养殖产业链日报：近月宽松明显-20260303

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall trend of soybean prices is expected to continue an upward oscillation, with short - term adjustments possibly caused by the release of imported soybeans from storage [1]. - Corn prices are on a slow upward trend, and the recommended strategy is to go long at low prices and consider replenishing stocks or buying on dips [2]. - Egg prices are expected to be stable with a slight upward trend, and a low - buying strategy is recommended [3]. - The pig market is in a stage of short - term price pressure and long - term capacity clearance. Near - term prices are expected to oscillate at the bottom, and the follow - up policy regulation and the culling of sows from March to May will be decisive for the market trend [3][4]. Summary by Related Catalogs Soybeans - Domestic soybean spot prices have generally risen steadily, with tight supply of high - protein soybeans and post - holiday restocking demand from downstream, but purchases are mainly for rigid needs. The price low point has passed [1]. - The 39.5 - protein tower grain in the Heilongjiang main production area is priced around 2.08 - 2.2 yuan per catty, 40 - 41 protein tower grain is around 2.25 - 2.3 yuan per catty, and high - protein soybeans (such as 42 - protein and above) can reach 2.35 - 2.45 yuan per catty in some areas [1]. Corn - After the holiday, grain depot purchasing has resumed, and the purchase base prices have increased. For example, the base price of Hohhot Direct - affiliated Depot of China Grain Reserves Inner Mongolia Branch is 2340 yuan per ton, up 30 yuan per ton from before the holiday [2]. - Affected by post - holiday restocking demand and the resonance of the futures and spot markets, corn prices are rising slowly, but downstream enterprises are cautious in purchasing due to poor profit margins. The sharp rise in crude oil is beneficial to ethanol enterprises and indirectly drives up corn prices [2]. Eggs - Based on the previous chick sales, the supply of newly - opened laying hens from February to March may decrease, and the inventory of laying hens in production is expected to decline slightly from the high level, alleviating the supply pressure [3]. - From January to June 2026, the monthly average inventory of laying hens in production nationwide is 1.134 billion, a year - on - year decrease of 0.02 billion (0.18%) compared with 2025, and an increase of 0.078 billion (7.39%) compared with the average of the previous six years [3]. Pigs - In early February, the pig - grain ratio in China was below 5:1 for three consecutive weeks, meeting the conditions for frozen meat procurement. After the Spring Festival, the market is in a state of strong supply and weak demand, and pig prices are at a seasonal low [3]. - As of the end of December 2025, the national inventory of breeding sows was 39.61 million (101.6% of the normal level), and it slightly decreased to 39.58 million in January 2026, still above the regulatory red line. The inventory of breeding sows indicates large pressure on pig production in the first half of 2026 [3][4]. - Huachuwang announced the procurement of 10,000 tons of pork tomorrow, indicating an oversupply in the spot market. It is expected that subsequent procurements will continue to ease the oversupply pressure [4].