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Eggheads is the go-to podcast for egg industry professionals who are interested in leadership and innovation in the egg world. Host Greg Schonefeld explores the evolving world of modern egg farming, from the latest in cage-free innovations and organic certifications to navigating the economics of large-scale production. Whether you're an egg producer, supplier, or involved in poultry genetics, this show provides the insights and expert discussions you need to thrive in the industry. Crack open the science, strategies, and stories behind the egg industry’s biggest challenges and opportunities.
Brian Moscogiuri:
It's really hard to have multiple producers reach out to you asking, we need help moving these eggs and kind of giving them the reality of you're my fifth or sixth call today and ultimately the price is next to nothing.
Greg Schonefeld:
I'm Greg Schonefeld and this is Eggheads. It feels like just yesterday HPAI was hitting the industry hard and prices were sitting at historic highs. Well, what a difference a year makes. Egg prices are now hitting historic lows and while that may be great for consumers looking for a cheap source of protein, it has a lot of US producers feeling the squeeze and joining us today to talk about it is a longtime friend of the show and someone who understands the dynamics of egg markets better than anybody.
Brian Moscogiuri:
There's been some real old timers that have been in it a lot longer than me and I remember some of them telling me, "Kid, we've seen it all. Just listen to whatever we say. We've already seen it all. " And I know they've learned a lot even over the last 15 years.
Greg Schonefeld:
That's Brian Moscogiuri, formerly of Urner Barry and Eggs Unlimited, who recently launched a new venture called KHM Trading.
Brian Moscogiuri:
We're a commercial wholesale broker of shell eggs and egg products. We move eggs across the United States and internationally, provide a little bit of market intelligence obviously to our customers and to our suppliers and we help both of them manage their longs and shorts and take advantage of market opportunities and help them see a clearer picture.
Greg Schonefeld:
In a market as confusing as this one, I think we could all benefit from a little bit of clarity. So today, Brian sheds a little bit of light on what feels like the perfect storm of factors driving prices down. What, if anything, can be done to weather the storm and when we might start to see prices bounce back?
Egg prices have gone from record highs a year ago to what you've described as inflation adjusted record lows in just a year. So how did we get here so fast, Brian?
Brian Moscogiuri:
Yeah, I mean, there's an old adage in the egg industry, "Nothing kills high prices like high prices," and I think ultimately that's what's played out. I mean, we've seen record highs throughout the last three years as AI has run rampant through the US egg laying production complex. I mean, we've had I think six or seven different outbreaks during the seasonal migratory periods in the spring and in the fall over the last three and a half years. And we've seen resulting supply shocks due to bird losses and ultimately those record prices that you mentioned. And now we're seeing the tail end of dealing with these high prices for so long, which it's a combination of different things, export opportunities being shut down. We've had some imported product coming in over the last few years. We've had changes in the way retailers will promote eggs and how they base their costs on eggs. We've had a big influx of backyard flocks. People saw elevated costs at the grocery stores, shortages on the shelves and they put backyard flocks in. So that adjusts the amount of eggs that are flowing through retail channels.
And then on the egg product side with high input costs, people formulated out of eggs in some cases or found ways to reduce their usage. Food service businesses, small diners and different chains like that added surcharges to their menus and increased prices on anything egg related. So I think it's a sum of kind of all of the parts. And then when you have producers that have been basically getting record prices for their eggs, ultimately what happens? I mean, they expand their farms, they add more capacity, they modernize and become more efficient. And we've also had some new entrants into the space where people have made investment, either producers from other countries or outsiders that have kind of come in and looked for a piece of the pie because egg prices have been extremely high and it's been very well covered in the media so people want to take advantage of the opportunity, and ultimately we have more birds and we're dealing with the demand repercussions of those highs.
Greg Schonefeld:
So in that list, I mean, I'm hearing things on both the demand side and the supply side working against pricing or working toward lower pricing.
Brian Moscogiuri:
Yeah. I mean, it's a combination of the two and it's always a combination of the two. I mean, the egg market is very finely balanced. A 1% difference in supply or demand can have a huge impact on price. It's slow to react. You can't just flip a switch and get more eggs out of your farms the same way you can't flip a switch and get less. I mean, it takes time and it takes planning. I think now we're dealing with the repercussions of more supply coming in and what happened on the demand side over the last three and a half years.
