CommodityOne Weekly Market Reports

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Produce

Tropical Storm Debby and unfavorable weather conditions in Mexico and Guatemala are impacting various commodities, resulting in expected prolonged elevated market prices and possible supply shortages. From the Salinas Valley, we are observing consistent supplies and quality across most products, although there are some exceptions.

Grains

Soybean oil futures moved a little higher last week. Increased biodiesel demand, higher energy costs, and some tightness in soybean oil supply (mostly due to higher biodiesel demand). The Canadian rail strike had begun, was ended, began again, and ended, so for now, Canola is flowing.

Dairy

Shell egg markets are up this week. California and Northwest markets are down except for Medium which is up. The strong demand from both retail and foodservice outlets emphasizes the widespread need for eggs across the market. The Block & Barrel are increasing. EU cheese/ whey looks undervalued relative to butter/SMP.

Beef

Heading into a holiday, supply levels are ample. Ribs and tenders are attracting interest, leading to packers raising or holding price offerings. Loin and top sirloin, pricing continues to be softer. The chuck and round complexes continue to perform well. Grinds continue limited and packers have moved pricing slightly higher.

Pork

Butts are steady with moderate pulled pork demand. Bone-in and boneless materials have seen a bit of support for Labor Day. Loins are steady–domestic buying has slowed, however export channels are strong. Ribs are mostly steady. A softer tone was present in bellies this week as supply is up and bacon processing has slowed down. Trim markets have softened, supply is more steady.

Poultry

Wings demand has begun to pick up as we near football season. Tenders continue to be mostly steady. Jumbo and medium breasts are seeing increased demand as further processors continue to pull heavy. Small breasts continue to stay steady. Dark meat demand remains very good. Whole birds are mostly balanced.

Seafood

Shrimp prices are gaining strength; the Alaska Gold King Crab season has kicked off while the Red King Crab season remains closed. Lakefish is now transitioning to a mix of fresh and refreshed products available due to warming trends in the lakes.

 

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Produce

Tropical Storm Debby and adverse weather conditions in Mexico and Guatemala are affecting multiple commodities, leading to anticipated extended high market prices and potential supply shortages. The weather conditions in Salinas are favorable, and although a few commodities are experiencing challenges, we are observing consistent supplies and quality.

Grains

Soybean oil futures continued lower last week. US beans and South American beans are parity for pricing, so they are very competitive. Despite the much lower price, soybean oil stocks are tight as biodiesel producers are buying it up. Canada is about to have a rail strike causing problems for Canola. Palm oil has remained flat.

Dairy

Shell egg markets are up this week. California and Northwest markets are up. The Block & Barrel are increasing. Butter is up.

Beef

The market continues to be uneventful. Middle meat inventories continue to be mixed, w/ PRIME & upper 2/3 limited by smaller harvest, while choice grade continues to build. The chuck and round complexes continue to perform well overall. Inside round are starting to slow. Grinds continue steady and packers look toward Labor Day demand for a lift at the end of month.

Pork

Butts market is unsettled. Bone-in and boneless materials are expected to continue to trade at current levels. Loins are steady. Ribs are down again this week, supply is static, and demand continues to be soft post July. Bellies are unsettled. Trim softened up on the week after the last few weeks of rising markets- 42’s are up, 72’s are down on the week.

Poultry

Wings demand has begun to pick up as we near football season. Tenders continue to be mostly steady. Jumbo breasts are seeing increased demand as further processors continue to pull heavy. Small breasts continue to stay steady. Dark meat demand remains very good. Whole birds are mostly balanced.

Seafood

Shrimp prices are gaining strength; the Alaska Gold King Crab season has kicked off while the Red King Crab season remains closed. Lakefish is now transitioning to a mix of fresh and refreshed products available due to warming trends in the lakes.

