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Soybeans have been trading at all-time highs. Many markets are rebounding after last weeks religious holidays and the border crisis, which caused considerable supply loss. Quality of product is good with minor quality issues. Mothers Day is a few weeks away and national demand typically increases.
There have been global vegetable oil shortages for a variety of reasons. High crude oil, the war in Ukraine, and South American poor crops quality. These factors have pushed the soy-bean oil market to an all time high.
Avian Influenza continues to take its toll on the egg market. Cheese markets are up due to exports while butter inventories remain in good shape for next week.
Current cattle numbers and expected output should meet the usual spring demand. Beef production increased 5% last week and was up for the year.
Exports on hams are showing a significant jump. Normal seasonal trends are continuing to move spareribs higher while loins, and butts are flat for next week.
The Midwest has been most affected by the Avian Influenza which is having its worst outbreak since 2015. Portion controlled breast and random still have a very strong market. Tenders are tight while wings are lower and readily available. Production is expected to improve but has been constrained from lighter bird weights.
There has been a record low harvest for Gulf Oysters due to mortality rate and fishing areas being shut down. There is expected to be a tight supply until November. Mother’s Day and Cinco de Mayo are opportunities to feature popular items like shrimp and salmon.