/kg, unchanged from the previous day; the average price of eggs in Beijing is 6.40 yuan/kg, unchanged from the previous day [2].