养殖产业链日报：近月宽松明显-20260309

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The industry is in a critical game period between short - term price pressure and long - term capacity clearance. Policy regulation and the culling of reproductive sows from March to May will determine the future market trend. The near - term is expected to be mainly in a state of bottom - grinding oscillation [4] - For various products in the breeding industry chain, the overall suggestion is a low - buying strategy Summary by Product Soybean - The domestic soybean spot market price is trending strongly. Northeast farmers are reluctant to sell and ask for high prices. The low supply of beans at the grass - roots level and the high - level operation of Douyi support the price. Large trading entities like COFCO are purchasing, but the market trading is cautious. The domestic soybean market is expected to remain strong, and a low - buying strategy is advisable [1] Corn - The domestic corn market shows a simultaneous rise in futures and spot prices. The purchase prices in the main production areas of North China and Northeast China have reached new highs. With less than 30% of the grass - roots grain remaining and low enterprise and port inventories, the market sentiment is bullish. Deep - processing enterprises are raising prices to ensure the operation rate. The recent increase in the amount of corn on the market due to improved farmers' selling enthusiasm and the rise in crude oil prices are positive factors. A low - buying strategy is recommended, and it is advisable to replenish stocks or buy on dips [1] Egg - In February, the inventory of laying hens was 1.296 billion, an increase of 8 million compared to January. The age structure of laying hens is getting older. Although the supply is currently relatively loose, the downside is limited, and the price is expected to be stable with a slight upward trend in the future. A low - buying strategy is recommended [2] Pig - As of the end of December 2025, the national inventory of reproductive sows was 39.61 million, 101.6% of the normal level. In January 2026, it slightly decreased to 39.58 million, still above the regulatory red line. The pig supply in the first half of 2026 is under pressure. The state's purchase of 10,000 tons of pork indicates an oversupply situation, and further purchases are expected. The relevant departments may further reduce the inventory of reproductive sows to 36.5 million [3]