August 29, 2022 Market Report
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Weather issues across many regions are causing markets to trend upwards and will likely remain for several weeks. Many of the mixed vegetables out of the Salinas Valley see volatility due to increased INSV pressure combined with warmer temperatures.
Canola has improved to a point where we will see much more seed availability. Improved weather conditions caused the soybean oil market to trade down last week.
Retails are increasing egg buying pushing eggs higher. Increased exports have pushed butter prices higher. Markets were higher this week for block and barrel cheese markets.
Strips continue to show firm demand. Markets continue to hold flat with buyers and packers both trying to gain leverage. Ribs are steady.
Good supply and steady demand brought trimmings down this week. Demand for bacon is decreasing causing bellies to decline. There has been a big demand on retail loins causing supplies to tighten and driving the market up. The market is holding flat on ribs as the market is stable.
Pricing for thigh meat was down again this week. Labor Day demand has evened out the random breast market. Supply on wings has begun to constrict has football season nears.
Importers brought in excess inventories of Whites and Tigers saturating the market. Prices are declining on specific sizes of shrimp. There is a good market value on frozen tuna as supply has improved. Shipping delays are facing the tilapia market.