农产品日报：鸡蛋日报-20260211

Group 1: Report Summary - The report is an agricultural product research report focusing on the egg market, dated February 11, 2026, written by researcher Liu Qiannan [1]. Group 2: Market Data Futures Market - JD01 closed at 3787, up 6 from the previous close; JD05 closed at 3375, up 11; JD09 closed at 3797, down 37 [2]. - The 01 - 05 spread was 412, down 5; 05 - 09 spread was -422, up 48; 09 - 01 spread was 10, down 43 [2]. - The 01 egg/corn ratio was 1.66, down 0.01; 01 egg/soybean meal ratio was 1.28, down 0.01. Similar declines were seen in other contracts [2]. Spot Market - The average price in the main producing areas was 3.30 yuan/jin, unchanged, and in the main selling areas was 3.54 yuan/jin, also unchanged [2][4]. - The average price of culled chickens was 4.38 yuan/jin, unchanged [2][5]. Profit Calculation - The average price of culled chickens was 4.38 yuan/jin, unchanged; the average price of chicks was 3.21 yuan, up 0.04 [2]. - The profit per chicken was 12.82 yuan, down 0.05 from the previous day [2]. Group 3: Fundamental Information - The national mainstream egg price remained stable. Beijing's egg prices were reported as stable, and prices in other regions were mostly stable with some fluctuations [4]. - In January, the national laying - hen inventory was 1.344 billion, down 0.08 billion from the previous month but up 5% year - on - year, lower than expected. The monthly chick output of sample enterprises (about 50% of the national total) was 43.22 million, up 9% month - on - month and little changed year - on - year [4]. - From February 6, the weekly culled - hen slaughter in the main producing areas was 16.55 million, up 2% from the previous week, and the average culling age was 495 days, up 2 days [5]. - As of February 5, the weekly egg sales volume in representative selling areas was 7210 tons, down 2.3% from the previous week, at a relatively high level in the same period of previous years [5]. - As of February 5, the weekly average profit per jin of eggs was 0.52 yuan, down 0.14 yuan/jin from the previous week. On February 6, the expected profit of laying - hen farming was - 12.65 yuan/hen, down 0.37 yuan/jin from the previous week [5]. - As of February 5, the weekly average inventory in the production link was 1.02 days, up 0.05 days, and in the circulation link was 1.07 days, up 0.02 days [5]. Group 4: Trading Logic - As the Spring Festival approaches, the Spring Festival stocking is almost over. Due to the previous good profit situation, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering the upcoming off - peak consumption season after the Spring Festival, although the inventory has eased, the overall reduction has weakened recently due to the good egg price. It is recommended to consider shorting the June contract on rallies [6]. Group 5: Trading Strategy - Unilateral trading: Consider shorting the June contract on rallies [7]. - Arbitrage: It is recommended to wait and see [7]. - Options: It is recommended to wait and see [7].