Egg prices jump 10% again due to hoarding

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New Delhi: Egg prices in retail markets which rose by almost 30% by middle of November has further spiked by another 10% in less than fortnight and this time the trigger is large-scale hoarding by traders and small businesses, coupled with spike in feed meal prices.

High demand because of increased consumption during winter in northern India is also pushing up prices, sources said.

Retail egg prices in Delhi and other major cities are quoting at around Rs 48 per dozen, up from Rs 43 per dozen prevailing during the first week of this month. Traders said in though egg prices in the wholesale markets have somewhat cooled off in the last few weeks, but at the retail level, there has been spike “With rise in demand, traders are definitely holding on to some stocks which is leading to rise in prices,” a Gurgaon-based farmer told FE.

Retail price of egg in Delhi and other major cities were on Monday quoting at around Rs 48 – Rs 50 per dozen, up from Rs 43 – Rs 44 per dozen prevailing during the first week of this month. At the wholesale level, prices in Delhi and Hyderabad were almost the same at around Rs 2.8 per piece. Wholesale prices were highest in Mumbai and Kolkata at around Rs 3.4 and Rs 3.6 per piece respectively.

Industry sources said that increase in prices of corn and soyameal prices (key poultry feed ingredients) is also pushing up the prices.

According to Poultry Federation of India (PFI), soymeal prices have risen by around Rs 1,800 per tonne in just a month, which has pushed up feed meal rates for poultry owners as soymeal constitutes and important part of the feedmeal mix. Soyameal rates have shot up because of low production in main growing states of Madhya Pradesh and Maharashtra .

According to ministry of agriculture data, the soybean production this year declined by around 10% to 8.5 million tonne, out of which livestock industry (poultry, dairy, aquaculture) needs about 3 million tonne. “There should be curb on export of soybean meal so that feed prices do not increase further,” Ricky Thapar, Spokesperson of PFI said.