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Challenges remain industry‐wide with lack of labor, pallets and freight in all segments of the business, making for challenges in the executions of the supply chain flow from harvest to shipping to receiving.
The grain futures market dropped a bit last week. This was in response to very needed rain in some very dry areas. Corn is most vulnerable due to its life cycle.
Supply of cheese tightens as the markets increase. The butter market saw a decrease in $0.043/lb week over week with abundant supply. Jumbo, extra large, and large shell eggs increased week over week with increased demand.
Price reductions slowed and continues to be in correction mode. Chucks and rounds are having larger corrections than ribs and strips, with support of trim & grind market slowing and exports not pulling at same rates as prior. Thin meats: tri tips, ball tips, sirloin flap, chuck flap continue to show weakness in pricing. Grind and trim slowed in pricing and demand.
Hog futures are still showing weakness in the market. Bone‐in and boneless butts are still trending down as domestic and export demand has softened up. Loins have leveled off and trading sideways as retail as pulled back on this cut. Spareribs are coming down more next week and backribs are relatively flat. Fresh bellies are seeing an increase going into next week.
Labor is still constrained across the industry, but supply is improving on some items. Jumbo wings and tenders are at premium pricing and product is difficult to find. The breast market is lower, and supply of random sizes are more available. Portion control breasts are steady with tight supplies due to labor.
Due to the covid outbreak, the seafood flow in Vietnam and Indonesia has been disrupted. Items such as shrimp and pangasius will be affected. As for shrimp, certain sizes and forms are unavailable as demand is higher than production.