Alerts & What’s Trending
Produce
Tropical storm Francine and adverse weather conditions in the U.S., Mexico, and Guatemala are impacting various commodities. This situation is expected to result in prolonged elevated market prices and possible supply shortages. The temperatures in the Salinas Valley are beginning to drop.
Grain
Soybean oil futures finished the week slightly down vs. the previous week. The weaker energy markets and some technical data appear to be the driving reasons for the decline. Stats Canada released its data for Canola, and the expected yield has increased for seed. Palm oil moved lower last week after several weeks of higher moves.
Dairy
Shell egg markets are down this week. California and Northwest markets are down. The Block & Barrel are increasing. U.S. cheese exports in July were up 10.1% YoY. Butter is down, after hitting new record highs in the middle of last week, EEX butter futures pulled back a bit.
Beef
PRIME and upper 2/3rd graded product is limited. Ribs and tenders continue to hold pricing relatively steady to higher. As for the loin complex, struggles continue in the Ch and Sel arenas and buyers are hesitant to commit. The chuck and round complexes continue to perform well overall. Grinds continue to struggle to clean up inventories due to underwhelming demand.
Pork
Butts both Bone-in and boneless materials are supported, with increased pulled pork interest. Loins are steady in the bone–in sector, while boneless are mixed due to some export demand. Ribs are mixed across types. Bellies remain unsettled as supply and demand is mixed. Trim markets 72’s are steady and 42’s have weaker supply.
Poultry
Wings demand has begun to pick up as we enter football season but there is availability. Tenders continue to be mostly steady. Jumbo breasts are seeing some extra availability. Medium and small breasts continue to stay steady. Dark meat demand remains very good. Whole birds are mostly balanced.
Seafood
Commodity groundfish market continuing to firm up due to raw material availability. Prices of imported shrimp are also increasing due to import cost increases that are affecting all items coming into the country in containers. Container availability is causing the most recent incremental increase.
