Insights / Commodities Report

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Commodities Report 92

Alerts & What’s Trending   Produce Roma tomatoes (> $40/carton) and iceberg lettuce stabilize after volatility; tomatoes face ongoing supply issues from Mexico/East Coast, iceberg nears mid-January levels. Limes up 19% w/w, doubled since January—typical early March surge. Outlook: Tomatoes may see more turbulence with limited upside; iceberg trends sideways. Limes peak soon before summer decline—stock up for drink specials.   Grains Uptrends intact despite oil-linked volatility; wheat supported above $5.60 Chicago, corn holds gains pre-Plantings Report, soybeans outperform on acre shift expectations. Geopolitics (Iran) aids fundamentals. Outlook: Wheat/corn stay resilient barring de-escalation; soybeans gain acres, capping later upside. Watch Plantings Report for flour/corn oil menu impacts.   Dairy Quiet CME trading saw butter and cheese dip slightly, whey/NFDM rise; butter demand strong on exports (82% fat). Bulk butter trades near/at market, limiting downside. Outlook: Export-driven butter holds firm with minimal near-term drops. Cheese softness from low volume may ease,

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Commodities Report 91

Alerts & What’s Trending   Produce The lettuce market continued easing from its February highs, but tomatoes grabbed attention last week as large Roma prices surged more than 76% week over week to $37 per carton. The spike is tied to blight impacting crops in Mexico and freeze damage in the Eastern U.S., creating an unusually tight supply. Outlook: Tomato markets may remain volatile for several weeks as supply tightness works through the system. Operators may want to watch menu planning closely, as Roma prices could stay elevated until new supply stabilizes the market.   Grains Grain markets posted another strong week, led by soybean oil along with wheat, corn, and other row crops. Strength has been tied in part to rising crude oil prices and geopolitical tensions affecting fertilizer and biofuel markets. Outlook: If energy prices and global tensions continue to influence commodity markets, grains could see additional upward

Vegetables

Commodities Report 90

Alerts & What’s Trending   Produce Tomatoes and lettuce led produce volatility, with 25 lb. romas holding above $15/carton amid struggling Eastern supply. Iceberg lettuce gains are slowing, suggesting potential relief ahead. Broccoli climbed for a fourth consecutive week and could approach $50/carton if Mexico’s supply and quality issues persist. Outlook: Tomatoes may stay elevated longer than anticipated, while lettuce could begin easing in the coming weeks. Broccoli remains a watch item, though demand resistance may cap further upside if prices push too high.   Grains Soybeans and wheat extended their rally, while corn slipped slightly after failing to break above $4.40. Speculative fund activity appears to be contributing to recent strength, particularly in soybean oil, despite large stock levels and uncertainty around 2026 biofuel blending targets. Outlook: Grain markets may remain volatile as policy decisions and fund activity drive price swings. Operators should expect continued choppiness rather than clear

Meat poultry

Commodities Report 89

Alerts & What’s Trending   Produce Lettuce prices continued climbing, with iceberg nearing historically rare levels above $50/carton. Tomato markets softened slightly for the first time since mid-December, though freeze damage in the Eastern U.S. continues to support elevated pricing. Supply constraints remain the primary driver across both categories. Outlook: Tomato markets may stay elevated for another two to three weeks before easing toward late March. Iceberg pricing is unlikely to sustain extreme levels for long, as demand typically adjusts when prices spike.   Grains Soybeans continued to rally, lifting much of the grain complex, supported by reports of a potential U.S.–China trade truce extension. However, weaker export sales and strong Brazilian supply are creating skepticism. May soybean futures remain above $11. Outlook: While short-term support remains in place, global supply pressure could limit further upside. Farmer selling may trigger another pullback, though a significant drop below $11 appears unlikely

Fresh fish and seafood platter

Commodities Report 88

Alerts & What’s Trending   Produce Produce markets continued to tighten, led by lettuce and tomatoes. Iceberg lettuce prices surged into the $40–$50 per carton range as harvest, yield, and shelf-life challenges persisted. Tomato pricing remained elevated due to ongoing cold-weather impacts, though improvement is expected as temperatures warm mid-February. Avocados bucked expectations, with 48-count Hass prices falling 9.2% week over week, despite seasonal trends pointing higher. Outlook: Lettuce pricing is expected to remain elevated and volatile in the short term. Tomato prices should begin easing as growing conditions improve, while avocados may remain flatter than usual into the first half of the year barring supply disruptions.   Grains Grain markets posted a positive week, led by the soybean complex. Optimism increased following trade announcements, including potential Chinese purchases of up to 8 million metric tons of U.S. soybeans, in addition to 12 million metric tons agreed to previously. Soybean

