Report Information - Report Title: Egg Industry Daily Report 2025 - 05 - 21 [1] - Researcher: Xu Fangli [2] - Futures Practitioner Qualification Number: F3073708 [2] - Futures Investment Consulting Practitioner Certificate Number: Z0017638 [2] Report Industry Investment Rating - Not provided Core Viewpoints - Corn's firm spot price supports egg costs, and after continuous decline, egg prices are at a low level for the year, with market replenishment demand at low prices, and pre - Dragon Boat Festival stocking may provide some support. However, the current laying - hen inventory is high, the pressure of newly - opened laying hens from previous replenishment is large, and the supply of eggs is relatively abundant, so the pattern of strong supply and weak demand is difficult to change. If the spot price remains low later, it may force an increase in the enthusiasm for old - hen culling and a decrease in replenishment enthusiasm, which is beneficial to forward prices. Pay attention to the impact of spot prices on laying - hen inventory. From a trading perspective, the continuous low spot price drags down the overall futures price, and it is advisable to wait and see in the short term [2] Summary by Directory Futures Market - Futures closing price (active contract): Eggs (daily, yuan/500 kilograms) is 2959, down 5 [2] - Futures top 20 positions: Net long positions: Eggs (daily, lots) is - 3082, down 1517 [2] - Egg futures monthly spread (9 - 1): (daily, yuan/500 kilograms) is 157, up 55 [2] - Futures open interest (active contract): Eggs (daily, lots) is 174012, up 2112 [2] - Registered warrant volume: Eggs (daily, lots) is 0, unchanged [2] 现货市场 - Egg spot price (daily, yuan/jin) is 3.1, down 0.01 [2] - Basis (spot - futures) (daily, yuan/500 kilograms) is 139, unchanged [2] Upstream Situation - Laying - hen inventory index: National (monthly, 2015 = 100) is 112.35, down 4.09 [2] - Culled laying - hen index: National (monthly, 2015 = 100) is 96.76, down 21.67 [2] - Average price in major producing areas: Laying - hen chicks (weekly, yuan/chick) is 4.15, down 0.05 [2] - Newly - hatched chick index: National (monthly, 2015 = 100) is 138.68, up 23.55 [2] - Average price: Laying - hen compound feed (weekly, yuan/kilogram) is 2.8, unchanged [2] - Farming profit: Laying hens (weekly, yuan/hen) is - 0.16, up 0.14 [2] - Average price in major producing areas: Culled hens (weekly, yuan/kilogram) is 10.44, down 0.06 [2] - Culled - hen age: National (monthly, days) is 510, down 6 [2] Industry Situation - Average wholesale price: Pork (daily, yuan/kilogram) is 20.76, down 0.15 [2] - Average wholesale price: 28 key - monitored vegetables (daily, yuan/kilogram) is 4.26, up 0.01 [2] - Average wholesale price: White - striped chickens (daily, yuan/kilogram) is 17.29, down 0.17 [2] - Circulation - link weekly inventory (weekly, days) is 1, down 0.33 [2] - Production - link weekly inventory (weekly, days) is 0.92, down 0.27 [2] - Export volume: Fresh eggs: Monthly value (monthly, tons) is 10714.73, down 506.3 [2] Downstream Situation - Weekly egg consumption in sales areas (weekly, tons) is 8716, up 120 [2] Industry News - Today, the average price of eggs in Shandong, the major producing area, is 6.32 yuan/kilogram, unchanged from yesterday; the average price of eggs in Hebei is 5.86 yuan/kilogram, down 0.02 from yesterday; the average price of eggs in Guangdong is 6.21 yuan/kilogram, unchanged from yesterday; the average price of eggs in Beijing is 6.60 yuan/kilogram, unchanged from yesterday [2] Key Points to Watch - There is no news today [2]