Greg Schonefeld:
You mentioned off the top the idea that high prices cure high prices and that's part of what got us here today. So why haven't low prices cured low prices yet?
Brian Moscogiuri:
So it's a combination of things. It's kind of that fool me once, shame on you, fool me twice, shame on me type of deal where the retailers and some of the buyers I think were expecting this adjustment in price. We saw this back in 2015 after the first major bird flu outbreak that sent prices to record highs. The next couple of years we saw essentially record lows and I think everyone was expecting, "Okay, it's a short term blip. We're going to get through it. We're going to see the prices adjust eventually and it'll balance out."
Well, it lasted so long that I think ultimately they've had to make adjustments in terms of how they buy, how they promote. Some of the major chains that you would think would be promoting really aggressively and using eggs as a loss leader and get people in the stores right now, they've potentially locked in cost plus deals, stuff that maybe fixed the price to make sure that they were hedging against higher prices and maybe not taking advantage of some of the lows because it was just so hard to guess that this low would be coming, especially where it's at right now and how quickly it developed. So I don't think those prices are necessarily being passed along to the consumer yet. I think the national retail average is still well over a dollar a dozen. Meanwhile, wholesale pricing for large we're seeing around 20 cents today.
Greg Schonefeld:
So that gap I mean is higher than historical norms?
Brian Moscogiuri:
Oh, definitely higher than historical norms. I mean, we've seen that gap compressed to nothing or even reverse itself where the retailers were potentially losing money on every egg that they sold, especially where they had to go out into the spot market and replenish supply that was lost due to HPAI that they had contracted.
Greg Schonefeld:
Do you see the gap between wholesale prices and retail prices as a major factor affecting wholesale prices today?
Brian Moscogiuri:
I think it impacts how quickly demand is adjusted, right? So the wholesale market may be oversupplied with eggs and trading extremely cheap, but we've seen a lag of six to eight weeks between when the wholesale price is bottom and ultimately when the consumer sees those prices and this year it seems to be even longer. I think food service is another great example where smaller restaurant chains and diners and stuff like that, they've raised their prices on everything that contained eggs and we're going into this summer travel period and they're going to make back a lot of the money that they potentially lost out on over the last few summers because I don't think they've lowered prices aggressively yet on those menus and we know that it takes a while for those prices to be passed back along if they ever are fully.
Greg Schonefeld:
Do you think any of it has to do with ... Maybe I'm a little bit nervous to go do a promotion right now because the supply has just been so up and down with HPAI and those kind of things. Does that affect things?
Brian Moscogiuri:
I think it certainly has. I don't know if it does as much today as it did maybe six or eight months ago, especially now as we move through May and we're kind of through the hottest period of the spring migratory period and the weather gets warm and we typically don't see as many outbreaks as we go into June, July. I don't think we've had any bird flu outbreaks in August ever. So I think right now there's a little bit more clarity. And I think on the producer side, there's probably a little bit more motivation to lock in a bigger volume promotional period for some of the retail chains out there because they have the eggs at the moment.
Greg Schonefeld:
What does that mean, like that the producer would work closely with the retailer to make a promotion?
Brian Moscogiuri:
Yeah, potentially. I mean, they could do a X amount of low deal at a certain price where they can go out and run a hot ad. And I think it's a huge opportunity for retailers right now in a world that's riddled with high gas prices and inflationary factors across the stores that we've heard a lot about. I mean, I've seen some smaller chains give eggs away for free. I mean, there's some really cool opportunities with eggs, especially with the protein trends and all the health benefits and all the news around eggs seems to be pretty positive from a consumer standpoint. And to be able to put out a real aggressive promotion or do something creative in the category with markets where they are right now, I think is a huge opportunity for retailers.
Greg Schonefeld:
Yeah. Do you see anything where maybe like say the retail price is $5 move into four and that sparks a certain level of demand and then four to three is kind of a different thing and then maybe once it gets low enough, you just see it move the needle less. Is that any part of the equation?
Brian Moscogiuri:
So this is my personal opinion. I think $2.69 is kind of like that threshold where if it gets over $2.69, you're getting the bare minimum, right? As it kind of falls from there, if you go to the store and you see exit 99 cents, you may get an extra dozen or two, you know what I mean? And if it goes even lower, I think it spurs demand. It helps consumers find ways to use it because they are so cheap. The other side of it is when you run those features and the consumers stock up on eggs, then the next few weeks they sell less eggs after that. So it's kind of a plus and a minus at times, but it certainly drives some excitement in the category and also competition because the retailers are looking at each other's prices to see where they're competitive, especially on a category as key as eggs. So when one of the big chains goes out aggressively, the others tend to follow.
