Group 1: Report Industry Investment Ratings - Corn: Short - term long [1] - Pig: On - the - fence [1] - Egg: On - the - fence [3] Group 2: Core Views - For corn, short - term downstream stocking and strong farmers' reluctance to sell support the strength of northern port spot prices, but there is still seasonal selling pressure after New Year's Day. In the medium - term, a wide - range trading idea is maintained, and in the long - term, the pricing logic of substitution and planting cost should be focused on, with emphasis on policy orientation [1] - For pigs, short - term factors support the pig price to be strong, but there is a risk of short - term spot price correction after New Year's Day. In the medium - term, the supply of pigs before March next year is expected to increase, and the supply pressure will ease from April. In the long - term, the supply pressure before September next year still exists, and may weaken after September [1][3] - For eggs, short - term downstream stocking supports the egg price to be strong, but the national average price is still in a low - level range. In the medium - term, the egg supply pressure is not fully released, and in the long - term, the continuous increase in egg - laying hen breeding scale may limit the price increase space [3] Group 3: Summaries by Related Catalogs Corn Market Review - The corn futures fluctuated weakly last night. As of the night - session close, the 2603 contract fell 0.54% and closed at 2,229 yuan/ton [1] Important Information - The purchase prices of deep - processing enterprises in the Northeast rose by 6 yuan/ton to 2,133 yuan/ton, while those in North China fell by 2 yuan/ton to 2,264 yuan/ton [1] - The port prices were stronger in the north and stable in the south. The purchase price at Jinzhou Port rose by 15 yuan/ton to 2,282 - 2,285 yuan/ton, and the transaction price at Shekou Port remained flat at 2,410 yuan/ton [1] - On December 30, the number of corn futures warehouse receipts remained unchanged at 39,395 lots [1] - On December 30, CGSG held a corn procurement transaction. The planned procurement volume was 39,000 tons, and the transaction volume was 13,000 tons, with a transaction rate of 35% [1] Market Logic - Short - term: Downstream stocking and farmers' reluctance to sell support the strength of northern port spot prices, but the seasonal selling pressure after New Year's Day limits the upside space. Medium - term: Maintain a wide - range trading idea. Long - term: Follow the pricing logic of substitution and planting cost, and focus on policy orientation [1] Trading Strategy - Maintain an interval trading idea in the long - term. The suggestions in the December 19 weekly report and the December 30 morning report have been verified by the market. Pay attention to position management during the New Year's Day holiday [1] Pig Market Review - The pig futures fluctuated and consolidated yesterday. The 2603 contract rose 0.47% and closed at 11,790 yuan/ton [1] Important Information - The national average pig price rose by 0.06 yuan/kg to 12.47 yuan/kg yesterday, and the early - morning price is expected to continue rising today [1] - In October 2025, the number of fertile sows in stock was 39.9 million, falling below 40 million for the first time in 17 months [1] - The number of new - born piglets from January to September this year increased month - on - month (only decreased in July), indicating an increasing trend in pig slaughter before March next year. The number of new - born piglets in October decreased month - on - month, suggesting a relief in supply pressure from April next year [1] - As of December 25, the average slaughter weight of pigs was 124.39 kg, a decrease of 0.08 kg from the previous week [1] - On December 30, the price difference between fat and standard pigs remained unchanged at 0.45 yuan/jin [1] - On December 30, the number of pig futures warehouse receipts remained unchanged at 1,013 lots [1] Market Logic - Short - term: The reduction in supply by group farms at the end of the month and the widening price difference between fat and standard pigs support the pig price. There is a risk of short - term spot price correction after New Year's Day, but the decline space is limited. Medium - term: The supply of pigs is expected to increase before March next year, and the supply pressure will ease from April. Long - term: The supply pressure before September next year still exists and may weaken after September [1][3] Trading Strategy - For the 2603 contract, the pressure range is 11,800 - 12,000, and the support range is 11,500 - 11,600. Similar pressure and support ranges are provided for the 2605, 2607, and 2609 contracts. Pay attention to position management during the New Year's Day holiday [3] Egg Market Review - The egg futures contracts showed mixed performance yesterday. The 2602 contract fell 0.03% and closed at 2,938 yuan/500KG [3] Important Information - The egg spot price was mainly stable with some local weakness. The average price in the main production areas and main sales areas remained unchanged, while the Guantao powder egg price fell by 0.02 yuan/jin [3] - The inventory stopped falling and rebounded. The average inventory in the production and circulation links increased by 0.02 days to 1.01 days and 1.12 days respectively [3] - The average price of old laying hens in the mainstream market fell by 0.02 yuan/jin to 3.91 yuan/jin. As of December 25, the weekly average culling age of old hens decreased by 2 days to 484 days [3] - In November, the number of laying hens in stock was about 1.352 billion, a month - on - month decrease of 0.52% and a year - on - year increase of 5.30%. The theoretical estimated number of laying hens in stock in December is 1.345 billion, a month - on - month decrease of 0.52% [3] Market Logic - Short - term: Downstream stocking supports the egg price to be strong, but the national average price is still in a low - level range. Medium - term: The egg supply pressure is not fully released. Long - term: The continuous increase in egg - laying hen breeding scale may limit the price increase space [3] Trading Strategy - Currently, it is recommended to wait and see. Pay attention to the short - selling opportunities of near - month contracts after the inventory accumulates after New Year's Day. The pressure ranges for the 2602 and 2603 contracts are provided. In the long - term, focus on whether the culling of laying hens can lead to effective capacity reduction. Pay attention to position management during the New Year's Day holiday [3]