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Commodities Report 87

Alerts & What’s Trending   Produce Produce markets saw renewed strength, led by lettuce and tomatoes, both of which reversed higher following the prior week’s decline. Lettuce pricing increased as harvest and yield challenges emerged in Western growing regions, accelerating the end of its recent downturn. While iceberg pricing has moved higher, it remains below the extreme spring and summer peaks that often exceed $40–$50 per carton. Tomato markets strengthened as cold temperatures persisted across the eastern U.S., with pricing supported despite steady supply from Mexico. Outlook: Lettuce pricing may continue to move higher through late Q1, with additional upside risk into early Q2. Tomato prices are expected to remain firm while cold weather conditions persist.   Grains Grain markets were mixed, with corn and soybeans trading near even week over week, while wheat prices rallied briefly. Initial gains were driven by concerns over cold weather in U.S. winter wheat regions

Vegetables

Commodities Report 86

Alerts & What’s Trending   Produce Weather-driven volatility returned to the produce complex. Roma tomato prices jumped 13% week over week, pushing values back into the mid-$15/carton range, largely due to cold conditions across the Eastern U.S. Iceberg lettuce pricing held firm despite expectations for declines, reflecting harvest and yield challenges out West. Avocados continued their upward climb, with 48-count Hass reaching an 11-week high. Outlook: Cold weather patterns suggest tomato pricing could remain elevated longer than anticipated, while iceberg lettuce carries short-term upside risk. Avocado prices are expected to stay firm until supply relief arrives later in Q2.   Grains Grain markets rebounded, led by soybean oil as traders position ahead of anticipated EPA rulings on 2026 biofuel blending requirements. Soybeans followed higher but remain capped by technical resistance and concerns around unshipped export sales. Outlook: Near-term soybean upside appears limited, with resistance around $10.80 likely containing gains unless

Meat poultry

Commodities Report 85

Alerts & What’s Trending   Produce Avocados led produce moves — 48-count Hass climbed w/w, signaling an early start to the typical Feb–May seasonal rally. Cross-border volumes appear normal; demand seems the key push. Lettuce and tomatoes continued down toward ~$10 and are expected to level; tomatoes look calm for Q1 while lettuce can still see intermittent surges. Outlook: Expect avocado prices to trend upward into spring; monitor lettuce for potential spikes late Q1 while tomatoes should remain relatively steady.   Grains Corn led the action — March corn plunged ~5.4% on a surprisingly larger USDA national yield and higher harvested acreage, pushing 2025 production to ~17 billion bushels and Dec. 1 stocks to ~13.3 billion bushels. Later-week demand signals (record ethanol runs, flash export sales) were supportive but insufficient to offset heavy supplies. Outlook: Abundant corn stocks keep downside risk unless sustained demand (ethanol, exports) materializes; any recovery will

Fresh fish and seafood platter

Commodities Report 84

Alerts & What’s Trending   Produce As anticipated, lettuce and tomato prices opened the new year on a downward trend following their late 2024 highs. Iceberg lettuce has seen a consistent decline and is expected to stabilize around $10/carton, likely remaining within a $10-$20 range for the first half of the year. Roma tomatoes, after a slight December rebound, are also trending lower. The focus is expected to shift towards avocados, which have been under pressure but may see an uptrend beginning in February. Outlook: Expect stable to declining prices for lettuce and tomatoes in the near term, with potential for an uptrend in avocados starting next month.   Grains The grains market was quiet at the start of the new year, with all eyes on the upcoming USDA report. Corn is particularly poised for potential movement based on yield estimates, while soybeans and wheat could also see shifts. The

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Commodities Report 83

Alerts & What’s Trending   Produce Tomatoes were the standout mover, with Roma prices falling sharply to an eight-week low after peaking in late November. Lettuce pricing continued its steady decline, offering much-needed predictability after fall volatility. Other major produce items remained relatively stable. Outlook: Tomato prices are expected to level out and potentially firm slightly through year-end before a more meaningful downturn in February. Lettuce prices should continue easing into early 2026, with expectations of returning closer to the $10 range in Q1. This is a favorable window for menu planning and promotions built around fresh produce.   Grains Grain markets were quiet last week, with soybean exports remaining the main focus. Recent trade activity with China fell short of expectations, contributing to declining futures prices. Market sentiment remains cautious as traders reassess demand potential. Outlook: Soybean prices are expected to drift toward lower support levels in the near