 

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Produce

Tropical Storm Debby and unfavorable weather conditions in Mexico and Guatemala are impacting various commodities, resulting in expected prolonged high market prices and possible supply shortages. The temperatures in Salinas are finally beginning to drop, which is aiding in the moderation of growth rates. The growers have managed the heat effectively, and we have navigated the heat wave with minimal significant problems.

Grains

The soybean oil market finished higher last Friday, but the weekly average was down about 2%. The soybean market fell as the upcoming WASDE report is expected to report thirty-five million more bushels. Canola moved higher, likely due to the possible Canadian rail strike. Palm was flat for the week.

Dairy

Shell egg markets are up this week. California and Northwest markets are up except Mediums are down. The Block is increasing & Barrel decreasing. Butter is flat.

Beef

The market has been impacted by back–to–school expenses and continued consumer budget restraints for entertainment. Middle meats inventories continue in just enough supply to keep price peaks & valleys from establishing. The chuck and round complexes continue to perform well overall. Grinds continue steady and packers look toward Labor Day.

Pork

Butts market continue to decline. Bone–in and boneless materials have seen a bit of support for Labor Day. Loins are sideways as retail demand is up. Ribs are down again this week, supply is static, and demand continues to be soft post July. Bellies are on the rise. Trim shows limited trade activity as availability is described as tight on the spot market.

Poultry

Wings have excess supply in the up on the open market for now. Tenders continue to be mostly steady. Jumbo breasts are seeing increased demand as further processors a bolstered demand. Medium and small breasts have steadied. Dark meat demand remains very good. Whole birds are mostly balanced.

Seafood

As markets have firmed up on groundfish items. The prices of imported, farm-raised, white, and black tiger shrimp are gaining strength and firming depending upon sizes due to rising shipping costs, delays in shipment arrivals, and shortages of shipping containers to load the products.

 

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Produce

Tropical Storm Debby and adverse weather conditions in Mexico and Guatemala continue to affect several commodities, leading to anticipated extended periods of elevated market prices and potential supply shortages.

Grains

The soybean oil market continued to move downward last week with pressure from fund selling, lower crude oil, much lower equities, and a good soybean crop outlook. Canola moved lower with pressure from the soybean oil market. Palm oil was flat even with the much lower soy and Canola. Palm’s balance sheet is looking good.

Dairy

Shell egg markets are up this week. California and Northwest markets are up. On Saturday, July 27th Hickman’s Family Farms production facility in Tonopah, Arizona had one of their production barns destroyed and two others damaged by fire. The Block is decreasing & Barrel are increasing. Butter is up.

Beef

The beef market continues weighed down by middle meats, especially on Choice and Select cuts. Limited harvest are allowing thin meats to creep higher. The chuck and round complexes found balance overall; standouts are chuck rolls and inside rounds, as need for retail value cuts along w/ lean grind material bolstered demand. Grinds continued steady and look to gain traction.

Pork

Butts market continue to decline but only slightly. Bone-in and boneless materials have seen a bit of support for Labor Day. Loins are steady. Ribs supply is steady, and demand continues to be soft post July. Bellies are on the rise. Trim shows limited trade activity as availability is described as tight on the spot market, so continue to climb.

Poultry

Wings have excess supply in the up on the open market for now. Tenders continue to be mostly steady. Jumbo breasts are seeing increased demand as further processors a bolstered demand. Medium and small breasts have steadied. Dark meat demand remains very good. Whole birds are mostly balanced.

Seafood

As markets have firmed up on groundfish items. The prices of imported, farm-raised, white, and black tiger shrimp are gaining strength and firming depending upon sizes due to rising shipping costs, delays in shipment arrivals, and shortages of shipping containers to load the products.

 

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Produce

Adverse weather conditions and seasonal changes in growing regions in Mexico, Guatemala, and the U.S. are still impacting multiple commodities. As a result, we anticipate prolonged periods of increased market prices and possible supply shortages.

