US egg prices reach 10-year lows after domestic production outpaces demand
DES MOINES, Iowa—In less than a year, eggs have gone from being an expensive staple at the height of the bird-flu crisis to reaching the cheapest prices in a decade due to fully restocked poultry barns.
But the demand for eggs has been stifled, because bakeries and companies using powdered eggs, in things like pancake mixes, learned to cook without as many of them, and countries that stopped accepting eggs from the US last year, including Canada and Mexico, have been slow to resume imports.
“People have found ways to reduce their egg usage as an ingredient. They’ve found replacers, they’ve found extenders and they’ve found ways to make certain products with fewer eggs, in general,” said Brian Moscoguiri, an industry analyst at New Jersey-based commodity market research company Urner Barry. While wholesale egg prices—a little as 55 cents a dozen in June—are good for grocery shoppers’ pocketbooks, the egg industry itself was caught off guard by the imbalance, according to Bill Northey, the agriculture secretary in Iowa, which is the nation’s largest egg-producing state.
Read full Article here »