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 and has yet to be updated. December figures will hopefully be available for inclusion in the January edition. September values for production and November cost and price updates provided by the EIC are included in this review

NOVEMBER HIGHLIGHTS

• November 2025 USDA ex-farm blended USDA nest-run, benchmark price for conventional eggs from caged hens was 181 cents per dozen, up 64 cents per dozen or 54.7 percent from the October 2025 value of 117 cents per dozen. The corresponding November 2023 and 2024 values were respectively $1.63 and $3.64 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, re-emergence of HPAI, net imports and the rate of replacement of pullets and hens depleted. Other considerations include diversion to shell sales from the egg-breaking sector in an interconnected industry. Imports of shell eggs continued during the past three months with the cumulative negative trade balance attaining 24.5 million dozen shell equivalents through August. During August the negative trade balance in shell eggs amounted to 4.0 million dozen. For 2025 through August, U.S. liquid and dried products combined achieved a positive trade balance of 5.6 million with August rising to 2.1 million dozen shell egg equivalents. (It is noted that Brazil released export data covering shell eggs in November during mid-December)
• November 2025 USDA ex-farm negotiated USDA nest-run, benchmark price for all categories of cage-free eggs was not released. The September 2025 value was147 cents per dozen. The corresponding November 2023 and 2024 values were respectively 123 and 455 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 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. 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 case suggesting 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.
• November 2025 USDA average nest-run production cost for conventional eggs from caged flocks over four regions (excluding SW and West), applying updated inputs was 75.7 cents per dozen, up 1.9 cents from October 2025 at 73.8 cents per dozen. The November average nest run production cost for other than caged and certified organic hens was estimated by the EIC to be 95.3 cents per dozen up 2.2 cents per dozen from October. 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.
• November 2025 USDA benchmark nest-run margin for conventional eggs attained a positive value of 105.3 cents per dozen compared to a positive margin of 43.2 cents per dozen in October 2025. Year to date the average monthly nest-run production margin has attained 255.9 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.
• November 2025 USDA benchmark nest-run margin for all categories of cage-free eggs could not be ascertained due to non-release of USDA data. In October margin attained a positive value of 40.9 cents per dozen compared to a positive margin of 53.1 cents per dozen in September 2025. Through October the average monthly nest-run production margin  attained 321.1 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.

Since data for October and November production and September exports was unavailable as of mid-December values for the most recent reported month of August are retained in the following paragraphs.

• The August 2025 national flock (over 30,000 hens per farm) was stated by the USDA to be up by 6.6 million hens (rounded, and a probable undercount) to 285.9 million compared to approximately 326 million 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 October 8^th USDA estimated the total U.S table-egg production flock at 304.5 million with 298.1 million actually in production.
• August 2025 pullet chick hatch of 28.7 million was down 0.4 million (-1.4 percent) from July 2025 but inconsistent with an increased industry need to replace depopulated flocks.
• August September export data will be released after resumption of Federal activities. In July 2025 exports of shell eggs and products combined were up 27.1 percent from June 2025 to 376,600 case equivalents representing the theoretical production of 5.6 million hens. Shell egg exports totaling 72,000 cases were dominated by Canada (38 percent of volume) the “Rest of Americas” including the Caribbean (40 percent). With respect to 304,000 case equivalents of egg products, importers comprised Canada (32 percent of volume), “Rest of Americas and the EU (each 20 percent), Japan, (12 percent), Mexico, (8 percent) collectively representing 98 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 September 8^th, all egg imports (shell, liquid and dry) in July attained 19.5 million dozen shell equivalents compared to exports of all categories of 11.2 million dozen shell equivalents.
• For 2025 through July the negative trade balance in all shell and derived egg products attained 15.5 million dozen shell equivalents.

TABLES SHOWING KEY PARAMETERS FOR NOVEMBER 2025.

Summary tables for the latest USDA November 2025 costs and unit prices were made available by the EIC on December 9^th 2025. Data is arranged, summarized, tabulated and compared with values from the previous November 7^th 2025 release reflecting October 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 data unavailable 

1. From USDA Weekly Shell-egg Demand Indicator December 10^th

*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 285 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.  % November 2025

*Revised USDA

*Revised, using data from USDA Livestock, Dairy and Poultry Outlook September 18^th 2025 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 SEPTEMBER 2025:

1. USDA Weekly Shell Egg Inventory Report December 15^th.

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

Export and import data for August was not released due to Federal shutdown.

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

*Representing 1.8 percent of National production in JULY 2025 (0.4% shell, 1.4% 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 November2025:-

181.0 cents per dozen¹- 75.7 cents per dozen =105.3 cents per dozen (October 2025 comparison: 117.0 cents per dozen – 73.8 cents per dozen = 43.2 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 OCTOBER 2025:- (November not disclosed)

Cage-Free brown 134.0 cents per dozen¹- 93.1 cents per dozen = 40.9 cents per dozen

September 2025:- 147.0 cents per dozen - 93.9 cents per dozen = 53.1 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 $1.20 to $2.60 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

Cage-Free HPAI losses unknown during November

* 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.