CommodityOne Weekly Market Reports

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Produce

Hurricane Helene, unfavorable weather patterns across the U.S., Mexico, and Guatemala, port delays, and insect pressure in California are affecting multiple commodities. These issues have led to continued higher market prices and lower overall yields.

Grains

Soybean oil futures traded higher last week with concerns of dry South American weather ahead of their planting. Crude oil moved higher, Canola, was higher, and palm oil were higher, too. There is also a strike looming by the Longshoreman which will disrupt imports and exports for all agricultural products.

Dairy

Shell egg markets are down this week. California and Northwest markets are flat. The Block & Barrel are decreasing. Butter is down. Market participants are closely monitoring the potential impacts of Hurricane Helene and port strikes along the U.S. East and Gulf Coasts.

Beef

The SE Region demand is being impacted by hurricane Helene. Ribs continue to trade steady. Strips also are trading steady, while top butts are showing weakness. Tenderloins are steady but for how long? Chuck and round complexes are diverging; chuck rolls continue to show strength, while the round complex is adjusting lower. Grinds continue to offer opportunity to buyers.

Pork

Butts both Bone–in and boneless are trading near established price levels. Loins are barely steady–as chop demand has decreased. Ribs are steady. Bellies are steady and market has settled. Trim is steady to higher for supply.

Poultry

Bigger birds, better hatchability, and larger egg sets are allowing extra supply on the market, especially in the boneless market. Tenders and breasts are seeing increased supply on all sizes. Wings are seeing extra availability on all sizes. Dark meat demand remains very good. Whole birds are mostly balanced.

Seafood

Port Strike on the East and Gulf coast began Tuesday of this week. The impact is being assessed in the seafood sector, but the depth of the effects will be dynamic pending the length of the strike.

 

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Produce

Hurricane Helene, unfavorable weather patterns in the U.S., Mexico, and Guatemala, and insect pressure in California are affecting multiple commodities. These issues have led to continued higher market prices and lower overall yields.

Grains

Soybean oil futures traded higher with reports of very tight stocks with good biofuel demand. Canola has moved higher with speculative trading. Palm continues to move higher and is pressuring soybean oil. Olive oil has flattened as oil stocks are poor and demand has increased with the lower market.

Dairy

Shell egg markets are down this week. California and Northwest markets are down. After a 55% drop over the past four weeks, breaking stock values appear to have hit a point of stabilization. The Block is decreasing & Barrel are increasing. Barrel hit a record high and the spread between barrel and Block has widened. Butter is down.

Beef

Packers reduced harvest late last week. Ribs continue to trade slightly higher supported by holiday bookings. In the loin complex, Strips appear to have found a floor, while tenderloins are trading higher. The chuck and round complexes are encountering resistance. Grinds continue to offer opportunity to buyers, although reduced harvest could limit availability.

Pork

Butts both Bone-in and boneless are steady. Bone-in loins were softer due to increased supply on the spot market. Light trade activity is noted again in St. Louis and back ribs so called sideways, whereas spareribs are stead. Bellies are settling, supply and demand is mixed but trading in established price levels. Trim is steady to higher for supply.

Poultry

Bigger birds, better hatchability, and larger egg sets are allowing extra supply on the market, especially in the boneless market. Tenders and breasts are seeing increased supply on all sizes. Wings are seeing extra availability on all sizes. Dark meat demand remains very good. Whole birds are mostly balanced.

Seafood

The frozen tilapia market is highly unsettled with the news of a strong typhoon hitting several areas in both China and Vietnam. Prices of imported shrimp are also increasing due to import cost increases. Octopus market continues to firm up due to increased demand in Europe and the U.S. and decreased raw material availability.

 

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Produce

Tropical storm Francine, unfavorable weather patterns in the U.S., Mexico, and Guatemala, and insect pressure in California are affecting multiple commodities. These issues have led to continued higher market prices and lower overall yields. The weather in the Salinas Valley is gradually becoming cooler. Recent warm rains have created conditions conducive to mildew, prompting growers to implement all possible mitigation strategies.

Grains

Soybean oil futures moved lower approximately 2% last week as stocks are improving. Helping push soybean oil down is the heavy crushing currently taking place for meal. However, very dry weather in Ohio and drought in South America has traders concerned, which is supporting soybean oil. Canola is expected to move lower.

Dairy

Shell egg markets are down this week. California and Northwest markets are down. The Block & Barrel are increasing. CME spot cheese prices rallied up to new 12-month highs this week. Butter is flat.

