Are egg producers inflating prices during the bird flu outbreak to boost profits?
Are egg producers inflating prices during the bird flu outbreak to boost profits?
Egg producers blame the ongoing bird flu outbreak for driving prices up to record highs. But some believe giant companies are taking advantage of their market dominance to profit handsomely at the expense of egg buyers.
Summary
Egg producers blame the bird flu outbreak for record-high prices, but critics argue dominant companies are exploiting supply shortages to boost profits.
With over 166 million birds culled and egg layers significantly reduced, prices surged from under $2 to nearly $5 per dozen.
Egg supply is down only 4% from last year, yet profits have surged. Cal-Maine Foods, supplying 20% of U.S. eggs, reported a $219 million profit in the last quarter, compared to just $1.2 million before the outbreak, a 18,150% increase.
Lawmakers and advocacy groups are calling for a government investigation into potential monopolistic practices.
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I BOUGHT my eggs from small local farmers but they have been charging market prices. I asked a few of them why. One said if he didn't that people would swoop in and buy all his inventory and likely resell it. Another, who ALSO has not been affected by bird flu said it is an investment for IF he loses his flock. So now I don't buy eggs and have not been to a breakfast diner in about a year. I have actually ceased from eating out completely and purchase my food mostly from local farms and cut out meat. My cholesterol, sugar and BP have all greatly improved. Who knew, less is more. I am still annoyed that local farmers are keeping up with the market. The local Amish sold "pun'kins" to Walmart at .50 a piece which Walmart then sold for up to $8. At the Amish stand, they were selling them for $8.
What's a "pun'kin"?
I'm guessing it's a quantity of eggs, but Google isn't helping.
A pumpkin.