Grains

Soybean oil was lower last week as funds are selling contracts. The US crop looks excellent, the weather is favorable, technical data favors a downturn, and the EPA announced new rules that could lessen the demand for biodiesel. Canola is higher with some growing areas dry with crop damage. Palm is higher with increased demand.

Dairy

Shell egg markets are up this week. California and Northwest markets are up. The Block & Barrel are increasing. Butter is down.

Beef

With limited harvest, thin meats increased in price; continued demand for chucks and rounds are still bolstering those cuts, as need for lean trimmings continue to be top of mind. Grinds are leveling off and having to compete w/ other proteins. Upper 2/3 grade and PRIME product is limited, and prices are starting to firm.

Pork

Butts market continue to decline. Boneless Loins are steady, but softer for bone in as there is increased supply. Ribs overall continue to dive downward as supply has increased. The belly market is still being called as unsettled. The bottom has fallen out of trimmings, supply is getting tighter and 72’s & 42’s continued to increase significantly on the week.

Poultry

Wings have started to loosen up on the open market. Tenders continue to be mostly steady. Jumbo and medium breasts are mostly balanced. Small breasts are seeing some excess supply. Dark meat demand remains very good. Whole birds are mostly balanced.

Seafood

Wild salmon season is in full swing and domestic shrimp has been at great value all year with steady prices. Wild domestic shrimp and wild domestic salmon are great additions to summer menus that customers look for. Be sure and check out all that Portico fish and shrimp offer in Wild and Domestic selections!

 

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Produce

Adverse weather patterns and seasonal decreases in Mexico, Guatemala, and the U.S. continue to affect these growing regions. Consequently, extended periods of higher market prices and potential shortages in supply are expected. Growers are persisting through the heat by adjusting their harvesting schedules to earlier in the day to ensure a steady supply. The inland valley is facing weather-related challenges due to the high temperatures.

Grains

Soybean oil moved down last week, albeit, very little, with increased supply reported and very good crop conditions being reported. Canola moved higher last week as European rapeseed is struggling with drought and Canadian oil is more in demand. Palm exports have increased, but so has palm production.

Dairy

Shell egg markets are up this week. California and Northwest markets are up. Farm in Colorado was identified as HPAI positive over the weekend with an expected loss of approximately 1.3 million birds at least primarily cage free. The Block & Barrel are increasing. Butter is down.

Beef

The dog days of summer are here, and packers cannot seem to get out from under growing inventories and stagnant demand. Tenders, ribs, and strips continue to challenge packers. Meanwhile chucks and rounds for the most part are holding value due to lean trim shorts and demand from consumers for affordable ground beef.

Pork

Butts market continue to decline. Loins are steady. Loins are steady for B/I. Ribs overall continue to dive downward as supply has increased. The belly market is still unsettled but may be leveling out. The bottom has fallen out of trimmings, supply is getting tighter and 72’s & 42’s continued to increase significantly on the week.

Poultry

Chicken Wings have started to loosen up on the open market, especially in the small size. Tenders continue to be mostly steady. Jumbo and medium breasts were mostly even. Small breasts are seeing some excess supply. Dark meat demand remains very good. Whole birds are mostly balanced.

Seafood

Wild salmon season is in full swing and domestic shrimp has been at great value all year with steady prices. Wild domestic shrimp and wild domestic salmon are great additions to summer menus that customers look for. Be sure and check out all that Portico fish and shrimp offer in Wild and Domestic selections!

 

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Produce

Adverse weather conditions, transitions, and seasonal declines in Mexico, Guatemala, and the U.S. are still impacting various agricultural regions and products. As a result, prolonged periods of elevated market prices and potential supply shortages are anticipated. The weather in the Salinas Valley has returned to normal temperatures, but the inland valleys are still experiencing very hot conditions. Growers have successfully managed the heat by harvesting earlier in the day to maintain supplies, but some challenges may still be ahead.

