建信期货鸡蛋日报-20260305

Group 1: Basic Information - Reported industry: Eggs [1] - Report date: March 5, 2026 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - Egg contract 2603: The previous settlement price was 2933, the opening price was 2906, the highest price was 2934, the lowest price was 2906, the closing price was 2920, with a decline of 13 and a decline rate of -0.44%. The trading volume was 81,413, and the open interest decreased by 49 [7] - Egg contract 2604: The previous settlement price was 3206, the opening price was 3192, the highest price was 3215, the lowest price was 3190, the closing price was 3209, with an increase of 3 and an increase rate of 0.09%. The trading volume was 75,823, the open interest was 97,607, and the open interest decreased by 11,990 [7] - Egg contract 2605: The previous settlement price was 3360, the opening price was 3340, the highest price was 3372, the lowest price was 3336, the closing price was 3365, with an increase of 5 and an increase rate of 0.15%. The trading volume was 82,124, the open interest was 170,289, and the open interest increased by 8,573 [7] - The average price of eggs in the main producing areas was 2.95 yuan per catty, a decrease of 0.09 yuan per catty compared with the previous day; the average price in the main selling areas was 3.19 yuan per catty, a decrease of 0.04 yuan per catty compared with the previous day. The 04 contract increased by 0.09% [7] Operation Suggestions - Spot: After the festival, it is still in the process of inventory digestion. The spot price has slightly corrected recently and may fluctuate narrowly in the short term. If the inventory is digested quickly, it is expected to have a small rebound in mid - March [8] - Futures: The key to the trend of near - month contracts lies in the rebound strength after the spot price stabilizes. From a seasonal perspective, the spot price usually starts to have an obvious rebound as early as early March or as late as around April. The trend of near - month contracts will be highly related to the rebound time of the spot price, and it is difficult to grasp the operation opportunities. For more distant contracts, especially the 06 contract during the rainy season, it is recommended to short on rallies. Based on the recovery of replenishment in January and the probability of repeated processes in the subsequent inventory reduction, the price expectation for the absolute off - season is not optimistic, and one can wait for the spot price to rise to drive the layout. For more distant peak - season contracts, there is a repeated tug - of - war between inventory reduction and replenishment recovery, and the operation should be mainly in the range, and it may be more suitable to buy on dips in the general direction [8] Group 3: Industry News Inventory - As of the end of February, the monthly inventory of laying hens in the country was about 1.35 billion, an increase of 0.6% month - on - month, ending the previous continuous decline for 4 months. Compared with 1.306 billion in the same period last year, the year - on - year increase was 3.4% [9] Replenishment - In February, the monthly output of laying hen chicks in sample enterprises was about 43.3 million, close to 43.22 million in January, and slightly less than 45.64 million in the same period in 2025. It is a medium - to - high single - month replenishment volume in the past 8 years [9] Elimination Volume - Recently, the elimination volume has remained relatively high but has slightly declined. As of February 26, the national elimination volume of chickens in the previous three weeks was 13.17 million, 6.17 million, and 8.78 million respectively. From the trend, the elimination volume showed a seasonal decline in February, and the low point during the festival was lower than the levels of the previous three years [9] Elimination Age - As of February 26, the average elimination age of chickens was 501 days, 1 day later than the previous week and 8 days later than the previous month [22]