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Dynasty behind US egg giant looks to cash in as profits soar amid bird flu

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Dynasty behind US egg giant looks to cash in as profits soar amid bird flu

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The family that controls the largest US egg seller is seeking to cash out amid a bird flu crisis that has driven prices to all-time highs.

The four daughters and son-in-law of Cal-Maine Foods founder Fred R Adams Jr reached an agreement with the company to convert their super-voting shares to common shares, relinquishing control ahead of a “potential diversification of their individual financial portfolios”, according to a securities filing by the company.

The family’s stake in Cal-Maine is held through a shell company called Daughters LLC. At Friday’s close, the stake is valued at nearly $532mn, including $434mn in super-voting shares and another $98mn in common shares.

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At the same time, Cal-Maine, based in Ridgeland, Mississippi, said it would undertake a $500mn share buyback programme, its first in two decades, and disclosed it could use the initiative to “repurchase some of the family members’ common shares” as they sold their holdings.

The transaction appeared to smooth the process for the family to pare back or sell its entire stake, said Ben Silverman, vice-president of research at VerityData. “It’s not unusual for a company to buy back shares from a major shareholder,” he added.

Company representatives declined multiple requests for comment.

US egg prices reached $8.58 per dozen in wholesale markets this week amid a severe bird flu outbreak, a 70 per cent increase from year-ago levels, according to a commodity price information service Expana. The outbreak has led farmers to cull 100 million chickens, turkeys and egg-laying hens in the US since 2022, according to the US agriculture department, creating an egg shortage that experts forecast to keep prices near all-time highs for months to come.

Amid the crisis, Cal-Maine Foods last month reported $356mn in gross quarterly profits from a year prior, a fourfold increase.

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Adolphus “Dolph” Baker, the son-in-law of Adams and chair of Cal-Maine’s board, said in a statement that the family’s moves to give up control of the company “are personal decisions made in connection with our own respective financial and estate planning efforts”.

Adams, known to friends as “The Big Chicken” according to his obituary in a local newspaper, was a six-foot-four offensive and defensive end for his high school football team. After college and a short career in feed sales, he founded Cal-Maine Foods in 1957, leasing land outside Jackson, Mississippi, to start his first farm.

By the time he died in 2020, it had grown into the producer of one in 10 eggs supplied in the US. His four daughters — Luanne Adams, a psychologist and board member of the Washington Ballet; Nancy Adams Briggs of Virginia; Laurel Adams Krodel of Tennessee; and Dinnette “Dea Dea” Adams Baker, of Mississippi — have controlled the company since. Dolph Baker is Dea Dea’s husband.

The super-voting shares have the same value as common shares but carry 10 times the voting rights. The agreement would reduce the family’s voting power from 53.2 per cent to 12 per cent.

Shares have risen 56 per cent in the past year, touching a record high in January and closing at $90.39 on Friday.

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Advocates for small farmers have accused Cal-Maine of limiting egg supplies in the US. The company was among a group of egg producers found liable for price fixing in 2023 and was ordered to pay $53mn in damages to food manufacturers including Kraft Foods, General Mills and Nestle. Cal-Maine and the other egg producers have filed court papers seeking a new trial and contesting the judgment.

“Dominant egg producers — particularly Cal-Maine Foods — have leveraged the crisis to raise prices, amass record profits, and consolidate market power,” advocacy group Farm Action wrote in a letter to the Federal Trade Commission and Department of Justice. “The slow recovery in flock size, despite historically high prices, further suggests co-ordinated efforts to restrict supply and sustain inflated prices.”

The US announced a $1bn effort this week to curb avian influenza and lower egg prices, including importing eggs from other countries and curtailing exports to mitigate the shortage.

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A dead woman’s key fob and two grisly crime scenes: How the Utah triple-murder suspect was tracked across state lines | CNN

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A dead woman’s key fob and two grisly crime scenes: How the Utah triple-murder suspect was tracked across state lines | CNN

As investigators raced to find the person responsible for three killings in rural Wayne County, Utah, they used automated license plate readers and a victim’s own vehicle key fob to track their suspect – a man police said has no connection to the victims or the region that is known for its awe-inspiring landscapes dotted with quiet, small towns.

It would take just hours to pin down the suspect in a search that spanned multiple states in the Four Corners region of the Southwest – ending early Thursday with the arrest of 22-year-old Iowa resident Ivan Miller, who is charged with three counts of first-degree, aggravated murder, officials said.

Miller was taken into custody in Colorado, officials said –– more than 350 miles from where the bodies of three women were found at two locations in Utah.

Miller’s first court appearance is scheduled for Friday afternoon in Archuleta County, Colorado. He will be represented by a public defender, court records show.

The victims were identified as Margaret Oldroyd, 86; Linda Dewey, 65; and Natalie Graves, 34, Utah’s Department of Public Safety said.

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Dewey and Graves, an aunt and niece who’d gone for a hike together, were found dead near a trailhead just outside the town of Torrey, Utah’s DPS said. The women’s bodies were found by their husbands who grew concerned when the pair didn’t return from their hike, Utah Highway Patrol spokesperson Lt. Cameron Roden said at a news conference Thursday.

Investigators found Oldroyd’s vehicle at the trailhead and deputies went to her home in nearby Lyman, where they discovered her body, Roden said.

