The Shifting Market for Corn in the United States - Visual Capitalist
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The Shifting Market for Corn in the United States

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The Shifting Market for Corn in the United States

The Shifting Market for Corn in the United States

By all accounts, the corn industry is shifting in the United States. Commodity investors would be wise to lend an ear.

Two main drivers have made the biggest impact: ethanol subsidies and a movement to genetically modified strains of the seed. Ethanol subsidies have largely contributed to a skyrocketing price. Another big change over the last fifteen years is that corn has moved from being 25% non-genetically engineered to about 90%.

While the last year of data is not represented here, it would be interesting to see the impact that the oil price collapse has had on corn producers. It may not be fully represented, as the government has a strong mandate on biofuel and provides big subsidies to the sector.

Original graphic from: Flapjack Media

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Agriculture

Charted: U.S. Egg Prices More Than Double in 2022

This chart shows the increase in the national average price of a dozen Grade A eggs in the U.S. in 2022.

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This chart shows the increase in the national average price of a dozen grade-A eggs in the U.S. in 2022.

Charted: U.S. Egg Prices Double in 2022

Eggs are a staple food for many countries around the world, and the U.S. is no exception. Americans eat between 250‒280 eggs a year on average.

Eggs are also easy to cook, protein-dense and supply many daily vitamins needed for healthy living, making them a popular meal or ingredient. So when egg prices rise, people notice.

MetalytIQ charted the rapid rise of egg prices in the U.S. during 2022, using data from the U.S. Bureau of Labor and Statistics (BLS).

Eggs-asperating Prices

Over the course of 12 months, the national average price for a dozen large Grade A eggs more than doubled, to $4.25 in December from $1.93 in January.

Egg Prices Per Month (2022)Price per dozen
January$1.30
February$2.10
March$2.50
April$2.52
May$2.86
June$2.71
July$2.94
August$3.12
September$2.90
October$3.42
November$3.59
December$4.25

The biggest culprit has been an avian flu outbreak that resulted in 43 million chickens culled to prevent the spread of the disease.

This led to a severe shortfall in egg supply. Egg inventories in December had fallen by one-third compared to January. Combined with increasing demand during the holiday season, prices skyrocketed and empty shelves became apparent in some states.

This is not the first time avian flu has disrupted the industry.. In 2015, a similar outbreak pushed egg prices up 40% in nine months, reaching a high of $2.97 per dozen eggs in September 2015.

Will Egg Prices Drop in 2023?

Avian flu isn’t the only storm the egg industry has been facing in 2022.

The prices of soybean and corn—the main components of bird feed—account for half of the cost of eggs. They’ve been heavily affected by the war in Ukraine, which has driven grain prices higher.

In the near-term, egg prices are expected to remain high. Containing the avian flu outbreak will remain the biggest factor in determining the prices, but as suppliers increase production, prices may cool off a little in 2023.

Eggs and dairy make up nearly 10% of the average person’s daily calorie intake. Check out the rest of our dietary make-up in Visualizing a Rapidly Changing Global Diet.
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