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Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The increase in corn prices supports the cost of eggs. After continuous decline, egg prices are at a low level within the year, and there is a demand for restocking at low prices in the market, so the spot price tends to stop falling and rebound [2]. - However, the current laying - hen inventory is at a high level, and the newly - opened production of laying hens supplemented earlier is gradually increasing, resulting in sufficient egg supply. The pattern of strong supply and weak demand is difficult to change, which may limit the upward space [2]. - If the spot price remains low in the later period, it may force an increase in the enthusiasm for culling old hens and a decrease in the enthusiasm for replenishment, which is beneficial to the long - term price. Attention should be paid to the impact of the spot price on the laying - hen inventory [2]. - From the perspective of the futures market, the decline of futures prices has slowed down after falling to the previous low. It is advisable to wait and see in the short term [2]. 3. Summary by Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 2918 yuan/500 kilograms, a decrease of 9 yuan compared with the previous period [2]. - The net long position of the top 20 futures holders is - 3446 hands, a decrease of 1527 hands [2]. - The egg futures monthly spread (9 - 1) is 109 yuan/500 kilograms, an increase of 11 yuan [2]. - The futures trading volume of the active contract is 100393 hands, a decrease of 2576 hands [2]. - The registered warehouse receipt volume is 0 hands, unchanged [2]. 现货市场 - The egg spot price is 3.22 yuan/jin, an increase of 0.09 yuan [2]. - The basis (spot - futures) is 298 yuan/500 kilograms, an increase of 102 yuan [2]. Upstream Situation - The national laying - hen inventory index is 112.35 (with 2015 = 100), a decrease of 4.09 [2]. - The national culling laying - hen index is 96.76 (with 2015 = 100), a decrease of 21.67 [2]. - The average price of laying - hen chicks in the main production areas is 4.2 yuan/feather, unchanged [2]. - The national new - chick index is 138.68 (with 2015 = 100), an increase of 23.55 [2]. - The average price of laying - hen compound feed is 2.8 yuan/kg, an increase of 0.04 yuan [2]. - The laying - hen breeding profit is - 0.3 yuan/hen, a decrease of 0.15 yuan [2]. - The average price of culled hens in the main production areas is 10.5 yuan/kg, an increase of 0.02 yuan [2]. - The national culling - hen age is 510 days, a decrease of 6 days [2]. Industry Situation - The average wholesale price of pork is 20.81 yuan/kg, a decrease of 0.04 yuan [2]. - The average wholesale price of 28 key - monitored vegetables is 4.29 yuan/kg, a decrease of 0.04 yuan [2]. - The average wholesale price of white - striped chickens is 16.93 yuan/kg, a decrease of 0.34 yuan [2]. - The weekly inventory in the circulation link is 1.33 days, an increase of 0.05 days [2]. - The weekly inventory in the production link is 1.19 days, an increase of 0.03 days [2]. - The monthly export volume of fresh eggs is 10714.73 tons, a decrease of 506.3 tons [2]. Downstream Situation - The weekly consumption of eggs in the sales areas is 8816 tons, a decrease of 180 tons [2]. Industry News - The average price of eggs in Shandong, the main production area, is 6.58 yuan/kg, an increase of 0.20 yuan compared with the previous day; in Hebei, it is 6.18 yuan/kg, an increase of 0.21 yuan; in Guangdong, it is 6.41 yuan/kg, unchanged; in Beijing, it is 6.84 yuan/kg, an increase of 0.20 yuan [2]. Key Points of Attention - There is no news today [2].

Group 1: Report Industry Investment Rating - The report suggests short - term wait - and - see due to the weakening of the futures market following the decline in spot prices [2] Group 2: Core Viewpoints - Corn price increases support egg costs, but the high layer hen inventory and new production from previously replenished hens lead to sufficient egg supply [2] - After the festival atmosphere fades, downstream terminal purchasing power weakens, causing egg prices to decline [2] - Weak spot prices drag down the futures market. If spot prices remain low, it may boost old - hen culling and reduce replenishment, which is beneficial for long - term prices [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the active egg futures contract is 2884 yuan/500 kilograms, down 58 yuan; the net long position of the top 20 futures holders is - 3925 lots, down 1023 lots [2] - The egg futures monthly spread (9 - 1) is 112 yuan/500 kilograms, up 2 yuan; the futures open interest of the active contract is 119831 lots, up 1153 lots; the registered warehouse receipts are 0 lots [2] Spot Market - The spot price of eggs is 3.17 yuan/jin, down 0.04 yuan; the basis (spot - futures) is 289 yuan/500 kilograms, up 23 yuan [2] Upstream Situation - The national layer hen inventory index is 112.35 (2015 = 100), down 4.09; the national culled layer hen index is 96.76 (2015 = 100), down 21.67 [2] - The average price of layer chicks in the main production areas is 4.2 yuan/feather, down 0.05 yuan; the national new - chick index is 138.68 (2015 = 100), up 23.55 [2] - The average price of layer compound feed is 2.76 yuan/kg, up 0.02 yuan; the layer farming profit is - 0.15 yuan/hen, down 0.2 yuan [2] - The average price of culled hens in the main production areas is 10.48 yuan/kg, up 0.1 yuan; the national culling age of hens is 510 days, down 6 days [2] Industry Situation - The average wholesale price of pork is 20.96 yuan/kg, up 0.37 yuan; the average wholesale price of 28 key - monitored vegetables is 4.35 yuan/kg, down 0.04 yuan [2] - The average wholesale price of dressed chickens is 17.09 yuan/kg, down 0.02 yuan; the weekly inventory in the circulation link is 1.28 days, up 0.29 days [2] - The weekly inventory in the production link is 1.16 days, up 0.27 days; the monthly export volume of fresh eggs is 10714.73 tons, down 506.3 tons [2] Downstream Situation - The weekly egg consumption in the sales areas is 8996 tons, up 4 tons [2] Industry News - The average egg price in Shandong is 6.32 yuan/kg, up 0.02 yuan; in Hebei, it is 6.15 yuan/kg, down 0.06 yuan; in Guangdong, it is 6.63 yuan/kg, down 0.20 yuan; in Beijing, it is 6.88 yuan/kg, unchanged [2] - Corn price increases support egg costs, but the high layer hen inventory and new production lead to sufficient egg supply; post - festival, downstream demand weakens, causing egg prices to decline [2]

鸡蛋产业日报 2025-04-14 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3139 | 2 期货前20名持仓:净买单量:鸡蛋(日,手) | -9498 | -6343 | | 克) | 鸡蛋期货月间价差(5-9):(日,元/500千克) | -715 | 26 期货持仓量(活跃合约):鸡蛋(日,手) | 58678 | -14409 | | | 注册仓单量:鸡蛋(日,手) | 0 | 0 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | 3.38 | 0.14 基差(现货-期货)(日,元/500千克) | 239 | 136 | | 上游情况 | 产蛋鸡存栏指数:全国(月,2015=100) | 116.44 | 2.09 淘汰产蛋鸡指数:全国(月,2015=100) | 118.43 | 1.58 | | | 主产区平均价:蛋鸡苗(周,元/羽) | 4.25 | -0.05 新增雏鸡指数:全国(月,2015= ...