1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall egg market shows a pattern of near - term weakness and long - term strength, but the inventory remains at a high level, and there is still supply pressure. The future production capacity is expected to peak and decline. In the short term, there is an optimistic expectation for the spot price from March to April, but considering the replenishment situation, there may be new supply pressure from May to June, which limits the rebound height of the futures price [3][21]. - The cost of feed raw materials such as soybean meal and corn is rising steadily, and the comprehensive breeding cost is about 3.1 yuan per catty. The breeding profit is around the break - even point [3][32]. - The seasonal consumption is in the off - season, with a phased consumption recovery after the temperature warms up. The inventory pressure in the production area is reduced, while the inventory replenishment in the sales area is completed, and the demand is not strong [26]. - Vegetable and pork prices are putting downward pressure on egg prices [28]. 3. Summary by Relevant Catalogs 3.1 Futures Market Review - Last week, the basis strengthened significantly, and the futures price followed the spot price passively [5]. - The futures price rebounded to a certain extent due to the increase in capital attention, but was still suppressed by the high - level inventory [36]. 3.2 Spot Market Review - The inventory in the production area is low, with a shortage of small eggs, and the sales area has completed inventory replenishment [9]. 3.3 Supply Analysis 3.3.1 New Replenishment - The utilization rate of hatching eggs has increased, the price of chicks is high, and the overall enthusiasm for replenishment is high, which will mainly affect the supply from July to August. The new supply pressure from January to March 2026 is relatively small, but the new supply from May to June is expected to increase [3][10][11]. 3.3.2 Culling - The price of culled chickens has risen, the culling volume is at a low level, the age of chickens has increased, and the culling speed has slowed down. The current available culling volume is about 100 million, and the culling volume in the range of 350 - 450 days is about 220 million. The overall breeding is not profitable, and there is a contradiction between culling and waiting for the Spring Festival for molting [13][19]. 3.3.3 Production Capacity - Whether through normal culling or molting, the future production capacity is expected to peak and decline [21]. 3.4 Demand Analysis - Seasonally, it is the off - season for consumption, but there is a phased consumption recovery after the temperature warms up. The inventory pressure in the production area is reduced, and the temperature is rising, so the producers are active in shipping. The inventory replenishment in the sales area is completed, and the hot and humid weather in the sales area increases the storage difficulty, resulting in weak demand [26]. 3.5 Cost and Profit - The cost of raw materials such as soybean meal and corn continues to strengthen, and the feed cost is about 2.7 yuan per catty, with the comprehensive breeding cost at about 3.1 yuan per catty. The breeding cost has risen rapidly, while the spot price of eggs has increased slightly, and the profit is around the break - even point [3][32]. 3.6 Strategy Suggestions - Short - sell at high positions. - Conduct reverse spread operations in the JD5 - 9 spread range. - Close the 4 - 5/4 - 6 positive spread positions [3].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The egg market is affected by factors such as feed cost, supply, and demand. Currently, the egg price has increased, but the market lacks continuous upward momentum. The supply is expected to face pressure in the future, and it is recommended to short the June contract [5][13][17] 3. Summary by Directory 3.1 First Part: Logical Analysis and Trading Strategies 3.1.1 Spot Analysis - This week, the average price of eggs in the main producing areas was 3.24 yuan/jin, up 0.16 yuan/jin from last Friday, and the average price in the main selling areas was 3.38 yuan/jin, up 0.1 yuan/jin from last Friday. The egg price rebounded at the beginning of the week but lacked continuous upward momentum, and most producing areas stopped rising and stabilized near the weekend. The price of old hens rose first and then stabilized, and the market supply and demand were in a stalemate [5] 3.1.2 Supply Analysis - The egg shipping volume in the main producing areas showed a trend of rising first and then falling this week. The total volume fluctuated little. From March 13th, the national main producing areas' egg