Earnings sensitivity to fluctuations in egg prices and feed prices

「The average egg price for the fiscal year was ¥332.19 per kg for size-M eggs in Hokkaido, up ¥67.54 year on year, and ¥327.53 per kg in Tokyo, up ¥68.54.」

「昨シーズン（2024年秋～2025年春）、今シーズン（2025年秋～2026年春）２年連続で高病原性鳥インフルエンザの感染 が拡大したため、当事業年度の鶏卵相場は一年を通じて堅調に推移しました。この結果当事業年度平均鶏卵相場は、北海道Ｍサイズが１キロ332円19銭と前年比67円54銭高、東京Ｍサイズは１キロ327円53銭と前年比68円54銭高となりました。」

「Egg prices remained relatively high through the end of September despite progress in restocking the 8.4 million laying hens culled because of avian influenza by February this year, as the extreme heat from July reduced both laying rates and egg weights. As a result, during the interim accounting period (1 April 2025 to 30 September 2025), the average price for size-M eggs in Hokkaido was ¥327.52 per kg, up ¥100.70 year on year, while the Tokyo average was ¥328.78 per kg, up ¥112.79. Feed prices, which account for 60% of egg production costs, were reduced in both the first and second quarters as prices for corn and soybean meal, the principal ingredients, declined. Accordingly, effective costs were also below the same period of the previous year.」

「The average egg price for the fiscal year was ¥264.65 per kg for size-M eggs in Hokkaido, down ¥31.01 year on year, and ¥258.99 per kg in Tokyo, down ¥17.50.」

「Feed, which accounts for 60% of egg production costs, was reduced in price in the first quarter as prices for its main ingredients, corn and soybean meal, declined. In the second quarter, however, prices rose sharply because of the weaker yen, and effective costs were higher than in the same period of the previous year as compensation from the Feed Price Stabilisation Fund had ended.」

「Egg prices remained depressed through July as the restocking of nearly 17 million laying hens culled because of avian influenza, which had spread from the autumn of the year before last, restored supply capacity, while the recovery in demand for commercial use was delayed. As the number of chicks placed decreased nationwide and the laying rate also fell because of the summer heat, prices entered an uptrend from August. As a result, during the interim accounting period (1 April 2024 to 30 September 2024), the average price for size-M eggs in Hokkaido was ¥226.82 per kg, down ¥122.76 year on year, while the Tokyo average was ¥215.99 per kg, down ¥109.57.」

「Egg prices remained relatively high through last autumn under the impact of the factors described above, but entered a declining phase from autumn onward as restocking of laying hens progressed. The average egg price for the fiscal year was ¥295.66 per kg for size-M eggs in Hokkaido, up ¥15.46 year on year, and ¥276.49 per kg in Tokyo, up ¥25.75.」

「In the egg industry, the restocking of as many as 17 million laying hens culled following an outbreak of highly pathogenic avian influenza last season progressed, restoring egg supply capacity. Meanwhile, the recovery in demand for eggs for commercial and processing use was delayed, and a strong sense of oversupply emerged, particularly in Honshu. Egg prices entered a declining phase from October last year. As a result, during the nine-month period ended 31 December 2023 (1 April 2023 to 31 December 2023), the average price for size-M eggs in Hokkaido was ¥326.71 per kg, up ¥60.87 year on year, while the Tokyo average was ¥304.12 per kg, up ¥75.31.」

「Egg prices remained high nationwide through mid-June this year, as nearly 17 million laying hens were culled because of avian influenza, which had spread from last autumn. From the end of June, egg supply recovered as the restocking of culled laying hens progressed, and prices entered a declining phase.」

「Egg prices remained high as the culling of nearly 17 million laying hens following outbreaks of avian influenza across Japan from last autumn through April this year reduced supply. As a result, during the first quarter (1 April 2023 to 30 June 2023), the average price for size-M eggs in Hokkaido was ¥364.33 per kg, up ¥117.67 year on year, while the Tokyo average was ¥349.62 per kg, up ¥135.46.」

「In the egg industry, avian influenza, first confirmed at a poultry farm in Okayama in October 2022, spread nationwide, resulting in the culling of more than 10 million laying hens. Combined with a decline in the number of chicks placed due to soaring feed prices, this tightened egg supply and demand, and prices entered a sharp uptrend from October that continued through year-end.」

