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Produce
Tropical Storm Debby and adverse weather conditions in Mexico and Guatemala continue to affect several commodities, leading to anticipated extended periods of elevated market prices and potential supply shortages.
Grains
The soybean oil market continued to move downward last week with pressure from fund selling, lower crude oil, much lower equities, and a good soybean crop outlook. Canola moved lower with pressure from the soybean oil market. Palm oil was flat even with the much lower soy and Canola. Palm’s balance sheet is looking good.
Dairy
Shell egg markets are up this week. California and Northwest markets are up. On Saturday, July 27th Hickman’s Family Farms production facility in Tonopah, Arizona had one of their production barns destroyed and two others damaged by fire. The Block is decreasing & Barrel are increasing. Butter is up.
Beef
The beef market continues weighed down by middle meats, especially on Choice and Select cuts. Limited harvest are allowing thin meats to creep higher. The chuck and round complexes found balance overall; standouts are chuck rolls and inside rounds, as need for retail value cuts along w/ lean grind material bolstered demand. Grinds continued steady and look to gain traction.
Pork
Butts market continue to decline but only slightly. Bone-in and boneless materials have seen a bit of support for Labor Day. Loins are steady. Ribs supply is steady, and demand continues to be soft post July. Bellies are on the rise. Trim shows limited trade activity as availability is described as tight on the spot market, so continue to climb.
Poultry
Wings have excess supply in the up on the open market for now. Tenders continue to be mostly steady. Jumbo breasts are seeing increased demand as further processors a bolstered demand. Medium and small breasts have steadied. Dark meat demand remains very good. Whole birds are mostly balanced.
Seafood
As markets have firmed up on groundfish items. The prices of imported, farm-raised, white, and black tiger shrimp are gaining strength and firming depending upon sizes due to rising shipping costs, delays in shipment arrivals, and shortages of shipping containers to load the products.
