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Produce

Showers and severe weather in the southeast have slowed down or delayed harvesting holding some markets higher this week. We are seeing a mixed market on some commodities.

Grains

Increased use of refined soybean oil for biofuels and a bad harvest score compared to the 5-year average last week both contributed to soybean oil futures prices skyrocketing. As a result, the price of canola rose, but the price of palm only marginally increased due to stable supply and lower demand.

Dairy

California’s shell egg markets are stable but growing. This week’s cheese markets are higher, but there are still some negative signs. This week’s butter markets declined due to a robust supply and subpar exports. Although there is plenty of cream available, the price is rising somewhat.

Beef

Packers are under pressure due to a small harvest, which has constrained availability. Packers only have one choice due to the high cost of cattle, thus they must continue to demand higher prices for their boxes. Due to the holiday, rib, strips, and tenders remain restricted. End cuts are still attracting purchasers’ attention as long as value cuts are still in demand. Upward, the thin meats continue. Grinds are unpredictable.

Pork

Unexpectedly, butts increased throughout the following week. Fewer harvests are being made, which is raising prices in several basic marketplaces. The week may see some sideways trading for ribs, which are somewhat lower. Since retail demand has decreased, loin prices are also declining. Trimmings and bellies are holding up reasonably well.

Poultry

Breasts in the jumbo and medium sizes are plentiful. In the market, bids are still quite competitive. The market for whole birds is still very strong. All sizes of wings are consistent, but demand is rising. Strong demand for dark meat continues to exist, especially for thighs and legs.

Seafood

It doesn’t seem like the entire quota will be caught as the snow crab fishing season is coming to an end. Costs are increasing. The domestic shrimp season has begun, but landings have fallen short of forecasts while prices have decreased.

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Produce

As mentioned last week, the weather has remained relatively good in many of the growing regions, which has helped increase overall yields, which is fortunate because growers are beginning to feel an increase in overall national demand as we enter into the summer months. Supplies and quality continue to improve on most commodities out of Salinas Valley growing region.

Grains

Due to worries about the hot and dry weather, soybean oil futures experienced a sharp decline early in the week before recovering toward the end of the week. Trading was quite erratic. The price of canola oil is starting to rise as the use of biodiesel rises. The week started out lower for Palm as it went in the same direction as soybean oil, but it ended out higher.

Dairy

Markets for shell eggs are stable; slightly declining in California. Due to a slowing in demand, cheese markets are down this week. Even though the butter market is marginally up, the near term outlook is still gloomy. For June, there will be slight price hikes for Cream and Culture.

Beef

To stay in line with the cost of cattle, packers are being forced to charge greater rates for their products. The scarcity of ribs, strips, and tenders has driven prices up; nonetheless, packers are still having trouble attracting customers since consumers are still wary. End cuts are still attracting purchasers’ attention as the market for value cuts grows. There is steadiness in grinds still.

Pork

Due to domestic and export demand, butts were comparatively stable. As anticipated, boneless loins are exhibiting the typical seasonal weakening caused by a decline in retail demand. Ribs are predicted to trade sideways until the end of the month and are expected to drop for the following week. Due to fewer harvests, bellies saw some slight rises, but cold storage stocks remain good.

Poultry

The demand for portion breasts is great, and there is a steady supply of jumbo breasts. In the market, bids are still quite competitive. The market for whole birds is still very strong. All sizes of wings are consistent, but demand is rising. Strong demand for dark meat continues to exist, especially for thighs and legs.

Seafood

The North Atlantic Scallop fishery for 2023–2024 got underway on April 1. Almost two months into the new fishing season, we have already caught 6 million pounds of the anticipated 20 to 22 million. June 30 marks the end of the Canadian Spring Pack season. Although the season has gotten started to a slower than usual start, it is anticipated to take up in June.

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Produce

Demand is expected to begin increasing as summer is a few weeks away; fortunately, the weather has remained relatively good in many of the growing regions helping yields remain steady. Supplies out of the Salinas Valley growing region continue to improve, and overall quality is good.

