Abstract

In economics, few indicators of food security are as simple—and as powerful—as the price of eggs. Affordable, accessible, and nutritious, eggs should be the most democratic source of protein in any society. Yet in Thailand, a single egg tells a far more complex story—one of market power, distorted incentives, and a system that may no longer serve the public interest.

Over the past two decades, Thailand’s egg industry has undergone a profound transformation. What was once a sector consisted of smallholder farmers has gradually evolved into a vertically integrated system, where big large firms control the supply chain—from breeding stock and feed production to distribution and retail. This structural shift has not only changed how eggs are produced, but benefits sharing within the whole system. 

At the heart of the issue lies a seemingly technical policy tool: the import quota for parent stock.

Originally introduced to stabilize supply and prevent price collapses, the quota system has become a powerful regulating access.  In practice, access to breeding stock—the foundation of the entire industry—is concentrated among a small number of firms. The top five players now control more than 80 percent of the market, pushing concentration levels into total market capture.

Such concentration matters because it shapes everything downstream. When a few control the supply of chicks, they gain ability to influence production decisions, input costs, and ultimately retail prices. For independent farmers, the consequences are clear: limited access to chicks, higher production cost and weaker bargaining power. As a result, many are left to take what the market dictated or risk being pushed out of the game. 

Evidence from the industry suggests that this imbalance is not merely structural, but behavioral. Practices such as bundled sales—where farmers must purchase feed, vaccines, and other inputs alongside chicks—reduce market choice and increase dependency. Meanwhile, price movements among major players can  undermine the very foundation of competitive markets.

The effects are not confined to producers. Consumers, too, are paying the price—literally. Despite being a staple food, eggs in Thailand are often more expensive relative to income than in many other countries. This is particularly troubling given that eggs are a key source of affordable protein for low-income households. When prices are elevated, the burden falls disproportionately on those least able to bear it.

Perhaps the most striking paradox is this: Thailand exports eggs at low prices while domestic consumers pay relatively high ones. This is partly driven by industry mechanisms designed to “manage surplus,” including subsidized exports funded by industry pools. While such measures may help stabilize the market in the short term, they can also create artificial scarcity at home—keeping domestic prices high and reinforcing market power.

From an economic perspective, the costs are substantial. The system generates significant “quota rents”—excess profits derived from restricted access—alongside measurable welfare losses to society. But beyond the numbers lies a deeper concern: the risk of regulatory capture. When industry players exert strong influence over the rules that govern them, public policy can gradually shift away from serving the broader public and toward protecting entrenched interests.
This is not an argument against regulation. On the contrary, effective regulation is essential in agricultural markets. But the objective must evolve—from controlling quantities to ensuring fair competition. Stability should not come at the expense of efficiency, innovation, or equity.

Reform, therefore, is not about dismantling the system, but about rebalancing it.

First, access to breeding stock must be opened up. A more transparent and competitive allocation mechanism—one that allows cooperatives and new entrants to participate—would reduce barriers at the very top of the supply chain.
Second, unfair trade practices must be addressed head-on. Clear rules against bundling and unfair contracts, backed by enforceable oversight, are essential to restore fairness for farmers.

Third, governance needs to be strengthened. Institutions such as the Egg Board must become more transparent, more accountable, and more representative—incorporating voices from consumers and small producers, not just large firms.

Fourth, unnecessary regulatory burdens should be reduced. Simplifying procedures and cutting red tape can lower costs without compromising food safety.

Finally, competition policy must be enforced proactively. Waiting for clear violations is not enough in markets where power can be exercised subtly and cumulatively.

Thailand’s egg industry stands at a crossroads. Continuing on the current path may preserve short-term stability, but it risks entrenching inefficiencies and deepening inequality. Reform, by contrast, offers a pathway to a more dynamic, competitive, and inclusive system—one that benefits farmers, consumers, and the economy as a whole.

In the end, this is not just about eggs. It is about whether Thailand is willing to ensure that essential food systems remain fair, transparent, and truly competitive. Because when something as basic as an egg becomes distorted by market power, it is a signal that the system itself needs fixing.

Kamphol Pantakua is a researcher at the Thailand Development and Research Institute (TDRI). Their policy analyses appear in the Bangkok Post on 2 June 2026.

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Bitcoin traded near $65,574 on Monday, up modestly on the day but still deeply entrenched in a bear market that has wiped out nearly half the cryptocurrency’s value since it hit an all-time high just nine months ago.

A modest gain within a much larger decline

Bitcoin rose $233.26, or 0.36%, to $65,574.34 as of early afternoon trading Monday, according to market data. The cryptocurrency opened the day at $65,333.12, roughly 1.6% higher than Sunday’s opening price, before drifting between roughly $64,974 and $65,574 through the morning session. Ethereum, the second-largest cryptocurrency by market value, also gained ground Monday, opening at $1,953.02, up 4.3% from the previous day.

