Alerts & What’s Trending
Produce
Lettuce prices continued climbing due to ongoing supply challenges, while tomato prices are showing normal seasonal increases after returning to more typical levels. Most other produce markets remained relatively stable.
Outlook: Lettuce will likely stay elevated until supplies recover, while tomatoes may continue a gradual seasonal climb through mid-July.
Grains
Grain markets were mixed, with corn, soybeans, and wheat showing signs of stabilizing after recent declines, while soybean oil continued to weaken. Overall, markets remain influenced by energy prices and crop expectations.
Outlook: Grain markets are expected to remain volatile, but current trends suggest limited upward price pressure in the near term.
Dairy
CME spot activity was active but most dairy markets trended lower for the week; nonfat dry milk hit near three-month lows as buyers delay purchases expecting cheaper prices, while butter has shown unexpected firmness despite lower international prices. U.S. butter exports in April surged (~+73% y/y) even as imports rose sharply, and the spread between U.S. and international butter prices has narrowed.
Outlook: Dairy prices should remain relatively stable this summer, with only modest seasonal fluctuations expected.
Beef
Beef production remains below last year despite a slight weekly increase, while tight cattle supplies continue to support elevated prices. Some relief could arrive later this summer if the expected seasonal increase in beef production materializes.
Outlook: Beef prices are likely to remain firm in the short term, with the potential for modest easing later this summer if supplies improve as forecast.
Pork
Strong pork production continues to keep most prices in check, although bellies have recently strengthened with seasonal demand. Most pork cuts are still priced below last year’s levels, offering good value for operators.
Outlook: Expect modest seasonal price increases over the coming months, but overall pork markets remain well supplied.
Poultry
Chicken supplies continue to improve, helping push prices lower across most poultry products. Chicken tenders saw some of the largest declines, and many poultry items remain below last year’s prices, creating favorable purchasing conditions for restaurants.
Outlook: With production expected to remain strong through July, poultry prices should stay relatively favorable in the near term.
Seafood
Fresh yellowfin tuna prices dropped sharply after a brief spring rally, returning to more typical seasonal levels. Market trends suggest prices could begin climbing again later this summer.
Outlook: Yellowfin tuna prices are expected to gradually strengthen over the next few months as seasonal demand improves.