Alerts & What’s Trending
Produce
Adverse weather conditions and seasonal decline in Mexico, Guatemala, and the U.S. are still impacting various growing regions and commodities. As a result, it is anticipated that these challenges will lead to extended periods of elevated market prices and potential shortages in supply. The Salinas Valley, as well as most of California, is heading for a heat wave, and while the early harvesting has caused some issues with supply, the heat wave may also be a factor in future supply issues. Despite this, the quality of most items has improved, and the supply situation is better. However, we need to closely monitor all commodities as temperatures are expected to exceed 100 degrees in certain areas.
Grain
While soybean oil moved lower last week, the sideways trading trend continues. The USDA released its acreage report and corn won some acres over soybeans. Soybeans are higher, now, but so are meal and oil this week. Palm moved lower with soybean oil, Canola was flat.
Dairy
Shell egg markets are down this week. California and Northwest markets are flat. The Block is increasing & Barrel are decreasing. Blocks were above barrels today for the first time in 6 weeks. Butter is flat. Sources suspect inflation may be impacting travel plans this year.
Beef
Packers did encounter facility challenges this week, this helped limit supply and held trade levels flat. Middle meats continue to trade steady across the strip, rib, and sirloin sub–primals. Tenderloins continue to trade under pressure. Insides, chucks, and grinds continue steady; due to need for lean material for holiday grind ads. With limited supply, thin meat demand should spike near–term.
Pork
Butts came down as the market took a significant drop right before the July 4th holiday. Loins are still down as demand has tapered off, but should start to rebound. Ribs are still holding strong. The belly market has continued its downward trend for several weeks. The bottom has fallen out of trimmings as supply is up.
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. Breast have started to strengthen again as demand continue to pick up. Dark meat demand remains very good. Whole birds are mostly 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.
