(Bloomberg) -- Wholesale egg prices rose to a record as U.S. grocers boosted orders by as much as six times normal volumes, eroding inventories that producers were building for Easter sales.
Consumers are purchasing staples including milk and eggs in droves on a national scale and for a longer period than in surges before a major snowstorm, said Brian Moscogiuri, who tracks the egg markets for commodity researcher Urner Barry in Toms River, New Jersey.
Wholesale large eggs in the Midwest cost $3.09 a dozen, according to Urner Barry prices, the benchmark for the industry, up 180% since the beginning of March.
The market may be peaking as stores ration sales, and eggs normally used in processing shift to retail markets, Moscogiuri said in an email.
