【冠通期货研究报告】养殖产业链日报：近月宽松明显-20260330

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic soybean market maintains a stable price, with the mid - term continuing an upward trend in a volatile manner, and short - term adjustment space is limited [1]. - The domestic corn market shows a downward trend, with short - term adjustment due to price and oil factors, and it is recommended to wait and see [1]. - The egg price is expected to gradually move up, and it is not recommended to be overly bearish [2]. - The pig market is in a phase of capacity reduction, with prices likely to rebound moderately in the second half of the year [4]. 3. Summary by Related Catalogs Soybean - The domestic soybean spot market price remains stable. The focus is on the domestic soybean auction by Sinograin, and the result fails to break the market's wait - and - see atmosphere [1]. - The prices in the Northeast and South production areas are stable. After - festival replenishment demand ends, downstream users focus on inventory digestion and turn to a wait - and - see attitude [1]. - Sinograin's auction transactions decline, but the futures price has strong support below, with limited short - term adjustment space and a mid - term upward trend in a volatile manner [1]. Corn - The domestic corn market is on a downward trend. In North China, the supply remains high, and the price is weak. In Northeast China, the sales of on - the - ground grain are coming to an end, and the supply has increased recently [1]. - There is price adjustment pressure in the spot market, and with the decline of crude oil, corn has short - term adjustment. It is recommended to wait and see [1]. 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 from March to April 2026 decreases significantly, and the laying hen inventory will decline from April to May. In March, the egg supply tightens, supporting price increases [2]. - The egg futures rose sharply last week, and the spot price increase was limited. The futures price fell today, but it is still expected to move up gradually [2]. Pig - The National Development and Reform Commission and the Ministry of Agriculture and Rural Affairs held a symposium. The pig price has entered the first - level early warning range of excessive decline due to factors such as the decline in post - festival consumption demand [3]. - In March, the pig slaughter plan of key provincial - level large - scale breeding enterprises increased by 17.63% month - on - month, and the average slaughter weight increased. The supply pressure is heavy [3][4]. - The pig spot market is weak, the feed cost rises, and the breeding profit deteriorates, forcing capacity reduction in the short term. It is expected that the capacity reduction will continue from March to May, and the price may rebound moderately in the second half of the year [4].