Grains

After falling for the previous two weeks, soybean oil futures increased last week. Despite the hot and dry weather, planting is going well. Traders raised the market since the EPA may enhance the biofuel mandates. Due to the increased demand for biodiesel, canola oil prices have increased. Lower palm with good supply.

Dairy

This week, shell egg markets remained steady. Cheese markets increased this week, and there was active trade. Butter dropped with a plentiful amount. Although there may be small price rises for Cream and Culture in June, West Coast Markets are marginally down.

Beef

Due of the reduced harvest and the need to restock after a long weekend, inventories are in good shape. While ribs, strips, and tenders continue to trade steadily close in, packers struggle to attract customers up front as consumers remain wary. Conversely, end cuts, such as Chucks, Rounds, and Briskets continue to attract purchasers’ attention as the need for value cuts rises.

Pork

Now that the holiday has passed over, we should see some softening in this market. Butts rose up once more during the next week. Due to a small tapering in demand, rib prices are down. Butts like loins have risen but will soon trend downward. Bellies had a considerable drop, and fresh bellies are now emerging.

Poultry

Coming out of Memorial Day weekend, there is a continuous demand and supply for breasts. In the market, bids are still quite competitive. Whole birds are still in high demand, and there are fewer available. All sizes of wings are now constant, but demand has begun to increase. For thighs and legs, there is a great need for dark meat.

Seafood

Since the majority of the quota was harvested, snow crab has stabilized. In Louisiana, the domestic shrimp season is currently in full swing, and supplies are growing. With plenty of supply in storage, mahi mahi prices are consistent.

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Produce

Many markets throughout the industry are settling as transitions are complete, and the weather has remained optimal. We will likely see other markets settle as they transition fully over the next several weeks. Supplies out of the Salinas Valley continue to improve, and markets are settling at lower levels. Overall quality is good, but growers continue to see smaller head sizes and lighter weights per acre. Additionally, growers continue to see other quality issues, such as yellowing, light cupping, and light fringe burn. We will still see some growers continue to have unstable supplies through the balance of the month of May and into June, but we are not anticipating any major shortages over the next few weeks.

Grains

As traders unloaded their long bets last week, soy oil futures declined by over 8%. Based on official statistics, which suggests that equities are doing well, this decision was made. As a result, throughout the week, both canola and palm oil saw downward pressure. The trading of corn, wheat, rice, and soybeans all fell. While soybean oil showed an increase, beans and corn oil had large declines.

Dairy

Markets for shell eggs are recovering and rising this week. This week’s cheese markets are down. Despite plentiful supplies, butter prices rose this week. For June, there will be small price rises for cream and culture; West Coast markets are somewhat down.

Beef

Due to the strong demand from the previous week and the upcoming short harvest week, packers are optimistic; unfortunately, the market does not seem to agree. Demand isn’t keeping up with supply, and rib and tenders are still showing up under pressure. The demand for bone-in strips and short loins for Father’s Day appears to be supporting tenderloins and strips, which are at best stable. Rounds, chucks, and briskets are reliable.

Pork

Pork butts made a little amount of market progress, and they should continue to make a small amount of progress for the rest of the month. The rib complex is still holding fairly steadily, but fresh ribs may show some upward movement. Retail demand and the approaching holiday are still holding up the price of loins. Large cold storage supplies are the key reason why stomachs are not experiencing the seasonal growth as anticipated.

Poultry

As late spring chicken demand arrives, we are often observing an increase in chicken demand. Demand for breasts is beginning to rise, particularly in the market for larger breasts. Although there were more tenders, price growth has substantially halted. Whole birds are still in high demand, and there are fewer available. The demand for jumbo and medium wings is rising.

Seafood

As summer approaches, beach tourism is once again flourishing. The menus should include snapper, grouper, mahi-mahi, swordfish, shrimp, calamari, and crab. The 2023 North Atlantic lobster season began on May 1. The Canadian Spring Pack, which runs from May 1 to June 30, is the first season.

