Cal-Maine Shares Fall, CPI Shows Egg Prices Spiked Again In June

Shares of the biggest U.S. egg producer Cal-Maine Foods Inc. fell 1.5% in early trade Wednesday, after government data showed egg prices spiked again in June. Egg prices rose 18.2% in June from May, after climbing 43% in May from April. Egg prices have surged following a major outbreak of avian influenza in a number of states that have led to major culling of flocks. In the quarter ended May, Cal-Maine showed that it was not really benefiting from higher egg prices, missing on profit and revenue. Among poultry producers, Pilgrim's Pride shares fell 1.7%. Hormel Foods shares rose 0.9%, after the company posted better-than-expected earnings for the July quarter and raised its outlook. The company said operating profit at its Jennie-O Turkey division tumbled 45% as volume fell 16% and dollar sales were down 12%, weighed down by flocks lost to the flu outbreak.