食品饮料行业周报：奶牛淘汰或边际加速

东方证券2025-07-08

近期大规模喷粉启动，意味着原奶供给过剩。近期国内乳企启动大规模喷粉，主要因近期为奶牛产奶旺季、乳品终端需求疲软，也侧面反映我国原奶供给仍明显过剩。豆粕价格继续小幅下跌，饲料成本低位导致奶牛去化速度放慢。青贮饲料收购季将来临，社会化牧场面临资金考验。9-10 月为牧场集中收购青贮饲料时间段，一般来说青贮饲料占总饲料使用量约20-30%，预计7-9 月牧场需准备大量资金用于购买饲料。当前合同奶价...

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