Alerts & What’s Trending
Produce
The seasonal decline, adverse weather conditions, and the ongoing lack of USDA inspectors have continued to affect multiple growing areas and commodities. Consequently, these difficulties are expected to result in prolonged higher market prices and potential supply shortages. The Salinas Valley is experiencing a continuation of warmer weather. Although early harvesting led to some supply issues, there has been gradual improvement. Most items are showing good quality, and there has been an improvement in the supply of liner and romaine. Prices are still high, but there is hope for relief in the near future.
Grain
The soybean oil market continues trading flat. Next week we expect the USDA acreage report. There are some concerns for upper Midwest growing regions as they are very wet. Canada, too, has some very wet weather causing some concerns, which have not yet made its way into pricing yet. Palm supply and demand is balanced.
Dairy
Shell egg markets are down this week. California and Northwest markets are flat. The Block & Barrel are decreasing. Butter is flat and production levels have weakened. 27 states remained under a heat advisory and heat puts stress on cow’s milk production as well as chickens egg production.
Beef
Close in pricing is firm; although, post-holiday pricing reflects a more open to trade feel from packers. Middle meats continue to trade steady across the strip, rib, and sirloin sub-primals. Tenderloins continue to trade under pressure from lagging consumer demand. Insides, chucks, and grinds continue steady; due to need for lean material for holiday grind ads.
Pork
Butts are on the rise again and should see one or two more weeks of gains before the market falls off. St. Louis ribs and spareribs had slight gains while back ribs held flat going into next week. Boneless loins are declining as demand is still weak on these items. Bellies seems to still be on a trend of declining but the futures remain volatile.
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 off season. The jumbo breast market is seeing demand increase. Medium and small breasts have evened out. Dark meat demand remains very good. Whole birds are mostly even.
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.
