On March 16^th 2026 the USDA Economic Research Service (ERS) issued actual values for egg production during 2024 with an updated projection for 2025 and a forecast for 2026. Production, consumption and prices were revised from the previous February 2026 report.

Projected egg production for 2025 was adjusted downward from 7,797 million dozen in 2024 by 3.8 percent to 7,497 million dozen due to progressive depletion of hen flocks as a result of HPAI. Heavy losses occurred during Q1 2025 with incident cases extending through December totaling 46 million hens for the year. The per capita consumption of shell eggs and liquids combined for 2025 will be 263.8 eggs, down 9.0 egg equivalents (-3.3 percent) from 2024. The projected average 2025 benchmark New York bulk unit price was raised 70.6 cents per dozen (23.3 percent) over 2024 to 373.7cents per dozen. On March 13^th the NYC price was 186 cents per dozen reflecting both increased supply and pre-Easter demand in that market up 45 percent in a week. Subsequent USDA projections will provide greater clarity on the recovery in consumption in an economy that is undergoing stable inflation in all food categories with the outstanding exception of lower prices for eggs compared to Q1 of 2025, even with retailers maintaining high margins and failing to pass on savings to consumers.

Restoration in flock size after HPAI depletion commenced in 2022 progressed at a net rate of approximately 1.0 million per week offset by losses due to depopulation. Placements were limited by the availability of pullet chicks and for some producers, by the rate of conversion to alternative housing systems. Restoration of the national flock was compromised by a resurgence of HPAI with 40 million layers depleted during 2024, 46 million in 2025 and 17 million year-to-date, but with replacement averaging 24 million pullets per month. Effective March 11^th the total national flock attained 305.0 million, approximately 21 million (-6.4 percent) below the pre-HPAI level. The productive flock was estimated by the USDA to be 297.0 million on March 11^th. All cage-free and organic flocks during February 2026 attained 146.7 million or 48.1 percent of the total. In their March report the Egg Industry Center projected an optimistic total flock of 322.0 million at the end of December 2026. Unpredictable factors affecting flock size and hence price will include consumer demand as influenced by recently lower shelf prices for generic eggs and the extent of possible losses during the spring and fall months of the current year.

Exports of both shell eggs and products at approximately 2.0 percent of total production over 2025 attained 131.1 million dozen shell-egg equivalents. This was offset by imports of 114.1 shell egg-equivalents. Exports did not materially affect the domestic price. The U.S. has once again become a net exporter of egg products and shell eggs amounting to 17.3 million shell-egg equivalents in 2025. Future export volume will be encouraged by low domestic prices and by the needs of importing nations but will be constrained by international competition and disease-related embargos.

The USDA forecast for 2026 includes production of 7,855 million dozen, up an optimistic 4.8 percent from 2025. Projected consumption will be 271.6 eggs per capita. This forecast presumes substantial control of HPAI and an adequate supply of replacement chicks and pullets. These are both speculative assumptions in the absence of approved vaccination in high-risk areas. The increase, if it were to become reality would depress the NY Large benchmark price to an average of $1.18 per dozen compared to the 2025 value of $3.74 per dozen for conventional Large white-shelled product in cartons.

Updated March 2026 USDA data is shown in the table below:-

*Data influenced by HPAI losses.

Source:   Livestock, Dairy and Poultry Outlook released March 16^th 2026

In a March 2^nd release, Warburg Pincus announced an investment of up to $1 billion in Global Eggs.  This company that produces eggs in the U.S., Latin America and in Europe is now valued at $8 billion.

Global Eggs was founded in 2018 by Ricardo Castellar de Faria in Matto Grosso State, Brazil and the enterprise now operates 50 farms with 45 million hens in production.  Operations include Hillandale Farms acquired in 2025, Granja Faria in Brazil and other South American nations and the Hevo Group in the EU.  Facilities are vertically integrated from feed through distribution of packaged eggs and products.

In commenting on the transaction, Faria stated, “In under a decade we have scaled Global Eggs to become the largest multinational producer and distributor of table eggs. Warburg Pincus Investment, support will accelerate our next chapter of growth in both new and existing markets.”  Faria concluded, “We have proven our ability to execute in the United States, South America and Europe and given the Warburg Pincus global reach, we believe they are the right partner to advance our long-term ambitions.”

Warburg Pincus Capital Solutions Founders’ Fund has over $4 billion invested.  The flexible mandate facilitates partnering with founders and existing shareholders to provide solutions through optimized balance sheets and growth.

Allison Ross will join the Board of Directors of Global Eggs.

This Edition of EGG-NEWS is sponsored by Lubing Systems LP. The Company, located in Tennessee, traces its roots back 75 years to the founding organization in Germany. Lubing is a leader in the design and manufacture of equipment and installations for  intensive livestock production and horticulture. Products for U.S. egg producers include egg conveyors, evaporative cooling and watering systems. The feature article for March describes water flushing components with an emphasis on the Optima E-flush automated installation. The range of Lubing products can be accessed on < lubingusa.com> 

Lubing Systems LP, the long established U.S. subsidiary of parent company Lubing Maschinenfabrik GmbH&Co.KG of Germany, offers upgraded automatic flush systems for floor, aviary and cage housing.