chicken culling volume was 12.6 million, an increase of 15% from the previous week, and the average culling age was 505 days, an increase of 3 days from the previous week. In February, the national in - production laying hen inventory was 1.35 billion, an increase of 60 million from the previous month and 3.4% year - on - year. The monthly egg chicken chick output of sample enterprises in February was 43.3 million, with little change from the previous month and a 5% year - on - year decrease [10] 3.1.3 Cost Analysis - The feed cost increased this week. As of March 20th, the corn price was around 2454 yuan/ton, the soybean meal price was 3372 yuan/ton, and the comprehensive feed cost was about 2729 yuan/ton, equivalent to about 3 yuan/jin for single - jin eggs. The single - jin egg cost increased month - on - month. The average egg price increased this week, so the single - jin egg profit increased. As of March 13th, the weekly average profit per jin of eggs was - 0.31 yuan/jin, a decrease of 0.02 yuan/jin from the previous week. On March 6th, the expected profit of egg chicken farming was - 11.18 yuan/feather, a decrease of 0.67 yuan/jin from the previous week [13] 3.1.4 Demand Analysis - The price in the main selling areas increased synchronously this week. The egg sales volume in the national representative selling areas was 6864 tons, an increase of 4.3% from last week, at a relatively high level in the same period over the years. The production - link inventory decreased month - on - month, and the circulation - link inventory increased month - on - month. The vegetable price index and the pork price rebounded slightly [16] 3.1.5 Trading Strategy - The trading logic is that the overall capacity reduction has slowed down, and it is expected that there will still be supply pressure in the future. It is recommended to short the June contract on rallies. For single - side trading, short the June contract on rallies; for arbitrage and options, it is recommended to wait and see [17] 3.2 Second Part: Weekly Data Tracking 3.2.1 Egg Chicken Farming Situation - Not provided with specific data analysis content in the given text 3.2.2 Spread and Basis - The text provides the basis and spread data of different contract months (such as January, May, September) from 2018 - 2025, but no specific analysis is given [24][25][28]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The spot price of eggs in the national market showed a slight rebound this week. The average price in the main producing areas was 3.03 yuan per catty, a 1.34% increase from last week. However, due to the seasonal off - peak season and insufficient terminal consumption, there is no continuous upward momentum [12][25]. - In February 2026, the national laying - hen inventory was about 1.296 billion, a 0.62% month - on - month increase and a 5.28% year - on - year increase. In March, the total laying - hen inventory will remain high with a slight downward trend, and the supply - side benefits are limited. The spot market still faces great pressure to sell off inventory [12][38]. - The overall replenishment volume in the second half of 2025 was low. The medium - term laying - hen inventory shows a definite downward trend, but the current absolute value is still high. If the old - hen culling rhythm accelerates as expected, the supply - side pressure is expected to be marginally reduced. The cost of feed raw materials is relatively stable, and the current egg price is close to the cost line, which provides bottom support for the egg price [15]. - The main contract has intensified short - term long - short games. After the off - peak season's negative factors are released, investors can try to go long with a light position based on the breeding cost line or buy call options for far - month contracts [15]. 3. Summary According to Relevant Catalogs 3.1 Week - long Viewpoint and Strategy - **Fundamental Viewpoint**: The spot price of eggs rebounded slightly. The laying - hen inventory in February increased, and in March, the inventory will remain high with a slight decline. The medium - term supply - demand expectation has improved. Attention should be paid to the culling of old hens, capacity reduction progress, and demand fulfillment [12]. - **Outlook**: The laying - hen inventory will decline in the medium term. If the culling of old hens accelerates and the number of newly - opened layers is limited, the supply - side pressure will be reduced. The stable feed cost and the egg price close to the cost line provide support for the egg price [15]. - **Strategy**: The main contract has intensified short - term long - short games. After the off - peak season's negative factors are released, investors can try to go long with a light position based on the breeding cost line or buy call options for far - month contracts [15]. 