This update of U.S egg-production statistics, costs and prices is sponsored by Lubing Systems LP for the information of producers and stakeholders

JULY HIGHLIGHTS

• July 2025 USDA ex-farm blended USDA nest-run, benchmark price for conventional eggs from caged hens was 278 cents per dozen, up 25 cents per dozen or 9.9 percent from the June 2025 value of 253 cents per dozen. The corresponding June 2023 and 2024 values were respectively $0.80 and $2.04 cents per dozen. For annual comparison, average monthly USDA benchmark price over 2023 was 146 cents per dozen and 247 cents per dozen for 2024. Stock levels and prices prior to the onset of flock depletions due to HPAI indicated a relative seasonal balance between supply and demand. Future nest-run and wholesale prices will be largely dependent on consumer demand for shell eggs and products, net exports and the rate of replacement of pullets and hens depleted due to HPAI. Other considerations include diversion to shell sales from the egg-breaking sector in an interconnected industry. Imports declined sharply during the past quarter.
• July 2025 USDA ex-farm negotiated USDA nest-run, benchmark price for all categories of cage-free eggs was 305 cents per dozen, up 29 cents per dozen or 10.5 percent from the June 2025 value of 276 cents per dozen. The corresponding July 2023 and 2024 values were respectively 120 and 346 cents per dozen.
• Fluctuation in wholesale price is attributed in part to the amplification of upward and downward swings associated with the commercial benchmark price-discovery system in use. An additional factor influencing pricing is the proportion of shell eggs supplied under cost-plus contracts accentuating the upward and downward price trajectory of uncommitted eggs as determined by the price discovery system. Highly pathogenic avian influenza was the major driver of price in 2024 and through Q1 of 2025 due to the high incidence rate. Approximately 40 million hens and at least 2.0 million pullets were depleted in 2024 with close to an additional 36 million birds, (hens and pullets) in 35 complexes or farms through mid-May 2025.
• July 2025 USDA average nest-run production cost for conventional eggs from caged flocks over four regions (excluding SW and West), applying updated inputs was 72.8 cents per dozen, down 1.6 cents from June 2025 at 74.4 cents per dozen. The July average nest run production cost for other than caged and certified organic hens was estimated by the EIC to be 91.9 cents per dozen down 1.8 cent per dozen from June. Approximately 60 cents per dozen should be added to the USDA benchmark nest-run costs to cover processing, packing material and transport to establish a realistic cost value as delivered to warehouses.
• July 2025 USDA benchmark nest-run margin for conventional eggs attained a positive value of 205.2 cents per dozen compared to a positive margin of 178.6 cents per dozen in June 2025. Year to date the average monthly nest-run production margin has attained 346.2 cents per dozen. Average nest-run monthly margin for 2024 was 170.8 cents per dozen compared to 64.2 cents per dozen in 2023 and 155 cents in 2022.
• July 2025 USDA benchmark nest-run margin for all categories of cage-free eggs attained a positive value of 213.1 cents per dozen compared to a positive margin of 182.3 cents per dozen in June 2025. Year to date the average monthly nest-run production margin has attained 426.6 cents per dozen. Average nest-run monthly margin over 2024 was 440 cents per dozen compared with 100 cents per dozen in 2023, relatively unaffected by HPAI compared to the preceding and following years.
• The June 2025 national flock (over 30,000 hens per farm) was stated by the USDA to be up by 0.9 million hens (rounded, and a probable undercount) to 287.4 million compared to 326 million before the advent of HPAI in 2022. Approximately 3.5 million hens returned to production from molt during the month together with projected maturation of 23 million pullets, with the total offset by depletion of an unknown number of spent hens.
• June 2025 pullet chick hatch of 29.8 million was down 0.6 million (-2.0 percent) from May 2025 and inconsistent with an increased industry need to replace depopulated flocks.
• June 2025 exports of shell eggs and products combined were down 2.0 percent from May 2025 to 296,400 case equivalents representing the theoretical production of 4.4 million hens. Shell egg exports totaling 148,000 cases were dominated by Canada (78 percent of volume) and the “Rest of Americas” nations including the Caribbean (18 percent). With respect to 148,000 case equivalents of egg products, Canada (32 percent of volume), Japan, (20 percent), Mexico, (19 percent) and “Rest of Americas (8 percent), collectively represented 89 percent of shipments. Volumes exported are based on the needs of importers, competing suppliers, availability in the U.S. and FOB prices offered.
• According to the USDA Egg Market Overview released on August 8^th, all egg imports (shell, liquid and dry) in June attained 11.5 million dozen shell equivalents compared to exports of all categories of 8.8 million dozen shell equivalents.
• For 2025 through June the negative trade balance in all shell and derived egg products attained 7.1 million dozen shell equivalents.

