CommodityOne Weekly Market Reports

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Produce

As a result of continued negative effects on yields and quality throughout many of the growing regions, markets have been trending upward and are anticipated to continue doing so for the foreseeable future. The weather has continued to impact quality and postpone harvests from the desert producing zone during the last two weeks. Epidermal peel and fringe burn are a few quality problems. To address the problems, harvesters will continue to work the produce in the field. For at least the upcoming several weeks, markets are anticipated to hold their current modest gains.

Grains

Soybean oil increased last week despite USDA data showing a 7% decline in supplies due to rising demand for biofuels. The majority of canola stock prices are rising, which can present a buying opportunity. Demand for palm is higher due to strong demand and flooding in Indonesia and Malaysia, which results in decreased production.

Dairy

As demand rises, the price of shell eggs keeps rising. Market share for California shell eggs is declining. Markets for cheese are still stable or slightly rising. This week, butter markets fell, and there are still pessimistic undertones. Due to non-market cost reasons in March, Cream and Culture pricing modifications were made.

Beef

Packers are forced to hold prices unchanged or boost them as cattle costs continue to rise. Nonetheless, some inventories are beginning to appear as rib sales remain steady. Available supply is a contributing cause to the upward trend in tenderloin prices. Although shortloins and strips continue to draw interest, packers and buyers have not come to an agreement on a price. There are steady grinds.

Pork

Butts increased in price in response to typical seasonal demand and export demand for boneless butts. Because there is enough supply to fulfill demand, loin prices have remained fairly stable. While there is still a large amount of inventory in cold storage, rib sales somewhat declined. Green ham prices are on the rise due to rising demand from international markets. Due to excessive cold storage levels, bellies shifted counter seasonally.

Poultry

This week, the back of the bird is seeing the highest demand. Large breasts are still in high demand. Demand and supply are balanced by tenders. This week, whole chickens and cut ups were more expensive. The price of jumbo wings was low, but March is expected to see an increase. The medium wings remained stable. Above were little wings.

Seafood

Last Wednesday marked the beginning of Lent, which will endure through the first week of April. (April 6 – February 22). Compared to previous year, supplies of shrimp, salmon, tilapia, pangasius, pasteurized crab meat, mahi, tuna, calamari, cod, and pollock have all steadied.

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Produce

In several of the growing regions, weather problems (lower temperatures and rain) have started to negatively impact yields and quality, which will probably force markets to trend upward over the coming few weeks. Notwithstanding minor quality difficulties brought on by the colder temperatures, supplies of several vegetables grown in the desert producing zone are still steady.

Grains

The soybean oil market increased last week as a result of decreased worldwide stocks being reported, decoupling slightly from the energy market. Palm moved slightly higher and canola was flat on no new information, but demand is starting to rise.

Dairy

Is there a shortage of shell eggs? With the exception of California, markets are up. Markets for cheese are steady because demand is consistent. Butter markets rose, but since there is a plentiful supply, expect falls the next week. March non-market cost variables are causing cream and culture prices to change.

Beef

Packers are spending more on cattle, which results in lower box counts and higher costs. Although Select and No Roll are hard to find, ribs remain consistent. Even after Valentine’s Day, tenderloin prices remain on the rise. Shortloins and strips continue to be more popular as packers attempt to increase the price up front. Grinds are tight, and chucks and rounds are trading more strongly.

Pork

The upfront purchases and rising domestic demand caused the butt market to climb upward. The minor decline in rib sales is anticipated to be short-lived because interest has been increasing. This week, loins leveled off as fewer retailers ran advertising. As predicted, the growth of bellies is continuing.

Poultry

This week, the back of the bird is seeing the highest demand. Large breasts are still in high demand. Demand and supply are balanced by tenders. Both whole and cut up chickens were cheaper this week. As March Madness draws closer, demand for jumbo and mini wings is also continuing to increase. The medium wings remained stable.

Seafood

Lent began on Wednesday and lasts until the first week of April (February 22nd – April 6th). Compared to other seafood species, supplies of shrimp, salmon, tilapia, pangasius, pasteurized crabmeat, mahi, tuna, calamari, cod, and pollock have all stabilized. During Lent, they are the perfect addition to fish dishes.

