养殖产业链日报：近月宽松明显-20260127

1. Report Industry Investment Rating - No specific investment rating for the industry is provided in the report. 2. Core Viewpoints of the Report - The domestic soybean spot market price is stable with a slight upward trend, and it is expected to continue the oscillatory trend [1]. - The domestic corn spot market atmosphere is strong, with prices rising in the north and falling slightly in the south. It is recommended to view it as wide - range oscillation before the Spring Festival, and consider buying on dips if there is a significant decline [1]. - The egg - laying hen inventory in the first half of 2026 will decline monthly, with significant drops in March and April and a narrowing decline in May. It is not recommended to be overly bearish [2]. - The pig de - capacity process is ongoing. The spot supply is expected to be large around the Spring Festival, and it is difficult for near - month and spot prices to rise continuously. Far - month prices depend on capacity reduction in the past two months and the number of sows [3]. 3. Summary by Related Catalogs Soybean - The domestic soybean spot market price is stable with a slight upward trend. Northeast产区 prices are stable, farmers' asking prices are unchanged, and most traders buy casually and consume inventory. Multi - platform soybean auctions attract attention and have good transactions. There is pre - Spring Festival replenishment demand, but it is difficult for traders to raise prices [1]. Corn - The domestic corn spot market atmosphere is strong, especially in the Northeast. The average purchase price of deep - processing enterprises in the Northeast increased by 0.7% week - on - week, in North China by 0.6% week - on - week, in northern ports by 0.66% week - on - week, and decreased by 0.4% in southern ports week - on - week. The strong pattern weakens from north to south and from production areas to sales areas. Deep - processing enterprises still have pre - holiday replenishment demand, and the increase in grassroots supply does not form pressure. There are concerns about the upside space due to the price inversion between production and sales areas and continuous reserve auctions. It is recommended to view it as wide - range oscillation before the Spring Festival and consider buying on dips if there is a significant decline [1]. Egg - Based on chick - replenishment data, the inventory of egg - laying hens in the first half of 2026 will decline monthly. The inventory decline is most significant in March and April due to low previous chick - replenishment and accelerated culling of old hens. In May, the decline narrows, and the industry enters a supply - demand adjustment transition period. The market is fluctuating, and there is no obvious driving factor. Since the inventory margin has improved slightly compared to the second half of last year, it is not recommended to be overly bearish [2]. Pig - At the end of 2025, the inventory of breeding sows was 39.61 million, a decrease of 1.16 million or 2.9%, and it was 101.6% of the normal reserve. In October 2025, the sow inventory was 39.9 million. In 2025, the national pig slaughter was 719.73 million, an increase of 17.16 million or 2.4%. At the end of 2025, the national pig inventory was 429.67 million, an increase of 2.24 million or 0.5%. The pig de - capacity process is ongoing. The spot supply is expected to be large around the Spring Festival. The demand has increased, but it is difficult for near - month and spot prices to rise continuously. Far - month prices depend on capacity reduction in the past two months and the number of sows [2][3].