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Produce
Adverse weather conditions in Florida, Mexico, and California have had a notable effect on different produce, leading to reduced harvests and ultimately causing an increase in market prices. The recent rainfall during March has impacted the supply levels, leading to high market activity. Despite expanding into new acreage that is not fully operational yet, we anticipate ongoing supply shortages in the weeks ahead. Additionally, the Salinas Valley is still facing below-average temperatures. Reaching into these fields will likely cause supply issues towards the end of the season. We will continue to see some increases in mildew and anthracnose, which will continue to hold back yields and weights.
Grains
Soybean oil moved about 2% higher last week. Crude, diesel, and soybean oil were all higher. The short speculator position is still present, but funds were the big buyers last week. Palm oil was flat with balanced supply & demand, while Canola moved higher with soybean oil.
Dairy
Shell egg markets are thriving, notably those in California and the Northwest. The Block and Barrel are steadily expanding. Butter is ready. Cream supplies are starting to run low for the season. As summer approaches, milk production across the country follows seasonal norms.
Beef
Supply is limited, and packers are seeking for higher pricing; progressively increasing prices will be key. Prices for ribs and tenders have risen across the board, despite the fact that stock remains available. Strips and top buttocks continue to rise, while supplies remain limited. End cuts, insides, and chucks are flat. Grind prices increased due of a limited yield and increasing demand.
Pork
B/I in butts is expected to rise next week, although boneless butts fell slightly. Spareribs are also becoming more popular as the grilling season approaches. Loins are also rising due to increased retail advertising and robust exports. Bellies are rising next week, and the market remains turbulent.
Poultry
As hatchability of eggs remains an issue, we continue to encounter supply limitations, particularly for wings and tenders. Breast demand has begun to level off. The demand for wings remains robust. Tender demand is extremely high, and it remains the most difficult offering to find. Dark meat demand remained very good. Whole birds are usually steady.
Seafood
The availability of North Atlantic lobster tails is increasing, and their prices are declining. The markets hold constant from week to week. The seafood industry is preparing for the summer season and updating their menus in anticipation of the major holidays.