Greg Schonefeld:
So getting the spread between wholesale and retail prices down and retailers running promotions to drum up demand, these are some things that Brian thinks could move the needle, but it seems like eggs are also having a cultural moment. So I asked Brian if he thought that could play a role.
Brian Moscogiuri:
I mean, all of a sudden innovation with eggs is feasible again after some of the manufacturers of consumer goods and different types of foods saw it as a sore thumb in terms of their ingredient labels. And I think the clean ingredient trend and making sure there's no artificial ingredients or sweeteners or colors and all that stuff that's really been prominent, I think again, it bodes well for eggs and eggs as an ingredient in these goods.
Greg Schonefeld:
The potential buyers who use eggs as an ingredient, do you think they might want to see like a longer term feeling that, "Hey, I can count on my egg supply?"
Brian Moscogiuri:
Yeah, so definitely there, I would say maybe even more so than retail because it takes a while to change an ingredient label. Think about all the product that they manufacture and put in inventory and then distribute when they go and make a wholesale change in terms of their ingredient, it takes time. So I think I would say even more so than maybe retailers that are watching pricing weekly or monthly or quarterly, I think the manufacturers really want to feel good about their inputs before substituting eggs back in or adding more egg into their ingredient because of what we've seen here.
Greg Schonefeld:
Yeah. And what about on the supply side? What can be done to move the needle on that end of the spectrum?
Brian Moscogiuri:
It's really hard. They can make adjustments, right? Old birds that are producing that have the ability to be rotated out and they could do some of that stuff a little bit early, but it's really kind of like a boulder kind of falling downhill because chick placements I've heard are out as far as 2028, so you're talking about construction projects that have taken place over the last three plus years, farms that have gone from maybe 50,000 birds to 250,000 birds that were producing [inaudible 00:13:30] on a contract that decided to invest in putting a huge processing facility in that could do eggs and cases or cartons and canceled their contracts or let their contracts expire and then went into the market thinking that they were going to be able to market those eggs for 2 or $3 more a dozen than what they were getting with their previous contract and now are coming into a market that is net loss for every egg that they produce.
So it's a difficult situation, especially for those that weren't able to take advantage and capitalize on the markets over the last three years that are kind of just getting into the spot market and trying to market their eggs. I mean, we've had calls from people looking and begging for cost plus deals and they're just really not out there right now, especially in mass because the markets are weak.
Greg Schonefeld:
According to Brian, another thing that might be contributing to the increased supply is a longstanding trend in the egg industry, consolidation.
Brian Moscogiuri:
Yeah. I mean, you think there's a few major acquisitions that have occurred. You go in, you buy a business, your plan is to expand and grow the business. I mean, that's another part of it. We've had several companies change hands. We've had some companies that have come in and bought different aspects or capacities within the business to try to diversify. So you're going into a market making investments. The strategy isn't to buy something and then downsizing, you're planning on expanding and growing your market share. So there's some competitiveness to the market in addition to the increased supply.
Greg Schonefeld:
So that increased supply is interesting because we hear a lot about the market being flooded with eggs, but according to official counts, we're actually 30 million birds under the peak we saw in 2019. But as Brian explained, those numbers may not be entirely accurate.
Brian Moscogiuri:
So the last USDA report that they put out showed that we had about 307 million egg laying hens. At the peak, we had over 340 million egg laying hens in the United States. Now there's been a lot of argument about how accurate that number is for whatever reason, whether it's USDA reporting or who is being solicited for the information and who's providing it. I think part of it is the smaller farms that have grown. A lot of the branded categories have absorbed a lot of those smaller producers and I don't think that that's being accounted for in a major way. I think the other thing that we mentioned was the growth of backyard flocks and flocks under 30,000 layers. And I think that has had a major impact on it, maybe even more so than the birds under reported. I've seen some estimates that the backyard flocks or flocks under 10,000 birds could be anywhere from 60 to 200 million layers currently in the United States.
