1. Report Information - Report Date: February 27, 2026 [2] - Industry: Eggs [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 2. Core Viewpoints - The egg price in the main production areas has stabilized, with the average price at 2.90 yuan/jin, up 0.04 yuan/jin from the previous day, and the average price in the main sales areas at 3.14 yuan/jin, unchanged from the previous day. The 04 contract fell 0.67%. [8] - After the holiday, the egg price showed a seasonal decline. After the market opened, the prices in the production areas basically fell below 3 yuan. However, the futures market performed relatively well. It is expected that the near - month contracts will fluctuate in a range, and the far - month contracts need to pay attention to the situation of replenishment and culling. [8] - The current egg - laying hen inventory is at a high level in the same period of history, but the replenishment momentum is weak, which may ease the medium - term production capacity pressure. [9] 3. Market Review and Operation Suggestions Market Review | Contract | Previous Settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Egg 2603 | 2976 | 2974 | 2983 | 2940 | 2947 | - 29 | - 0.97% | 17952 | 18617 | - 13437 | | Egg 2604 | 3261 | 3265 | 3272 | 3220 | 3239 | - 22 | - 0.67% | 161235 | 166035 | - 10367 | | Egg 2605 | 3439 | 3444 | 3445 | 3395 | 3413 | - 26 | - 0.76% | 71888 | 134935 | 12278 | [7] Operation Suggestions - Near - month contracts: Treat them as range - bound for now. The basis of the 03 and 04 contracts is at a medium level in the same period of previous years. The sharp decline before the Spring Festival has already factored in the bearish expectations, but the rise of futures needs the support of spot prices. [8] - Far - month contracts: The contracts in the first half of the year, especially the 06 contract in the rainy season, should be treated bearishly on rallies. The contracts in the second half of the year can be treated optimistically due to the unfalsifiable expectation of inventory reduction. [8] 4. Industry News Inventory As of the end of December 2025, the monthly inventory of laying hens in China was about 1.344 billion, a month - on - month decrease of 0.59%, and a year - on - year increase of 5.00%. [9] Replenishment In December 2025, the monthly output of egg - laying chicks in sample enterprises was about 39.59 million, basically the same as that in November. The total replenishment volume from September to December 2025 was about 157.49 million, significantly less than about 182.14 million in the same period of the previous year, which may ease the medium - term production capacity pressure. [9] Culling - Culling volume: In the three weeks as of January 29, the culling volumes were 16.03 million, 16.27 million, and 17.33 million respectively, remaining at a relatively high level but slightly declining. [18] - Culling age: As of January 29, the average culling age was 493 days, 3 days later than the previous week and 9 days later than the previous month. [18]