SunSirs: Weak Transactions, Egg Prices is Falling in China
June 27 2023 10:58:39 SunSirs (Selena)
According to the monitoring of the Commodity Market Analysis System of SunSirs, the egg price was 8.69 RMB/kg at the beginning of last week, and 8.41 RMB/kg at the end of last week. The price decreased by 3.22%, and the price increased by 4.32% compared to the same period last year.
In terms of spot goods, the market supply and demand have been loose last week, with egg prices under pressure and declining. In some markets, egg prices have fallen below the 4 RMB mark, with the lowest average egg price in the main production areas dropping to 4.13 RMB/500g. Currently, it is still in the off-season for egg consumption, and due to the impact of the rainy season, downstream procurement is cautious, resulting in pressure above egg prices.
Egg prices in some production areas are gradually reaching the bottom of the cost line, and the sentiment of farmers to bear the price and wait has increased. Corn prices have also rebounded, and the expectation of reduced costs has decreased. Poor spot performance is conducive to enhancing the enthusiasm of old chicken elimination. The production capacity growth in the later stage is expected to be lower than expected. From the perspective of the market, the overall trend of futures prices is still weak due to the weakness of current prices.
The egg market is experiencing sluggish sales and egg prices continue to decline. It is expected that there will still be a risk of a decline in egg prices in the future, despite the difficulty of changing supply and demand easing.
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