I mean, I think maybe it's a little bit of a stretch on the high side, but there's some pretty smart people looking at those numbers and suggesting that there's a lot of layers unaccounted for. And you hear anecdotally about companies like Tractor Supply that sell baby chicks and they're always sold out, and selling backyard barns and it's always sold out. So the consumer has made efforts to limit their exposure to egg prices and I think backyard flocks and some of these smaller flocks that have grown here over the last few years makes it feel like we have a lot more birds, especially the 307 million layers that is currently being reported.
Greg Schonefeld:
Yeah, because if I think about, okay, just over 300 million birds compared to 340 million plus at a peak and I hear you say we're already at low lows, my first thought is, "Man, could the pain get even worse?"
Brian Moscogiuri:
Yeah. I mean, like I said, there's adjustments being made when producers are losing money on every egg that they produce, they have to make adjustments, right? But at the same time, there's still flocks that were impacted over the last 8, 10 months that are still being repopulated, plus some of the expansions that we've mentioned and some of the endeavors that some of these new investors into the US egg market ultimately are going to take to grow and expand.
Greg Schonefeld:
Yeah. One added complication that you've raised is that we're now approaching the flock being about 50% cage free. Can you talk to how that influences the environment we're in right now?
Brian Moscogiuri:
Yeah. So back during my time at Urner Barry, USDA put out a report and it basically showed all the state legislation that was coming up and all the corporate commitments that companies had made in terms of converting from conventional to cage free. And at that time when they summed up their projected egg usage, they thought that roughly two thirds of all production would need to be in cage free by 2025 in order to fulfill those commitments. So the industry had to kind of gear up for 2025 years in advance, make billions, if not hundreds of billions of dollars of investment into the farms and these conversions. But what we couldn't predict was AI and ultimately record high prices and shortages creating this huge headwind against these conversions and higher price cage free. It costs more to produce eggs from a cage-free facility than a conventional facility.
So then we had these temporary rollbacks like in Nevada and now more permanent rollbacks where Arizona, I don't think is going cage-free until 2036 after repealing that law. And then you also have the DOJ challenging California and Michigan and some of these other states trying to repeal cage-free law. Now I don't necessarily think those challenges will be successful, but the momentum around cage free has certainly stalled out as a result of supply constraints and cost. And now we're in a situation where we have nearly half of the production in cage free and some of the demand that we were forecasting has gone the other way. So there's a significant amount of cage free production that I think is still being downpacked into conventional markets because that need for cage free product doesn't exist.
Greg Schonefeld:
So it sounds like theoretically, like if you were going to go back 10 years where the world was mostly all conventional, you talked about like the egg market and now you could almost say there's two major egg markets. There's the conventional and the cage free, but in a time like today, those two are converging.
Brian Moscogiuri:
Yeah. So someone used to tell me, I forget who it was, like, "An egg is an egg is an egg, type of market." Every egg is an egg, whether it's cage free white or cage free brown. I mean, organic still has a bit of a premium compared to obviously conventional and cage free. I mean, but there's times where there's six or eight different markets depending on production style and egg color. But right now the oversupply is kind of consolidating all of those spreads and we've seen it at retail. We've seen the branded eggs really take off here over the last few years. The contracts on branded eggs tend to be a little less market dependent than some of the commodity eggs, whether that's conventional or cage free. And when those spreads tighten or conventional eggs are higher than some of these branded categories, the consumer goes into the store and they see these branded eggs and it's a huge value compared to what they're buying if they were just to buy a store brand or a different type of conventional product. And we've seen those eggs fly off the shelves.
Now all of a sudden if eggs go out and conventional eggs or cage-free eggs are featured really aggressively and that branded category doesn't kind of keep pace in terms of the pricing at the shelf and those prices widen out again, the consumer tends to lean for the cheapest egg in the store and they go back towards the conventional product.
Greg Schonefeld:
Wow, what a complicated thing to try to plan into. Okay, if you were going to try to boil it down, are there two to three factors that can really move the needle here on where egg prices are at?
Brian Moscogiuri:
I mean, so 60% of all eggs I think go through retail in the United States. Getting the retailers motivated to push eggs out, to feature, to come up with creative strategies to help consumers eat more eggs, I think is paramount to anything else that can happen on the demand side. And then I think leveraging eggs as a super food and all of the social media and all of the great news that have come out around protein and around the benefits of eggs and I guess the easing of the cholesterol issues that were always kind of hanging over the industry's head. I mean, it's just a great time to, I think, promote and try to get people to eat more eggs.