「Egg prices in Honshu, which had remained weak since the second half of last year, finally entered an uptrend from September as the number of laying hens was adjusted against a backdrop of soaring feed prices. In Hokkaido, prices remained firm from April through the end of September. As a result, during the six-month period ended 30 September 2022, the average Hokkaido price for M-size eggs was ¥252 per kg, up ¥8.22 year on year, while the average Tokyo price was ¥212.34 per kg, down ¥26.22. Feed prices, which account for 60% of egg production costs, rose by more than ¥11,000 per ton during the second quarter due to persistently high corn prices and the weaker yen, marking the third consecutive quarter of increases.」

「Egg prices in Honshu remained weak as laying hens culled following the nationwide spread of avian influenza from the end of 2020 were gradually reintroduced. In Hokkaido, however, prices rose after avian influenza was confirmed in Shiraoi in April and 520,000 laying hens were culled. As a result, during the three-month period ended 30 June 2022, the average Hokkaido price for M-size eggs was ¥246.67 per kg, down ¥6.59 year on year, while the average Tokyo price was ¥214.16 per kg, down ¥38.87. Feed prices, which account for 60% of egg production costs, rose by more than ¥4,000 per ton during the first quarter, as the surge in Chicago corn prices following Russia's invasion of Ukraine was compounded by the weaker yen.」

「In the egg industry, commercial and processed egg demand remained sluggish due to COVID-19, and egg prices consequently followed an almost continuous downtrend from July last year through January this year. From February, prices reversed and began to rise as production adjustments progressed due to high feed prices and low egg prices, and as laying hens were culled following the spread of avian influenza for the second consecutive year in Japan.」

「The reintroduction of nearly 10 million laying hens culled following the nationwide spread of avian influenza from November 2020 increased the number of hens in production. Combined with persistently weak commercial and processed egg demand, this caused prices to enter a downtrend from October, and egg prices had not risen even by December year-end.」

「In the egg industry, commercial egg demand fell sharply due to COVID-19, while household demand remained firm. In addition, the spread of avian influenza domestically since autumn last year led to the culling of nearly 10 million laying hens, reducing domestic egg supply capacity. As a result, during the six-month period ended 30 September 2021, the average Hokkaido price for M-size eggs was ¥243.78 per kg, up ¥79.81 year on year, while the average Tokyo price was ¥238.56 per kg, up ¥75.32.」

「In the egg industry, although commercial egg demand remained sluggish due to COVID-19, prices turned higher from February this year as egg supply capacity declined following the culling of more than 9 million laying hens due to the spread of avian influenza last November, and have remained high. During the three-month period ended 30 June 2021, the average Hokkaido price for M-size eggs was ¥253.25 per kg, up ¥75.13 year on year, while the average Tokyo price was ¥253.03 per kg, up ¥76.59.」

「The egg industry was also affected by COVID-19, with commercial and processed egg demand, which accounts for half of total egg demand, falling sharply. As a result, egg prices remained below the prior-year levels through February this year.」

「In the egg industry, demand for commercial and processed eggs, which accounts for half of total egg demand, fell sharply due to the impact of COVID-19. As a result, during the nine-month period ended 31 December 2020, the average Hokkaido price for M-size eggs was ¥165.20 per kg, down ¥13.84 from the prior-year quarter, while the average Tokyo price was ¥165.70 per kg, down ¥15.21. Meanwhile, compound feed prices, which account for half of egg production costs, rose by more than ¥1,000 per ton from October last year, mainly due to soaring corn and soybean meal prices, the primary raw materials.」

「In the egg industry, prices remained below the prior-year quarter levels due to the impact of COVID-19. During the six-month period ended 30 September 2020, the average Hokkaido price for M-size eggs was ¥163.97 per kg, down ¥1.68 from the same quarter of the previous year, while the average Tokyo price was ¥163.24 per kg, up ¥0.17.」

「In the egg industry, prices had been rising from the beginning of the year through early April due to a decline in the number of chicks placed from the second half of last year, but turned sharply lower from mid-April as the infectious disease spread. During the three-month period ended 30 June 2020, the average Hokkaido price for M-size eggs was ¥178.12 per kg, up ¥10.51 year on year, while the average Tokyo price was ¥176.44 per kg, up ¥10.12.」

「In the first half of the consolidated fiscal year, egg prices remained below the previous consolidated fiscal year's levels as increased egg production continued from the prior year. In the second half, prices finally reversed as production declined and remained above the prior-year levels through April this year. However, prices plunged from April onward due to the impact of the novel coronavirus disease, falling below the prior-year levels in May.」

