Egg Prices Are Cheaper Than They've Been in a Decade
It's time to get your breakfast on. Bloomberg reports that egg supplies in the U.S. have spiked so much that egg costs are at an impressive low—the "lowest for this time of year in at least a decade." Because there are just so many darn eggs out there, the government predicts that it will take us a while to eat through them--so much so that egg costs will reportedly drop more than any other food group this year. Just two years ago, the 2015 avian flu outbreak led to millions of birds being destroyed by farmers, and the cost of eggs went through the roof; farmers jumped to capitalize on profits by expanding their flocks, but it didn't take long for them to reach public demand.
"The market was temporarily starved for eggs, and now it's drowning," Tom Elam, president of consulting firm FarmEcon LLC, told Bloomberg. "There's just too many eggs out there."
That’s right, folks. We’re drowning in eggs. And we're set to hit another egg record beyond a decade, Bloomberg reports:
“Total egg supplies in the U.S. will climb 1.3 percent in 2017 to 8.829 billion dozen, the government said in a June 9 report. That’s the highest in data going back to 1992. Output is projected to rise again next year, with total supplies forecast at 8.957 billion dozen, the USDA estimates.”
Don't worry, though: Our economy isn't being fried and thrown on a sandwich. Adolphus Baker, chief executive officer of the Cal-Maine Foods Inc. (the nation's largest egg company) said in a recent presentation that the egg industry "historically" has had "many boom-and-bust cycles with periods of overproduction disrupting the supply-demand balance,” according to Bloomberg. Time to cook up all the eggs, guilt free.