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Produce

Growing region transitions and past weather events continue to cause lower overall yields and have kept markets higher; however, production is beginning to increase across many commodities, and we will likely see pricing begin to stabilize. Although growers are behind schedule on the mixed vegetables in the Salinas Valley growing region, supplies are beginning to increase, and many markets have declined. However, supplies are expected to remain volatile throughout the month of May.

Grains

The price of soybean oil increased last week. The futures climbed up 220 points on Friday, which saw the majority of the greater trading activity. The main focus was on some weather concerns and some stronger energy, but traders recognized a pricing opportunity and added some long covering. Although production was down, the market for palm oil declined.

Dairy

Shell egg markets have not changed; they have stabilized. The butter and cheese markets are both still stable, but they both have negative undertones. For the month of May, there will be slight price reductions for Cream and Culture.

Beef

While rib and strip business is steady, there are some worries about potential inventory increases. Tenderloins and brisket prices are leveling off, and some packers are displaying sufficient supplies. As processors and the grinding of some round cuts assist to balance supply and demand, chucks and rounds remain constant. Grinds are consistent and want assistance on Memorial Day.

Pork

As anticipated, robust demand is projected to drive this market up through May, therefore butts increased once again this week. The market for ribs has remained stable despite rising demand and surplus cold storage inventory. Due to the release of Memorial Day retail ads, loin prices increased. As expected, fresh bellies decreased but should start to trend upward as supply shifts to processing. Trimmings fluctuated in price.

Poultry

Mother’s Day caused the breast meat to increase. Tenders are also still increasing quickly. The price of whole birds and cut ups rises in response to rising seasonal demand. Wings are largely stable with strong demand. Demand for dark meat is still high.

Seafood

Seafood demand was very high due to Mother’s Day. The 2023 North Atlantic lobster season officially began on May 1. The Canadian Spring Pack, which runs from May 1 to June 30th, is the first season.

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Produce

With Mother’s Day one week away and the lower yields caused by weather events, markets will likely remain higher for the next several weeks. Mother’s Day typically increases demand by as much as 25% as one of the year’s biggest holidays for foodservice. The transition from Yuma, AZ, to the Salinas Valley will finish this week. Markets for the mixed vegetables out of the Salinas Valley growing region saw a slight for most commodities. However, supplies and markets are expected to remain volatile through the month of May due to crops being behind schedule. Growers continue to see quality issues such as yellowing, light fringe burn, and light case weights.

Grains

Markets for soybean oil fell slightly down last week as speculative traders reduced a large portion of their positions. Canola utilization for biofuels has increased to record levels, which lessens the pressure on soybean oil. Soybean and Canola oil pressure caused palm oil to decline, although overall, palm oil reserves are growing on a global scale.

Dairy

Are we at the floor? Shell egg markets are declining once more. Several analysts concur. The cheese market is still weak and declining. With a consistent supply, butter markets stay stable. May is anticipated to see a small decline in the Culture and Cream markets.

Beef

Buyers aren’t rushing to place orders, and inventories are still plenty. Although there is little volume of out-front interest, rib and strip continue to trade steadily. Brisket and tenderloin prices are beginning to level out, and some packers are displaying sufficient supplies. The demand for chucks and rounds remains consistent. Although grinds are at best steady, increased demand is anticipated.

Pork

Expect this trend to continue as supplies to tighten up as strong exports and strong domestic demand continue to drive up the beef markets. With the exception of a yo-yo effect, ribs are largely keeping flat due to excessive cold storage. Retail interest in loins is increasing, but not significantly enough to impact the market much. Although lower, belly sizes are predicted to rise.

Poultry

We are currently in the breast season, with portions of breast for Mother’s Day and catered parties as well as random breast for Cinco de Mayo. The tenders are still the most popular section of the bird, with prices continuing to rise over the past few months. Whole birds are still in high demand, and there are fewer available. The popularity of wings is waning.

Seafood

As Cinco de Mayo just passed and Mother’s Day is next on the calendar, both holidays feature seafood on their menus. The animal that receives the greatest attention on Mother’s Day is salmon. The 2023 North Atlantic lobster season officially began on May 1. The Canadian Spring Pack, which runs from May 1 to June 30th, is the first season.