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Produce

We continue to observe lower than anticipated supplies of slicer cucumber and yellow squash in South Florida and Mexico. Bell peppers are widely accessible and of excellent quality! There’s less tomato output in Florida and fewer tomatoes available in the west. Due to the crop’s current frost damage, which results in incredibly poor yields and unanticipated loss, the corn market will be exceedingly volatile. Cold temperatures and weather damage are producing shortages this season, but the hot pepper market appears to be holding steady.

Grains

Last week, the price of soybean oil declined, but by week’s end, it had recovered thanks to rising crude oil prices. The market’s average fell overall. Demand was strong and stocks of palm oil were greater. With predicted overall stockpiles vs. demand, canola is unchanged.

Dairy

In spite of strong demand, shell egg prices are declining. Despite increased production, US cheese markets declined while rising in the EU. Butter prices are rising while the markets for cream and culture are heading downward. With the effects of avian influenza being postponed, processed eggs are increasing.

Beef

The supply of ribs remains steady, but finding Select and No-Roll from packers remains challenging. The amount of tenderloins seems to be stabilizing. Strips and shortloins keep moving steadily, but packers are making an effort to move more frontward. Chucks and rounds are still trading steadily, with variations in supply and demand among packers. Grinds remain stable.

Pork

Due to upfront purchases and domestic interest, butts have somewhat climbed for the coming week. While rib prices are now stable, they are anticipated to rise further throughout the month. Although retail demand is keeping this industry strong, loins also increased in price. Also, throughout the month of February, it is anticipated that belly size would increase.

Poultry

The poultry market is still moving in the same manner as it was during Super Bowl week. This week saw an increase in the price of giant breasts due to strong demand for that product. Medium-sized breasts were stable, as were tenders. The demand for wings is rising as more operators want to stock their refrigerators.

Seafood

Lent begins on March 13 and lasts until the first week of April (February 22nd – April 6th). Compared to other seafood species, supplies of shrimp, salmon, tilapia, pangasius, pasteurized crabmeat, mahi, tuna, calamari, cod, and pollock have all stabilized.

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Produce

In some of the growing regions, better weather is predicted, which should help boost total yields and quality over the coming several weeks for many commodities. Unfavorable weather, on the other hand, is having an impact on several commodities, lowering overall yields. The desert growing region of Yuma, Arizona, has experienced consistent growing conditions, and growers are still seeing morning frost. The frost is still contributing to small harvest delays, sluggish crop maturation, and quality problems. These problems include epidermal peeling and fringe burn. With only extremely slight odds of lettuce ice in the forecast heading into next week, the weather in Yuma is predicted to become better. Overall market pricing for the majority of commodities decreased this week. For the upcoming several weeks, markets are anticipated to stay stable.

Grains

The market for soybean oil changed relatively little last week overall. Crude oil did cause it to trade lower, but it ended the week unchanged. Due to rising demand, the price difference between palm and soybean oil is narrowing. Markets for canola rose as a result of rising demand.

Dairy

As markets search for a floor, the demand for shell eggs is falling. This week’s cheese market decline is due to less demand. The cost of Cream and Culture is going down in February. AI Impacts are causing increases in non-cage free processed eggs for February, which is helping the butter markets.

Beef

The harvest is being cut back by packers, which will result in decreased inventory levels. While Select and No Roll are quite difficult to find from the more seasoned packers, ribs are consistently available. Since most merchants have already purchased their Valentine’s Day inventory, tenderloin prices are expected to decline further. Rounds, chucks, and strips are constant. The market is stable and grinds are available.

Pork

This week saw a tiny decline in butts, and the markets may continue to make concessions for one more week. Spareribs are becoming more popular as demand for Memorial Day grows. Although they should do so with spareribs, back ribs and St. Louis ribs showed signs of frailty. With the retail demand, loins are still demonstrating strength. Even with high cold storage levels, bellies shifted.

Poultry

Jumbo breasts and wings are in high demand this week. Tenders have increased as demand has increased. Legs without bones were higher. This week, the leg meat remained flat. This week, both whole and cut up birds are available.

Seafood

February 22 marks the start of Lent. Shrimp landings have decreased in Texas and Louisiana. With too much inventory, the market for imported shrimp is uneasy. The US market for farmed whole fish is smaller because of reduced demand, but it is stable in Europe. There are enough supplies of frozen fish.