The benefits of flushing water systems at periodic intervals include: -

• A supply of clean water to flocks that contributes to intestinal health and enhanced flock performance by reducing mortality and assisting flocks to reach genetic potential.
• Preventing accumulation of biofilm within drinker lines.
• Enhanced flock response from administration of vaccines, medication and water-soluble supplements.
• The ability to eliminate chemical water treatment reducing production cost and benefiting the environment.
• Under high temperature conditions, periodic flushing reduces the temperature of water, and stimulates intake to promote natural heat loss by evaporation and maintaining hydration.
• Frequent flushing of water lines stimulates water intake especially during brooding as droplets accumulate on drinker nipples. Pullet weight is improved through the growing period.

Lubing offers water regulators that allow manual initiation of flushing. Automatic systems are also available, designed for cage and aviary housing, floor housed flocks and multiple-house complexes.  The Lubing Optima E-Flush system is compatible with pullets, layers and breeders and can be supplied as an original installation or a retrofit to existing Lubing installations.

Components of the Lubing Flush System include: -

• The Lubing Touch Control LCW that can operate up to ten lines.  The system is programmable using a touch screen. Extension boxes are available that each operate eight drinker lines.
• A Lubing Optima E-Flush valve incorporated into the pressure regulator.  The Optima E-Flush Regulator is a drop-in replacement for the Optima Regulator and is compatible with all Lubing connectors, piping and accessories.
• An actuator that opens and closes the valve in the pressure regulator.
• The Flush Breather unit comprising a clear flexible standpipe with float ball and attachments for a drain kit.
• An optional temperature kit is available that activates the flush cycle at a preset water temperature.

The E-Flush Regulator allows manual flushing.  To save labor, the E-Flush Regulator equipped with an optional solenoid permits automatic flushing of drinker lines with the compatible LCW Touch Control.

For new installations with clean water lines, Lubing offers an ultrasonic cleaning module.  This option prevents the accumulation of biofilm.  The ultrasonic transducer is mounted in the incoming water line.  The transducer generates high frequency sound waves that generate a stream of bubbles. Resulting cavitation dislodges mineral and biologic deposits on the interior surface of water lines.  The system is both efficient and environmentally friendly since it obviates addition of chemicals.  The Lubing transducer can effectively operate up t0 1,000 feet of piping.

Lubing offers a slope reducer that adjusts water pressure along the drinking line in buildings with a gradient.  Slope reducers are available to compensate for 4 to 18 inches along lines.

Lubing offers a complete range of components to install and maintain watering systems for pullets, layers, turkeys, broilers and breeders.  Technical specialists can design installations and provide consultation. After-sales service is available from a dedicated team.

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.

According to Dr. Christine Middlemiss, Chief Veterinary Officer for the UK, a trial will be initiated to evaluate commercially available vaccines administered to turkeys under field conditions.  Concurrently, the Department of the Environment, Food and Rural Affairs (DEFRA) (analogous to the USDA) will evaluate surveillance, and other control measures.  The vaccine trial will also serve as a measure of the resistance imposed by importing nations to a controlled vaccination program carried out in accordance with the World Organization of Animal Health recommendations. 

Dr. Middlemiss stated, “This targeted trial is going to be really key for our understanding of how HPAI vaccines can be effectively used for disease control in the U.K.”  She added, “Vaccines have the potential to be a really valuable additional tool in helping us protect birds from infection.”

The UK trial that will be implemented over a six-month period, follows similar successful testing of vaccination against HPAI in the Netherlands and extensive administration of vaccines for ducks in France.

Unlike segments of the U.S. poultry industry, the British Poultry Council is enthusiastically supporting the UK initiative.

The volume of exports of shell eggs and products is conditioned by the domestic needs of importers, price against competitors and regulatory disease and logistic restraints. Imports into the U.S. are determined by domestic needs with reduced supply due to flock depopulation as the principal driving factor during the first nine months of 2025 and extending into 2026.

USAPEEC data reflecting volume of exports for shell eggs and egg products are shown in the table below comparing 2024 with 2025:-

                           U.S. EXPORTS OF SHELL EGG AND EGG PRODUCTS DURING

                                                  2025 COMPARED WITH 2024

*The data published by USDA for shell eggs are slightly different from USAPEEC figures included in this table.

Over 2025 Canada was the export destination of 67.9 percent of U.S. shell eggs followed by the Caribbean at 20.9 percent. For egg products the four major importers collectively comprised 79.8 percent of volume with the relative proportions represented by Japan (29.1%); EU, (15.6%); Mexico, (16.1%) and Canada, (12.5%),  

According to the USDA Egg Markets Overview, February 20^th, shell eggs exported during 2025 attained 55.1 million dozen. This represents the average production of a constant 2.3 million hens or 0.8 percent of the current population of producing hens. All egg products including liquid and dried, attained 76.0 million dozen shell equivalents for a total of 131.0 million dozen shell equivalents over 2025. Imports over the same period comprised 72.5 million dozen shell eggs for breaking and 41.4 million dozen shell egg equivalents over all product forms for a total of 113.9 million dozen shell equivalents

Net positive trade was therefore 17.2 million dozen shell equivalents

The trade situation during 2026 will be influenced by the needs of importers as influenced by HPAI, an erratic tariff situation, landed price and availability. Since supply has increased in volume with a sharp decrease in domestic price, imports will be curtailed with an expectation of higher exports consistent with a more competitive situation.