This update of U.S egg-production statistics, costs and prices is sponsored by Big Dutchman USA for the information of producers and stakeholders

MAY HIGHLIGHTS

• May 2025 USDA ex-farm blended USDA nest-run, benchmark price for conventional eggs from caged hens was 304 cents per dozen, down 13 cents per dozen or 4.1 percent from the April 2025 value of 317 cents per dozen. The corresponding May 2023 and 2024 values were respectively $1.35 and $1.90 cents per dozen. For annual comparison, average monthly USDA benchmark price over 2023 was 57.0 cents per dozen and 135 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 imports 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 have declined sharply during the current quarter.
• May 2025 USDA ex-farm negotiated USDA nest-run, benchmark price for all categories of cage-free eggs was 353 cents per dozen, down 95 cents per dozen or 21.2 percent from the April 2025 value of 448 cents per dozen. The corresponding May 2023 and 2024 values were respectively 97 and 198 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.
• May 2025 USDA average nest-run production cost for conventional eggs from caged flocks over four regions (excluding SW and West), applying updated inputs was 74.6 cents per dozen, down 0.8 cents from April 2025 at 75.4 cents per dozen. The May average nest run production cost for other than caged hens was estimated by the EIC to be 93.6 cents per dozen down 1.0 cent per dozen from April. 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.
• May 2025 USDA benchmark nest-run margin for conventional eggs attained a positive value of 229.4 cents per dozen compared to a positive margin of 241.6 cents per dozen in April 2025. Year to date the average monthly nest-run production margin has attained 408 cents per dozen. Average nest-run monthly margin for 2024 was 170.8 cents per dozen compared to 64.2 cents per dozen over 2023 and 155 cents in 2022.
• May 2025 USDA benchmark nest-run margin for all categories of cage-free eggs attained a positive value of 259.4 cents per dozen compared to a positive margin of 353.4 cents per dozen in April 2025. Year to date the average monthly nest-run production margin has attained 518 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 April 2025 national flock (over 30,000 hens per farm) was stated by the USDA to be up by 0.7 million hens (rounded, and a probable undercount) to 287.2 million compared to 326 million before the advent of HPAI in 2022. Approximately 3.5 million hens returned to production from molt in May together with projected maturation of 23 million pullets, with the total offset by depletion of an unknown number of spent hens.
• April 2025 pullet chick hatch of 30.1 million was down 0.3 million (-1.0 percent) from March 2025 despite increased industry need to replace depopulated flocks.
• April 2025 exports of shell eggs and products combined were down 30.6 percent from March 2025 to 285,000 case equivalents representing the theoretical production of 4.2 million hens. Shell egg exports totaling 181,000 cases were dominated by Canada (85 percent of volume) and the “Rest of Americas” nations including the Caribbean (13 percent). With respect to 104,000 case equivalents of egg products, Canada (26 percent of volume), Japan, (10 percent), “Rest of Americas” (37 percent) and Mexico, (6 percent) collectively represented 79 percent of shipments. Volumes exported are based on the needs of importers, competition, availability in the U.S. and FOB prices offered.          
• According to the USDA Egg Market Overview released on June 6^th, all egg imports (shell, liquid and dry) in May attained 15.2 million dozen shell equivalents compared to exports of all categories of 8.5 million dozen.

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TABLES SHOWING KEY PARAMETERS FOR MAY 2025.

Summary tables for the latest USDA May 2025 flock statistics, costs and unit prices were made available by the EIC on June 17^th 2025. Data is arranged, summarized, tabulated and compared with values from the previous May 15^th 2025 release reflecting April 2025 costs and production data, as revised and applicable. Monthly comparisons of production data and costs are based on revised USDA 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 280 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)   82.2% MAY 2025.    82.3*% APRIL 2025

*Revised USDA

*Revised, using data from USDA Livestock, Dairy and Poultry Outlook May 16^th 2025 taking into account demand from the food service sector and presumably including the effect of HPAI depopulation.

EGG INVENTORIES AT BEGINNING OF MAY 2025:

EGGS BROKEN UNDER FSIS INSPECTION (MILLION CASES)                                                                                   APRIL 2025, 6.44     MARCH   2025,  6.50*     

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

*Representing 1.5 percent of National production in APRIL 2025 (0.9% shell, 0.5% 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 MAY 2025:-

                                                        304.0 cents per dozen¹- 74.6 cents per dozen = 229.4 cents per dozen         (April 2025 comparison:            317.0 cents per dozen – 75.4 cents per dozen  = 241.6 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 MAY 2025:-

Cage-Free brown     353.0 cents per dozen¹- 93.6 cents per dozen =  259.4 cents per dozen

April 2025:-               448.0 cents per dozen -  94.6 cents per dozen =  353.4 cents per dozen  

1.       Contract price, nest-run loose. Range 155 to 210 c/doz. Little change since July 2024 and totally unrealistic.

1. Negotiated price, loose. Range $2.00 to $4.80 per dozen
2. Unrealistic USDA values based on promotional prices with few participating stores and non-representative of shelf prices

(Insert Fig 12  Quarterly CF and organic)

* 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.