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Produce

With Mother’s Day two weeks away, combined with the lower yields caused by weather events, markets will likely remain higher for the next several weeks. Mother’s Day typically increases demand by as much as 25% as one of the year’s biggest holidays for foodservice. Due to past weather events, production remains limited in the Salinas Valley growing region. Growers see quality issues like yellowing, light fringe burn, light weights out of Salinas, and some sun-scald

Grains

On the back of negative harvest reports from South America and unfavorable US weather, soybean oil futures rose last week. As the week went on, it did trade lower as a result of trader selling. Canola was lower, but with some snow, rain, and worker strikes, it was predicted to go higher. With limited but improving stock, Palm was higher.

Dairy

The supply of shell eggs is abundant compared to the demand, which has been poor for four weeks. Block/Barrel market declines in cheese prices are still present. Markets for butter are steady. For the month of May, there will be slight decreases in the price of cream and culture.

Beef

Buyers still continue hand to mouth, while some sales at the front are formula-based. Packers continue to emphasize the increasing demand and the anticipated prolonged shortage of cattle supplies. Ranges for trading ribs and strips continue to be stable, and availability is still not a problem. The demand for briskets and tenderloins throughout Mother’s Day and Memorial Day continues to be strong. Rounds and chucks keep coming in steadily.

Pork

Butts are in high demand both domestically and abroad, and their market share is continuing to grow. Although they were seasonal, spareribs were not anticipated to last. St. Louis ribs and back ribs rose as anticipated. Strong export demand for boneless loins is keeping this market afloat. In spite of an abundance of supplies, there is still a healthy market for bellies.

Poultry

Breast meat is staying put. Tender demand is still rapidly increasing. Supply is becoming more scarce for whole birds and cut ups. There is less demand for wings. Demand for dark meat continues to be high.

Seafood

Up to the start of the new season in May, North Atlantic lobster tails and lobster meat will be available for allocation. The North Atlantic Scallop fishery for 2023–2024 got underway on April 1. In the first few weeks, U-12 and U-10 scallops made up more than 60% of all landings.

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Produce

Multiple growing region transitions combined with previous weather events have caused lower overall yields, negatively affecting markets. Lower yields and higher markets are expected for the next several weeks. The overall quality is fair to good, with growers seeing some quality issues such as yellowing, light fringe burn, light weights out of Salinas, and some sunscald. Due to past weather issues, the crops in the valley are well behind schedule.

Grains

As the USDA stated that there had been no change to its WASDE report, soybean oil futures went slightly down last week. With more biodiesel production facilities coming online, the cash values for soybean oil and canola are rising. Due to rising production and pressure from soybean oil futures, palm markets declined.

Dairy

Markets for shell eggs are remain weak and declining. This week, barrel markets sank along with blocks. Markets for butter are steady. For the month of April, there will be slight price hikes for cream and culture. There will be some small declines in the processed egg quarterly adjustment for April.

Beef

The best way to define the market is as “Cautious anticipation.” While buyers are still and to mouth, and packers are still seeing rising cattle futures and costs. Trading ranges for ribs and strips continue to be stable, and availability is still not a problem. Due to their restricted availability and small harvest, tenderloins and briskets continue to exhibit the most price upside potential.

Pork

After making some compromises for a few weeks, butts are getting stronger. This market is anticipated to maintain its current course through Memorial Day. As the supply is beginning to level off and reservations for the summer season rise, ribs also experienced some modest gains. The market for loins is increasing due to domestic demand. Despite some declines, belly measurements increased this week.

Poultry

As Cinco de Mayo and Mother’s Day approach, there is an increase in demand for breasts. Demand for tenders is swiftly increasing. The supply of whole birds and cut ups is becoming increasingly scarce. This week, the demand and supply for jumbo wings were equal. On the open market, little wings are easily accessible. Demand for dark meat is still high.

Seafood

With pasteurized crab meat in red and blue crab on the rise, prices will rise over the summer as a result of a shortage. Up to the start of the new season in May, North Atlantic lobster tails and lobster meat will be available for allocation.

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