3.2 Spot - Futures Market - **Spot Price**: The national egg spot market rebounded slightly this week. The average price in the main producing areas was 3.03 yuan per catty, a 1.34% increase from last week. Due to the seasonal off - peak season, there is no continuous upward momentum [12][25]. - **Futures Price and Spread**: The report provides relevant charts of the closing price of the main egg futures contract, the basis between spot and futures, and the spreads between different contract months, but no specific analysis of the futures price and spread is provided. 3.3 Capacity - **Laying - Hen Inventory**: In February 2026, the national laying - hen inventory was about 1.296 billion, a 0.62% month - on - month increase and a 5.28% year - on - year increase. The number of newly - opened layers in February was small, and the number of culled old hens decreased during the Spring Festival. The number of newly - opened layers was greater than the number of culled old hens, resulting in a slight increase in the inventory [12][38]. - **Laying - Hen Proportion**: The proportion of main - producing laying hens has reached a new high, indicating that the short - term egg supply will remain abundant, which suppresses the egg price. The proportions of reserve laying hens and hens to be culled are at low levels, indicating that the farmers' willingness to replenish is cautious [41]. - **Replenishment Volume**: In February 2026, the sales volume of commercial - generation chicken seedlings of 15 representative enterprises was 42.22 million, a 7.76% month - on - month increase. In March, the farmers' enthusiasm for replenishment has generally increased, but some farmers are still cautious. It is expected that the chicken - seedling price will be stable and slightly stronger next month, with an average monthly price of 3.40 - 3.50 yuan per chick [45]. - **Culled - Hen Price and Quantity**: This week, the total culling volume of old hens in 19 representative markets in 10 key producing areas was 321,400, a 0.86% month - on - month decrease and an 18.32% year - on - year decrease. The culling sentiment of farmers has declined, and the overall culling volume has decreased slightly [48]. - **Culled - Hen Age**: This week, the average culling age of old hens was 492 days, a 0.20% month - on - month increase and an 8.04% year - on - year decrease. The available cullable hens are limited, and farmers mainly cull old hens with low egg - laying performance [51]. 3.4 Supply Side - The laying - hen inventory in February increased, and in March, the total inventory will remain high with a slight downward trend. The supply - side benefits are limited, and the spot market still faces great pressure to sell off inventory [12][38]. 3.5 Demand Side - **Sales Volume in Sales Areas**: The report provides relevant charts of the sales volume in the main sales areas and the national egg sales volume, but no specific analysis of the sales volume is provided. - **Substitute Prices**: The report provides relevant charts of the prices of substitute products such as white - striped chicken, pork, beef, and mutton, but no specific analysis of the substitute prices is provided. - **Seasonal Demand**: Egg prices show obvious seasonal characteristics. They usually reach the annual low around April, the first - half - year high at the end of May, the annual high from mid - to late September, and then decline and gradually stabilize from November to December [76]. 3.6 Cost and Profit - **Feed Price**: The egg cost is mainly affected by the prices of corn and soybean meal. The egg price, cost, and profit are generally positively correlated [82]. - **Laying - Hen Breeding Cost**: The feed cost accounts for about 80% of the total cost. The feed raw materials such as corn and soybean meal are relatively stable. The current egg price is close to the cost line, which provides bottom support for the egg price. It is expected that the egg feed cost in 2026 will decrease by 1% - 2% year - on - year [86]. - **Laying - Hen Breeding Profit**: This week, the cost per catty of eggs was 3.62 yuan, a 1.69% month - on - month increase and a 0.84% year - on - year increase. The profit was - 0.59 yuan per catty, a 3.51% month - on - month decrease and a 180.95% year - on - year decrease. The breeding cost per hen was 137.27 yuan, a 1.61% month - on - month increase and a 0.07% year - on - year increase. The breeding profit was - 6.92 yuan per hen, a 3.49% month - on - month increase and a 209.49% year - on - year decrease [93].

