Alerts & What’s Trending
Produce
Lettuce and tomato prices erased March gains. Lettuce could spike in May, while tomatoes may strengthen through August. Avocados weakened to a nine-week low, with no big relief expected until July. Yellow onions held steady near $5/sack, with potential strength later in May.
Grain
Grains were mixed. Soybean oil led gains; Chicago wheat rose 1.6% w/w. Other wheat types lagged. Kansas City wheat was flat to lower, despite rising drought levels. Heavy rain forecast in Oklahoma could ease yield concerns as only 47% of winter wheat is rated good-to-excellent vs. 55% last year.
Dairy
Dairy prices edged up on retail promos and foodservice demand. Butter stayed flat at $2.34/lb. CME cheese blocks and barrels both rose to $1.84/lb. Cheese production is strong, supported by rising seasonal milk output and stable to strong retail demand.
Beef
April cattle futures climbed 4% to $209.90/cwt. The choice cutout fell 1% to $332.90, while select rose 1%. Mixed movement in ribs and loins; chucks and rounds mostly lower. Ground beef 81% dropped 9% to $2.74/lb. Tighter cattle supplies could drive beef prices higher in the coming weeks despite last week’s cutout softness, likely linked to the holiday.
Pork
Hog markets were mixed. Loin primal dropped 4%; boneless loins fell to $1.32/lb. Bellies jumped 7% to $134.99/cwt. Export sales dropped 1.4 million lbs. Trims were mixed. Future trade disputes could impact 30% of pork sold internationally, potentially boosting U.S. supply and lowering domestic prices.
Poultry
USDA chicken harvest rose 1% w/w and 4.4% y/y. Breast and boneless thigh prices led gains. Boneless breasts rose to $2.65/lb, up 57% y/y. Wings held at $1.42/lb. Turkey boneless breasts rose 1%, while whole birds dropped 6%. Shell egg prices dipped 2% w/w post-Easter but remain 48% up y/y. White meat demand is expected to grow, while dark meat faces uncertainty due to trade tensions.
Seafood
Fresh yellowfin tuna prices fell 8.4% m/m, as expected after a January peak. Despite the drop, February’s $4.96/lb average remains high. Prices typically bottom between April and June, and a continued downward trend is likely into May.