And then export, if we can get some of these export doors reopened and we always need to watch the international markets to see if there's opportunities out there. We've seen it happen multiple times, eggs going to Mexico, eggs going to Canada, eggs going to Europe, eggs going to Asia. It has an impact on the market when they open. So I think all of that is probably a key factor. And I think the consumer maybe realizing that it might cost them 20 or $25 to produce a dozen eggs in the backyard and maybe raising a chicken isn't the most fun. I don't know, maybe they're enjoying it and they'll spend $100 a dozen. But when they go to the store and they see eggs at 99 cents, I mean, you would think that maybe they start to think twice about it.
Greg Schonefeld:
Is the backyard flocks, is that a significant ... I mean, you keep bringing that up. It sounds like it may be a realistic, significant mover.
Brian Moscogiuri:
I think it's a big mover. I mean, if there's 60 million to a hundred million backyard birds ... And I mean, I've run this stuff through AI just to kind of like compare numbers that I've heard and it tends to back it up. It is a big number. I mean, you're talking even if it's up only 30 million birds and we're at 307 and that's a real number and now all of a sudden we're at 337 million, right? And I'm saying 30 million birds more than what we had prior to the start of the 2024 outbreaks. If we've added 30 million birds in backyard flocks, now all of a sudden our number is 337 as a national total and it kind of makes sense that we're closer here. Now, if that number is actually up 60 million or 100 million, we're absorbing a lot more production that we don't necessarily know about, which ultimately impacts the consumer going to the store and buying more eggs.
Greg Schonefeld:
One factor we haven't really covered to this point is how much the natural ebb and flow of egg markets is playing into this. We're entering a period now where egg sales tend to dip anyway and I wondered if that was amplifying the other trends Brian referenced.
Brian Moscogiuri:
I mean, May and June are typically the lowest months of the year for egg prices and egg demand. I mean, Memorial Day is notoriously a grilling holiday. You're not throwing too many eggs on the grill, right? So the retailers will play into the seasonality of those demand periods. But I mean, we're going into June I think with markets where they're at, maybe first of the month type demand and promotions will help to kind of get out of this little May gloom that we're in, but we're going to need some significant drivers if supply continues to go the direction that we've seen it go. I mean, inventory's just rebounded back over 1.8 million cases. We've seen that number go as low as 1.4 or closer to 1.3. So producers have eggs in inventory. The market looked like it was maybe going to rebound a little bit. It seemed like more of a dead cap bounce here and it's starting to trend a little bit lower now again.
Greg Schonefeld:
Yeah. I'm curious, like when a producer comes to you today, what do you tell them? What are you advising today?
Brian Moscogiuri:
I mean, it's hard. I mean, just the day-to-day negotiations are difficult. It's really hard to have multiple producers reach out to you asking, "We need help moving these eggs," and kind of giving them the reality of, "You're my fifth or sixth call today and ultimately the price is next to nothing." I mean, it's a difficult conversation. I think the key for us is transparency and honesty and trying to stay as close to the real market as possible without taking advantage of the situation as a broker. I think that my advice that I've been giving to the producers that want it, lose as little money as possible. Be smart, make strategic decisions, don't chase short term gain and protect what you accomplished over the last three years. A lot of it was luck of the draw.
Unfortunately, not everybody was able to capitalize on the markets for the last three years. I mean, you hear about record profits from companies and all that, but that's not the reality of the entire industry. I would say every farm's different in their situations. It makes me really upset when I hear a small farmer looking for help that made big investments that didn't ride the highs over the last few years and now are really in a bad situation and are struggling to get through the current market conditions, but it's kind of like anything else. You protect your assets and you try to lose as little money as possible and you try to develop a long-term strategy that gets you by and hopefully into better markets.
Greg Schonefeld:
Yeah. So are some people doing better today who have certain contracts locked in coming into this?
Brian Moscogiuri:
Yeah, and some people are doing worse and that goes for the retailer and it goes for the producer the same way, right? There's some chains that locked into what they thought was a great contract that is ultimately a lot higher than the market is today and vice versa. There's producers that turned down cost plus deals because they thought that the market was going to be substantially higher than it is today. So again, it really depends on the strategy. I've always been a proponent of trying to diversify the way you buy and the way you sell and have some kind of a mix of fixed pricing, cost plus formulations and some market built in where no matter what there's a good percentage of your eggs that are profitable no matter what and you have a certain baseline elsewhere and then maybe a little bit that you're gambling on, but rather than, sorry for the pun, putting your eggs all in one basket, being diversified the same way you would diversify a stock portfolio or any other type of investment.
