建信期货鸡蛋日报-20260304

Report Overview - Reported industry: Eggs [1] - Date: March 4, 2026 [2] Core Viewpoints - The spot price of eggs has stabilized in most regions after the holiday, and is expected to continue to fluctuate within a narrow range at a low level. If inventory is digested quickly, there may be a slight rebound in mid-March. The near-term futures contracts' performance depends on the strength of the spot price rebound. The 06 contract during the rainy season is recommended for short positions at high prices, while the far-term peak-season contracts are suitable for range trading and low-price buying [8]. Summary by Section 1. Market Review and Operation Suggestions - Market Review: The prices of egg futures contracts 2603, 2604, and 2605 all declined. The 2603 contract fell 1.61% to 2926, the 2604 contract dropped 1.14% to 3197, and the 2605 contract decreased 1.91% to 3343. The trading volumes of the contracts were 66,462, 131,828, and 112,473 respectively. The 2604 contract's open interest was 109,597, a decrease of 12,816, while the 2605 contract's open interest was 161,716, an increase of 13,092 [7]. - Spot Price: The average price of eggs in the main production areas was 3.04 yuan/jin, a decrease of 0.01 yuan/jin from the previous day, and in the main sales areas, it was 3.23 yuan/jin, a decrease of 0.02 yuan/jin [8]. - Operation Suggestions: For near-term contracts, it's difficult to find trading opportunities. The 06 contract during the rainy season is recommended for short positions at high prices. Far-term peak-season contracts are suitable for range trading and low-price buying [8]. 2. Industry News - Inventory: As of the end of February, the national monthly inventory of laying hens was about 1.35 billion, a month-on-month increase of 0.6%, ending four consecutive months of decline, and a year-on-year increase of 3.4% [9]. - Replenishment: In February, the monthly output of laying hen chicks from sample enterprises was about 43.3 million, similar to January's 43.22 million and slightly lower than the 45.64 million in the same period of 2025 [9]. - Culling Volume: Recently, the culling volume has remained relatively high but slightly declined. From the trend, the culling volume showed a seasonal decline in February [9]. 3. Data Overview - As of February 26, the average culling age of chickens was 501 days, one day later than the previous week and eight days later than the previous month [10][22]