Group 1 - The core viewpoint of the article highlights the recent increase in egg supply and prices, particularly in January, driven by pre-festival purchasing activities [1] - In January, the average price of eggs at Beijing Xinfadi Market reached 7.31 yuan per kilogram, marking a 14.22% increase compared to December 2025 [7] - The demand for eggs surged, with sales increasing by approximately 50%, reaching 3,500 jin per day, as consumers prepared for the upcoming Spring Festival [5] Group 2 - The price of eggs experienced a significant rise of over 30% during January, primarily due to the peak purchasing period before the festival [11] - The wholesale price of eggs nationwide in January was reported at 7.87 yuan per kilogram, reflecting a month-on-month increase of 6.5% [11] - The inventory of laying hens decreased by about 1% in January, continuing a four-month trend, while egg consumption increased due to the festive season, tightening the supply-demand relationship [13]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The egg price is expected to continue to rise slightly until the New Year's Day, with the focus of the egg price shifting upwards [5][10] - The supply pressure has been alleviated, and the short - term de - capacity speed is expected to be gentle. The near - month contracts are expected to fluctuate weakly, while the far - month May contracts can be considered for long - building at low prices [17] 3. Summary by Directory 3.1 First Part: Logic Analysis and Trading Strategy 3.1.1 Spot Analysis - This week, the average price of eggs in the main production areas was 3 yuan/jin, and in the main sales areas was 3.22 yuan/jin, with little change from last Friday. After a small - scale price increase during the week, the egg price entered a stable and wait - and - see state. The inventory in each link decreased, and the red - powder price difference returned to a reasonable level [5] - The price of old hens in the production areas remained stable overall with narrow local adjustments. It is expected that the supply and demand of the old hen market will be in a stalemate next week, and the weekly average price may be around 4.10 yuan/jin [5] 3.1.2 Supply Analysis - On December 18, the weekly slaughter volume of laying hens in the main production areas across the country was 19.67 million, with little change from the previous week. The average slaughter age of culled chickens in the week of December 18 was 486 days, the same as the previous week [10] - In November, the national inventory of laying hens in production was 1.352 billion, a decrease of 0.008 billion from the previous month, an increase of 5.5% year - on - year, and lower than expected. The monthly output of laying hen chicks in sample enterprises monitored by Zhuochuang Information in November was 39.55 million, with little change month - on - month and a 13% year - on - year decrease [10] 3.1.3 Cost Analysis - As of December 17, the corn price was around 2349 yuan/ton, the soybean meal price dropped to 3118 yuan/ton, and the comprehensive feed cost was about 2580 yuan/ton, equivalent to about 2.83 yuan/jin of feed cost per jin of eggs [13] - The price of corn decreased and the price of soybean meal increased this week, resulting in a slight increase in the cost of per - jin eggs. The average price of eggs in the main production areas increased slightly, so the profit per jin of eggs also increased. As of December 18, the weekly average profit per jin of eggs was - 0.17 yuan/jin, a slight recovery from the previous week. On December 12, the expected profit of laying hen farming was - 11.65 yuan/bird, a decrease of 0.7 yuan/jin from the previous week [13] 3.1.4 Demand Analysis - After the festival, the demand in the sales areas became weak. Coupled with the large inventory pressure in the production areas, the overall market sales were under pressure. The market sales volume decreased month - on - month. As of December 18, the weekly sales volume of eggs in the national representative sales areas was 7023 tons, with little change from last week and at a low level over the years [16] - The inventory in the production link decreased month - on - month, and the inventory in the circulation link increased month - on - month. As of December 18, the weekly average inventory in the production link was 1 day, slightly less than last week, and the weekly average inventory in the circulation link was 1.12 days, slightly more than the previous week [16] - This week, the vegetable price index and the pork price both increased slightly. On December 17, the total vegetable price index in Shouguang was 142.01, and the national average wholesale price of pork was about 14.81 yuan/kg, with little change from last week [16] 3.1.5 Trading Strategy - Trading logic: The recent increase in the number of culled chickens has alleviated the previous supply pressure. It is expected that the short - term de - capacity speed will be gentle. The near - month contracts are expected to fluctuate weakly, and the far - month May contracts can be considered for long - building at low prices [17] - Single - side: It is expected that the near - month contracts will fluctuate weakly in the short term. Long