「Although egg prices had continued to underperform the prior-year levels due to increased nationwide production, the trend changed as the number of chicks placed decreased from February 2019 and the market was affected by Typhoon Faxai in September. During the nine-month period ended 31 December 2019, the average Hokkaido price for M-size eggs was ¥179.04 per kg, down ¥2.58 from the same period of the previous year, while the average Tokyo price was ¥180.91 per kg, up ¥1.48.」

「In the egg industry, prices remained below the prior-year levels due to increased nationwide production. During the six-month period ended 30 September 2019, the average Hokkaido price for M-size eggs was ¥165.65 per kg, down ¥10.21 from the same period of the previous year, while the average Tokyo price was ¥163.07 per kg, down ¥10.01.」

「Egg prices continued to remain below the prior-year levels due to increased nationwide production. During the three-month period ended 30 June 2019, the average Hokkaido price for M-size eggs was ¥167.61 per kg, down ¥7.05 from the same period of the previous year, while the average Tokyo price was ¥166.32 per kg, down ¥3.42.」

「In the egg industry, prices continued to remain below the prior-year levels due to increased nationwide production. For the consolidated fiscal year, the average Hokkaido price for M-size eggs was ¥173.51 per kg, down ¥29.10 from the same period of the previous year, while the average Tokyo price was ¥171.43 per kg, down ¥30.84.」

「In the egg industry, prices continued to remain below the prior-year levels due to increased nationwide production. During the nine-month period ended 31 December 2018, the average Hokkaido price for M-size eggs was ¥181.63 per kg, down ¥29.08 from the same period of the previous year, while the average Tokyo price was ¥179.43 per kg, down ¥29.25.」

「During the six-month period ended 30 September 2018, the average Hokkaido price for M-size eggs was ¥175.86 per kg, down ¥28.02 from the same period of the previous year, while the average Tokyo price was ¥173.08 per kg, down ¥27.74.」

「In the egg industry, prices have remained below the prior-year levels since around autumn last year. During the three-month period ended 30 June 2018, the average Hokkaido price for M-size eggs was ¥174.66 per kg, down ¥41.81 from the same period of the previous year, while the average Tokyo price was ¥169.74 per kg, down ¥43.31.」

「The average Hokkaido price for M-size eggs was ¥200.01 per kg, down ¥5.83 from the same period of the previous year, while the average Tokyo price was ¥202.25 per kg, down ¥8.99.」

「During the three-month period ended 30 November 2017, the average Hokkaido price for M-size eggs was ¥211.70 per kg, up ¥10.70 year on year, while the average Tokyo price was ¥210.74 per kg, down ¥0.61.」

「The average Hokkaido price for M-size eggs was ¥206.02 per kg, down ¥9.81 year on year, while the average Tokyo price was ¥207.51 per kg, down ¥8.30. Feed prices were approximately 6% lower per ton year on year.」

「Egg prices have followed a more stable trend than during the period of high prices over the previous 2 years. During the nine-month period ended 31 May 2017, the average Hokkaido price for M-size eggs was ¥209.79 per kg, down ¥15.36 year on year, while the average Tokyo price was ¥213.43 per kg, down ¥11.97.」

「In the egg industry, prices have followed a more stable trend since around spring last year than during the period of high prices over the previous 2 years. During the six-month period ended 28 February 2017, the average Hokkaido price for M-size eggs was ¥204.32 per kg, down ¥23.95 year on year, while the average Tokyo price was ¥210.28 per kg, down ¥22.21.」

「Since around spring, egg prices have followed a more stable trend than during the period of high prices over the previous 2 years. During the three-month period ended 30 November 2016, the average Hokkaido price for M-size eggs was ¥201.00 per kg, down ¥40.96 year on year, while the average Tokyo price was ¥211.35 per kg, down ¥38.30.」

「The average Hokkaido price for M-size eggs was ¥215.83 per kg, down ¥1.15 year on year, while the average Tokyo price was ¥215.81 per kg, down ¥8.62. Feed prices were approximately 7% lower year on year, partly due to lower prices for corn and soybean meal, the raw materials.」

「During the nine-month period ended 31 May 2016, the average Hokkaido price for M-size eggs was ¥225.15 per kg, up ¥8.34 year on year, while the average Tokyo price was ¥225.40 per kg, down ¥1.12. Feed prices were approximately 7% lower year on year, due to declines in the prices of corn and soybean meal, the raw materials.」