Beef

Packers are in a volume driven market. Ribs and tenders continue to trade steady while upper 2/3 graded product continues to support most of the demand. In the loin complex, Ch & Sel grade continue to struggle, while upper 2/3 seems to have found a floor for now. The chuck and round complexes are finding resistance. Grinds continue to trade lower as demand continues to lessen even more.

Pork

Butts both Bone-in and boneless materials are supported. Loins are steady in the bone-in sector, while boneless are mixed due to some export demand. Ribs are mixed across types. Bellies remain unsettled as supply and demand is mixed. Trim markets are sideways and down a decent amount on the week.

Poultry

Wings demand has begun to pick up as we enter football season butt here is availability. Tenders and breasts are seeing increased supply. Birds are getting bigger with cooler weather and more chickens are being hatched. Dark meat demand remains very good. Whole birds are mostly even.

Seafood

The frozen tilapia market is highly unsettled with the news of a strong typhoon hitting several areas in both China and Vietnam. Prices of imported shrimp are also increasing due to import cost increases. Octopus market continues to firm up due to increased demand in Europe and the U.S. and decreased raw material availability.

 

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Produce

Tropical storm Francine and adverse weather conditions in the U.S., Mexico, and Guatemala are impacting various commodities. This situation is expected to result in prolonged elevated market prices and possible supply shortages. The temperatures in the Salinas Valley are beginning to drop.

Grains

Soybean oil futures finished the week slightly down vs. the previous week. The weaker energy markets and some technical data appear to be the driving reasons for the decline. Stats Canada released its data for Canola, and the expected yield has increased for seed. Palm oil moved lower last week after several weeks of higher moves.

Dairy

Shell egg markets are down this week. California and Northwest markets are down. The Block & Barrel are increasing. U.S. cheese exports in July were up 10.1% YoY. Butter is down, after hitting new record highs in the middle of last week, EEX butter futures pulled back a bit.

Beef

PRIME and upper 2/3rd graded product is limited. Ribs and tenders continue to hold pricing relatively steady to higher. As for the loin complex, struggles continue in the Ch and Sel arenas and buyers are hesitant to commit. The chuck and round complexes continue to perform well overall. Grinds continue to struggle to clean up inventories due to underwhelming demand.

Pork

Butts both Bone-in and boneless materials are supported, with increased pulled pork interest. Loins are steady in the bone–in sector, while boneless are mixed due to some export demand. Ribs are mixed across types. Bellies remain unsettled as supply and demand is mixed. Trim markets 72’s are steady and 42’s have weaker supply.

Poultry

Wings demand has begun to pick up as we enter football season but there is availability. Tenders continue to be mostly steady. Jumbo breasts are seeing some extra availability. Medium and small breasts continue to stay steady. Dark meat demand remains very good. Whole birds are mostly balanced.

Seafood

Commodity groundfish market continuing to firm up due to raw material availability. Prices of imported shrimp are also increasing due to import cost increases that are affecting all items coming into the country in containers. Container availability is causing the most recent incremental increase.

 

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Produce

Unfavorable weather patterns across the U.S., Mexico, and Guatemala are affecting multiple commodities, leading to anticipated sustained high market prices and potential supply shortages. The Salinas Valley is experiencing warmer weather than typical for this time of year.

Grains

Soybean oil futures moved higher last week. The move looked to be technical in nature, and we saw traders rolling their September futures to October futures. The Canadian rail strike seems to be at an end and weather is good on the Canadian prairies for the Canola crop. Palm oil moved higher with lower palm production.

Dairy

Shell egg markets are down this week except for Mediums are up. The Block is increasing & Barrel are decreasing. With U.S. cheese stocks down significantly YoY and cheese prices in Europe spiking, the risk is to the upside for CME cheese. Butter is up with Q3/Q4 stocks/use ratios for Europe are record tight.

Beef

Early reports show sales were less than expected as poor weather conditions impacted holiday sales. Limited harvest have led to limited supply on thin meats, PRIME, and upper 2/3rd graded cattle. Ribs and tenders are limited. The chuck and round complexes continue to perform well. Grinds are still trading slightly lower as demand is underwhelming.

Pork

Butts both Bone–in and boneless materials are supported, with increased export interest. Loins are steady in the bone–in sector, while boneless are mixed due to some export demand. Ribs are mixed across types. Spareribs are unsettled, St. Louis are steady & Back ribs are steady due to light trade activity. Bellies are unsettled as supply and demand is mixed. Trim markets have been steady.

Poultry

Wings demand has begun to pick up as we enter football season but there is availability. 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

Commodity groundfish market continuing to firm up due to raw material availability. Prices of imported shrimp are also increasing due to import cost increases that are affecting all items coming into the country in containers. Container availability is causing the most recent incremental increase.

 

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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!