This update of U.S egg-production costs and available prices is provided for the information of producers and stakeholders. Statistical data was unavailable for October and November due to the Federal shutdown. Most December figures are now available in this January edition. November cost and price updates provided by the EIC are included in this review for trend comparisons.

DECEMBER HIGHLIGHTS

• December 2025 USDA ex-farm blended USDA nest-run, benchmark price for conventional eggs from caged hens was 122 cents per dozen, down 59 cents per dozen or 32.6 percent from the November 2025 value of 181 cents per dozen. The corresponding December 2023 and 2024 values were respectively $1.56 and $4.24 cents per dozen. For annual comparison, average monthly USDA benchmark price over 2023 was 146 cents per dozen compared to 247 cents per dozen covering 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, as determined by the economy, supply as influenced by flock placements, incidence of HPAI, net imports and the rate of replacement of depopulated pullets and hens and planned depletion. Other considerations include diversion to shell sales from the egg-breaking sector in an interconnected industry.
• Imports of shell eggs continued during the first three quarters of 2025 with the cumulative negative trade balance attaining 19.9 million dozen shell-equivalents through October. During October the positive trade balance in shell-eggs amounted to 7.7 million dozen. For 2025 through October, U.S. liquid and dried products combined achieved a positive trade balance of 15.9 million case-equivalents with October rising to 5.2 million dozen shell-egg equivalents.
• December 2025 USDA ex-farm negotiated USDA nest-run, benchmark price for all categories of cage-free eggs was 110 cents per dozen. The November 2025 value was 147 cents per dozen. The corresponding December 2023 and 2024 values were respectively 287 and 551 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 important factor influencing pricing is the proportion of shell eggs supplied under cost-plus contracts. A high proportion of available eggs in this category accentuates the upward and downward price trajectory of uncommitted eggs as determined by the price discovery system. Extreme fluctuation is exemplified by high prices prevailing in the 1^st quarter of 2025 and low values during December 2025 and January 2026. The price differential does not reflect relatively small changes in available production or presumed demand.
• The response to highly pathogenic avian influenza as distorted by the price discovery system was the major driver of prices in 2024 and through 2025 due to the high seasonal incidence rates. Approximately 40 million hens and at least 2.0 million pullets were depleted in 2024 with close to an additional 45 million birds, (hens and pullets) in both large complexes and contract farms through 2025. The Fall 2025 losses involved complexes of 3.1 million hens in late September and 2.0 million in early October. During November 570,000 hens producing table eggs were depopulated on 22 farms in close geographic proximity with flock losses averaging 24,000 per event. This suggested the vulnerability of contract producers of cage free eggs with common risk factors including feed supply and egg collection. This trend is a departure from losses involving a few very large complexes evident in the wave of cases during early fall months.
• December 2025 USDA average nest-run production cost for conventional eggs from caged flocks over four regions (excluding SW and West), applying updated inputs was 75.5 cents per dozen, down 0.2 cents from November 2025 at 75.7 cents per dozen as influenced by feed cost. The December average nest run production cost for other than caged and certified organic hens was estimated by the EIC to be 95.1 cents per dozen down 0.2 cents per dozen from November. 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.
• December 2025 USDA benchmark nest-run margin for conventional eggs attained a positive value of 46.5 cents per dozen compared to a positive margin of 105.3 cents per dozen in November 2025. Year to date the average monthly nest-run production margin has attained 172 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.
• December 2025 USDA benchmark nest-run margin for all categories of cage-free eggs was 14.9 cents per dozen compared to a positive margin of 40.9 cents per dozen in November 2025. Through December the average monthly nest-run production margin attained 293 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 December 2025 national flock (over 30,000 hens per farm) was stated by the USDA to be up by 4.2 million hens (rounded, and a probable undercount) to 290.1 million compared to 285.9 in August. There were approximately 326 million hens before the advent of the H5N1 epornitic 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. On January 14^th USDA estimated the total U.S table-egg production flock at 300.0 million with 293.4 million actually in production.
• November 2025 pullet chick hatch of 26.0 million was down 2.7 million (-9.4 percent) from October, inconsistent with an increased industry need to replace depopulated flocks.
• October export data is reviewed in a companion article in this edition. In October 2025 exports of shell-eggs and products combined were up 26.4 percent from September 2025 to 459,200 case equivalents representing the theoretical production of 6.8 million hens. Shell egg exports totaling 162,000 cases were dominated by Canada (80 percent of volume) the “Rest of Americas” including the Caribbean (6 percent). With respect to 297,000 case- equivalents of egg products, importers comprised the E.U (26 percent), Canada (16 percent of volume), “Rest of Americas and the EU (each 20 percent), Japan, (24 percent), Mexico, (7 percent) collectively representing 79 percent of shipments. Volumes exported are based on the needs of importers, competing suppliers, availability in the U.S. and FOB prices offered.
• For 2025 through October the negative trade balance in all shell and derived egg products attained 4.1 million dozen shell equivalents.

TABLES SHOWING KEY PARAMETERS FOR DECEMBER 2025.

Summary tables for the latest USDA December 2025 costs and unit prices were made available by the EIC on January 16^th 2025. Data is arranged, summarized, tabulated and compared with values from the previous December 9^th 2025 release reflecting November 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

1. From USDA Weekly Shell-egg Demand Indicator January 14^th 2026

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

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

Based on a nominal denominator of 300 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) 81.5 September 2025.  81.8 % November 2025

*Revised USDA

*Revised, using data from USDA Livestock, Dairy and Poultry Outlook January 16^th 2026 taking into account demand from the food service sector and presumably including the effect of HPAI depopulation and net importation.

EGG INVENTORIES AT BEGINNING OF DECEMBER 2025:

EGGS BROKEN UNDER FSIS INSPECTION (MILLION CASES) October 2025, 7.03 November 2025, 6.58

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

*Representing 2.2 percent of National production in OCTOBER 2025 comprising 35% shell, 65% products.

COSTS AND UNIT REVENUE VALUES¹ FOR CONVENTIONAL EGGS FROM CAGED HENS

Notes: 1. Excludes SW and West representing an important deficiency 

Components of Production cost per dozen:-

Ex Farm Margin (rounded to nearest cent) according to USDA values reflecting December2025:-

122.0 cents per dozen¹- 75.5 cents per dozen =46.5 cents per dozen (November 2025 comparison: 181.0 cents per dozen – 75.7 cents per dozen = 105.3 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 December 2025:-

Cage-Free brown 110.0 cents per dozen¹- 95.1 cents per dozen =14.9 cents per dozen

November 2025:-  Not disclosed

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 $0.40 to $1.90 per dozen
3. Estimate based on prevailing costs
4. 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.