Wholesale egg prices may soon drop to $1 for first time since 2021

cnbc.com:

Wholesale egg prices are poised to fall to $1 a dozen in coming weeks — the lowest level in almost two years — as prices undergo a dramatic retreat from record highs over the winter.

Wholesale prices — which retailers like grocery stores pay to egg distributors — were at $1.22 a dozen as of April 26, according to Urner Barry, a market research firm. Its Midwest Large White Egg price benchmark is a widely cited barometer in the egg industry.

That's down from a record $5.46 in December and $3.54 around the Easter holiday, both seasonal periods of high consumer demand. In all, prices have decreased by 78% in about five months.

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They could soon dip below $1 a dozen if the trend holds, said Karyn Rispoli, who heads up egg market coverage at Urner Barry. It would be the first time since July 2021.

«It's been all down [since Easter],» Rispoli said of the wholesale price. «It's certainly been undergoing a very sharp correction.»

Egg prices were a standout in 2022, a year in which inflation was high for many consumer goods and services.

Egg supply was crimped by a historic outbreak of bird flu in the U.S., which killed millions of egg-laying hens. The impact of that supply reduction was exacerbated by the winter holidays, when egg demand typically peaks each year.   

Now, there's been a reversal.

There haven't been new cases of bird flu detected at commercial egg farms since December, allowing egg supply to rebound, said Brian Moscogiuri, global trade strategist at Eggs Unlimited, a supplier. Meanwhile, consumer demand is