Egg prices were down 26 cents per dozen at the end of September, compared to the previous year, and things are not expected to get much better.
That was the grim assessment made by Land O'Lakes officials in their quarterly report, filed earlier this month with the Securities and Exchange Commission. Prices were at 95 cents per dozen on the average on Sept. 30, 2004, and only 69 cents now, the report said. Moark, of course, is the egg division of Land O'Lakes.
"We believe that egg market prices will marginally improve in the fourth quarter due to an increase in demand due to the holidays, but continue to be weak due to excess
capacity in the industry."
Incidentally, losses for Moark for the third quarter were $1.9 million, compared to $1.6 million during the third quarter of 2004, according to the report. "At September 30, 2005, $61.1 million of our long-term debt was attributable to MoArk," the report said.
And this is a company that just had to push through its expansion in Neosho?