Hormuz Strait Crisis Drives Up Feed Prices and Threatens Egg Market Stability

The continued closure of the Strait of Hormuz has cast a negative shadow on local markets, recording an unprecedented rise in poultry feed prices, which has affected table egg prices. Economic sources reported that the price of a ton of soybean meal rose to 700,000 IQD instead of 550,000, while the prices of feed additives (premix) doubled to reach 2 million IQD. Given these repercussions, the price of a carton of eggs in the markets rose to 80,000 IQD due to speculation, exceeding the official price set between 60,000 and 65,000 IQD. Expectations indicate a potential government move to temporarily open the door to imports to control pricing, although Iraq had recorded a record production of 7 billion eggs in 2022.