鸡蛋日报-20260324

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Due to the good profit performance in the early stage, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering the post - Spring Festival egg consumption off - season, although the inventory has been alleviated, the recent good egg price performance has weakened the overall reduction. It is advisable to consider shorting the June contract on rallies [8] Group 3: Summary by Relevant Catalogs 1. Futures Market - Futures Contract Prices: JD01 closed at 3682, down 3 from the previous day; JD05 closed at 3401, down 42; JD09 closed at 3783, down 25 [2] - Cross - month Spreads: The 01 - 05 spread was 281, up 39; the 05 - 09 spread was - 382, down 17; the 09 - 01 spread was 101, down 22 [2] - Ratio of Egg to Feed: The 01 egg/corn ratio was 1.55, up 0.01; 05 egg/corn was 1.43, unchanged; 09 egg/corn was 1.57, up 0.01. The 01 egg/bean meal ratio was 1.20, up 0.01; 05 egg/bean meal was 1.15, up 0.00; 09 egg/bean meal was 1.25, unchanged [2] 2. Spot Market - Egg Prices: The average price in the main producing areas was 3.28 yuan/jin, up 0.01 yuan/jin from the previous day; the average price in the main selling areas was 3.47 yuan/jin, unchanged [4] - Culled Chicken Prices: The average price of culled chickens in the main producing areas was 5.05 yuan/jin, down 0.02 yuan/jin from the previous day [2] 3. Profit Calculation - Cost and Profit: The average price of culled chickens was 5.05 yuan/jin, down 0.02 yuan/jin; the average price of chicks was 3.21 yuan, up 0.04 yuan; the profit per chicken was 9.34 yuan, up 0.41 yuan from the previous day. The average price of corn was 2453 yuan, unchanged; the average price of bean meal was 3346 yuan, unchanged; the price of egg - laying chicken compound feed was 2.72 yuan, unchanged [2] 4. Fundamental Information - Egg Production and Sales: In February, the national laying hen inventory was 1.35 billion, an increase of 60 million from the previous month and a year - on - year increase of 3.4%. The monthly chick output of sample enterprises in February was 43.3 million, with little change month - on - month and a year - on - year decrease of 5% [4] - Culled Chicken Statistics: In the week of March 5th, the number of culled laying hens in the main producing areas was 10.94 million, a 24% increase from the previous week. The average culling age was 502 days, an increase of 1 day from the previous week [5] - Egg Sales Volume: As of the week of March 5th, the egg sales volume in the representative selling areas was 7304 tons, a 1.5% increase from the previous week, at a relatively high level in the same period over the years [5] - Profit and Inventory: As of March 5th, the weekly average profit per jin of eggs was - 0.29 yuan/jin, a decrease of 0.06 yuan/jin from the previous week. The average inventory in the production link was 1.22 days, a decrease of 0.04 days from the previous week; the average inventory in the circulation link was 1.27 days, an increase of 0.02 days from the previous week [5][6][7] 5. Trading Strategy - Single - side Trading: Consider shorting the June contract on rallies [9] - Arbitrage: It is recommended to wait and see [9] - Options: It is recommended to wait and see [9]