Grains

After the last week’s market move, soybean oil futures moved lower overall, though the week was volatile. The USDA released a report highlighting higher stocks for beans & oil sending the market lower. Canola also received good crop outlook news, so it fell. Palm followed soy lower.

Dairy

Shell egg markets are up this week. California and Northwest markets are up. Farm in Colorado was identified as HPAI positive over the weekend with an expected loss of approximately 1.3 million birds at least primarily cage free. The Block & Barrel are increasing. Butter is down.

Beef

Downward pressure developed across the higher value cuts of the animal. Choice & Select B/I & BNLS ribs bore the brunt with excess supply driving bids lower. Loins driving strips, short loins, & tender bids lower. Chucks experienced slight weakness not to the extent of middle meats. Limited supply of lean trimmings continue to bolster the round and grind complex.

Pork

Butts market declined on the weak. Material is steady – pulled pork demand is moderate. Loins are steady but retail features could drive the market upward. Spareribs have tighter price ranges, St. Louis and back ribs are considered steady. The belly market is unsettled trading in wide price ranges. The bottom has fallen out of trimmings.

Poultry

Wings and tenders continue to be hottest part of the bird. The wing market continues to show growth despite being in a traditional slow time for wing demand. Breast have started to even out. Dark meat demand remains very good. Whole birds are mostly balanced.

Seafood

Wild salmon season is in full swing and domestic shrimp has been at great value all year with steady prices. Wild domestic shrimp and wild domestic salmon are great additions to summer menus that customers look for. Be sure and check out all that Portico fish and shrimp offer in Wild and Domestic selections!

 

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Produce

Unfavorable weather patterns and seasonal decreases in Mexico, Guatemala, and the U.S. continue to affect different growing areas and commodities. Consequently, these issues are expected to result in prolonged periods of higher market prices and possible supply shortages. For the Salinas Valley, weather challenges will continue through July as temperatures have been very hot. While the early harvesting had caused some issues with supplies, the heat wave may now also be a factor in causing more supply issues. While we have been seeing good quality on most items and supply was improving, the heat wave will likely be impacting that progress.

Grains

The soybean oil market was on fire last week. Due to the recent market lows, biofuel manufacturers entered back into the market and pushed the market nearly 16% higher. It took Canola oil and palm oil higher, too.

Dairy

Shell Egg markets remain steady with steady demand. California eggs re still dropping slightly. Cheese and butter markets are both up due to increased demand. Cream and culture pricing will have nominal increases for July. Processed Eggs will see a decrease for July as Avian Influenza is not a factor this season.

Beef

Packers continue to pay more for cattle and are left with the need to balance cost w/ return on investment going forward. Middle meats have slowed and anything grading less than upper 2/3 programs on strip, rib, and sirloin sub–primals are encountering resistance. Insides, chucks, and grinds continue steady; due to need for lean material for ground beef.

Pork

Butts continue to come down as post–holiday demand was expected to be weak. Loins are still down as demand has tapered off, but based on historical trends, could still rebound. Ribs took a hit this week, as demand has waned. The belly market continues its downward trend for several weeks, but experts are still calling this market volatile. Trimmings are down with good supply.

Poultry

Wings and tenders continues to be the hottest part of the bird and excess supply is nonexistent. The wing market continues to show growth despite being in a traditional slow time for wing demand. Breast have started to even out. Dark meat demand remains very good. Whole birds are mostly balanced.

Seafood

Wild salmon season is in full swing and domestic shrimp have been at great value all year with steady prices. Wild domestic shrimp and wild domestic salmon are great additions to summer menus that customers look for. Be sure and check out all that Portico fish and shrimp offer in Wild and Domestic selections!

