September 5, 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.
Last week, the soybean oil market increased as a result of recent private crop appraisals that expressed concerns about crop production. Canola and palm oil prices increased as a result, albeit palm oil only moved very slightly because demand has decreased and supply is plenty.
Despite good production, cheese sales declined once more. The demand is rising. Supply of butter is becoming increasingly scarce, driving this market upward. The market is rising as a result of the restricted cream market. Shell egg prices increased as a result of strong foodservice demand and steady retail demand.
Buyers are trying to obtain enough boxes to last through the middle of the month given the upcoming short holiday week. In particular on CAB or higher boxes, ribs with out-front sales continue to support pricing; Sel and No Roll present opportunities. As buyers continue to keep their short positions open, strips are finally weaker across most grades. Grinds can be hard or constant.
Expect more concessions this coming week as butts continue to deteriorate. For the time being, ribs are trading sideways and are marginally lower. Because of retail demand, loin prices remain comparatively flat. Bellies fell below markets from the previous year. Ham sales are also declining as export demand declines.
Football season is almost approaching, and supply has already started to become scarce. The number of available tenders is rising. Due to Labor Day demand, the market for random breasts has leveled off. Breasts with portion control are available. Prices for boneless thigh meat decreased once more this week. It’s easier to find leg meat without bones.
The availability of domestic and imported catfish is continuing to increase. The supply of frozen tuna has increased and has a high market value. Due to manpower shortages, a lack of containers, and FDA holds, some tilapia shipments are currently experiencing delays.