养殖产业链日报：近月宽松明显-20260205

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The cyclical bottom of soybeans has emerged with limited room for subsequent decline, and soybeans are expected to continue in a volatile trend. Corn is expected to experience wide - range fluctuations before the Spring Festival, and it can still be considered for buying on dips if there is a significant decline [1]. - The national egg market prices have stabilized in many places but are still falling locally. There is no obvious short - term driver, and excessive bearishness is not recommended. The Spring Festival is the darkest time for live pigs, and subsequent attention should be paid to the regulation of reproductive sows to construct a supply - demand balance sheet for the far - month [2][3]. 3. Summary by Related Categories Soybeans - Low - protein soybeans in the Northeast region have stable prices, with limited grassroots inventory and strong price - holding mentality. High - protein soybeans are in short supply, with high - quality products commanding higher prices, and some 39% protein - content commodity beans are priced around 2.2 yuan per catty [1]. - On February 2nd, 60,608 tons of 2022 - produced reserve soybeans were auctioned in places like Jiayin, Shangzhi, and Hulunbuir, all of which were sold at an average price of 4,297.6 yuan per ton and a maximum premium of 310 yuan per ton. However, the high - price acceptance in the overall market remains weak [1]. Corn - The Northeast corn market has entered a small peak of pre - festival grain sales. With increased supply and decreased demand, the price trend is weak. In Shandong, the grain sales progress has exceeded 50%. The market supply increment is limited, and the price is slightly stronger. Corn is expected to fluctuate widely before the festival, and buying on dips can be considered in case of a large decline [1]. Eggs - Egg prices in the national market have stabilized in many places but are still falling locally. The inventory days in the production link in February are estimated to average about 2.50 days, with the monthly inventory center significantly higher than that in January, which will have a phased impact on prices. There is no obvious short - term driver, and excessive bearishness is not recommended [2]. Pigs - At the end of 2025, the number of reproductive sows was 39.61 million, a decrease of 1.16 million or 2.9%. The number of live pigs slaughtered in 2025 was 719.73 million, an increase of 17.16 million or 2.4%. At the end of 2025, the live pig inventory was 429.67 million, an increase of 2.24 million or 0.5% [2]. - From late January to early February, as the pre - festival slaughter window narrows, concentrated slaughter may drive pig prices further down. The Spring Festival is the darkest time for live pigs, and subsequent attention should be paid to the regulation of reproductive sows [2][3].