Despite the day’s gains, the broader picture for bitcoin remains grim. According to Fortune’s daily price tracking, bitcoin’s price Monday morning represented an increase of roughly $901 from the previous day but a decline of approximately $54,090 compared with the same point a year earlier, a drop of more than 45% year-over-year.

A steep fall from October’s record high

Bitcoin reached its all-time high of $126,198.07 on Oct. 6, 2025, a peak that now sits roughly 48% above current trading levels. The decline since that high has unfolded in stages throughout 2026, punctuated by a brutal crash in February that sent the cryptocurrency plunging from more than $80,000 in late January down to around $60,000, before a partial recovery. A separate, sharper leg down occurred in June, when bitcoin suffered a roughly 20.48% monthly drop, extending a broader slide that pushed prices as low as the $58,000 range at points during the summer.

What’s driving the extended downturn

Analysts have pointed to a combination of factors behind bitcoin’s sustained weakness this year, including sizable outflows from bitcoin exchange-traded funds, reduced market liquidity, a stronger U.S. dollar, and generally weak risk appetite among both institutional and retail investors. Crypto analyst Michaël van de Poppe, commenting on the market’s technical posture during an earlier leg of the decline, said he was watching for signs of a genuine reversal that had yet to materialize. “I’d prefer to see it revert back with a strong liquidity wick, which hasn’t happened yet,” van de Poppe said, noting that the broader trend remained clearly downward at the time.

Wall Street’s outlook on bitcoin has grown increasingly divided as the year has progressed. Citi cut its 12-month bitcoin price target to $82,000 from $112,000 earlier this year, citing continued ETF outflows, weak investor interest, and slow progress on U.S. crypto legislation, while setting a bear-case scenario near $53,000. By contrast, Standard Chartered’s Geoffrey Kendrick has maintained a $100,000 year-end target for bitcoin, arguing that the current weakness could ultimately prove to be a buying opportunity if ETF selling pressure eases. Bernstein has gone even further, maintaining a $150,000 year-end target and arguing earlier this year that bitcoin had likely already found its bottom.

Monday’s gains tied to easing geopolitical tensions

The modest uptick in both bitcoin and ethereum prices Monday came as broader financial markets reacted positively to news that the United States had paused airstrikes against Iranian military targets over the weekend, part of a broader push to restore stability following weeks of escalating conflict in the Middle East. That de-escalation lifted risk appetite across a range of asset classes Monday, including stocks and cryptocurrencies, though it remains unclear whether the improved sentiment will prove durable given how volatile the broader conflict has been throughout the year.

A pivotal week ahead for risk assets

Bitcoin’s price action this week is likely to be shaped by several major catalysts beyond developments in the Middle East. The Federal Reserve is set to conclude a policy meeting this week, with markets closely watching for signals on the future path of interest rates. A dense slate of corporate earnings reports is also due from major companies across the stock market, and how investors treat risk-sensitive assets like cryptocurrency in response to both events is expected to offer clues about whether bitcoin’s recent stabilization can hold or give way to renewed selling pressure.

Financial advisers grow more cautious

The extended downturn has prompted some financial advisers to reconsider their stance on cryptocurrency as an investment class, according to reporting on the shift in sentiment. That caution reflects broader questions within the investment community about how much of bitcoin’s earlier rally was driven by speculative momentum versus durable institutional demand, a debate that has intensified as ETF outflows and weaker spot demand have weighed on prices throughout much of 2026.

A market still enormous despite the decline

Even after this year’s steep losses, bitcoin remains by far the largest cryptocurrency by market value, with a total market capitalization of roughly $1.33 trillion as of Monday, more than five times larger than Ethereum’s approximately $233 billion market cap. Bitcoin’s history includes far more dramatic swings than the current downturn; the cryptocurrency’s all-time low value was just $0.04865, recorded in July 2010, underscoring how dramatically its value has grown over the past decade and a half even accounting for this year’s sharp pullback from record highs.

With bitcoin trading well below the key $65,600 resistance level that some analysts have identified as critical for any near-term recovery attempt, traders are likely to watch closely for whether the cryptocurrency can build on Monday’s modest gains or whether the broader bearish trend that has defined 2026 reasserts itself. A decisive move above that resistance level could open the door to a push toward $70,000 or higher in the near term, according to some technical forecasts, while a failure to hold current levels could renew pressure toward the low-$60,000s or below, keeping bitcoin’s path forward this summer highly uncertain heading into the Federal Reserve’s policy decision and a heavy stretch of corporate earnings this week.