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Produce

The availability of slicer cucumbers is still incredibly low in South Florida and Mexico, but it is gradually increasing! The quality of squash and bell peppers is excellent, and they are widely available. Although Florida’s tomato output has increased this week, we are still well below average for this time of year as a result of various weather-related issues over the past three months. Although not particularly alarming, we anticipate lesser production and higher than usual market pricing. Since the crop is currently being affected by the effects of last month’s freeze, which resulted in extremely low yields and greater loss than anticipated, the corn market will be quite short. As chilly temperatures and weather-related damage are producing shortages this season, the hot pepper market appears to be holding steady, with Serrano and Anaheim being the most expensive and scarcest options. Due to the lower temperatures, honeydew and cantaloupe have gotten fairly difficult and won’t likely get any easier until mid-February. Yuma’s weather is still chilly, with frost appearing most mornings. The weather is expected to remain cooler into the first part of next week.

Grains

Good rains in Argentina and declining diesel fuel prices contributed to the decline in soybean oil prices. Canola, which competes with commodities grown in Australia and Europe, fell lower before returning to neutral last week. As Lunar New Year celebrations come to an end, palm oil market demand is anticipated to increase.

Dairy

As markets search for a floor because of reasonable demand, shell egg production is declining. Markets for cheese and butter are falling this week due to plentiful supplies and weak demand. The cost of Cream and Culture is going down in February.

Beef

Tenderloins and ribs are still trading at reduced prices, but prospective floors, particularly for ribs, are a possibility. Strips are in demand because packers offer them as a rib substitute. Chucks and rounds are still trading steadily, with current levels of supply and demand being balanced. The Super Bowl advertising have caused grinds to stall.

Pork

As we anticipate an increasing trend this month, the butts market increased this week. In light of ongoing retail demand, loins were also moved up for the next week. Although there is still a large supply, the price of ribs is moving sideways. As there is a plentiful supply of fresh goods, belly sizes are still declining.

Poultry

The price of Jumbo and Medium size breast, tenders, and wings rises in response to seasonal demand. Stronger demand is being seen for boneless thighs. This week, the leg meat remained flat. Due to rising labor and food prices, the price of whole birds and cut ups is on the rise.

Seafood

After a year of scarcities brought on by water closures, frozen oysters from the Gulf are once more readily available. As the overseas output from the fresh harvest has progressively arrived, the supply of calamari from Asia has improved. It’s almost time for Lent. Lent 2023 for this year starts on Wednesday, February 22 and ends on Thursday, April 6.

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Produce

We continue to see a very low supply of cucumbers in South Florida and Mexico, and we don’t anticipate things getting much better for a few weeks. The availability of color peppers is excellent, and squash and bell peppers appear to be lessening. Due to many weather-related effects over the past three months, Florida tomato production is down this week and is still far below average for this time of year. Although not particularly alarming, we anticipate lesser production and higher than usual market pricing. Since the crop is currently being affected by the effects of last month’s freeze, which resulted in extremely low yields and greater loss than anticipated, the corn market will be quite short. Cold temperatures and weather damage are producing shortages this season, but the hot pepper market appears to be holding steady, with Serrano and Anaheim being the most expensive and scarcest varieties.

Grains

The market for soybean oil remained stable because to improvements in South American weather. The recent drop in canola seed costs is a result of Germany’s potential move away from grain-based biofuels. Low demand causes Palm to decline.

Dairy

As markets search for a floor because of reasonable demand, shell egg production is declining. Markets for cheese and butter are falling this week due to plentiful supplies and weak demand. The cost of Cream and Culture is going down in February.

Beef

Winter storms and their potential effects on grades and weights are a hot topic in the market. Tenderloins and ribs are moving at a reduced price but less fiercely than in previous weeks. Strips continue to lose popularity as it seems that most of the buying has already been done. Chucks and rounds are still trading steadily, with current levels of supply and demand being balanced.

Pork

Pork butts are still in demand and will continue to be weak through February. Due to inclusions in retailer advertisements for the rest of the month, loin prices increased somewhat. The price of ribs is keeping steady and is likely to move sideways for the foreseeable future. Due to the high amounts of cold storage, bellies are declining. Cushion demand has slowed, and this market’s decline is ongoing.