TABLES SHOWING KEY PARAMETERS FOR JULY 2025.

Summary tables for the latest USDA July 2025 flock statistics, costs and unit prices were made available by the EIC on August 8^th 2025. Data is arranged, summarized, tabulated and compared with values from the previous July 9^th 2025 release reflecting June 2025 costs and production data, as revised and applicable. Monthly comparisons of production data and costs are based on revised USDA and EIC values.

VOLUMES OF PRODUCTION REFLECTING THE ENTIRE INDUSTRY

*USDA Revised

*Revised USDA/EIC Note 1. Texas excluded to maintain confidentiality

PROPORTION OF U.S. TOTAL HENS BY STATE, 2025

Based on a nominal denominator of 270 million hens in flocks over 30,000 covering 95 percent of the U.S complement.

USDA has amended inclusion of specific states in regions and eliminated Texas data to protect confidentiality of Company flock

Sizes

1. Values rounded to 0.1%

Rate of Lay, weighted hen-month (USDA)  82.1% JULY 2025.  82.0*% JUNE 2025

*Revised USDA

*Revised, using data from USDA Livestock, Dairy and Poultry Outlook July 17^th 2025 taking into account demand from the food service sector and presumably including the effect of HPAI depopulation.

EGG INVENTORIES AT BEGINNING OF JULY 2025:

EGGS BROKEN UNDER FSIS INSPECTION (MILLION CASES) JUNE 2025, 6.62 MAY 2025, 6.48

EXPORTS JUNE 2025: (Expressed as shell-equivalent cases of 360 eggs).

*Representing 1.6 percent of National production in JUNE 2025 (0.8% shell, 0.8% products).

COSTS AND UNIT REVENUE VALUES¹ FOR CONVENTIONAL EGGS FROM CAGED HENS

Notes: 1. Excludes SW and West 

Components of Production cost per dozen:-

Ex Farm Margin (rounded to nearest cent) according to USDA values reflecting JULY 2025:-

278.1 cents per dozen¹- 72.9 cents per dozen =205.2 cents per dozen (June 2025 comparison: 253.0 cents per dozen – 74.4 cents per dozen = 178.6 cents per dozen.

Note 1: USDA Blended nest-run egg price

1. Unrealistic USDA values based on advertised promotional prices with few participating stores, non-representative of shelf prices!

AVERAGE COSTS AND UNIT REVENUE FOR EGGS FROM CAGE-FREE HENS

Components of Production cost for cage-free eggs, per dozen:-

Ex Farm Margin (rounded to cent) according to USDA values reflecting negotiated price for JULY 2025:-

Cage-Free brown 305.0 cents per dozen¹- 91.9 cents per dozen = 213.1 cents per dozen

JUNE 2025:- 276.0 cents per dozen - 93.7 cents per dozen = 182.3 cents per dozen

1. Contract price, nest-run loose. Range 155 to 210 c/doz. Negligible change since July 2024 and totally unrealistic.
2. Negotiated price, loose. Range $1.85 to $2.83 per dozen
3. Unrealistic USDA values based on promotional prices with few participating stores and non-representative of shelf prices

* Conventional (non-organic) feed

Feed prices used are the average national and regional values for caged flocks. Excludes organic feeds with prices substantially higher than conventional.