【冠通期货研究报告】养殖产业链日报：近月宽松明显-20260121

Report Summary 1. Report Industry Investment Rating No investment rating provided in the report. 2. Core Views - The domestic soybean market shows a mixed and overall stable pattern, with the market expected to continue its oscillatory trend [1]. - The corn market will maintain a high - level and strong operation in the short term, and it is recommended to view it as a wide - range oscillation before the Spring Festival, and consider buying on dips if there is a significant decline [2]. - The egg price has soared, and the egg - laying chicken farming industry is in a profit - repair stage. It is not recommended to be overly bearish due to a marginal improvement in inventory [2]. - The pig supply is in a stage of capacity optimization and regional restructuring. The supply pattern is expected to gradually re - balance in 2026 [3][4]. 3. Summary by Related Catalogs Soybean - The domestic soybean spot market is mixed with overall stability. The producing area prices fluctuate slightly, and the selling area prices decline slightly. The trading volume of domestic soybeans today is 66,116 tons, indicating some market demand support [1]. Corn - The reduction and suspension of imported corn's directional invitation - bidding supply and the increase in the scale of regular rotation corn auction in major producing areas have increased the uncertainty of policy supply. The corn market will maintain a high - level and strong operation in the short term, with the pre - Spring Festival stocking rhythm as the core driving factor. It is recommended to view it as a wide - range oscillation before the Spring Festival and consider buying on dips if there is a significant decline [2]. Egg - The egg price has soared, and the egg - laying chicken farming industry is moving out of the trough and entering a profit - repair stage. The current market is in a state of balance between new chicken addition and old chicken delay in culling, with a slight decline after the price increase. It is not recommended to be overly bearish due to a marginal improvement in inventory [2]. Pig - In 2025, the inventory of breeding sows decreased by 2.9% to 39.61 million heads, the national pig slaughter increased by 2.4% to 719.73 million heads, and the year - end inventory increased by 0.5% to 429.67 million heads. The pig supply is in a stage of capacity optimization and regional restructuring, and the supply pattern is expected to gradually re - balance in 2026 [3][4].