Remember when egg prices skyrocketed and providers blamed it on inflation, higher transportation costs, a sudden drop in production, and some sort of avian flu?
Yeah, we all remember that, right?
However, the largest U.S. producer, Cal-Maine Foods, more than doubled its revenue last quarter to nearly a billion dollars due to sharply higher egg prices — and profits increased by 718 percent. And production was not affected. According to CNN, Cal-Maine, which controls about 20% of the domestic egg market, said the total number of eggs it sold increased by 1%.
In the quarter ending February 25, the average selling price for a dozen eggs was $3.30, according to the company. That’s more than double what a dozen cost a year ago, when the average price was $1.61, according to Cal-Maine. According to CNN, net income increased to $323.2 million from $39.5 million the previous year.
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In January, the price of a dozen eggs surpassed the price of a pound of beef for the first time since the Bureau of Labor Statistics (BLS) began collecting data in 1980. According to the BLS, a dozen large Grade A eggs cost $4.82 on average in January 2023, while a pound of ground beef cost $4.64.
Eggs were $1.93 in January 2022 and beef was $4.77, but egg prices have risen by 70% in the last year alone, according to the bureau.
According to Farm Action, a farmer-led advocacy group, the “true culprit” behind sky-high prices is a “collusive scheme” among top U.S. egg producers to fix prices in order to gouge consumers. Farm Action claimed in a January letter to the Federal Trade Commission (FTC) that the alleged collusion enabled egg producers to “extract egregious profits reaching as high as 40%.”
The letter said avian flu is not to blame. “Examining publicly-available financial data from the egg industry, the letter determines that the supply disruption caused by the avian flu outbreak had an ‘apparently mild impact on the industry,’” the group said in a press release.
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The group also claimed that egg producers are making a killing. “Cal-Maine reported a ten-fold year-over-year increase in gross profits — from $50.392 million to $535.339 million — and a five-fold increase in gross margins for the 26 weeks ending on November 26, 2022,” the letter said.
Some lawmakers have criticized the pricing of egg producers, accusing them of price gouging.
“American families working to put food on the table deserve to know whether the increased prices they are paying for eggs represent a legitimate response to reduced supply or out-of-control corporate greed,” said a letter sent by Sen. Elizabeth Warren (D-MA) and Rep. Katie Porter (D-CA) to Cal-Maine and other large egg producers last month.
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