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Weather issues (heat and rainfall_ continue to linger across several growing regions, leading to tightened supplies and quality issues, resulting in overall higher markets. Vegetable production out of the Salinas Valley continues to see a decrease in supply due to the virus. Additionally, the commodities still continue to see increased heat-related issues such as lighter weights, fringe burn, tip burn, internal burn, discoloration and lower shelf life.
Soybean harvests are behind while canola harvests are almost complete. Palm oil and Canola oil prices were forced higher due to higher soybean prices. Low water in the Mississippi River and higher crude oil has caused higher soybean prices.
Last week saw gains in both cheese markets thanks to stable foodservice demand and inconsistent retail demand. Despite being more accessible, butter prices were higher. Egg prices decreased as the supply rose. The price of milk increased as inventories increased.
The cattle market is still one that feels generally stable. Ribs stay consistent, with quality boxes and light-weight products commanding higher prices. Stripes are still softer, and there are still few luxury options available. As consumers wait for the arrival of fall weather to increase demand for roast, chucks and round cuts remain steady. The end of grilling season has resulted in lower costs for grind.
Butts should keep moving down the slope in which they currently find themselves. Due to the excess inventory in cold storage, the market for ribs is currently moving sideways. In contrast to the premiums we have been seeing every year, loins are also down. As retail demand for bacon soared, bellies bulged. Hams are now flat. Inventory is limited for the upcoming holidays.
Demand for wings is stable. Prices are falling quickly and there are more tenders available. The market for random breasts is declining. Breasts for portion control are available, and their costs are going down. Prices for boneless thigh meat decreased once more this week. Compared to dark meat alternatives, boneless leg meat is more widely accessible. Higher are whole birds.
The Bristol Bay Red King Crab season in the Bering Sea will be closed for a second year in a row, the Alaska Department of Fish and Game stated Monday. For the first time in recent memory, the snow crab season in the Bering Sea will be closed. Due to low catches, there is a limited quantity of canned chopped clams for chowders.