养殖产业链日报：近月宽松明显-20260120

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The soybean market is expected to continue its volatile trend, with the price difference between domestic and imported soybeans at a historically high level, which may affect the demand for domestic soybeans [1]. - The corn market is expected to experience wide - range fluctuations before the Spring Festival. There is short - term supply pressure, and the upside space is relatively limited, but there are strong buyers when the price is low [2]. - The egg - chicken farming industry has entered a profit - repair stage, but the market has no obvious driving force due to the balance between supply and demand, and it is not recommended to be overly bearish [3]. - The pig supply side is in a stage of capacity optimization and regional reconstruction. In 2026, the pig supply pattern is expected to gradually move towards re - balance, but there will still be short - term structural pressure [3][4][5]. Summary by Related Content Soybean - Northeast soybean spot prices are generally stable, with a tight supply of high - protein soybeans. The price of 39% protein content commercial soybeans is around 2.2 yuan per catty [1]. - Two domestic soybean trading sessions organized by Sinograin last week were fully sold. The market demand has some support, but the high price difference between domestic and imported soybeans may affect the demand for domestic soybeans [1]. Corn - The policy - based grain source release in the domestic corn market has significantly increased. After the Spring Festival, more than 700,000 tons of liquidity were released in the first week [2]. - The initial auction of Sinograin had a low成交 rate, but after reducing the reserve price, the成交 rate increased to 77%, with a small premium [2]. - There is short - term supply pressure, the upside space before the Spring Festival is limited, and it is recommended to view it as wide - range fluctuations. Consider buying on dips if there is a large correction [2]. Egg - As of January 18, the profit per catty of eggs has turned positive to 0.6 yuan, indicating that the egg - chicken farming industry has entered a profit - repair stage [3]. - The price rebound has made farmers hesitant about culling old chickens. The supply is balanced by new additions and delayed culling, and inventory has appeared after the price increase. There is no obvious driving force in the market [3]. Pig - At the end of 2025, the number of breeding sows was 39.61 million, a decrease of 1.16 million or 2.9% compared to the previous year, and it is currently 101.6% of the normal inventory [3]. - In 2025, the national pig slaughter was 719.73 million, an increase of 17.16 million or 2.4% compared to the previous year. The national pig inventory at the end of 2025 was 429.67 million, an increase of 2.24 million or 0.5% compared to the end of the previous year [3]. - The pig supply side is in a stage of capacity optimization and regional reconstruction. In 2026, the supply pattern is expected to gradually move towards re - balance, but there will be short - term structural pressure [4][5].