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There has been a lot of heat in the southeast that could bring crops early or damage them. . There is improving volume on mid-sized to small limes. Larger sizes will continue to be short. Favorable weather conditions throughout the growing regions have fueled increased supplies for many commodities helping markets remain steady as we see increased summer demand. Harvest crews continue to wok product in the fields to mitigate quality issues.
Soybean oil futures fell . Canola prices started to move lower, too, falling in step with soybean and palm oils. Gains had a mostly down week with corn and wheat. Volatility on these items will persist. The soybean export season will get underway soon. Soybean oil traded higher last week but finished down sharply. Weather has improved in Canada for Canola, but no real pricing action has taken place.
Concerns about demand drove the butter and cheese markets weaker. Shell Egg markets continue to climb with good demand and less production. Cream and Culture pricing is increasing for July. The butter market was slightly weaker this week, but buying is aggressive.
Packers are doing the best they can to increase their margins. Ribs continue to remain steady. Loins remain strong and tight in supply. Tenderloin supply continues to keep trades active to keep them moving. Ends are steady.
The butt market continues to move up. Ribs are coming down next week, as most of the ribs sold were pre-booked. Loins are coming off a weak week and now trending higher. Bellies have softened up going into this week.
As of now product availability is good but could change with extreme hot weather and a shortened July 4 production week. Wings pricing has been steady . Medium and small wings were down. Availability on tenders is very tight with high prices. The random breast market price drop has stabilized.
Scallop season has begun, but has been much slower than normal. The sizing of is consistent with this past year, where majority are 10/20’s, or smaller. Canadian processing companies have stopped snow crab lines due to the strong decline in the market. They are dedicated to stabilizing the market and attempting to turn things around.