Poultry

The price of Jumbo and Medium size breast, tenders, and wings rises in response to seasonal demand. The demand for boneless thigh and leg meat is beginning to increase. Due to rising labor and food prices, the price of whole birds and cut ups is on the rise.

Seafood

Since the majority of crab fisherman switched to targeting cod, Alaskan cod fishing has started and is anticipated to soon fill its quota. Due to excessive stockpiles floating in the U.S. market, the imported shrimp market is still unstable and poor. Due to the reduction of excess stocks, the mahi-mahi market is stabilizing.

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Produce

We continue to observe a lower supply and firmer markets for green pepper, zucchini, and yellow squash in South Florida and Mexico. The supply of color peppers is outstanding, but cucumbers are still very scarce and won’t likely get any better for a few weeks. Florida’s tomato production is increasing, but is still significantly below average for this time of year as a result of various weather-related issues during the past three months. Reduced production and higher than usual market prices are what we anticipate. As chilly temperatures and weather damage are producing shortages this season, the hot pepper market appears to be holding steady, with serrano and Anaheim being the most expensive and scarcest varieties.

Grains

With good news regarding stocks, soybean oil trade last week ended almost unchanged. As availability expanded globally, canola trading declined. The market continued to experience weak demand, which led to reduced prices for Palm.

Dairy

As markets search for a floor, the demand for shell eggs is falling. Markets for cheese recover but are predicted to fall the following week. Markets for butter grew this week while remaining stable. Prices for Cream and Culture are dropping in January.

Beef

Buyer and seller tension will remain high as cattle supplies decline, and upward price pressure will persist. Feed lot numbers are not increasing due to two weeks of decreasing carcass weights.

Pork

Pork Butts are moving down significantly due to weakened demand in foodservice and retail Ribs are down slightly and with a surplus of supply in the market ribs could continue to trend down. Loins are now being featured in retail ads bringing this market up for next week. Bellies are relatively flat. Hams came down as exports to Mexico has slowed down.

Poultry

The price of Jumbo and Medium size breast, tenders, and wings rises in response to seasonal demand. Leg and thigh meat without bones are available in sufficient quantities. Due to rising labor and food prices, the price of whole birds and cut ups is on the rise.

Seafood

White shrimp landings have been higher than anticipated thus far, but brown shrimp landings are still below average. Due to the decreased scallop quota, prices are anticipated to stay above historical levels. For both blue and red pasteurized crab, markets have gotten softer.

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Produce

As we wait for a significant supply from Honduras, we are
observing a lighter supply in South Florida and firmer markets for green
pepper, zucchini, yellow squash, and cucumbers. The quantity of color peppers
is increasing, and during the following 7 to 10 days, additional pepper should
cross. Due to the frigid climate in the Mexican growing regions, Serrano and
Anaheim pepper prices are still quite high. Due to the chilly temperature,
honeydew and cantaloupe have become rather difficult, but things should get
better over the following 10 to 14 days. Through the weekend and the first few
days of next week, there will be more instances of heavy rain throughout California.

Grains

Lower futures prices for diesel fuel and declining demand
last week caused the soybean oil market to decline. But Argentina’s dryness
increased the price of soybeans and soybean meal. With revisions to Indonesian
export regulations, canola is running flat while palm oil has increased. Due to
rising COVID cases, there is concern about Chinese demand.

Dairy

As markets search for a floor, the demand for shell eggs is falling. Markets for cheese are shrinking as demand declines. Butter prices are stable this week, although there are conflicting signs of demand. The cost of Cream and Culture is going down this month while the price of processed eggs is rising as a result of shifting grain markets.

Beef

Tenderloins and ribs are displaying signs of a market slump. While strips are still in high demand, packers are offering prices that reflect the demand. Chucks and rounds are still trading steadily, and supply and demand levels now being balanced. Grinds are consistently full since packers are in good inventory shape and seem to be piquing enough retail interest.

Pork

The fresh pork complex witnessed pressure on bone-in loins while supporting boneless loins in the wake of recent deterioration. After holiday interest peaked, butts and picnics kept continuing through the current price correction. Two-sided trading of bellies while trim pricing is bumped higher.