positions can be considered for the far - month contracts at low prices [17] - Arbitrage: It is recommended to wait and see [17] - Options: It is recommended to wait and see [17] 3.2 Second Part: Weekly Data Tracking 3.2.1 Inventory (Zhuochuang) - Data on the inventory of laying hens in production and the replenishment of brooding chickens over the years are presented in the form of a chart [21] 3.2.2 Culled Chicken Situation - Data on the weekly slaughter volume of culled chickens over the years are presented in the form of a chart [22] 3.2.3 Laying Hen Farming Situation - Data on the age of culled chickens and the average price of laying hen chicks in the main production areas are involved, but specific data are not described in detail [26] 3.2.4 Price Difference and Basis - Data on the basis of January, May, and September contracts, as well as the price differences of 1 - 5, 5 - 9, and 9 - 1 contracts over the years are presented in the form of charts [29][30][33]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The egg market currently has supply pressure slightly alleviated, but demand is average. The egg price is expected to be in a low - level shock in the short term, with a possible slight rebound in the second half of next week [2]. - In the short term, the egg market still has a situation of oversupply, and the price recovery needs time. It is expected that the short - term price may be in a situation of being difficult to rise or fall, but with the slow recovery of demand, the price may transition from the difficult - to - move stage to a slow increase. The egg price is expected to fluctuate widely at the bottom, with a reference range of 2900 - 3300 [3]. 3. Summary According to the Catalog 1 - Period and Spot Price Trend Review - The egg futures 2601 contract fell 1.58% this week, with a trading range of 3100 - 3300 yuan/500KG, a maximum of 3248 yuan/500KG, and a minimum of 3154 yuan/500KG [5]. - The average weekly price of eggs in the main producing areas was 2.88 yuan/jin, a month - on - month decrease of 3.36%; the average price in the main selling areas was 3.34 yuan/jin, a month - on - month decrease of 2.05% [3][5]. 2 - Relationship between Feed Cost and Egg Price - When the feed price shows a downward trend, the egg price also shows an obvious decline. When the cost is relatively stable, the egg price is also relatively stable. The price fluctuation of eggs is more obvious than that of feed. Currently, the prices of corn and soybean meal are in low - level shocks, and the support for egg prices is limited [14]. 3 - Slight Increase in Feed Cost - This week, the average feed cost per jin of eggs was 2.95 yuan, an increase of 0.02 yuan from last week, a month - on - month increase of 0.68%. The slight increase in feed cost increased the expenditure of laying - hen farming [3][15]. 4 - Decrease in the Slaughter Volume of Culled Hens (In fact, there is an increase in the text) - This week, the national slaughter volume of culled hens was 20.21 million, a month - on - month increase of 3.80% and a year - on - year decrease of 6.46%. The average weekly price of culled hens in the main producing areas was 3.91 yuan/jin, a month - on - month decrease of 2.49% [22]. 5 - Chicken Chick Price Remains Stable - This week, the price of commercial - generation chicken chicks remained stable, with an average weekly price of 2.73 yuan per chick. The current demand for chicken chicks is average, and the price is weakly stable [23]. 6 - Decrease in the Inventory of Laying Hens - In October, the national inventory of laying hens was about 1.359 billion, a month - on - month decrease of 0.66% and a year - on - year increase of 5.59% [3][26]. 7 - Slight Decrease in the Main Laying - Hen Population - Not elaborated further in the text, only data charts are provided 8 - Strengthening of Vegetable and Pig Prices - On November 21, 2025, the 200 - index of the wholesale price of basket products was 127.46, with a week - on - week decrease of 0.02. The average price of live pigs (variety: foreign ternary) was 11.70 yuan/kg (5.85 yuan/jin), with a price increase of 0.01 yuan/kg (0.005 yuan/jin) compared with yesterday, a month - on - month increase of 3.63% and a year - on - year decrease of 27.78% [37]. 9 - The Spread between Futures and Spot Prices Keeps a Fluctuating Trend - The egg basis has certain rules. As of November 21, the egg basis was around - 336 yuan/500KG [42].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - In October, the egg market was in a seasonal off - season with weak demand and high supply. Although the price got short - term support from downstream stocking, the supply - side pressure remained, and the short - term upward space of the futures price was limited. It was recommended to wait and see in the short - term and hold a bearish view on the medium - to - long - term at high prices [7][8][9]. 