Egg-flation Sends Down Shares of Top U.S. Producer Cal-Maine Foods
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Egg prices are rising and more food inflation could be forthcoming amid continuing supply chain volatility in 2022, according to Cal-Maine Foods Inc., the biggest U.S. producer.
The company, which accounts for about a fifth of the U.S. market, said egg prices in its fiscal second quarter rose 12% from the previous year amid a recovering food service sector and supply-chain issues. Unfavorable crop weather also made corn and soy feed for chickens more expensive. Cal-Maine earnings, reported Tuesday after market close, missed analysts’ expectations, sending shares down the most in over a year.