Greg Schonefeld:
Yeah. Okay, if I look at this US market and I'm like, "Man, the prices are terrible, I want to look abroad and see where I can put my eggs there." I mean, is that a realistic option in the short term for anybody?
Brian Moscogiuri:
It depends on the capacities and your appetite for risk and dealing with some of the specifications that different countries need and also the countries that are importing their appetite for risk in terms of bringing in eggs from a country that have had HPAI issues. Some countries will ban counties, some countries will ban states. Unfortunately, a lot of the biggest egg producing states in the United States have had HPAI, so until all of those kind of blanket state bans are cleared, it's more challenging.
But each country needs a little bit of a different spec, do you need USDA? Do you need eggs to be stamped? Do you need heat treated pallets? Some farms are optimized to kind of do any and everything globally. Others are only positioned maybe for one or two different demand channels. So it really depends on which country can pay the price to get eggs on a ship or egg products on a ship and ship them overseas or put eggs on an airplane, whatever it takes to get them there, but it's not one of those things that you just flip the lever and you fix the oversupply through exports. It kind of takes two or three or four to tango when it comes to international business.
Greg Schonefeld:
Okay. So everything we've talked about here, you've boiled it down, you've named the major levers. I guess how do you see it playing out over the next year?
Brian Moscogiuri:
Well, I think we're going to go through a rough few months of summer, unfortunately. I don't think there's any big major quick fix again, unless some type of X factor unforeseen event comes through here. I think it's going to be a challenging few months for the markets and for the farmers.
Ultimately though, I think the opportunity to run eggs aggressively from a retail standpoint is going to be too good to pass up. I mean, eggs are in the back corner of the store. They're I think 94% market penetration. A dozen eggs is cheaper than the cost of a pack of gum. There's just so much potential around promoting eggs that I think the retailers will realize like, "Oh man, there's something we can do here to drive traffic and get people into the back of the store and they're going to pick up other stuff on their way back there," and that's just the nature of the consumer.
I think food service is going to hit a home run on all their egg related items this summer if markets stay like this and they could get creative like, "Oh wow, our biggest margin item was eggs after losing money or barely making any money on eggs here for the last three years." I think that starts to reprogram how people use eggs, how people promote eggs, how many things eggs end up on the menu, how people are formulating with eggs and getting creative. I don't think the industry is the same as maybe it was back in the day when there was a lot more farms and they were a little bit smaller. I think the industry's smarter and they will react more quickly and they will help their customers kind of through that process.
So I would say, is it only a three-month issue? I don't know if I'd say that, but I think as we get into the fourth quarter, demand starts to come back, we'll see some promotion, we'll get into healthier markets. Do I think we're going to go back to necessarily long-term averages or above that? I guess I wouldn't bet that just yet until I see some of the other factors that come in. But I think where markets are at right now, we'll see some adjustments in a variety of different ways to at least get it a little bit more healthy sooner than later.
Greg Schonefeld:
You've got oversupply in the market, a widespread between wholesale and retail prices, an export market that's hard to expand into overnight and then as always the looming specter of bird flu. I really don't know how you plan for a market like that, but I do hope that Brian's correct and that we return to a place that keeps producers bottom lines healthy and keeps eggs as an affordable source of protein for so many American consumers. And now having covered the egg consumption habits of 350 million Americans, I wanted to delve more deeply into just one of them.
Well, Brian, we've already asked you this, but I'm going to ask you again, how do you prefer your eggs?
Brian Moscogiuri:
So I guess my answer has changed here recently. I've been making a ton of just hard-boiled eggs. I'm buying the 30 egg flats at retail and I've just been kind of crushing them up with a can of tuna fish and an avocado and just eating pure fuel. I mean, beach season is coming up here in a few weeks and I got to try to get a little bit leaner. So that's how I'm preferring my eggs right now.
Greg Schonefeld:
If you enjoyed this episode, please share it with a colleague or friend. Word of mouth really helps us to grow the show and to make sure you don't miss an episode, follow us on Spotify or Apple Podcasts. Until next time, I'm Greg Schonefeld and we'll talk to you soon.