3) Summaries According to the Table of Contents I. Market Review - **Futures Price**: In October, the main egg futures contract changed from 2511 to 2512. The lowest price dropped to 2880 yuan/500 kg, and then rebounded. As of October 31, the main JD2512 contract closed at 3146 yuan/500 kg, down 0.29% [5][13]. - **Spot Price**: The average price of eggs in the main producing areas last month was 2.99 yuan/jin, down 0.1683% month - on - month; in the main selling areas, it was 3.02 yuan/jin, down 0.1371% month - on - month. In October, the egg market entered the seasonal off - season, with weak demand and high supply [7][17]. - **Old Hen Price**: The average price of culled hens in the main producing areas in October was 4.39 yuan/jin, down 0.0559% month - on - month. The price was under pressure at the beginning of the month and rebounded slightly in the second half of the month [22]. - **Chick Price**: The average price of commercial laying hen chicks in October was 2.75 yuan/chick, down 0.0678% month - on - month and 0.2318% year - on - year. The downstream demand was weak, and the price continued to be weak [25]. II. Fundamental Analysis - **Supply Side** - **Laying Hen Inventory**: In October, the national laying hen inventory was about 1.311 billion, down 0.15% month - on - month and up 8.8% year - on - year. The new production capacity decreased year - on - year due to low replenishment in June [31]. - **Chick Sales**: In October, the total chick sales were 35.88 million, down 5.08% month - on - month. The utilization rate of hatching eggs was 40% - 50%. The weak demand was due to negative replenishment sentiment [35]. - **Old Hen Slaughter**: In October, the total slaughter of old hens in sample points was 2.6675 million, up 8.69% month - on - month. The average slaughter age was 497 days, 2 days earlier than in September. The loss of the egg - laying industry led to accelerated culling [40]. - **Demand Side** - **Arrival of Trucks in Selling Areas**: In October, the arrival of trucks in Beijing increased by 2.86% month - on - month to 396 trucks, while in Guangdong, it decreased by 2.12% month - on - month to 2175 trucks [44]. - **Sales in Selling Areas**: In October, the total sales in selling areas were 28.09 thousand tons, down 1.65% month - on - month and 7.14% year - on - year [47]. - **Egg - Laying Industry Cost and Profit**: In October, the egg - laying cost was 3.43 yuan/jin, down 2.56% month - on - month, with a loss of 0.43 yuan/jin. The decrease was due to the decline in corn and soybean meal prices [51]. - **Inventory Situation**: As of October 31, the production - link inventory was 1.03 days, the same as at the end of September; the circulation - link inventory was 1.16 days, down 5.69% month - on - month [54]. III. Market Outlook - The egg price got short - term support from downstream stocking due to improved storage conditions, but the supply pressure remained, and the short - term upward space of the futures price was limited. Attention should be paid to the performance of the futures price around the 3200 resistance level [8][55]. IV. Operation Strategy - **Single - Side Trading**: Temporarily wait and see, and hold a bearish view on the medium - to - long - term at high prices. - **Arbitrage**: Wait and see. - **Options**: Wait and see [9][56].

Report Title - "Egg Weekly Report: Demand Boosted, Egg Prices Stable with an Uptrend" [1] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The egg market is influenced by multiple factors including supply, demand, cost, and seasonal events. Currently, the supply is relatively high, but demand has been boosted by school openings, festivals, and pre - Mid - Autumn Festival备货. However, the market still faces challenges such as high production capacity and average external sales. Overall, the egg price is expected to have limited upside potential in the short term and remains under the influence of supply - demand dynamics [5][10][17] Summary by Directory First Part: Logic Analysis and Trading Strategies 1. Spot Analysis - This week, the average price of eggs in the main producing areas was 3.21 yuan/jin, up 0.19 yuan/jin from last Friday, and in the main consuming areas, it was 3.37 yuan/jin, also up 0.19 yuan/jin. Egg prices rose due to the Mid - Autumn Festival备货 and other factors, but the overall备货 scale was less than in previous years, and the high price might appear this week. The price of old hens fluctuated narrowly [5] 2. Supply Analysis - From September 4th, the national main - producing area egg - laying hen culling volume was 17.89 million, a 3.3% decrease from the previous week. The average culling age of culled hens was 495 days, a 1 - day decrease from the previous week. In August, the national in - production egg - laying hen inventory was 1.365 billion, an increase of 0.09 billion from the previous month and a 5.9% year - on - year increase. The monthly egg chick hatching volume of sample enterprises in August was 39.81 million, a 0.1% month - on - month decrease and an 8% year - on - year decrease. The estimated in - production egg - laying hen inventory from September to December 2025 is 1.363 billion, 1.356 billion, 1.356 billion, and 1.352 billion respectively [10] 3. Cost Analysis - As of September 4th, the corn price was around 2360 yuan/ton, the soybean meal price was 3084 yuan/ton, and the comprehensive feed cost was about 2577 yuan/ton, equivalent to about 2.83 yuan/jin for eggs. As of September 5th, the weekly average egg profit was - 0.11 yuan/jin, a 0.03 - yuan/jin decrease from