鸡蛋日报-20260112

Group 1: Report Overview - The report is an agricultural product research report focusing on eggs, dated January 12, 2026, by researcher Liu Qiannan [1] Group 2: Market Data Futures Market - JD01 closed at 3300, up 122 from the previous day; JD05 closed at 3578, down 8; JD09 closed at 3962, down 17 [2] - The 01 - 05 spread was -278, up 130; 05 - 09 spread was -384, up 9; 09 - 01 spread was 662, down 139 [2] - The 01 egg/corn ratio was 1.43, up 0.03; 01 egg/bean meal ratio was 1.06, up 0.02; 05 egg/corn ratio was 1.57, down 0.01; 05 egg/bean meal ratio was 1.28, unchanged; 09 egg/corn ratio was 1.72, down 0.01; 09 egg/bean meal ratio was 1.37, down 0.01 [2] Spot Market - The average price in the main production areas was 3.32 yuan/jin, up 0.1 yuan/jin; the average price in the main sales areas was 3.53 yuan/jin, up 0.13 yuan/jin [2][4] - The average price of culled chickens was 4.27 yuan/jin, up 0.21 yuan/jin [2][7] Profit Calculation - The profit per chicken was 13.35 yuan, up 4.73 yuan from the previous day [2] - The average price of culled chickens was 4.27 yuan/jin, up 0.21 yuan/jin; the average price of chicken chicks was 3.21 yuan/feather, up 0.04 yuan; the price of egg - laying chicken vaccines was 3 yuan, unchanged [2] - The average price of corn was 2354 yuan/ton, up 3 yuan; the average price of bean meal was 3190 yuan/ton, unchanged; the price of egg - laying chicken compound feed was 2.61 yuan/kg, up 0.01 yuan [2] Group 3: Fundamental Information - In December, the national laying hen inventory was 1.344 billion, a decrease of 80 million from the previous month, a year - on - year increase of 5%, lower than expected. The monthly output of chicken chicks in sample enterprises was 39.59 million, with little change month - on - month and a year - on - year decrease of 13.9% [5] - From December 18th, the weekly slaughter volume of culled hens in the main production areas was 19.67 million, with little change from the previous week. The average slaughter age of culled hens was 486 days, unchanged from the previous week [5] - As of December 18th, the weekly sales volume of eggs in representative sales areas was 7023 tons, with little change from the previous week, at a low level over the years [5] - As of December 18th, the weekly average profit per jin of eggs was - 0.17 yuan/jin, a slight recovery from the previous week. On December 12th, the expected profit of egg - laying chicken farming was - 11.65 yuan/feather, a decrease of 0.7 yuan/jin from the previous week [6] - As of December 18th, the weekly average inventory in the production link was 1 day, a slight decrease from the previous week; the weekly average inventory in the circulation link was 1.12 days, a slight increase from the previous week [6] Group 4: Trading Logic - Recently, the number of culled chickens has increased, and the previous supply pressure has been relieved. The short - term de - capacity speed is expected to be relatively gentle. However, the demand side has been average recently. The near - month contracts are expected to be mainly volatile and weak, and the far - month May contract can be considered for long - building on dips as the supply pressure eases [8] Group 5: Trading Strategies - Unilateral: The short - term February contract is expected to be range - bound, and the far - month May contract can be considered for long - building on dips [9] - Arbitrage: It is recommended to wait and see [9] - Options: It is recommended to wait and see [9]