养殖产业链日报：近月宽松明显-20260319

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints - The soybean auction restart can increase market supply, but the volume is limited, and the market procurement is rational. The soybean price has fallen from the high level, and the decline space is relatively limited. Attention should be paid to the arrival of imported soybeans and the release of reserved imported beans [1]. - The driving force of corn price weakens after continuous rise, and there may be a certain price adjustment in the short - term, but the adjustment range is relatively limited. In the future, it is still possible to consider actively replenishing stocks or buying on dips [2]. - The high egg inventory restricts the rapid rise of egg prices. However, the number of newly - laid hens will decrease significantly in March - April 2026, and the egg inventory will decline in April - May. Although the short - term supply and demand are still loose, there is an obvious decline expectation in March. It is recommended to adopt a low - buying strategy [2]. - The pig market is likely to repeatedly bottom out in the first half of the year. The short - term supply pressure is difficult to reduce, and the pig price may continue to bottom out at 10.0 - 11.0 yuan/kg. The continuous loss will promote the breeding end to gradually accelerate the production reduction. The far - month contract may have some support, but the supply - demand pattern will not change until the official data is significantly adjusted [3][4]. Summary by Related Content Soybean - Since March, the auctions of other market entities have restarted, but the trading volume is limited. The 41% protein price of 5037 yuan/ton is basically the same as the market price, indicating rational market procurement [1]. - Due to the resumption of Brazilian soybean shipments and the delay of Trump's visit to China, the soybean price has fallen from the high level, and the decline space is relatively limited. Attention should be paid to the arrival of imported soybeans and the release of reserved imported beans, which may put pressure on the price [1]. Corn - The remaining grain in the northeast region is less than 30%. As the corn price rises to a high level, the willingness of growers to sell grain increases, and the market supply of grain has increased. Feed enterprises mainly make rigid replenishment, while deep - processing enterprises continue to purchase due to the recovery of the startup rate, and some enterprises have slightly adjusted the purchase price [1]. - There are rumors that the release of over - aged rice is about to be implemented, which may suppress the corn price [1]. - After continuous rise, the driving force of corn price weakens, and there may be a certain price adjustment in the short - term, but the adjustment range is relatively limited. In the future, it is still possible to consider actively replenishing stocks or buying on dips [2]. Egg - In late February 2026, the national laying hen inventory was 1.35 billion, a year - on - year increase of 3.4%, which restricts the rapid rise of egg prices [2]. - The number of newly - laid hens in March - April 2026 will decrease significantly, and the laying hen inventory will decline in April - May. Although the short - term supply and demand are still loose, there is an obvious decline expectation in March. It is recommended to adopt a low - buying strategy [2]. Pig - In the first half of the year, the pig market is likely to repeatedly bottom out along the path of "loss - capacity reduction - rebound - hoarding - price reduction - loss". The short - term supply pressure is difficult to reduce [3]. - In March, the pig price has fallen below 10.5 yuan/kg, and the losses of both breeding modes have exceeded 200 yuan/head. The supply in March - April may increase, and the pig price may continue to bottom out at 10.0 - 11.0 yuan/kg. The continuous loss will promote the breeding end to gradually accelerate the production reduction [3][4]. - Although a third - party institution predicts a slight reduction in the inventory of reproductive sows in February, the far - month contract may have some support, but the supply - demand pattern will not change until the official data is significantly adjusted [4].