养殖产业链日报：震荡偏强-20260109

Report Investment Rating - The investment rating for the breeding industry chain is "Oscillating and Bullish" [1] Core Viewpoints - Soybean prices are expected to continue a relatively strong trend, while corn prices are expected to slowly rise in the new year, with attention paid to buying opportunities after the phased supply pressure. For eggs, it is advisable to wait and see for now, and for live pigs, it is recommended to buy on dips for far - month contracts [1][2][3] Summary by Category Soybean - The price in the producing area remains high with limited fluctuations in trading volume, and the price in the selling area remains stable, following the trend of the producing area. The market shows a feature of "price stability under the stalemate of supply and demand", and there are signs of "strengthened price support". It is estimated to continue a relatively strong trend [1] Corn - As of December 25, 2025, the corn selling progress in the Northeast producing area was 44%, 8% faster than the same period in 2024, and 40% in North China, 1% slower than the same period in 2024. The spot price has shown a phased slight increase. Farmers in the producing area are reluctant to sell, and the demand remains rigid. It is estimated that the price will slowly rise in the new year, and attention should be paid to buying opportunities after the phased supply pressure [1] Egg - In December, the inventory of laying hens decreased to 1.295 billion. The young - age structure (with the main - producing hens accounting for over 80%) makes it difficult to eliminate production capacity. There is a large resistance to future elimination, and in the absence of egg prices falling below feed costs, the industry lacks the motivation to clear production capacity. It is advisable to wait and see for now [2] Live Pig - In 2025, the actual total live - pig slaughter volume of domestic breeding enterprises increased steadily, reaching 155.79 million heads, a year - on - year increase of 18.38% compared to 2024. The actual slaughter volume showed significant pre - and post - festival differences and seasonal characteristics. The production capacity reduction has accelerated significantly, indicating an expected price increase for far - month contracts, and it is recommended to buy on dips [3]