the previous week. On August 29th, the expected egg - laying hen farming profit was 5.89 yuan/hen, a 2.05 - yuan/jin decrease from the previous week [13] 4. Demand Analysis - Affected by school openings and the Mid - Autumn Festival, the sales volume in the consuming areas increased. As of August 21st, the national representative consuming area egg sales volume was 7439 tons, a 2% decrease from the previous week. As of September 4th, the weekly average inventory in the production link was 0.93 days, a 0.13 - day decrease from the previous week, and in the circulation link was 1.03 days, a 0.09 - day decrease from the previous week. The vegetable price index slightly rebounded, and the pork price index changed little [16] 5. Trading Strategies - The supply - side pressure has been slightly relieved, but the in - production inventory is still high, and the oversupply pattern remains unchanged. In September, demand is expected to increase due to pre - festival stocking, and the spot price may rise slightly. For trading, it is recommended to wait and see for single - side trading, arbitrage, and options [17] Second Part: Weekly Data Tracking - This part mainly presents data charts related to egg - laying hen inventory, culling situation, chick replenishment, cold - storage eggs, egg - laying hen farming situation, and price spreads and basis, but no specific data analysis or conclusions are provided in the text [20][24][28]

Core Viewpoint - The egg prices in 2025 are at their lowest levels in five years due to high supply pressures, leading to a significant decline in seasonal price patterns, resulting in a "weak peak season" phenomenon. Group 1: Price Trends - As of August 11, 2025, the average price of eggs in major production areas is 3.23 yuan per jin, a decrease of 14.10% compared to the same period last year and a 22.54% drop compared to the average from 2021 to 2024, marking the lowest level in five years [1][3][5] - In August, traditionally a peak season, egg prices continued to decline, reaching 2.86 yuan per jin by August 7, a drop of approximately 13% from the late July high [1][6] Group 2: Supply Dynamics - There is a strong negative correlation between egg prices and the number of laying hens, with a correlation coefficient of -0.62 for monthly prices and -0.84 for annual prices, indicating that higher hen populations lead to lower egg prices [3][5] - The number of laying hens reached approximately 1.36 billion in July 2025, an increase of over 6% year-on-year, contributing to the downward pressure on egg prices [3][8] Group 3: Seasonal Demand Patterns - Seasonal demand for eggs has weakened, with the holiday effect on prices diminishing significantly. For instance, in April, egg prices fell by 6.48% before the Qingming Festival, contrary to typical seasonal trends [5][6] - Demand is expected to increase in late August due to the Mid-Autumn Festival and back-to-school season, but will likely weaken again after mid-September, leading to a potential price drop in October [10][11] Group 4: Future Outlook - The supply of laying hens is expected to increase initially but may taper off later in the year, with projections indicating a slight decrease in October to around 1.357 billion hens [8][10] - Despite potential short-term price increases due to seasonal demand, the overall supply pressure is expected to keep egg prices low, with forecasts suggesting prices may range between 3.00 to 3.20 yuan per jin in the latter part of the year [10][11]

Core Viewpoint - The egg futures market is experiencing a decline in prices due to high supply and weak demand, with potential for recovery as schools reopen and food factories prepare for the Mid-Autumn Festival [1][3]. Market Summary - As of the week ending August 8, 2025, the main egg futures contract closed at 3362 yuan per 500 kg, with a weekly decline of 3.97% [1]. - The opening price for the week was 3450 yuan per 500 kg, reaching a high of 3450 yuan and a low of 3306 yuan [1]. Supply and Demand Analysis - As of August 7, the Dalian Commodity Exchange reported an increase of 4 warehouse receipts to 17 [2]. - The average price of eggs in major production areas remained stable, with Shandong at 5.65 yuan/kg, Hebei at 5.58 yuan/kg (up 0.06), Guangdong at 6.60 yuan/kg, and Beijing at 6.08 yuan/kg [2]. - The national laying hen stock was approximately 1.356 billion as of July, with a month-on-month increase of 1.19% and a year-on-year increase of 6.19% [2]. - The theoretical forecast for August's laying hen stock is 1.363 billion, reflecting a month-on-month increase of 0.52% [2]. Institutional Perspectives - According to Ruida Futures, the current high stock of laying hens and the pressure from newly added hens are contributing to an oversupply of eggs, compounded by weak terminal demand and increased competition from substitutes due to high temperatures [3]. - Southwest Futures notes that egg supply may continue to increase year-on-year in August, with lower-than-expected sales during the stocking period and rising temperatures affecting consumption [3]. - There is an expectation of supply pressure easing in October, suggesting a potential strategy of holding positions from September to October [3].