 

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Produce

Adverse weather conditions and seasonal decline in Mexico, Guatemala, and the U.S. are still impacting various growing regions and commodities. As a result, it is anticipated that these challenges will lead to extended periods of elevated market prices and potential shortages in supply. The Salinas Valley, as well as most of California, is heading for a heat wave, and while the early harvesting has caused some issues with supply, the heat wave may also be a factor in future supply issues. Despite this, the quality of most items has improved, and the supply situation is better. However, we need to closely monitor all commodities as temperatures are expected to exceed 100 degrees in certain areas.

Grains

While soybean oil moved lower last week, the sideways trading trend continues. The USDA released its acreage report and corn won some acres over soybeans. Soybeans are higher, now, but so are meal and oil this week. Palm moved lower with soybean oil, Canola was flat.

Dairy

Shell egg markets are down this week. California and Northwest markets are flat. The Block is increasing & Barrel are decreasing. Blocks were above barrels today for the first time in 6 weeks. Butter is flat. Sources suspect inflation may be impacting travel plans this year.

Beef

Packers did encounter facility challenges this week, this helped limit supply and held trade levels flat. Middle meats continue to trade steady across the strip, rib, and sirloin sub–primals. Tenderloins continue to trade under pressure. Insides, chucks, and grinds continue steady; due to need for lean material for holiday grind ads. With limited supply, thin meat demand should spike near–term.

Pork

Butts came down as the market took a significant drop right before the July 4th holiday. Loins are still down as demand has tapered off, but should start to rebound. Ribs are still holding strong. The belly market has continued its downward trend for several weeks. The bottom has fallen out of trimmings as supply is up.

Poultry

Wings and tenders continue to be hottest part of the bird and excess supply is nonexistent. The wing market continues to show growth despite being in a traditional slow time for wing demand. Breast have started to strengthen again as demand continue to pick up. Dark meat demand remains very good. Whole birds are mostly balanced.

Seafood

Snow crab season is 70% met in terms of quota. Harvest is good but not great with more 5/8oz clusters available. With king crab supply being short, Dungeness and snow crab are the best alternative. Wild Salmon is in season.

 

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Produce

The volatile markets across various commodities have been attributed to weather-related problems such as excessive heat and rainfall and a shortage of USDA inspectors, specifically affecting the avocado industry. As a result, it is anticipated that these challenges will lead to higher market prices and potential gaps in supply. The temperature in the Salinas Valley is rising, and the early harvest is still causing supply problems, but there has been a gradual improvement. Although the warmer weather is beneficial, it will take time to recover fully. Consequently, we can expect volatile markets for most commodities.

Grains

Soybean oil traded within a very tight range and was flat for the week. Palm oil supply and demand is balanced, and Canola followed palm and soy. From actual activity, the markets were very busy. Planting for soybean and Canola is really moving nicely with good weather.

Dairy

Shell egg markets flat this week. The Block & Barrel are up. Milk volumes are noted to be tighter than in recent weeks as temperatures rise. Butter is down. Cream availability is tightening to various degrees throughout the country, butter producers indicate cream volumes are generally able to meet processing needs.

Beef

Packers continue to eye higher cattle cost, while buyers continue to experience slower sales. Middle meats continue to trade mostly steady. Tenderloins continue to trade under pressure from lagging consumer demand. Insides, chucks, and grinds continue steady. The COF report will be released on Friday; the on–feed number is projected to be 1.1% below a year ago.

Pork

Pork butts are relatively flat for next week, expect markets to trend up after this flat week. Spareribs look to be coming down while backribs and St. Louis are flat. Bellies are also coming down as demand has come down. Loins are following suit with pork butts.

Poultry

Wings and tenders continue to be hottest part of the bird and excess supply is nonexistent. The wing market continues to show growth despite being in a traditional slow time for wing demand. The breast market was steady this week as supply and demand has leveled off. Dark meat demand remains very good. Whole birds are balanced.

Seafood

Snow crab season is 70% met in terms of quota. Harvest is good but not great with more 5/8oz clusters available. With king crab supply being short, Dungeness and snow crab are the best alternative. Wild Salmon is in season.