NEW YORK — Shares of Rigetti Computing Inc. climbed more than 12 percent in early trading Monday after the company announced an expanded collaboration to develop a hybrid quantum-classical supercomputing testbed.

The stock rose $1.74, or 12.30 percent, to $15.89 as of 9:49 a.m. Eastern time. Trading volume was active as the market opened. The previous close was $14.15.

In a statement released Monday, Rigetti said it will deliver a 9-qubit Novera quantum computing system to a new testbed at the Pittsburgh Supercomputing Center. The project is funded by a $5 million National Science Foundation grant. The effort builds on the company’s existing strategic collaboration with Hewlett Packard Enterprise to commercialize quantum-enabled high-performance computing solutions.

The announcement comes as Rigetti, a developer of superconducting quantum computers, continues to advance its hardware and expand access to its systems. The company has positioned itself as a pure-play participant in the emerging quantum computing sector, which remains in early stages of commercial development.

Rigetti’s Cepheus-1-108Q system, a 108-qubit modular quantum computer based on its proprietary chiplet architecture, became generally available earlier this year. The system is accessible through the company’s Quantum Cloud Services platform and Amazon Braket. It consists of 12 interconnected 9-qubit chiplets and has reported median two-qubit gate fidelity of 99.1 percent.

In the first quarter of 2026, Rigetti reported revenue of $4.4 million, nearly triple the amount from the year-earlier period. The growth was attributed to increased government and commercial activity. Research and development spending totaled $19.9 million in the quarter. The company ended the period with approximately $569 million in cash, cash equivalents and available-for-sale investments and no debt.

Rigetti is scheduled to report second-quarter results on Aug. 6 after the market close. Analysts project continued revenue growth for the period.

In May, the company signed a letter of intent with the U.S. Department of Commerce for potential funding of up to $100 million over three years to support research and development aimed at scaling superconducting quantum computers. The arrangement could also involve the government taking an equity stake.

Rigetti has also secured an $8.4 million contract to deliver a 108-qubit system to India’s Centre for Development of Advanced Computing, with deployment planned for the second half of 2026. The company continues work on longer-term milestones, including plans for larger systems in the United Kingdom over the next several years.

Quantum computing seeks to solve certain complex problems more efficiently than classical computers by using quantum bits, or qubits, that can exist in multiple states simultaneously. Commercial applications are still limited, and the technology faces significant technical hurdles related to error rates, scalability and stability. Industry observers generally view widespread practical use as years away.

Wall Street analysts largely maintain constructive ratings on the shares. Consensus price targets in recent reports have centered in the mid-to-high $20s to low $30s, implying substantial upside from current levels according to those forecasts. The stock has experienced significant volatility, with a 52-week range of $12.53 to $58.15.

Investors evaluating Rigetti for the longer term weigh the company’s technological progress and government support against its limited current revenue, ongoing cash burn and the uncertain timeline for broader commercial adoption of quantum computing. The firm’s strong balance sheet provides runway for continued investment in manufacturing capacity, refrigeration systems and architecture improvements.

The hybrid approach pursued with HPE and the Pittsburgh Supercomputing Center reflects a broader industry trend of integrating quantum processors with classical high-performance computing resources. Such testbeds allow researchers to explore practical workflows while hardware capabilities advance.

Rigetti’s modular chiplet design is intended to support scaling to higher qubit counts more efficiently than monolithic approaches. Management has emphasized improvements in fidelity and system performance as key priorities throughout 2026.

The stock’s early Monday advance followed a period of pressure in quantum computing shares earlier in the month, as investors rotated away from high-beta technology names after strong prior gains. Broader market conditions and sentiment toward speculative technology sectors continue to influence trading in the name.

As of mid-morning Monday, Rigetti’s market capitalization stood near $4.7 billion based on publicly traded shares. The company remains focused on executing its technical roadmap while expanding customer access through cloud platforms and on-premise deployments.

Whether the shares prove a long-term investment depends on the pace of technological milestones, the conversion of research collaborations into sustained revenue, and the overall development of the quantum computing market. Near-term catalysts include the upcoming earnings report and further progress on government-supported projects.

The Pittsburgh collaboration adds another data point to Rigetti’s expanding network of academic and industry partnerships. The delivery of the Novera system is expected to support research into hybrid algorithms and applications that combine quantum and classical computing resources.

In an industry characterized by rapid technical claims and long commercialization horizons, Rigetti’s combination of hardware advancements, cash reserves and public-sector engagement has kept it among the more closely followed pure-play names. Monday’s stock move reflected investor reaction to the latest partnership expansion amid ongoing interest in the sector’s long-term potential.