Poultry

Wing season has arrived as supply has become scarcer. There are tenders available, but the market is becoming more competitive. Although supply is expected to slow down because of the impending short holiday week, breast prices are currently low for the season. Widely accessible for this week will be boneless thigh meat while boneless leg meat is flattening.

Seafood

Alaska declares lower Cod quotas and higher Pollock quotas. White shrimp landings have been higher than anticipated thus far, but brown shrimp landings are still below average. There was a 30% reduction in overall landings for the USA scallop season from this year to last year.

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Produce

Overall supplies across most commodities continue to see improvement due to warmer temperatures in the growing regions. These increased supplies have helped markets continue their downward trend. The Imperial Valley and Yuma growing regions saw rainfall towards the beginning of the week, which caused slight delays in the fields. However, supplies have continued to increase over the past few weeks and markets continued their downward trends.

Grains

Due to the dry weather in South America, particularly Argentina, pressure is being placed on soybean oil prices and, in fact, the entire soybean complex. Production of palm oil has been impacted by the severe rains in Malaysia, and Indonesia is once again revising its export regulations. Canola has not altered much.

Dairy

Higher prices on eggs have started to curb demand. Cheese markets have the potential for softness if demand slows though markets rose last week.

Beef

As the business adapts to decreasing supply, harvest rates, fed cattle prices, and primal values will all fluctuate significantly outside of historical price trends. There will be less stock on grocery store shelves along with the drop. The market appears to have “frozen” in place as a result of back-to-back decreased harvest weeks and winter storms moving across the nation. Due to possibly low stockpiles, ribs and tenderloin prices have remained stable within the tight delivery window. Strips remain stable; this cut, combined with top butts, has satisfied customer needs and helped the market bounce back from the lows experienced only a few weeks before. Rounds and Chucks are solid. 

Pork

Futures for lean hogs finished lower. February reached a two-week low and is getting close to being oversold. However, due to the unpredictable weather across the US, pork supplies are generally low. Slower demand results in fewer hams. Light volume and steady bellies were present. Trims were in high demand. 

Poultry

The season for wings has arrived, but there are still many options at reasonable costs. Product is easily accessible, and tender availability is rising. Seasonally low breast prices will persist through the end of the year, but estimates for slower production will result in a supply shortage. Thigh meat without a bone is widely accessible.

Seafood

Lobster season in Nova Scotia is coming to an end. Larger tails were disrupted by unfavorable weather. Reductions on Cod and increases for Pollock were announced by Alaska. Landing remain below average for brown shrimp, though the white shrimp season so far has been better than expected.  

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Produce

Overall supplies across most commodities continue to see improvement due to warmer temperatures in the growing regions. These increased supplies have helped markets continue their downward trend. The Imperial Valley and Yuma growing regions saw rainfall towards the beginning of the week, which caused slight delays in the fields. However, supplies have continued to increase over the past few weeks and markets continued their downward trends.

Grains

Last week, the soybean oil market recovered as dealers added back some of the volume they had previously sold off. The energy market also strengthened. Due to a decrease in demand and great stock levels, Palm was up. Canola remained almost unchanged. 

Dairy

Markets for shell eggs should continue to rise because there are now very few of them available, particularly in California. The demand for cheese and butter is slowing down, but milk supply is growing. Prices for Cream and Culture will be lower in January. 

Beef

Holiday hours were shortened and winter storms reduced availability. On the week, all cuts were constant or increased. The demand for ribs and tenders remains high this week. Strips are still a well-liked intermediate meat option. The price of the chuck and round is rising, and packer positions are getting better. With the short harvest, grinds jumped up and should be a favorite value cut in 2023. 

Pork

Butts are still trending up thanks to retail advertising demand. Butts are trailing loins in order. Even though exports are declining, the price of ribs is still keeping reasonably steady, thus this market should remain stable. Given the short harvest week and the sideways trading in stomachs, the market may move upward. Trimmings are also decreasing. 

Poultry

The time of year when there are the most wings available is called “wing season.” Product is easily accessible, and tender availability is rising. Seasonally low breast prices will persist through the end of the year, but estimates for slower production will result in a supply shortage. It’s easy to find dark meat. Both the price and supply of whole birds and cut ups are generally stable.

Seafood

Public freezers around the country continue to struggle with over capacity issues. Supply chain challenges persist even though there are some signs of improvement.