The ACCC had accused the national marketing body the Australian Egg Corporation of cartel behaviour to keep the price of eggs high.

But Federal Court Judge Richard White found the regulator had been unable to prove that the corporation's plans to reduce the supply of hens by its egg-supplier members was tantamount to cartel behaviour.

The ACCC had alleged the AEC and suppliers Farm Pride and Twelve Oaks Poultry had cooked up a plan to kill hens and bury eggs to increase the price of eggs paid by consumers at an "egg oversupply (crisis) meeting" in Sydney in early 2012.

ACCC chairman Rod Sims said the regulator was considering the judgment carefully.

"Obviously we are very disappointed because we were concerned these people were getting together to reduce supply and obviously, if you reduce supply you increase price," Mr Sims said.

"We had to show that they had agreed 'yes, if you do it, I'll do it', rather than 'we'll go away and do it'."

"Always in these cases there's the right of appeal and we make these judgments carefully and we will do over the next couple of weeks."

Justice White found the ACCC had established members of the AEC had intended egg producers should take action to address and correct the oversupply of eggs at a time when the $1.7 billion industry was struggling.

"[The ACCC] does establish that these respondents intended that the attendees should take action to address and correct the oversupply of eggs but not (to the requisite degree of persuasion) that this action should be pursuant to an agreement or understanding involving reciprocal obligations," Justice White said.

Former AEC and Farm Pride director Zelko Lendich settled with the ACCC shortly before the trial began in April 2015.

"Mr Lendich agreed with the ACCC that in the period between 19 January and 8 February 2012, he had attempted to encourage egg producers to enter into an arrangement, or to arrive at an understanding, containing a provision with the purpose of preventing, restricting or limiting the production or supply of eggs," Justice White said.

"Mr Lendich also agreed that at the time of his attempt the egg producers were corporations, at least two of whom were in competition with each other in relation to the production and supply of eggs," Justice White said.

However, Justice White found AEC, its managing director James Kellaway and Twelve Oaks director Jeffrey Ironside had not engaged in cartel behaviour.

"The ACCC case, as presented and on my findings, was strongest as against AEC and Mr Kellaway." Justice White said.

"Although I consider that that case has some force, I am not satisfied, to the requisite degree of persuasion, that AEC and Mr Kellaway took the action they did with the intention of inducing attendees to reach an agreement or understanding for a form of collective action," Justice White said.

A spokesman for AEC said the group's focus following the judgment was providing marketing and research and development services to the industry.