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 2025 due to the Federal shutdown. Subsequent 2026 data, now available is included in this edition.

FEBRUARY HIGHLIGHTS

o February 2026 USDA ex-farm blended USDA nest-run, benchmark price for conventional eggs from caged hens was 72 cents per dozen, up 23 cents per dozen or 46.9 percent from the January 2026 value of 49 cents per dozen. The corresponding February 2024 and 2025 values were respectively $2.52 and $7.40 cents per dozen. For annual comparison, average monthly USDA benchmark price over 2025 was 313 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 exports 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.

o Imports of shell eggs continued during the first three quarters of 2025 with the cumulative negative trade balance attaining 19.6 million dozen shell-equivalents through November. For 2025 through November, U.S. liquid and dried products combined achieved a positive trade balance of 26.3 million case-equivalents.

o February 2025 USDA ex-farm negotiated USDA nest-run, benchmark price for all categories of cage-free eggs was 57 cents per dozen. The January 2026 value was 63 cents per dozen. The corresponding February 2024 and 2025 values were respectively 266 and 916 cents per dozen.

o 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 during the 1 ^st quarter of 2025 and low values during December 2025 and 2026 to date. The magnitude of price fluctuation is inconsistent with relatively small changes in production as flocks are replaced or changes in demand.

o 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 situation is a departure from losses involving a few very large complexes evident in the wave of cases during early fall months. This said in January 2.8 million hens were depopulated among a few large farms followed by the depopulation of 9.5 million hens mainly in Pennsylvania and North Carolina during February.

o February 2026 USDA average nest-run production cost for conventional eggs from caged flocks over four regions (excluding SW and West), applying updated inputs was 76.8 cents per dozen, up 1.3 cents from January 2026 at 75.5 cents per dozen, influenced by feed cost. The February average nest run production cost for other than caged and certified organic hens was estimated by the EIC to be 96.7 cents per dozen up 0.7 cents per dozen from the previous month. 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.

o February 2026 USDA benchmark nest-run margin for conventional eggs attained a negative value of 4.8 cents per dozen compared to a negative margin of 27.2 cents per dozen in January 2026. The two-month 2026 cumulative average monthly margin was a negative 10 cents per dozen. For 2025 the average monthly nest-run production margin 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.

o February 2026 USDA benchmark nest-run margin for all categories of cage-free eggs was a negative 38.1 cents per dozen compared to a negative margin of 33.0 cents per dozen in January 2026. The two-month 2026 cumulative average monthly margin was a negative 35.6 cents per dozen. For 2025 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, a year with a relatively low incidence rate of HPAI compared to the preceding and following years.

o The January 2026 national flock (over 30,000 hens per farm) was estimated by the USDA to be up by 2.7 million hens (rounded, and a probable undercount) to 296.5 million compared to 293.8 in December. There were approximately 326 million hens before the advent of the H5N1 epornitic in 2022. Approximately 3.5 million hens returned to production from molt during the month together with projected maturation of 26 million pullets, with the total offset by depletion of an unknown number of spent hens. On March 4 ^th USDA estimated the total U.S table-egg production flock to be 304.9 million with 297.0 million hens actually in production.

o January 2026 pullet chick hatch of 26.7 million was up 0.4 million, (1.5 percent) from the previous month, inconsistent with an increased industry need to replace depopulated flocks.

o December 2025 export data is reviewed in a companion article in this edition. In December 2025 exports of shell-eggs and products combined were down 17.1 percent from November 2025 to 405,000 case equivalents representing the theoretical production of 6.0 million hens. Shell egg exports were up 19.1 percent from November totaling 94,000 cases. Exports were dominated by Canada (51 percent of volume) and the “Rest of Americas” including the Caribbean (43 percent) for a total of 94 percent. With respect to 311,000 case-equivalents of egg products, down 24.5 percent from the prior month, importers comprised the E.U (53 percent of volume), Japan, (14 percent), Canada (8 percent), “Rest of Americas (6 percent), Mexico, (6 percent) and S. Korea (4 percent), collectively representing 89 percent of shipments. Volumes exported are based on the needs of importers, competing suppliers, availability in the U.S. and FOB prices offered.

o For 2025 through November the positive trade balance in all shell and derived egg products attained 6.8 million dozen shell equivalents.

TABLES SHOWING KEY PARAMETERS FOR FEBRUARY 2026.

Summary tables for the latest USDA February 2026 costs and unit prices were made available by the EIC on March 9 ^h 2025. Data is arranged, summarized, tabulated and compared with values from the previous February10 ^th 2026 release reflecting January 2026 costs and production data, as revised and applicable. Monthly comparisons of production data and costs are based on revised USDA and EIC releases.

VOLUMES OF PRODUCTION REFLECTING THE ENTIRE INDUSTRY

*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 297 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 relating to sizes of Company flocks

1. Values rounded to 0.1%

2. MO, 4.7%; MI, 4.7%; GA,3.3%; & NE, 2.8%

Rate of Lay, weighted hen-month (USDA)82.1% December 2025. 82.1% January 2026

*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 FEBRUARY 2026:

EGGS BROKEN UNDER FSIS INSPECTION (MILLION CASES)December 2025, 6.41 January 2026, 6.82

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

*Representing 1.9 percent of volume of National production in December 2025 comprising 35% shell, 75% products.

COSTS AND UNIT REVENUE VALUES ¹ 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 February 2026:-

72.0 cents per dozen¹- 76.8 cents per dozen = -4.8 cents per dozen(January 2026 comparison: 49.0 cents per dozen – 76.2 cents per dozen = 27.2 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 February 2026:-

Cage-Free brown 57.0 cents per dozen¹- 96.7 cents per dozen = -38.1 cents per dozen

January 2026:-63.0 cents perdozen¹- 96.0 cents per dozen = -33.0 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 $0.50 to $0.70 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.