Alerts & What’s Trending
Produce
The volatile markets across various commodities have been attributed to weather-related problems such as excessive heat and rainfall and a shortage of USDA inspectors, specifically affecting the avocado industry. As a result, it is anticipated that these challenges will lead to higher market prices and potential gaps in supply. The temperature in the Salinas Valley is rising, and the early harvest is still causing supply problems, but there has been a gradual improvement. Although the warmer weather is beneficial, it will take time to recover fully. Consequently, we can expect volatile markets for most commodities.
Grain
Soybean oil traded within a very tight range and was flat for the week. Palm oil supply and demand is balanced, and Canola followed palm and soy. From actual activity, the markets were very busy. Planting for soybean and Canola is really moving nicely with good weather.
Dairy
Shell egg markets flat this week. The Block & Barrel are up. Milk volumes are noted to be tighter than in recent weeks as temperatures rise. Butter is down. Cream availability is tightening to various degrees throughout the country, butter producers indicate cream volumes are generally able to meet processing needs.
Beef
Packers continue to eye higher cattle cost, while buyers continue to experience slower sales. Middle meats continue to trade mostly steady. Tenderloins continue to trade under pressure from lagging consumer demand. Insides, chucks, and grinds continue steady. The COF report will be released on Friday; the on–feed number is projected to be 1.1% below a year ago.
Pork
Pork butts are relatively flat for next week, expect markets to trend up after this flat week. Spareribs look to be coming down while backribs and St. Louis are flat. Bellies are also coming down as demand has come down. Loins are following suit with pork butts.
Poultry
Wings and tenders continue to be hottest part of the bird and excess supply is nonexistent. The wing market continues to show growth despite being in a traditional slow time for wing demand. The breast market was steady this week as supply and demand has leveled off. Dark meat demand remains very good. Whole birds are balanced.
Seafood
Snow crab season is 70% met in terms of quota. Harvest is good but not great with more 5/8oz clusters available. With king crab supply being short, Dungeness and snow crab are the best alternative. Wild Salmon is in season.
