养殖产业链日报：近月宽松明显-20260202

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The cyclical bottom of soybeans has emerged, and the subsequent decline space is limited. It is estimated that soybeans will continue to fluctuate [1] - Corn is expected to have wide - range fluctuations before the Spring Festival. If there is a large decline, consider buying on dips [1] - There is no obvious short - term driver for eggs. Due to a slight improvement in the marginal inventory compared to the second half of last year, it is not recommended to be overly bearish [2] - The darkest time for pigs around the Spring Festival has passed. Subsequently, attention should be paid to the regulation of sows to build a supply - demand balance sheet for the far - month period [4] Group 3: Summary by Related Categories Soybeans - In the Northeast soybean producing area, the spot market for low - protein soybeans is stable. The supply of high - protein soybeans is tight with the feature of high - quality and high - price. The price of 39% protein - content commercial soybeans in some areas is around 2.2 yuan per catty [1] - On February 2, 2026, at 14:00, China Grain Reserves Corporation planned to auction 60,608 tons of soybeans, all of which were sold. The reserve price was 4,050 yuan per ton, the average transaction price was 4,298 yuan per ton, and the premium was 210 - 310 yuan per ton [1] Corn - In the Northeast production area, after entering the twelfth lunar month, farmers' attitude of holding prices has loosened slightly, and the amount of corn on the market has improved slightly. In terms of demand, there is a rigid demand for stocking before the Spring Festival in the feed and deep - processing industries, but due to the relatively high price of dry corn, the inventory days of mainstream feed and deep - processing corn have increased to more than 30 days [1] Eggs - The current inventory of laying hens is still at a relatively high level in recent years. The old - hen culling rate has slowed down, and new - laying hens are gradually entering the market, resulting in the overall production capacity remaining high [2] Pigs - At the end of 2025, the inventory of breeding sows was 39.61 million, a decrease of 1.16 million or 2.9%. It was 101.6% of the normal reserve. The national pig slaughter in 2025 was 719.73 million, an increase of 17.16 million or 2.4%. The national pig inventory at the end of 2025 was 429.67 million, an increase of 2.24 million or 0.5% [2] - With the arrival of the Spring Festival in February, the pressure on the breeding side to sell pigs may be temporarily reduced. The supply of pigs is expected to decrease significantly. The pre - festival stocking provides short - term support, but the demand will decline after the Spring Festival [3] - In 2025, pig - related enterprises generally declined, with most enterprises suffering heavy losses and their stock prices falling sharply, which also had a certain pessimistic impact on the commodities [3]