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Large issues persist in all parts of the industry, including a shortage of steady labor and high freight prices, posing challenges in the supply chain flow from harvest to shipping to reception.
Last week, rainfall aided the decline in soybean oil. The soybean crop is looking well for the most part. While the market was flat, the price of canola is expected to rise as the current crop is being harmed by drought. Palm oil prices have risen as production has slowed.
Week after week, the cheese markets began to drop. This week, the butter market was flat; nevertheless, it began to fall late last week. Except for Mediums decreasing $0.02/dz, there are no current changes in the shell egg market this week. For the month of August, the milk and cream markets will decline in most categories.
The market corrections continued to be gradual because to end user desire and back-to-back minor harvest weeks overlapping. The rib complex continues to be in short supply, and prices are rising. The loin sub-primal continues to struggle, with thin loin meats contributing to lower prices. Although chucks were lower, export interest helped to moderate the decline.
The market for pork butts is still declining, but it is projected to bottom out next week. Right now, B/I butts are regarded a good value buy; expect retail support to push this market higher. Fresh bellies are still in high demand, and supplies are limited. This market will continue to be strong. Even though the market is short on spareribs, prices will drop again next week.
Whole birds were down. Jumbo breasts were down. Medium and small breasts were flat. Tenders are higher because of the increased demand. Although the price of jumbo wings was flat, it was historically high. The medium wings were completely flat. Small wings had been lowered. The demand for boneless dark meat is strong, although it is flat. Dark flesh with bones is flat.
Warm-water lobsters are in short supply, with fresh season product arriving in mid- to late-August. The demand for North Atlantic lobster tails and flesh continues to outstrip supply. Pasteurized crab meat is in short supply, and there are no alternatives available. The supply of brown shrimp is increasing.