Egg prices at the Xinfadi wholesale market in Beijing ended last week at 8.70 yuan per KG, down 10.3% compared to the week prior, but still up 44.55 year on year.
As noted in the June 1 daily note: “Although some farmers culled too many hens at the end of last year due to negative margins, most of the current rally seems to be based on bullish sentiment.”
Farmers had culled at the end of last year, it took several months for new layers to reach high output, and consumers were also rushing to buy...