After his arrest, Miller told investigators he spent a night in Oldroyd’s back shed and snuck into her house while she was out, according to an indictment filed in court Thursday. Miller “waited for her behind a door and shot her in the back of the head … while she was sitting down to watch television,” the indictment said.

Miller made efforts to clean up the scene before dragging the 86-year-old’s body to a cellar under the shed, where she was later found, the indictment read. He then stole her Buick Regal and traveled to the trailhead, investigators said. Miller told investigators “he did not like the car and wanted to find a different vehicle,” the indictment said.

At the trailhead, Miller said he saw Dewey and Graves get out of a white Subaru and shot them both, according to the indictment. Miller told investigators he stabbed one of the women in the chest multiple times because she was still moving, the document said.

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He then admitted dragging their bodies into a ditch, where the two were discovered by their husbands, the indictment said.

Officials said Miller ditched Oldroyd’s car at the trail and drove away in the white Subaru. Miller also admitted stealing the women’s credit cards and using one to pay for gas, according to documents.

Investigators used a network of license plate scanners to track the Subaru “through southern Utah into northern Arizona and eventually into Colorado,” Roden said.

“Colorado law enforcement located the vehicle abandoned in Pagosa Springs, Colorado, and after a brief search, took the individual into custody without incident,” Utah DPS said Thursday.

One of the husbands was also able to track the car’s location using an app that monitored the vehicle’s key fob, investigators said. Just after 9 p.m. Wednesday, the key fob appeared to be in Farmington, New Mexico — about two hours southwest of where Miller would later be taken into custody, according to the indictment.

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Miller had a handgun and a large knife in his possession at the time of his arrest, according to police in Pagosa Springs.

Miller told investigators he killed the women because he needed money, according to the indictment. “Miller confessed that it ‘had to be done’ but he did not like to do it,” the document reads.

Miller, who lived in Blakesburg, Iowa, set out on a cross-country road trip about two and a half weeks ago, his brother, who spoke with The New York Times on condition of anonymity, said.

Miller’s brother said the two stayed in contact during the trip, and Miller mentioned crashing his truck after hitting an elk, according to the Times.

The brother was concerned about how Miller was traveling around after that and offered to bring him back to Iowa, which he declined, the Times reported.

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After his arrest, Miller told officials that he had been staying at a hotel in the area for a few days after he hit an elk with his truck, which he then sold to a tow truck company, according to the indictment.

On Thursday, shaken residents across Wayne County placed pink ribbons around trees and fences in their communities as they remembered the three women who were killed in apparently random attacks carried out by a stranger.

“We wanted to honor our friend and neighbor,” Mary Sorenson, who put up ribbons around Lyman, told CNN affiliate KSL.

The Wayne County School District announced it would be closed for the rest of the week and would “have counselors in place to support students when we are back in session next week.”

In a statement Thursday, Torrey Mayor Mickey Wright described the multiple homicides as a “heartbreaking moment for our small, close‑knit community.”

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“Our community is strong. In the coming days, we will support one another, check on our neighbors, and ensure that those affected by this tragedy are not alone,” Wright said. “We stand together today — in grief, in compassion, and in solidarity.”

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Iran’s fight for survival / The widening war / Trump’s nebulous goals : Sources & Methods

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Iran’s fight for survival / The widening war / Trump’s nebulous goals : Sources & Methods
The U.S.-Israeli war with Iran is spilling out across the region. What are the goals? And how does it end?Host Mary Louise Kelly talks with International Correspondent Aya Batrawy, based in Dubai, and Pentagon correspondent Tom Bowman, about the U.S.-Israeli war with Iran. Six days of war have turned the middle east upside down, and it’s still not clear how the U.S. will determine when its objectives have been accomplished.Recommended Iran reading:Blackwave by Kim GhattasAll the Shah’s Men by Stephen KinzerPrisoner by Jason RezaianPersian Mirrors by Elaine SciolinoListener spy novel recommendation: Pariah by Dan FespermanEmail the show at sourcesandmethods@npr.orgNPR+ supporters hear every episode without sponsor messages and unlock access to our complete archive. Sign up at plus.npr.org.
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Map: 4.9-Magnitude Earthquake Shakes Louisiana

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Map: 4.9-Magnitude Earthquake Shakes Louisiana

Note: Map shows the area with a shake intensity of 4 or greater, which U.S.G.S. defines as “light,” though the earthquake may be felt outside the areas shown.  All times on the map are Central time. The New York Times

A light, 4.9-magnitude earthquake struck in Louisiana on Thursday, according to the United States Geological Survey.

The temblor happened at 5:30 a.m. Central time about 6 miles west of Edgefield, La., data from the agency shows.

U.S.G.S. data earlier reported that the magnitude was 4.4.

As seismologists review available data, they may revise the earthquake’s reported magnitude. Additional information collected about the earthquake may also prompt U.S.G.S. scientists to update the shake-severity map.

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Source: United States Geological Survey | Notes: Shaking categories are based on the Modified Mercalli Intensity scale. When aftershock data is available, the corresponding maps and charts include earthquakes within 100 miles and seven days of the initial quake. All times above are Central time. Shake data is as of Thursday, March 5 at 8:40 a.m. Eastern. Aftershocks data is as of Thursday, March 5 at 10:46 a.m. Eastern.

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