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Produce
Weather conditions are once again causing disruptions on both the east and west coasts, leading to a slowdown in the progress we had observed in recent weeks. As a result, markets are experiencing an increase in prices due to lower yields. The Salinas Valley’s weather conditions are still hindering acreage productivity. To keep up with demand, the industry is harvesting early, leading to a limited supply of crops. Below-average ground temperatures stunt crop growth, resulting in high commodity market prices. Regrettably, this unfavorable weather pattern is forecasted to persist into June.
Grains
The whole soybean complex was lower. The lower markets are pointing to lower soybean oil in the future. Crush margins are falling again for crushers, which, if sustained, could lead to higher basis levels. Planting is doing very well. It is wet in some areas, but overall planting for beans is ahead of schedule.
Dairy
Shell egg markets flat this week except for Large & Medium shell eggs. California and Northwest markets are also flat. The Block is up & Barrel are flat. Some manufacturers have shared they are seeing increased interest in aged cheeses. Butter is up. Bulk butter overages range from 1 to 10 cents above markets.
Beef
Economic strains on the consumer are pushing focus to value cuts. Flank and flap, appear to be in a lull due to a possible price reset. Ribs and tenders continue to disappoint as buyers steer clear of high prices. Top sirloins and strips are stars leading to higher prices. Insides, chucks, and grinds continue steady; supporting each other due to use of lean material for Father’s Day.
Pork
Pork butts are finally trending down coming off the Memorial Day. As supplies tighten and customers prepare for the July 4th holiday expect markets to hold strong. Ribs are still considered a strong market even though we are seeing spares come down, backribs and St. Louis continue to rise. Bellies are relatively flat for next week as demand is steady. 72 trim is up.
Poultry
Tenders continue to be hottest part of the bird and excess supply is nonexistent. Wings continue to be in high demand despite the summer season being here and supply is limited. Jumbo and medium breasts supply has improved as hatchability and bird weights are improving. Dark meat demand remains very good.
Seafood
North Atlantic Lobster tails supply is improving, and prices are coming down. Markets are steady week–over–week. Seafood sector is gearing up for big holidays going into summer and operators are revamping summer menus.
